160 Views

6 Provisions of FRC Regulation That May ‘Force’ Other Nigerian Pastors to Step Down

The effects of the new codes of corporate governance issued by the Financial Reporting Council (FRC) are beginning to manifest on Nigerian Churches although the council has said that Orthodox and Mosques have adjusted to the new policy while Pentecostal churches are still adamant.

FRC issued two of the codes on Monday 17 October after conclusion of works on it by the Steering Committee on Corporate Governance Codes that drafted it. The committee comprises of representatives of regulatory bodies in the country and others drafted to it.

The two codes, the private sector codes and the Not for Profit organisations were released after long a delay by litigations that stall its issuance and implementation. The third, the public sector codes await the approval of the Federal Executive Council (FEC) for it to come into effect.

For Non-Profit organisation such as religious bodies and others are now to prepare accounts for their businesses and submit to government agencies.

A quick checked into the 29-page document by Nigerian Bulletin on Section 9 of the Not-For-Profit Organisations Governance Code 2016 shows that;

1. 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.

2. Where for any reason, a Founder or Leader of NFPO also occupies any of the three governance positions of Chairmanship of the Board of Trustees, the Governing Board or Council, and the Headship of the Executive Management (or their governance equivalents), the following provisions shall apply before the end of the organization’s financial year in which this Code takes effect.

ALSO READ  Akin Alabi of NairaBet Blasts Pastor Adeboye

3. The Founder or Leader shall cease to occupy these three governance positions simultaneously. This is to ensure the separation of powers and avoid possible concentration of powers in one individual.

4. The Founder or Leader may however choose – subject to the agreement of the organization’s apex authority as expressed in the Annual General Assembly, Annual Meeting, Annual Stakeholder Engagement, Annual Conference, Annual Synod, Annual Fellowship Assembly or their equivalents – only one of these three governance positions subject to his current tenure. This is to ensure a clear division of responsibilities at the head of the organization between the running of the governing body and the executive responsibility for the management and fulfilment of the organization’s mission.

5. Where the Founder or Leader has occupied all or any of these three governance positions for more than twenty years, or is aged seventy years or above, the choice in section 9.2.2 above should only relate to the Board of Trustees as in section 9.4(c) below, except the constitution of the organisation otherwise provides.

6. In the case of religious or cultural organisations, nothing in this code is intended to change the spiritual leadership and responsibilities of Founders, General Overseers, Pastors, Imams and Muslim Clerics, Presidents, Bishops, Apostles, Prophets, etc. which are distinguishable from purely corporate governance and management responsibilities and accountabilities of the entities.

Nigerian Bulletin

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Meet Young Don, One Of Delta State’s Youngest Multimillionaires (Photos)
Richest
4 views
Richest
4 views

Meet Young Don, One Of Delta State’s Youngest Multimillionaires (Photos)

MT - February 20, 2018

Meet Joseph Ebosa, the Nigerian big boy popularly known as ‘Young Don’. Local reports claim that Young Don is one of Delta State’s youngest multi millionaire who has kept…

Nollywood Star, Kate Henshaw Rocks Super Eagles Jersey, Talks On Reasons She Believes In Nigeria (Photos)  
Entertainment
9 views
Entertainment
9 views

Nollywood Star, Kate Henshaw Rocks Super Eagles Jersey, Talks On Reasons She Believes In Nigeria (Photos)  

MT - February 20, 2018

Popular Nollywood actress, Kate Henshaw, has taken to her Instagram page to share a motivational piece to her fans and followers about the need for Nigerians to…

How Nigerian Music Sensation, Tekno Disappointed Abuja Fans
Entertainment
12 views
Entertainment
12 views

How Nigerian Music Sensation, Tekno Disappointed Abuja Fans

MT - February 20, 2018

One of Nigerian finest artistes, Tekno let his fans down when he put up an uninspiring performance at an event at the Transcorp Hilton in Abuja where…

Lesbian Practice Actually Started From The Igbos Before Colonization – Lady Claims
Shocking
21 views
Shocking
21 views

Lesbian Practice Actually Started From The Igbos Before Colonization – Lady Claims

MT - February 20, 2018

Trying to take us Back to the Beginning of time, A Twitter user with the name Christiana1987 has declared the generation of G.ay started from the Igbos,…

Photos From Oba Tejuoso’s Pre-80th Birthday Family Dinner
Art, History and Culture
24 views
Art, History and Culture
24 views

Photos From Oba Tejuoso’s Pre-80th Birthday Family Dinner

MT - February 20, 2018

Wives, Children and grandchildren of the Osile of Oke Ona of Egbaland, Oba Adedapo Tejuoso, gathered at his residence to host him to a pre-birthday dinner last…

PHOTOS: Singer Jaywon Visits Orphanage Home In Kogi State
Entertainment
32 views
Entertainment
32 views

PHOTOS: Singer Jaywon Visits Orphanage Home In Kogi State

MT - February 20, 2018

Singer Jaywon was yesterday in Kogi State and visited an orphanage home there. Taking to his IG, Jaywon says he's glad he could make the kids smile…

How Wole Soyinka Inspired My Passion For Road Safety – FRSC Executive, Kayode Olagunju
Inspiring
46 views
Inspiring
46 views

