President Muhammadu Buhari ordered the removal of the Executive Secretary of the Financial Reporting Council of Nigeria,(FRCN) Mr. Jim Obazee, on Monday because he flouted the instruction of his superior that the implementation of the controversial Code of Corporate Governance 2015 be suspended.
On Saturday during the annual Ministers Thanksgiving at the Redemption Camp, the General Overseer of the Redeemed Christian Church of God (RCCG) , Pastor Enoch Adeboye had announced to the consternation of the attendees that he was relinquishing his position.He announced Pastor Joseph Obayemi as the General Overseer for the Nigerian Churches. Adeboye said he was compelled to do so because of the FRCN Code of Governance for Non-profit organisations 2015. FRCN is saddled with the responsibility of setting standards for accounting,auditing and financial reporting in Nigeria.
Investigation revealed that Obazee’s Superior, Minister of Industry, Trade and Investment, Dr. Okechukwu Enalema who supervises the Council had in a memo advised President Buhari to suspend the implementation of the controversial code to allow a comprehensive review.Buhari agreed and the decision was communicated to the Council.
It was gathered that the president was furious at the implementation of the Code through Adeboye’s announcement which elicited reactions globally.
In a statement on Monday by Garba Shehu, the President’s spokesman, Buhari re-constituted the Council and approved the appointment of Mr. Adedotun Sulaiman as chairman.
Buhari also approved the appointment of Mr. Daniel Asapokhai as the Executive Secretary of the council to replace Obazee.
Buhari, according to Shehu, had also instructed Enelamah to invite the 19 Ministries, Departments and Agencies of the Federal Government and private sector organisations specified in the FRC Act to nominate members of the board of the council.