Why Buhari Sacked Jim Obazee, FRC Boss – Fayose - Politics (2) - Nairaland
Nairaland Forum › Nairaland General › Politics › Why Buhari Sacked Jim Obazee, FRC Boss – Fayose (49636 Views)
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by DozieInc(m): 6:38pm On Jan 10, 2017 |
A political mis-footing |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by oladokun76: 6:39pm On Jan 10, 2017 |
No more work in ekit for their state governor to do. This has made fayose to take another job. No money to steal in this your new job oooo. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by andresia(m): 6:39pm On Jan 10, 2017 |
fiizznation:I don't blame the dumb kids but the cowardly PMB who chickened out of implementing a very nice law but choosed to sacrifice an innocent man who was abiding by the rules. He, PMB, will continue to be rubbished by the toutish Fayose, Wike and all the dumb kids. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by dmighty: 6:42pm On Jan 10, 2017 |
National Code of Corporate Governance! INTRODUCTION The Financial Reporting Council of Nigeria (“FRCN”) recently issued the National Code of Corporate Governance 2016 (the “Code”). The Code is made pursuant to the powers of the FRCN under Sections 50 and 51 of the Financial Reporting Council of Nigeria Act 2011 (the “Act”) and has a commencement date of 17 October 2016. The Code is essentially a consolidation and refinement of different sectoral codes on corporate governance and has been issued in three parts: the Code of Corporate Governance for the Private Sector; the Code of Governance for Not-for-Profit entities; and the Code of Governance for the Public Sector. The Code of Corporate Governance for the Private Sector (the “Private Sector Code”) is mandatory while that for the Not-for-Profit entities will be operated on a “Comply or Justify non-compliance” basis in a manner similar to the United Kingdom’s Corporate Governance Code. On the other hand, the Code of Governance for the Public Sector will not become immediately operative until an executive directive is secured from the Federal Government of Nigeria for that code to take effect. Malachi 2:7 For the priest's lips should keep knowledge, and they should seek the law at his mouth: for he is the messenger of the LORD of hosts. This is why I seek more clarification from those that know better than I do. Fortunately, Mr Yinka Ogunnubi (@yinkanubi) was available for me. This is what he said, as we discussed back and forth. very instructive…. It’s somewhat difficult for me to do a thread on the code because I share the sentiments of the community of faith concerning some provisions. However, I have learnt that in the public square, Facts/Objectivity is what matters and not sentiments. So here I go...God helping me… I had the premonition that a controversy will be stirred once we got that famous breaking news that our beloved Daddy was "stepping aside". The headline events of that last 24 hours confirm my fears. Let’s start by listing what is being said and implied so far: - That PMB’s FG is “dabbling” into Church leadership - That the Governance Code has been suspended thus no need to comply. . - That the Law is targeted at weakening the church & make it vulnerable to attack - That provisions of the code conflicts with FRC Act & CAMA First & foremost, in 2011 the Senate passed the Financial Reporting Council of Nigeria Bill which created the Financial Reporting Council The FRC replaced the defunct Nigeria Accounting Standard Board (NASB) then under Jim Obazee who subsequently became FRCN Exec Secretary. Under this Act, the FRC (among others) was expected to - ensure good corporate governance practices in the public/private sectors of d economy. It’s in this light that it sets out in 2013 to put together a Governance code (Public, Private & NGO). A draft of which it released in 2015 As expected, many stakeholders had issues with some provisions within the code but they were given the opportunity to make submissions. The FRC was thereafter sued by some Pastors representing Pentecostal churches in July 2015. They sought six reliefs among which were: - a declaration that d Not-for-Profit Codes 2015 is illegal & unconstitutional because it amounts to duplication of the functions of the CAC. - that the TOR in section1 as well as sections 8,9,10 & 37 are illegal & unconstitutional being inconsistent with section 7 & 8 of FRC Act. Needless to say the plaintiffs who claimed to be representing Pentecostals lost the case in court as the court ruled in favor of FRC. In light of the court order in its favor, the FRC went ahead to Release the Governance Codes effective from 17 Oct 2016. It came with a mandatory compliance for Private Sector and a "Comply or Justify non compliance" for Not-For-Profit organizations. Not long after the release, the Minister of Trade & Investment was reported to have written or issued a query (depending on who u believe) to the FRC to suspend the code until all issues it raised concerning it are resolved. The Minister main queries were as follows: 1. Was the Governance Code in line with the FRC Act?: The combined reading of Section 2(1) and 10(d) of the FRCN Act suggests that the Board will be responsible for the overall control of the Council & the Directorates. So how did the Code pass the test of compliance with the Act given that the FRCN Board is yet to be constituted? 