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President Muhammadu Buhari on Monday approved the immediate removal of Mr. Jim Obazee as head of the Financial Reporting Council of Nigeria (FRC) and the reconstitution of the board of the agency.
A statement by Garba Shehu, Senior Special Assistant to the President (Media and Publicity) said Buhari appointed a new Chairman and a new Executive Secretary for the council.
Although no reason was given for the development but it may not be unconnected to a controversial provision which limited the tenure of heads of non-profit organizations, like religious institutions to 20 years.
Recall that the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, stepped down as head of the church in Nigeria at the weekend, citing the FRC law.
The statement by the presidency reads further: “The new Council as approved by the President has Mr Adedotun Sulaiman, MFR as Chairman.
“Mr. Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture. He is a Chartered Accountant and a product of the University of Lagos and Harvard Business School.
“The President has also approved the appointment of Mr. Daniel Asapokhai as the Executive Secretary of the Council.
“Mr. Asopokhai is a partner and a Financial Reporting Specialist at the PricewaterHouseCoopers (PWC), Nigeria.
“He is a product of the University of Lagos and the University of Pretoria.
“President Muhammadu Buhari has also instructed the Minister of Industry, Trade, and Investment to invite the nineteen ministries, departments and agencies of the Federal Government and private sector organizations specified in the FRC Act to nominate members of the board of the council”