– President Buhari sacks FRCN boss
President Buhari has sacked the head of the Financial Reporting Council of Nigeria (FRCN), Jim Obazee, barely 48 hours after news surfaced that the new law enacted by the body has led to the retirement of Pastor Adeboye has the National Overseer of the Redeemed Christian Church of God (RCCG) in Nigeria. The cleric still retains the duty of the General Overseer of the global arm of the church.
The FRCN rule is established by the Financial Reporting Council, Nigeria, Act No 6, 2011.
The council, which is under the supervision of the Federal Ministry of Industry, Trade and Investment, is responsible for, among others, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria and for related matters.
The Governance Code of 2016 put in place by the agency to implement the Act encompasses three sectors: the private, the public and not-for-profit.
It is the not-for-profit sector, sometimes referred to as the Benevolent Sector, the Third Sector or the Civil Society Sector, that religious bodies fall under.
Section 9.1. of the code states that “The Founder or Leader of a NFPO occupies a special position in the Organisation and is committed to the success and longevity of the NFPO.”
Accordingly, a founder or leader should not take on too many responsibilities in the organisation or have an indefinite term in the running of the organisation, and is expected to not stay in office for more than 20 years.
On the day Mr. Adeboye’s exit was announced by the church, the cleric criticised the meddling of government in church matters.
“The government has been showing increasing interest in church affairs. Unfortunately, for us in RCCG, it might not be very helpful,” he was quoted as saying on Saturday by the Tribune Newspapers during a church service.
President Buhari announced the sack of the FRCN boss in a statement by his spokesperson, Garba Shehu.
Mr. Obazee is to be replaced by Daniel Asapokhai while a new board, headed by Adedotun Sulaiman was also constituted for the agency.
No official reason was given for Mr. Obazee’s sack.
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