The Financial Reporting Council of Nigeria (FRCN) has a regulation that affected Pastor Adeboye's position as RCCG G.O.
As more information got out, we found out at that he may not have retired out of his accord, rather he was 'forced' to by a Corporate Governance Code (For Not-for-Profits) like churches.
According to Financial Reporting Council of Nigeria (FRCN), Founders/Leaders of Not for Profit Organisations must resign after spending “more than 20 years (in office) or is age 70 years and above.”
A statement by Adeboye’s official Facebook Page also stated that leaders of religious organizations "are not permitted to hand over to their families amongst other rules", after retirement.
While the Man of God has 'stepped down' and appointed Pastor Joshua Obayemi as national overseer for RCCG, Punch reports that the Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, does not support this regulation.
According to a source, the minister had written a letter to the FRCN boss, Mr. Jim Obazee, urging him not to implement this regulation.
"There is an issue with the new code of corporate governance and the minister wrote the Financial Reporting Council and told the council not to execute it because a lot of people from the private sector have complained about it.
So the minister wanted to look into it and see what the issues were. He (FRCN boss) was asked not to go ahead with executing it. There is a controversy on that FRCN issue and we are now looking into the matter to know what the issues are before we can finally take a decision. This is where the matter is currently," the source said.
This letter was written on October 17, 2016.
Another anonymous source has revealed the stance of the FRCN boss.
The source said, “The Minister of Industry, Trade and Investment wrote a letter to us saying that he didn’t want the code to be effective now and that he wanted it to be suspended for now.
But you know in government circles, particularly in the public sector, when you are suspending something, you back it up with a paper – a gazette and all of that, but as it is now, there is no gazette.
It must have a gazette, indicating that the law has been suspended. There is no gazette to that effect that this law has been suspended. So as it is now, the code has not been suspended because there is no gazette to that effect and that is where we are now.
The code has been on naturally, right from (ex-President Goodluck) Jonathan’s time and this has been over four years. When the code was being done, we engaged all the stakeholders and their presentations formed part of what was in the code at the end of the day.
The only people that took the matter to court were the churches and they lost. It was on the day they lost that our legal adviser said ‘okay, we could go ahead and release the code and that if we don’t release this code, other bodies will go to court to challenge it’.
The private sector came to us three weeks ago and they told us the sections they wanted amended and we told them that we will look at it when we are doing what we call fine-tuning.”
When asked if the code was still effective, he said, “The code is still on as it stands now. All the banks are complying with the codes. If it has been suspended, why are they complying with it. The churches don’t want it and that was why they went to court and they have lost.
So, the law is still in force. Mr. President is aware of this issue and he has not issued any directive to stop the law.”
Adeboye is currently the only pastor that has obeyed this government regulation.
Other clergymen such as Bishop David Oyedepo of the Living Faith Church Worldwide International aka Winners Chapel; and Pastor W. F. Kumuyi of the Deeper Christian Life Ministry, who seem to have held their positions for over 20 years are yet to comply with this government code.
Should all churches in Nigeria be forced to comply with this regulation?