The General Overseer of the Redeemed Christian Church of God, Enoch Adeboye, stepped down as head of the church in Nigeria in line with a proposed Corporate Governance Code in Nigeria, PREMIUM TIMES has learnt.
Mr. Adeboye referred to the governance code as he announced his decision to give up the position on Saturday, church leaders who attended the session, said.
The code, proposed in May 2015, limits the number of years heads of corporate organisations can stay in office. It is mandatory for the private sector.
The Code of Governance for Not-for-Profit entities is “Comply or Justify non-compliance.”
It is under the Not-for-Profit category that churches like the RCCG come under.
The code was later suspended, reportedly after the Attorney General, Abubakar Malami, opposed its implementation.
It was unclear whether Mr. Adeboye knew the proposal had been suspended.
While announcing the governance code in October 2016, the Financial Reporting Council, FRC, had said it would take effect from October 17, 2016.
FRC said, “In accordance with Section 50 of the Financial Reporting Council of Nigeria Act, 2011, which among other things requires the Directorate of Corporate Governance to develop the principles and practices of Corporate Governance applicable in Nigeria, the Council hereby releases the National Code of Corporate Governance effective 17th October 2016.”
It further said, the “Code of Governance for the Public Sector will not be applicable immediately until an executive directive is secured from the Federal Government of Nigeria. This is due to the fact that the enabling laws that set up most government establishments already carry some form of governance structure that will require an umbrella legislation to unify the different provisions of those laws to synchronise with this Code.”
Mr. Malami later wrote a strong opinion against it.
Mr. Adeboye had on Saturday surprised the top echelon of the RCCG by stepping down from direct leadership of the church in the country. He appointed Joshua Obayemi as the National Overseer of the church in Nigeria.
Mr. Obayemi, who was Special Assistant to General Overseer on Finance, was appointed at the annual Ministers Thanksgiving at Shimawa, Ogun State.
Mr. Adeboye will however remain the General Overseer of the RCCG Worldwide.

http://www.premiumtimesng.com/news/headlines/219848-adeboye-stepped-head-nigerias-redeemed-church.html

Nice

The code seems like a bad idea. It shouldn't apply to private companies. Imagine the outcry if the US Gov forced Zuckerberg to leave Facebook.

Seun:
The code seems like a bad idea. It shouldn't apply to private companies. Imagine the outcry if the US Gov forced Zuckerberg to leave Facebook.

You cannot compare private profit motivated companies to churches, mosques and other non profit organizations. The law dies not allow a single person to own churches and mosques like a limited liability company, that is why you need at least 5 board members before a religious organization or other non profit organizations can be Registered.
It is criminal and immoral for a religious organization to collect donations in the form of tithes and offering from the general public and have just one man treat the donations as personal funds, spending the money opening businesses and other private ventures.
This is similar to why term limits are given to bank ceos, to prevent owners of banks from treating depositor's money like private money.

Isn't it funny how churches are categorized as "not-for-profit entities" ?
There's almost no business as profitable as the church.

Its all BUSINESS, nothing to do with GOD.

Seun:
The code seems like a bad idea. It shouldn't apply to private companies. Imagine the outcry if the US Gov forced Zuckerberg to leave Facebook.

When they decided to turn Religion Bodies to Financial corporations, you wouldnt blame the government. Churches even pay tax, oooh lawd...
Religion is overated in Africa

Adeboye simply stepped down becos he has made enough money.

This clip shows it's all about Money

see
https://www.youtube.com/watch?v=t8zZWvvaEaY

from what i can see here based on the reports, it still business as usual. Mr Adeboye just created another position. National overseer and General Overseer?? I mean whos kidding who??

Seems like a case of The new man doing most of the work while Mr Adeboye watches EPL.

Seun:
The code seems like a bad idea. It shouldn't apply to private companies. Imagine the outcry if the US Gov forced Zuckerberg to leave Facebook.

I thought Facebook is a for-profit organization because the law says its for NGOs or non-profit organization.

I think 20 years is too long if the purpose of the law is to be effective, a 10 years limit would have been more appropriate.

[quote author=Seun post=52624262]The code seems like a bad idea. It shouldn't apply to private companies. Imagine the outcry if the US Gov forced Zuckerberg to leave Facebook.[/quote

Or Seun leaving Nairaland for mynd.....