Business
Why Adeboye stepped down as head of Nigeria’s Redeemed Church
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, PREMIUM TIMES has learnt.
Mr. 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.
It was unclear whether Mr. 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.”
Mr. Malami later wrote a strong opinion against it.
Mr. Adeboye had on Saturday surprised the top echelon of the RCCG by stepping down from direct leadership of the church in the country. He appointed Joshua Obayemi as the National Overseer of the church in Nigeria.
Mr. Obayemi, who was Special Assistant to General Overseer on Finance, was appointed at the annual Ministers Thanksgiving at Shimawa, Ogun State.
Mr. Adeboye will however remain the General Overseer of the RCCG Worldwide.
Daddy G. O.’s tactical resignation or retirement: An unpleasant development
While I agree totally with the call for Christians to go into politics én mass, I would rather call for the church first of all to go into prayers. Haven’t we seen sound Christians who went into politics and became compromised by the monstrous spirit of corruption and mammonry that has eaten dip into our political system and taken root in all the seats of power?
This ungodly law that is supposedly signed into law by the National Assembly did not start as a national issue but an expression of grief by one man who became aggrieved by his pastor and general overseer. This man is the current boss of the Financial Reporting Council of Nigeria.
This said man was a pastor with the RCCG who became envious of the success and power wielded by the General Overseer, because, he himself is a power hungry man. He became head of the FRC after repeatedly backstabbing his boss to whom he was number two with repeated petitions to the higher authorities against his boss until he had his way.
He has never had anything good to say about his G. O. He had always spoken I’ll of him to whoever cares to hear. While he was still a pastor under the RCCG, he bragged that he had not stepped his foot into the Redemption Camp in many years.
He had always complained that the G O has asked other pastors to step down after reaching 70 years and he himself has refused to do so. And had bragged on a few occasions that he would ensure the G O steps down.
Let me add that neither he the boss nor the parastatal he heads (FRCN) has the power to execute the law, but he did. Financial Reporting Council has its jurisdiction whose bounds this man has overstepped. Recently, the kangaroo Acts of the FRC he concocted alone to favour him and his draconian regime was repealed by the National Assembly or so it seems. His satanic high handedness style of governance has been a thing of concern in the parastatal.
He became so power drunk that he tried to insult the integrity of the G O four years ago when the G O asked that he comes to see him. Only then was his church file as a pastor reviewed and he got suspended from the church. He became all the more drunk with power when he got someone who introduced him to the then president. There, he found an opportunity to present this matter to the president and gave reasons why churches and mosques should start paying taxes. He convinced the president then by running down God’s servants.
He was an easy tool then because he came very handy to be used against the then Central Bank governor which led to his suspension from office. This drew him closer to the president and tactically had the president’s ear. It was at that point he made way to express his devilish desire against the church with his G O as main target.
When the church suspended him and the then president left office, he quickly joined himself to Latter Rain Church and got introduced to the pastor through a member of staff of the FRC who worships there. This he did subtly because of the closeness of the pastor to this present government so he can get introduced to the new Preside Buhari. That was done.
His staff in the office are groaning under his hard leadership and cannot speak out because he had held them bound with threats and fear. This man who today is an enemy of the church has been implicated in wizardry and witchcraft and belonging to the occult. He has some cases of abuse of office and immoral activities going on in court against him which he lost recently.
Today, he is laughing because it seems his agenda is playing out. He is boasting that it will spread to all the other long serving G.O.s This, he will achieve if the church does not arise to both pray and cease power first from the realm of the spirit.
In Acts 12:1-10, when Herod took James and killed him and no one did anything, he proceeded to take the leader of the apostles- Peter. That’s when the church woke up to prayers and intervention came in verse 5-10.
In Acts 7:1-end, Saul ensured Steven died and no one stood against him, so he proceeded to Damascus to clean up the church until the Master intervened because the church prayed.