2. Does the Code supersede any legislation or any other Code?: A subsidiary legislation cannot supersede a principal enactment. The Exe Sec was asked to explain the clear conflict(s) between the Code & various legislation inclusive of the FRC Act as well as others e.g. it implied the CBN will take on the burden of implementing the Code in the financial sector & it'll also take precedence over the CBN Code. I know that people have tried to link the fact the Minister of Trade is also a Pastor in RCCG to speculate on his true intentions, but to be fair to him there was nothing in his letter that suggested he was pushing a disguised church or RCCG agenda. Rather the contrary. His letter was more in line with concerns of the private sector than it was about concerns of leadership and succession for the church. The expectation within the financial sector was that with the Minister’s letter, the code was suspended. Wrong. Turns out the Executive Secretary dis-agreed. 1. The FRC refused to honor the suspension request on the basis that it was not gazette. We wouldn't have known this if not for Daddy GO's decision. 2. With this evidence alone, we can perish the notion of "PMB admin is “Dabbling in Church Leadership to weaken it”. It's clearly not true. If anything, the evidence available to us points to the PMB admin trying to ensure that the code in its present form is not implemented. In fact, it appears that the FG might be under intense pressure to sack Jim Obazee because of some “EFCC troubles" of his own. Now, let’s go to the Corporate Governance Codes (for Non-Profit) itself. By & large what the code tries to do is to first enforce the minimum requirements of Part C of the CAC under which religious organizations are registered. For instance, religious bodies are supposed to make Annual Returns of its Financial Statements to CAC after audit. Not For Profits also needs to organize yearly Annual General Meetings where they present their annual financial statement to its members. It reinforces the legal fact that any entity that collects money must “render accounts”, whether a bank, a biz owner or a religious body. There appears to be no dispute about this requirement even among religious organizations. However, there is the small issue of Tax. Should religious organizations be taxed when they engage in “For Profit” activities even if that activity is for the benefit of the organization? Obazee & his team says yes. They must be taxed if they engaged in activities designed to extract financial benefit. He put it like this: .“If they pursue non-charitable activities like running schools, hospitals, they're to acct for them separately as profit-making entities” This is one of the areas of conflict as many Churches have subsidiaries under them that have blurred the lines between charity & profitability. The second and obviously most contentious issue has to do with Tenure of the Founder. Now this is exactly what the code says: The code read in part, (Pls check the attached pix also): “The founder or leader of a NFPO (not-for-profit) occupies a special position in the organisation and is committed to the success and longevity of the NFPO. Accordingly, a founder or leader should not take on too many responsibilities in the organisation or have an indefinite term in the running of the organisation. “Where, for any reason, a founder or leader of NFPO also occupies any of the three governance positions of chairmanship of the board of trustees, the governing board or council, and the headship of the executive management (or their governance equivalents), the following provisions shall apply before the end of the organisation’s financial year in which this code takes effect. “The founder or leader shall cease to occupy these three governance positions simultaneously. This is to ensure the separation of powers and avoid possible concentration of powers in one individual. “The founder or leader may however choose – subject to the agreement of the organisation’s apex authority as expressed in the annual general assembly, annual meeting, annual stakeholder engagement, annual conference, annual synod, annual fellowship assembly or their equivalents – only one of these three governance positions subject to his current tenure. This is to ensure a clear division of responsibilities at the head of the organisation between the running of the governing body and the executive responsibility for the management and fulfilment of the organisation’s mission. “Where the founder or leader has occupied all or any of these three governance positions for more than twenty years, or is aged seventy years