President Muhammadu Buhari has sacked the Chairman of the Financial Reporting Council of Nigeria (FRN), Jim Obazee.
The federal government has also suspended the law that warranted Pastor Enoch Adeboye to step down as General overseer of the Redeemed Christian Church of God (RCCG).
FRN under Jim 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.
However, a statement by Constance Ikokwu, media aide of Okechukwu Enelamah, minister of industry, trade and investment, said the law had also been suspended for review.
The statement reads in part: “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”.