Buhari Sacks Official whose Action led to Adeboye’s Resignation

Head of the Financial Reporting Council of Nigeria, FRCN, Mr Jim Obazee, has been sacked by President Muhammadu Buhari.

Obazee’s sack comes about 48 hours after implementation of his agency’s law led to the exit of Nigeria’s most influential Christian cleric, Pastor Enoch Adeboye.

Adeboye resigned as the general overseer of the Redeemed Church in Nigeria on Saturday, but retained oversight of the global arm of the church.

The FRCN rule is established by the Financial Reporting Council, Nigeria, Act No 6, 2011.

The council, which is under the supervision of the Federal Ministry of Industry, Trade and Investment, is responsible for, among others, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria and for related matters.

The Governance Code of 2016 put in place by the agency to implement the Act encompasses three sectors: the private, the public and not-for-profit.

It is the not-for-profit sector, sometimes referred to as the Benevolent Sector, the Third Sector or the Civil Society Sector, that religious bodies fall under.

Section 9.1. of the code states that “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.”

Head of the Financial Reporting Council of Nigeria, FRC, Mr Jim Obazee, has been sacked by President Muhammadu Buhari.

Obazee’s sack comes about 48 hours after implementation of his agency’s law led to the exit of Nigeria’s most influential Christian cleric, Pastor Enoch Adeboye.

Adeboye resigned as the general overseer of the Redeemed Church in Nigeria on Saturday, but retained oversight of the global arm of the church.

The FRC rule is established by the Financial Reporting Council, Nigeria, Act No 6, 2011.

The council, which is under the supervision of the Federal Ministry of Industry, Trade and Investment, is responsible for, among others, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria and for related matters.

The Governance Code of 2016 put in place by the agency to implement the Act encompasses three sectors: the private, the public and not-for-profit.

It is the not-for-profit sector, sometimes referred to as the Benevolent Sector, the Third Sector or the Civil Society Sector, that religious bodies fall under.

Section 9.1. of the code states that “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.”

About Aisha Wakaso

A journalist.

View all posts by Aisha Wakaso →