or above, the choice in the section above should only relate to the board of trustees as in section below, except the constitution of the organisation otherwise provides.” Now understand that for an NGO, there are 3 governance organs: (A) The Board of Trustees, (B)The Governing Board and (C)The Management Committee. Now typically, and in most cases, the founder usually occupies the position of the head of these 3 organs at the same time. So the code prescribes that: 1. The founder can only Head one of these organs 2. If he already heads all of them, he needs to relinquish 3. If he has served as head of any of those organs for more than 20 years and is more than 70, he must resign except for Board of Trustees. Even with these provisions, the code recognizes the unique position of founders as the “Spiritual Leader” of their organizations. Meaning the code does not in any way invalidate the spiritual authority which these organizations subscribe to & to which they derive their relevance. The notion that these codes should not be applicable to churches as their matters are celestial & not terrestrial is utterly ridiculous. If they're celestial as said by a SAN, then why seek registration under Part C of d CAC Laws? Why not just go to heaven to get registered? These organizations are legal entities known to law. They can sue & be sued. They can exist or cease to exist. They are very terrestrial. They are charitable organizations that survive on gifts & donations. They need to be transparent & accountable. This must be emphasized. The issue that most concern me now is whether or not a minister has the power to suspend the activities of an agency known to Law. My take is that there are legal grounds to challenge the powers the FRC seems to be flexing. And we must pursue this to its logical end. Recall that this was the same agency used to illegally suspend a sitting CBN Governor. So the FRC as constituted is not without freckles. It will help to separate the wheat from the shaft & help bring transparency to the church and make us accountable to God and to man. Thanks for following. Please feel free to share your thoughts and opinions. Another Contributor (@TosinOlugbenga): If a founder in his lifetime like our "Daddy G. O" can anoint a successor, it helps the church to handle issues of transition. Therefore, I am of the opinion that such regulations will make the church healthy and not seen as a family property of the founder. A popular church in Benin has serious crisis because the wife of the founder took over leadership after the founder's death. So, to me I think such regulation is very good. The church is attended not by angels but humans. So we can ask for accountability I think no worthwhile leader should find it difficult of handing over administrative leadership not spiritual after 10 years. If a leader can't find someone to hand over to, such a leader is a failure. Good leaders are supposed to raise worthy leaders. No one should drag Buhari or Politics to this issue. The law was signed under the previous admin and their’s no problem with it. Because my “mouth running governor” already said Buhari is targeting RCCG. He will just drag Buhari to anything available. (end). Finally in my own opinion, Baba Adeboye only did what he has to do (Although he wraped it around this CODE), When it is time for Baba to “go home” God HIMSELF will choose the Spiritual leader of RCCG. The issue of Joshua, Moses and the 70 elders came to mind as I type. Joshua was still following Moses, as at the time Moses had chosen 70 anointed ELDERS to lead God’s people administratively. Joshua was just Moses’ servant as at the time these 70 Bishops were already operating. When it was time, God CHOSE JOSHUA…...Jesus is Lord, The best of men are still men at their very best
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| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by agabusta: 6:43pm On Jan 10, 2017 |
Watery mouth |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by angelgabriel26(m): 6:43pm On Jan 10, 2017 |
some ppl are brain dead, no apology to any 1.................. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Nobody: 6:43pm On Jan 10, 2017 |
this mad man again |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by elotajohn1(m): 6:44pm On Jan 10, 2017 |
I no understand this story sef...pls Lala give us snake soup stories biko |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Nobody: 6:47pm On Jan 10, 2017 |
lawbabs:Fayose is shouting because he knows what awaits him when he leaves office. By shouting now, when his immunity expires and his embezzlement trial starts, he can say they are victimising him for his opposition to the government and many gullible Nigerians opposed to Buhari will support him. Fayose is simply playing the gullible masses, just like Adeboye, Ibori, GEJ etc. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by defash8: 6:48pm On Jan 10, 2017 |