Who said the bill can not be reversed? Why should the church be dictated to by the state when the state has no hand in leading the church? Didn’t our Lord Jesus say He will build His church and the gates of hell cannot not prevail against it? Why is hell raging now and we are complying?
Haman’s Bill in the book of Esther was countered. Joshua stopped time until he overthrew evil kings. Where is the power today in the church? We see not our signs. (Ps. 74:9)
The state cannot dictate to the church when her leaders should come in and out and who they should handover to. If we don’t fight this evil now, it will develop into something worse that will bring regrets to the church. Who knows; they could start telling the pastors what to preach and what not to preach. What pastors should wear and not wear etc.
Let’s call for a Solemn Assembly and let the priests weep between the porch and the altar until this evil quickly dies out.
Awake O Zion and trim your light. Arise O church and shine for your light is come and the glory of the Lord is risen upon you.
It is a dark period for the world but the best time for the church to shine (Is.60:2)
*Resolving the Obazee sack angle…*
Many people wonder why PMB must have sacked Obazee and ordered for a replacement. Let us get the facts away from fiction.
* A lot of complaints have been tendered against Obazee from the private sector for years which got worse in the past few months.
* He had a right to carry out his assigned duties, but one of such allegations against him was that of vendetta.
* He was once sacked while reportedly working under baba Adeboye of the RCCG.
* He was instructed days ago by the minister of industry trade and investment to hold on while issues concerning him are sorted out.
* The minister is the boss and head of the FRN.
* He defied the orders of the minister to suspend the regulation, and went ahead to enforce the act. His first point of call was the RCCG, ensuring that daddy Adeboye obeys the law.
* The minister reported him to the president. His case is that of insubordination. He disobeyed and was in the process rude to a senior official.
* PMB recommended immediately that he should be sacked and replaced for defying the orders of his superior to look into the matter, deliberately further about it and clear issues bordering on revenge as regards his person.
Those are my findings regarding the sack by PMB, it truly had nothing to do with weakness or succumbing to pressure by PMB nor is it karma of the history of the Obazee guy drafting the recommendation which removed Sanusi under GEJ.
Bank
Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage
Fidelity Bank Provides Critical Funding Support to Abuja Special Needs Orphanage
Leading financial institution, Fidelity Bank Plc, through the Fidelity Helping Hands Programme (FHHP), has funded critical support for the JKS Special Needs Academy in Abuja to ensure continued shelter and care for vulnerable children.
The intervention was facilitated by a group of the bank’s newly recruited employees known as Team Valorem, as part of their induction activities. Through the FHHP, employees are empowered to actively contribute to social development by dedicating their time, resources and skills to impactful projects. Projects executed under the initiative are employee-driven, with teams encouraged to identify causes, contribute fifty percent of the project funding, while the bank matches the contribution.
Speaking during the outreach, Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, highlighted that the initiative aligns with the Bank’s CSR pillars focused on health & social welfare, and youth empowerment.
“This intervention reflects our belief that building a better society is a shared responsibility. Through the Fidelity Helping Hands Programme, we empower our employees to actively contribute to meaningful social causes. The funding provided will secure the orphanage’s accommodation for an additional year, ensuring a stable and safe environment for the children. This support guarantees that these children continue to have a place they can call home,” Nwagboh remarked.
He also commended caregivers at the facility for their dedication and called for increased focus on empowerment and skill development for children with special needs.
“Beyond providing basic needs, we must provide these children with opportunities to develop skills and become self-reliant. Everyone, regardless of their physical or socio-economic status, has a role to play in the society,” he said.
In her response, Director of JKS Special Needs Academy, Mrs. Nifemi Ajileye, expressed deep appreciation to Fidelity Bank and its staff for the timely intervention.
“We are truly grateful to Fidelity Bank for this support. It will significantly improve the welfare of the children under our care and help us sustain our operations,” she said.
