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Adeboye’s stepping aside: Sack of FRCN boss a coincidence, says presidency source


Pastor Enoch Adeboye

Pastor Enoch Adeboye

Fresh revelation has emerged that the recent sack of the Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Mr. Jim Obazee had nothing to do with the stepping down of Pastor Enoch Adeboye as the General Overseer of the Redeemed Christian of God (RCCG) in Nigeria.

A presidency source disclosed that the two incidents happening simultaneously was a coincidence. There had been insinuation that the presidency fired Obazee because of Adeboye, after the FRC under Obazee’s watch issued a Corporate Governance Code, which provided tenure for General Overseers of churches.

The presidency source told The Guardian yesterday in Abuja that Obazee’s sack had nothing to do with Adeboye or any church, but the manner the controversial code was released without regard to laid down procedure.


“To be honest with you, the decision to terminate his appointment was actually given presidential approval on the 23rd of December, 2016. But I think everybody felt you don’t go ahead to make such an announcement before Christmas and all that.
“However, the basic issue is that the Corporate Governance Code, which is a regulatory code to guide corporate outfits or corporate organisations in Nigeria is a code that the FRCN has been working on, with the committee working on it inaugurated by the last administration,” he said.

The process of passing that code, the source noted, indicated that by the time the committee finished working on it, there was supposed to be a public hearing after it had been sent to the FRCN Governing Board for debate.

The Minister of Trade and Investment, Dr. Okechukwu Enelamah is the Chairman of the Governing Board of FRCN, a parastatal under his ministry.

According to our source, after the Governing Board’s approval, the code was to go to the Federal Executive Council (FEC), to get official seal and approval for it to be issued.

This was not done, as the FRCN went straight to issue the code without the Governing Board and FEC’s approval.“So, when the FRCN unilaterally issued the Code, the ministry demanded that the code should be suspended, but the Executive Secretary of FRCN went ahead and issued the order against the suspension order of the minister.

“If Adeboye did not step aside, the Executive Secretary was already gone. This has nothing, absolutely nothing, to do with the church. As I explain, due process was not followed, the Code must be approved by FEC, you don’t just do things like that.”

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