The one I cannot fault is why Buhari is quick to sack when he kept mute about southern Kaduna killings. Where is Femi Adesina, he should defend his boss's action now. Buhari has been lost & cannot get my vote again. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by sheyisky(m): 6:49pm On Jan 10, 2017 |
You are crazy |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Nobody: 6:50pm On Jan 10, 2017 |
[s] datola:[/s] Bull sh it |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Nobody: 6:52pm On Jan 10, 2017 |
[s] dmighty:[/s] Poo |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Nobody: 6:53pm On Jan 10, 2017 |
lawbabs:Thank you sir The guy is just a nuisance looking for cheap popularity or a way to get even with past events or other people For those of us in the profession, he is totally incapable, though surrounded by professionals. On my several meetings with him, he appeared a very sadistic fellow |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by truthspeaks: 6:54pm On Jan 10, 2017 |
Sarrki, madridguy, hungerbad, ngeneukwenu n omenka Splinz: |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Newmanluckyman(m): 6:54pm On Jan 10, 2017 |
... This present administration is a disgrace to humanity. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by duni04(m): 6:56pm On Jan 10, 2017 |
Anybody with half a brain will know that Fayose is scheming and calculating against 2018. He knows he will be arrested in 2018 after his tenure ends. He has stolen so much money from the FG and Ekiti state. The only option available to him is to criticise the FG as often and as cynically as possible so when he's arrested in 2018, he can claim political persecution like FFK and Metuh. Lere Olayinka, his media aide, has been given the mandate to respond to every current affairs item that has Buhari in it. I wish I could say this was a clever script but its definitely not. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by biafranrealson: 6:57pm On Jan 10, 2017 |
my dear FAYOSE, heaven have heard you. Truth is constant. One day Buhari shall be history just like Abacha and we will glorified ourGod in heaven. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by tarboshi(m): 7:00pm On Jan 10, 2017 |
Wise men ask questions.. The questions raised by Oga Fayose begs for honest answers. Why the urgency in the sack? No investigation or further interrogation. I will be surprised if Mr obazee's replacement is not from the North!!! |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Alariwo2: 7:03pm On Jan 10, 2017 |
Fayose is an idiot.. Magu is going nowhere whether he likes it or not, Senate will become useless with time na tit for tat |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Splinz(m): 7:06pm On Jan 10, 2017 |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by duni04(m): 7:09pm On Jan 10, 2017 |
biafranrealson:Like he was analysing when he said Aisha Buhari couldn't enter the USA? Like he was also analysing when he used Ekiti state money to rent a room in NICON Abuja just to prove that Buhari was in Abuja and not London? Or like he was analysing when he said the Chibok girls were never kidnapped? This thug of a governor jumps on any topic that has Buhari in it just so he can be seen to be criticising Buhari. You must be a complete and total slowpoke to believe anything that man says. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by afrika(f): 7:09pm On Jan 10, 2017 |
If not for fayose, we would only be typing our grievances here. People criticizing, 20 years ago, u were told, we re the leaders of tomorrow and here you re supporting the man d age of your great grand father making a mess of our country. Men closer to their grave yards manipulated by relatives and religious bigots messing our eligant country up. Shame on leaders of tomorrow. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by ChessEnthusiast: 7:15pm On Jan 10, 2017 |
Fayose just took buhari to the cleaners. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Azedplus(m): 7:16pm On Jan 10, 2017 |
Why is their so much noise coming only from a particular religious group when in actual fact this law cutacross all religions and civil society groups..... I can't understand why this gullible leaders will always want to divide us along all lines for their selfish political benefits Accepted that the law is not fit for implementation now, talk on its suspension and not this trash from...... Governor |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by alt3r3g0: 7:17pm On Jan 10, 2017 |
The masses dont know their power. A case that has been fought in the courts for a long time and lost, was resolved in a day because of public outcry. |
| Re: Why Buhari Sacked Jim Obazee, FRC Boss – Fayose by Nobody: 7:18pm On Jan 10, 2017 |
I'm not happy that the President sacked the FRCN boss. The same FRCN (by whatever name called) restructured bank ownership and removed most of the owner/MD/CEO. Same FRCN'S recommendation suspected Lamido Sanusi from CBN. What's the problem now? |
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