RCCG: BUHARI SACKS OBAZEE, RECONSTITUTES FRCN

Amid controversy trailing the change in leadership structure at the Redeemed Christian Church of God (RCCG), President Muhammadu Buhari has sacked the Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Pastor Jim Obazee, who was at the centre of the storm.

He also ordered the reconstitution of the board.

According to a statement signed by his spokesman, Garba Shehu, the President has appointed a Chairman and a new Executive Secretary for the council.

The new Council, as approved by the President, has Mr Adedotun Sulaiman, MFR as Chairman.

Mr. Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture. He is a Chartered Accountant and a product of the University of Lagos and Harvard Business School.

The President has also approved the appointment of Mr. Daniel Asapokhai as the Executive Secretary of the Council.

Mr. Asopokhai is a partner and a Financial Reporting Specialist at the PricewaterHouseCoopers (PWC), Nigeria.

He is a product of the University of Lagos and the University of Pretoria.

Buhari has also instructed the Minister of Industry, Trade, and Investment to invite the nineteen ministries, departments and agencies of the Federal Government and private sector organizations specified in the FRC Act to nominate members of the board of the council.

Meanwhile the Federal Government (FG) has suspended the controversial Corporate Governance Code issued by the FRC pending a detailed review and an extensive consultation with stakeholder public.

In a statement issued by the Federal Ministry of Industry, Trade and Investment today, the FG said that the Corporate Governance Code issued by the FRC had been suspended, pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRC.

“Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria,” said Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah.

He added, “Government is committed to strengthening FRC and enhancing its capacity to fulfill its core mandate. FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment.

“The Council is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria.

“It also regulates the practices of professionals involved in financial reporting and promotes good practices in financial reporting and corporate governance in Nigeria.”