Baba 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.
According to PT, it was unclear whether Baba 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.”
AGF Malami later wrote a strong opinion against the said code.
Baba Adeboye had on Saturday surprised the top echelon of the RCCG by stepping down from direct leadership of the church in Nigeria. He announced Pastor Joshua O. Obayemi as National Overseer of the church in Nigeria.
Pastor Obayemi, who was Special Assistant to General Overseer on Finance, was appointed at the annual Ministers Thanksgiving at Shimawa, Ogun State.
Baba Adeboye will however remain the General Overseer of the RCCG Worldwide.
