President Muhammadu on Monday approved the sack of the Chief Executive Officer/Secretary of the Financial Reporting Council of Nigeria (FRCN), Jim Obazee.
Obazee’s sack is coming on the heels of the implementation of the council’s law which led to the exit of the General Overseer (worldwide) of the Redeeemed Christian Church of God, RCCG, Pastor Enoch Adeboye.
Adeboye’s retirement on Saturday generated mixed reactions amongst Nigerians. However, the respected clergyman is to maintain oversight function 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.
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Adeboye had while announcing his retirement as G.O criticised Buhari’s interference with church and other religious activities.
In his words: “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.
Buhari announced the sack of the FRC boss in a statement by his spokesperson, Garba Shehu.
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
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.
The new Council as approved by the President has 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 Daniel Asapokhai as the Executive Secretary of the Council.
Mr. Asapokhai 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.