Breaking: Buhari sacks Obazee, Financial Reporting Council of Nigeria boss

Monday, January 9, 2017 8:14 pm

Jim Osayade Obazee

President Muhammadu Buhari has approved the immediate removal and the replacement of the Executive Secretary and the reconstitution of the board of the Financial Reporting Council of Nigeria (FRN). He has appointed a Chairman and a new Executive Secretary for the council. This was contained in a statement signed by Garba Shehu, Senior Special Assistant to the President(Media and Publicity) on January 9, 2017.

The new Council as approved by the President has Mr Adedotun Sulaiman, MFR as Chairman.

Mr. Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture. He is a Chartered Accountant and a product of the University of Lagos and Harvard Business School.

The President has also approved the appointment of Mr. Daniel Asapokhai as the Executive Secretary of the Council.

Mr. Asopokhai is a partner and a Financial Reporting Specialist at the PricewaterHouseCoopers (PWC), Nigeria.

He is a product of the University of Lagos and the University of Pretoria.

President Muhammadu Buhari has also instructed the Minister of Industry, Trade, and Investment to invite the nineteen ministries, departments and agencies of the Federal Government and private sector organizations specified in the FRC Act to nominate members of the board of the council.

Obazee made the headlines on Sunday when, in conformity with the law he waxed, Pastor Enoch Adeboye reliquished his position as the General Oveseer of the Redeemed Christian Church of God (RCCG). However, Adeboye remains the General Overseer, RCCG, Worldwide. He has announced Pastor Joseph Obayemi as the new overseer of the church in Nigeria.

The church, however, wrote to clarify the situation, when the news went viral. In a press release entitled, ‘Pastor E.a Adeboye Remains General Overseer Of Rccg, Worldwide, and signed by Leke Adeboye, the clergyman’s last son and Personal Assistant, the church said”Pastor Enoch Adejare Adeboye remains the General Overseer, Worldwide of The Redeemed Christian Church of God, RCCG. The clarification, according to the release, is coming on the heels of misrepresentation of Pastor E. A Adeboye’s announcement at the Annual Ministers Thanksgiving “held at the Redemption camp today that the Church Nigeria is now to be led by Pastor Joseph Obayemi.”

The statement clarified that the latest development is sequel to the new legal requirements set up by the Financial Regulations Council, guiding all registered churches, mosques, and CSOs.

The regulation stipulates that heads of non profit organisations like churches now have a maximum period of twenty years to lead their organizations while in retirement, they are not permitted to hand over to their families.

Leke Adeboye reiterated that Pastor Funsho Odesola, will now serve as the new Church Secretary while Pastor Joseph Adeyokunu, is the new Church Treasurer.

He advised all members of RCCG to understand this new structure and go about their service to God and humanity in holiness and soul winning.

He also appealed to members to educate people around them and not spread inaccurate information stressing that Pastor E.A Adeboye remains the General Overseer of RCCG Worldwide

The Financial Reporting Council of Nigeria (FRCN), headed by Obazee, on Monday 17 October 2016, issued the Unified National Codes of Corporate Governance for private sector, not-for-profit organisations and the public sector. According to the FRCN, the Codes were introduced in accordance with Section 50 of the FRC Act, 2011, which requires the Directorate of Corporate Governance of the FRCN to develop principles and practices of Corporate Governance applicable in Nigeria.

The relevant portions are:

9. Position of the Founder or Leader
9.1. 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.

9.2. Where for any reason, a Founder or Leader of NFPO also occupies any of the three governance positions of Chairmanship of the Board of Trustees, the Governing Board or Council, and the Headship of the Executive Management (or their governance
equivalents), the following provisions shall apply before the end of the organization’s
financial year in which this Code takes effect.

9.2.1. The Founder or Leader shall cease to occupy these three governance positions
simultaneously. This is to ensure the separation of powers and avoid possible
concentration of powers in one individual.

9.2.2. The Founder or Leader may however choose – subject to the agreement of the
organization’s apex authority as expressed in the Annual General Assembly, Annual
Meeting, Annual Stakeholder Engagement, Annual Conference, Annual Synod, Annual
Fellowship Assembly or their equivalents – only one of these three governance positions
subject to his current tenure. This is to ensure a clear division of responsibilities at the head of the organization between the running of the governing body and the executive responsibility for the management and fulfilment of the organization’s mission.

9.3. Where the Founder or Leader has occupied all or any of these three governance positions for more than twenty years, or is aged seventy years or above, the choice in section 9.2.2 above should only relate to the Board of Trustees as in section 9.4(c) below, except the
constitution of the organisation otherwise provides.

In the case of religious or cultural organisations, nothing in this code is intended to change
the spiritual leadership and responsibilities of Founders, General Overseers, Pastors,
Imams and Muslim Clerics, Presidents, Bishops, Apostles, Prophets, etc. which are
distinguishable from purely corporate governance and management responsibilities and
accountabilities of the entities.