2019: Why Buhari Fired FRCN Boss

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DETAILS of why President Muhammadu Buhari sacked the Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Mr. Jim Obazee have emerged.  Those familiar with workings at Aso Rock said the President was angry with Mr Obazee for the poor handling of the matter which led to the resignation of Pastor Enoch Adeboye as the General Overseer of the Redeemed Christian Church of God (RCCG) Nigeria. The President was not properly briefed on the matter, a source said.

A Presidency source told our correspondent that Mr Buhari felt angry that the action brought him at loggerheads with the church especially RCCG which gave him immense support during the 2015 election. Vice President Yemi Osinbajo was said to have drawn the President’s attention to the implication of the enforcement of the Corporate Governance Code issued last October 17 by the Financial Reporting Council of Nigeria (FRCN).

The Vice President, a senior RCCG pastor, was said to have explained to the President that Christians would withdraw their support from the government now and in the 2019 election if the matter was not resolved in favour of the churches.

Following the development, strong indications emerged Monday night that the Federal Government may remove churches and worship centres from the list of organisations to be governed by the code. Churches were grouped under non-governmental organisations (NGOs).

In removing Obazee, said to be very close to the President, President Buhari approved Mr. Adedotun Sulaiman as the new Council Chairman and ordered the immediate reconstitution of the body.

President Buhari according to a statement issued Monday by his SSA on Media and Publicity, Garba Shehu has also approved the appointment of Mr. Daniel Asapokhai as new the Executive Secretary of the Council.

While Mr. Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture, Mr. Asopokhai is a partner and a Financial Reporting Specialist at the PricewaterHouseCoopers, Nigeria.

The sack of the former Scribe of FRCN came barely 48 hours after the General Overseer of the Redeem Christian Church of God (RCCG) Pastor Enoch Adeboye, announced his retirement from presiding over RCCG Nigeria. The matter has also provoked cold war between the Minister of Trade and Investment, Dr. Okechukwu Enelamah and Obazee.

Meanwhile, the Federal Government has suspended the Corporate Governance Code issued last October 17 by the Financial Reporting Council of Nigeria (FRCN). Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah made this known Monday in a statement.

According to the Minister’s Strategic Communication Adviser, Mr. Constance Ikokwu, the suspension order was meant to carry out a detailed review of its application. The review, the Minister explained would involve extensive consultations with stakeholders upon the reconstitution of the board of the FRCN.

The statement also quoted Dr. Enelamah as saying that government was committed to restoring, enhancing market confidence as well as improving the ease of doing business in the country. “The Corporate Governance Code issued by the Financial Reporting Council of Nigeria has 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. Government is committed to strengthening FRC and enhancing its capacity to fulfill its core mandate” the statement read.

Obazee, ironically used to be a pastor in RCCG before he allegedly fell out with Pastor Adeboye. The firing of Obazee and dissolution of the FRCN board got the entire RCCG community delirious on social media as most of them said it was God at work. “Who can battle with the Lord?” an RCCG member posted on his Facebook page. – Political Economist

—  Jan 10, 2017 @ 19:30 GMT

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