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FG Suspends Corporate Governance Code

The Nigerian government has suspended the law that forced Pastor Enoch Adeboye to step down as the General Overseer of the Redeemed Christian Church of God (RCCG) in Nigeria.
According to a statement signed by the media aide to the Ministry of Industry, Trade and Investment, Constance Ikokwu, the law has been suspended in order to review it.
The Financial Reporting Council of Nigeria under Mr 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 Pastor Adeboye, who had spent over 20 years as General Overseer of R.C.C.G, named Pastor Joshua Obayemi to head the church in Nigeria while he remained the global overseer of the church.
The statement quoted the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah saying that the government remains committed to restoring and enhancing market confidence and improving the ease of doing business in Nigeria.
Before the announcement by the Ministry, Presidential spokesperson, Mr Garba Shehu, announced President Buhari’s approval of the immediate removal of the Executive Secretary of the Financial Reporting Council of Nigeria (FRN), Mr. Jim Obazee, as well as the reconstitution of its board.
The President consequently approved the appointment of Mr Daniel Asapokhai as the new Executive Secretary and also appointed Mr Adedotun Sulaiman as the new chairman of the council.

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