Ajileye highlighted the high cost of caring for children with disabilities, stating that, “Many of the children require continuous medical attention and therapy, which are quite expensive. Support like this helps us bridge critical gaps and continue delivering quality care. This support from Fidelity Bank is timely and it means the world to us and to these children. It will help us continue our work and secure a better future for them,” she added, while calling for sustained support from other organisations.
As an institution with a heart for people, Fidelity Bank continues to demonstrate its commitment to social responsibility by driving inclusive growth and social impact through initiatives that empower communities and improve lives across Nigeria.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 10 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK.
The Bank is a recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine. Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
Business
Official waste of government resources and national wealth, group slams NNPCL GMD over MOU with Chinese firm to revive dead refineries*
*Official waste of government resources and national wealth, group slams NNPCL GMD over MOU with Chinese firm to revive dead refineries*
*…demands accountability into past investment of $1 billion into the refineries*
A coalition of oil sector reform advocates has criticised the latest agreement by the Nigerian National Petroleum Company (NNPC) Limited with Chinese firms to revive Nigeria’s refineries, describing the move as a wasteful recycling of failed strategies and a troubling signal of weak accountability in the management of public resources.
The group, the Centre for Energy Sector Transparency (CEST), made its position known in a statement issued on Wednesday and signed by its executive director, Dr Oghenetega Edafe, following the announcement of a new memorandum of understanding between NNPC Ltd and two Chinese companies for a proposed technical equity partnership.
The agreement is aimed at completing rehabilitation work and restarting operations at the Port Harcourt and Warri refineries, assets that have remained largely dormant despite multiple rounds of government-funded turnaround maintenance.
Edafe said the development raises serious questions about fiscal discipline, policy coherence, and the absence of accountability for previous investments running into billions of dollars.
“What Nigerians are witnessing is a troubling pattern of policy repetition without reflection. The same refineries that have gulped enormous public funds over the years are once again at the centre of a fresh round of agreements, yet there has been no transparent accounting of what has already been spent or why those investments failed to deliver results,” he said.
The group specifically referenced earlier government approvals of over $1 billion for refinery rehabilitation projects, warning that proceeding with new partnerships without a public audit of past expenditures undermines trust in the system.
“It is unacceptable that after committing over one billion dollars to refinery rehabilitation, the nation is being asked to embrace yet another agreement without a clear and verifiable audit of previous interventions. This is not just about policy failure; it is about the potential erosion of public trust in how national wealth is managed,” Edafe said.
He argued that while the introduction of a technical equity model may appear innovative, it does not absolve the government and NNPC Ltd of responsibility for past inefficiencies and possible mismanagement.
“The idea of bringing in technical partners with equity stakes is not inherently flawed. However, it becomes deeply problematic when it is introduced as a substitute for accountability. Before we speak of new partnerships, Nigerians deserve a full disclosure of how past funds were utilised, who was responsible for project delivery, and why the expected outcomes were not achieved,” he said.
The group also warned that without institutional reforms, the proposed collaboration risks becoming another cycle of investment without sustainable results.
“What is being presented as a strategic shift may, in reality, become another expensive experiment if the underlying governance issues are not addressed. Technical expertise alone cannot fix a system that lacks transparency, oversight, and consequences for failure,” Edafe said.
The Centre called on the National Assembly and relevant anti-corruption agencies to initiate a comprehensive probe of refinery rehabilitation projects over the past decade, including contract awards, disbursements, and project execution timelines.
“This moment demands more than optimism; it demands scrutiny. We call on oversight institutions like the National Assembly, Economic and Financial Crimes Commission (EFCC) and others to undertake a forensic examination of all funds committed to refinery rehabilitation, including the recent billion-dollar interventions. Nigerians must know what has been done with their resources and why the country is still dependent on fuel imports despite repeated promises of self-sufficiency,” he said.
The Centre added that restoring confidence in Nigeria’s oil sector would require not just new agreements, but a demonstrable commitment to transparency, accountability, and institutional integrity.
Business
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