Minister of Industry, Trade and Investment, Okechukwu Enelamah has faulted the Executive Secretary of the Financial Regulatory Council of Nigeria (FRCN) Jim Obazee over the code of governance that stipulated that heads of NGOs should retire after 20 years in service.
The Minister has ordered Obazee to reverse the implementation of the controversial regulation but the later wouldn’t budge, Punch reports.
According to Obazee there was no gazette that the Act had been amended or suspended.
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 according to News24.
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.