The Federal Government has suspended the law which forced Pastor Enoch Adeboye to step down as the Nigeria General Overseer of the Redeemed Christian Church of God (RCCG).
The Financial Reporting Council (FRC) of Nigeria under Jim Obazee, had directed Not-For-Profit Organisations (NFPOs)— 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 General Overseer of RCCG announced his resignation and named Pastor Joshua Obayemi to head the Nigerian church as national overseer; while he remained the worldwide general overseer of the church.
With the latest development, Pastor Adeboye is free to return as the Nigerian General Overseer of the church if he and the church council wish to do.
The suspension was disclosed in a statement by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah.
In the five paragraphs statement issued by the minister’s Strategic Communication Adviser, Constance Ikokwu, the minister said the code was suspended in order to carry out a detailed review of its application.
The review, according to the statement, would now involve extensive consultations with stakeholders upon the reconstitution of the board of the FRC.
The statement quoted the minister to have said that government remains committed to restoring and enhancing market confidence and improving the ease of doing business in the country.
The statement reads in part, “The Corporate Governance Code issued by the Financial Reporting Council of Nigeria has been suspended, pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRC.
“Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria.
“Government is committed to strengthening FRC and enhancing its capacity to fulfill its core mandate.”
The FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment and it is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria.
It also regulates the practices of professionals involved in financial reporting and promotes good practices in financial reporting and corporate governance in Nigeria.