The government Act that affected Pastor Adeboye, Kumuyi,Olukoya & others may go

FRC regulation

It was gathered that the Financial Regulations Council had stipulated a maximum period of 20 years for the heads of all registered churches, mosques, and civil society organisations.

The FRC established by the Financial Reporting Council of Nigeria Act, No. 6, 2011, under the supervision of the Federal Ministry of Industry, Trade and Investment, is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters.Governance Code 2016 of the Act encompasses three sectors: the private, the public and not-for-profit. It is the not-for-profit sector, sometimes referred to as the Benevolent Sector, the Third Sector or the Civil Society Sector, that religious bodies fall under.

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.’’

Kumuyi, Oyedepo, Olukoya, others to follow

Some of the general overseers to be affected by the regulation include Dr. Daniel Kolawole Olukoya  of the Mountain of Fire and Miracles Ministries, who has spent 22 years as the general overseer; Bishop Mike Okonkwo of The Redeemed Evangelical Mission (35 years); Pastor Kumuyi  (43 years); Pastor Ayo Oritsejafor of Word of Life Bible Church (29 years); Rev. Chris Okotie  of the Household of God ( 29 years);  Kingsway International Christian Centre’s Pastor Matthew Ashimolowo (24 years);  Winners Chapel’s  Bishop David Oyedepo (35 years).

Others are Pastor Chris Oyakhilome  of Believers’ LoveWord International (26 years); Pastor Samuel Abiara of Christ Apostolic Church (39 years); Pastor Sam Adeyemi  of Daystar Christian Centre (21 years);  Pastor Tunde Bakare of Latter Rain Assembly (27 years);  House on the Rock’s Pastor Paul Adefarasin (22 years), among others.

Credit: Punch