How Wole Soyinka Inspired My Passion For Road Safety – FRSC Executive, Kayode Olagunju

MT - February 19, 2018

An Assistant Corps Marshal with the Federal Road Safety Corps (FRSC), Dr Kayode Olagunju, has revealed how Nobel laureate, Prof. Wole Soyinka inspired his passion for road…

Meet The Nigerian Lawmaker Who Empowered His Constituents With Cutlasses And Hoes. [Photos]
Best of Nigeria
50 views
Best of Nigeria
50 views

Meet The Nigerian Lawmaker Who Empowered His Constituents With Cutlasses And Hoes. [Photos]

MT - February 19, 2018

Our lawmakers have got to do better in the aspect of empowering their constituents. Just when we thought we’ve seen it all, comes this shocker. Honourable Mandela…

Daniel Amokachi Reveals The Country His Footballer Twin Sons Will Play For.
Sports
55 views
Sports
55 views

Daniel Amokachi Reveals The Country His Footballer Twin Sons Will Play For.

MT - February 19, 2018

Ex International and football pundit, Daniel Amokachi has said he would want to see his twin sons play for the Super Eagles of Nigeria instead of Tunisia, the country…

Despite Recession, Nigerians Spent N3.208 Trillion On Airtime In 2017 – Research Shows
Best of Nigeria
52 views
Best of Nigeria
52 views

Despite Recession, Nigerians Spent N3.208 Trillion On Airtime In 2017 – Research Shows

MT - February 19, 2018

With the cry of economic recession in almost all Nigerians' mouths; the economy meltdown which started in Nigeria sometimes in 2016 and lingered till a greater part…

Romantic Photos Of Davido And Girlfriend, Chioma After His ‘Sold Out Concert’ In London
Entertainment
78 views
Entertainment
78 views

Romantic Photos Of Davido And Girlfriend, Chioma After His ‘Sold Out Concert’ In London

MT - February 19, 2018

After his sold out concert in London yesterday, The Lovebirds are pictured together in a room probably to refresh themselves following a busy day on stage. See more…

Child Comedienne Emmanuella Lands Disney Film Role
Entertainment
56 views
Entertainment
56 views

Child Comedienne Emmanuella Lands Disney Film Role

PH - February 19, 2018

Popular Nigerian comedienne, Emmanuella Samuel, is set to feature in a Disney Hollywood film. The 7-year-old revealed this on her Instagram page. She captioned the post: “Thanks…

In Photos: Super Falcons Star, Francisca Ordega All Smiles As She Poses With Athletic Madrid Star, Diego Costa
Sports
90 views
Sports
90 views

In Photos: Super Falcons Star, Francisca Ordega All Smiles As She Poses With Athletic Madrid Star, Diego Costa

MT - February 19, 2018

This is a one-in-life time opportunity for Super Falcons player, Francisca and trust her she made a better use of it. The Falcons star player and Athletico…

Here’s What Nigerian Musician, Pasuma Has to Say About His ‘Presidential Ambition’ Ahead of 2019 Election
Entertainment
91 views
Entertainment
91 views

Here’s What Nigerian Musician, Pasuma Has to Say About His ‘Presidential Ambition’ Ahead of 2019 Election

MT - February 19, 2018

Legendary Nigerian Fuji musician, Wasiu Alabi Odetola, popularly known as Pasuma Wonder, has taken to his Instagram page to reveal to his fans and folowers that he…

Meet The 5 Talented Nigerians Who Featured In Blockbuster Hollywood Movie ‘Black Panther’ (Photos/Video)
Best of Nigeria
274 views
Best of Nigeria
274 views

Meet The 5 Talented Nigerians Who Featured In Blockbuster Hollywood Movie ‘Black Panther’ (Photos/Video)

MT - February 19, 2018

  Undoubtedly, the movie, Black Panther is already 2018’s most-anticipated movie and imagine the year just started. The movie, which has gathered a movement, is the first…

$11.489m: Why We Rejected Patience Jonathan’s Settlement Offer – EFCC
Politics
67 views
Politics
67 views

$11.489m: Why We Rejected Patience Jonathan’s Settlement Offer – EFCC

MT - February 19, 2018

Former First Lady Patience Jonathan’s bid to settle out of court the brewing dispute over the strange payment of $11,489,069.03 into her domiciliary accounts has been rejected.…

BBNaija2018: 10 Relationship Lessons To Learn From Disqualification Of K-Brule-Khloe
Entertainment
58 views
Entertainment
58 views

BBNaija2018: 10 Relationship Lessons To Learn From Disqualification Of K-Brule-Khloe

MT - February 19, 2018

It is no longer news that the duo of K-brule and Khloe has been disqualified from the Big Brother Naija, Double Wahala 2018 edition after earning 3…

How To Reprint JAMB Mock Slip 2018 – ‘A Step-by-step Guide’
How Tos
64 views
How Tos
64 views

How To Reprint JAMB Mock Slip 2018 – ‘A Step-by-step Guide’

MT - February 19, 2018

It is no longer a news that JAMB mock examination date has been announced and confirmed. The question that comes to the mind now is, "When will…

Loading...