Precursors of the Law that saw Pastor Enoch Adeboye stepping down as the General of RCCG dates back to 1982.
The law was to be implemented by the Nigerian Accounting Standards Board, NASB.
In 2011, the repealed the NASB Act and replaced it with the more draconian Financial Reporting Council of Nigeria Bill, FRCN.
The FRCN Bill was signed into law on 20 July 2011.
The three-in-one FRCN Code provides regulations for corporate governance in Private, Public, and non-profit Organizations.
The Code of Corporate Governance for the Private Sector is mandatory.
The Code for the Not-for-profit entities is comply or justify noncompliance.
The Presidency suspended applying the code in public service, meaning in civil service.
This would have seen lots of people who have held positions for more than 20 years lose their jobs.
Part of the stipulations of that law is that organizational leaders must not hold positions for more than 20 years.
In Nigeria, Churches, Mosques, Temples, Motherless Baby’s homes and many other entities are registered as non-profit.
Churches in Nigeria had argued against the law and even went to court. They lost the court case.
They asked President Buhari to suspend implementation, just as it was done for public service.
The President refused. This is the principal reason why Adeboye stepped down.
In the coming weeks, we expect the law to affect many Bishops, clerics and NGO owners across the country.
As expected, the law has generated heated arguments as most private corporations will see their heads leave.
Fayose also cautioned President Buhari on the implementation of the law.
He said the President has tampered with the administration of churches in Nigeria.
He accused Buhari of making Pastor Enoch Adeboye to step aside as the head of the church in Nigeria.
“There is one thing every government must not do, the moment you face the church of God, you will fail.
“The God of Adeboye, Kumuyi will bring down all the enemies in this government.
“Somebody must tell them, there are certain things you don’t do.
“They are going from frying pan to fire. This government wants to subdue the church, God will subdue them.
“They are ridiculing leaders of the church, God will rubbish them.
“The same church they had deceived to get power, they are saying that we now have the ring.
“But God is the creator of the ring and the hand, God will amputate the hand.
“I have warned and I’m still warning, take your hands away from the administration of churches.
“You are slaying Christians. The Lord will rise against you. By rising against the church, this government has failed.
“As anyone that rises against God will fail. By using Laws against the church, they have started to crumble.
“Christians are being [neutralized] in Southern Kaduna and noblemen cannot talk because of fear of incarceration.
“This is clear islamization agenda. God will punish anyone who attacks his church,” Fayose said.
The entire brouhaha trailing the law is that it was signed in 2011, but Buhari implemented it.