FG suspends FRC code that forced Adeboye to step down

The federal government has suspended the law that forced Enoch Adeboye to step down as the Nigeria overseer of the Redeemed Christian Church of God (RCCG).

The Financial Reporting Council of Nigeria (FRC), under Jim Obazee, had directed not-for-profit organisations — including churches and mosques — to comply with a corporate governance code stipulating a term of 20 years for heads of such entities.

It was by this provision that Adeboye, who had spent over 20 years as GO of RCCG, named Joshua Obayemi to head the Nigeria church although he stressed the he remained the worldwide overseer of the church.

On Monday, President Muhammadu Buhari fired Obazee and approved the reconstitution of the board.

And in a statement on Monday, Constance Ikokwu, media aide of Okechukwu Enelamah, minister of industry, trade and investment, said the law had also been suspended in order to review it.

“The Corporate Governance Code issued by the Financial Reporting Council of Nigerian has been suspended pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRN,” he said.