The head of the Financial Reporting Council of
Nigeria, FRC, Jim Obazee, has been sacked by
President Muhammadu Buhari.
Mr. Obazee’s sack comes about 48 hours after
implementation of his agency’s law led to the
exit of Nigeria’s most influential Christian cleric,
Enoch Adeboye.
Mr. Adeboye resigned as the general overseer of
the Redeemed Church in Nigeria on Saturday, but
retained oversight of the global arm of the
church.
The FRC 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 FRC
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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