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Adeboye Steps Down, Oyedepo, Olukoya, Kumuyi, Others to Follow

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It was a mixture of surprise and anxiety on Saturday for ministers in the Redeemed Christian Church of God when the respected cleric and General Overseer of the church, Pastor Enoch Adeboye, announced a new leader for the church arm in Nigeria.

Adeboye made the declaration at the church’s Annual Ministers Thanksgiving held at the Redemption Camp in Ogun State.

Adeboye started his speech at the service by telling the stunned ministers that he initiated a pension scheme for the church’s retired full-time pastors that would enable them earn 100 per cent of their salaries as pension.

He reportedly said that government had been meddling with the affairs of churches in Nigeria and he had to discontinue with the scheme when the government introduced a contributory pension scheme which the church later joined.

Ministers present at the gathering told one of our correspondents that Adeboye said the government also interfered in the administration of the church by stipulating mandatory office tenure for general overseers of all registered churches in the country through a regulation.

He noted that this regulation also extended to clergymen like Bishop David Oyedepo of the Living Faith Church Worldwide International aka Winners Chapel, Pastor W.F. Kumuyi of the Deeper Christian Life Ministry and Bishop Mike Okonkwo of The Redeemed Evangelical Mission, among others.

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.

The code read in part, “The founder or leader of a NFPO (not-for-profit) occupies a special position in the organisation and is committed to the success and longevity of the NFPO. Accordingly, a founder or leader should not take on too many responsibilities in the organisation or have an indefinite term in the running of the organisation.

“Where, for any reason, a founder or leader of NFPO also occupies any of the three governance positions of chairmanship of the board of trustees, the governing board or council, and the headship of the executive management (or their governance equivalents), the following provisions shall apply before the end of the organisation’s financial year in which this code takes effect.

“The founder or leader shall cease to occupy these three governance positions simultaneously. 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.’’

Obayemi: RCCG’s new ‘Daddy GO

The code read in part, “The founder or leader of a NFPO (not-for-profit) occupies a special position in the organisation and is committed to the success and longevity of the NFPO. Accordingly, a founder or leader should not take on too many responsibilities in the organisation or have an indefinite term in the running of the organisation.

“Where, for any reason, a founder or leader of NFPO also occupies any of the three governance positions of chairmanship of the board of trustees, the governing board or council, and the headship of the executive management (or their governance equivalents), the following provisions shall apply before the end of the organisation’s financial year in which this code takes effect.

“The founder or leader shall cease to occupy these three governance positions simultaneously. 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.’’

The information gathered showed the law would cause leadership changes in other churches, where their general overseers had spent more than 20 years in that capacity.

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.

When contacted by one of our correspondents, the Public Relations Officer of the Deeper Christian Life Ministry, Mr. Segun Babatope, declined to speak on whether Pastor Kumuyi would also step down like Pastor Adeboye did.

He referred our correspondent to the church secretary, who also declined to speak on the matter.

Babatope said, “I cannot speak on behalf of the church. We are not fully aware of what Pastor Adeboye said and we cannot comment on rumours.”

Also, calls made to the mobile of Rev. Chris Okotie were not answered. He did not also reply the text message sent to his mobile as of press time.

Similarly, when contacted on Saturday, one of Pastor Olukoya’s media aides, Mr. Idowu Ajanaku, did not respond to calls made to his mobile phone, neither did he respond to the text message our correspondent sent to him.

A Senior Advocate of Nigeria, Mr. Dele Adesina, who is an ally of Bishop David Oyedepo, said that he needed to read the FRC’s code to give “an informed opinion” on the issue.

How the ministers’ meeting ended

Sources said after his speech at the meeting, Adeboye introduced Pastor Joseph Obayemi as the ‘new overseer’ of the church, Funsho Odesola as the new church secretary and Joseph Adeyokunu as the new church treasurer.

Adeboye reportedly said, ‘‘At least, nobody can stop me from being a general overseer in other countries of the world.’’

By the pronouncement, Adeboye ceases to be the General Overseer of the RCCG in Nigeria while he remains the church’s spiritual leader worldwide and general overseer of its international arm. The church has branches in about 190 countries.

The clerics, who were newly appointed into key positions in the church, were not allowed to speak to the gathering. But Adeboye asked the ministers to pray for them and he also did the same.

A statement reportedly issued by Odesola after the meeting stressed that the new structure was particular to Nigeria alone as Adeboye remained the spiritual leader and global missioner of the church.

Before now, there had been expectations in the church that Adeboye would name a successor after he clocked 70 — the stipulated retirement age by the church.

In a statement credited to Leke Adeboye, Adeboye’s last son and personal assistant, he cited the FRC’s law as the reason for the church’s decision, adding, however, that Adeboye remained the General Overseer of RCCG worldwide.

Adeboye is now 74. He became the church’s general overseer in 1981 after taking over from the church’s founder, Pa Josiah Akindayomi.

Our correspondent gathered that at the service, Adeboye asked the ministers to tell all members in their parishes to join any political party of their choice.

The revered cleric noted that by joining political parties, they would be able to partake in the making of vital political decisions at the ward level in order for the country to have good representation.

He also noted that their involvement in politics would check imposition of candidates.

Lawyers’ speak on FRC regulation

Speaking with one of our correspondents, a human rights activist and lawyer, Ebun-Olu Adegboruwa, who commented on the FRC law, said churches, mosques and other not-for-profit organisations, as long as they are registered with the Corporate Affairs Commission, were bound by the new financial regulation targeted at ensuring financial transparency and seamless succession.

Adegboruwa who is also an RCCG pastor, said, “The plan of succession must not be to the benefit of a family member. By law, churches are called incorporated churches with a board of trustees. It cannot be run by a family. Pastor Adeboye, of his volition, decided to obey the regulation by handing over to a successor. I must also state that the confusion being created by some people that Pastor Adeboye is the general overseer of the RCCG Worldwide is unnecessary. There is no such organisation as the Redeemed Christian Church of God Worldwide. He is the Global Missioner and Spiritual Leader of the Church. There is nothing like RCCG Worldwide.’’

There were reports on Saturday that the Federal Government had suspended the not-for-profit governance code of 2016. The human rights activist and lawyer explained that the law was suspended in relation to the public sector and not for organisations like churches and mosques.

He said, “There was a stakeholders’ meeting where churches, mosques and civil society organisations met with the government. We actually challenged the regulation at the Federal High Court and we lost. We decided to comply with the regulation because we didn’t want the government to see Christians as people who do not want to follow a seamless succession system. We also do not want government to see us as people who have something to hide about their finances. The RCCG is a transparent organisation and that’s why it decided to comply.

“This (regulation) is not just about Pastor Adeboye. It concerns all the churches registered in Nigeria. Any church leader who has spent 20 years has to hand over to somebody else.”

Also, Lagos-based lawyer, Mr. Jiti Ogunye, stated that the agency’s regulation for religious organisations was still in force.

Another legal practitioner, Moses Alao, said that the FRC regulation provides that a religious leader of a registered religious organisation should step down after 20 years in office or on attainment of age 70.

He said, “Whichever comes first, it is either the religious leader has turned 70 or has spent 20 years or more as the head of the organisation, he has to go. The person will stop being involved in administrative issues of the religious organisation. He will only be a figure head with no real authority. Pastor Adeboye, in the case of the Redeemed Christian Church of God, will still be the spiritual figure head but there will be a general overseer (a position he had relinquished).’

 

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Lagos Eyes Investment Surge as Sanwo-Olu Unveils Growth Strategy

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Governor Babajide Sanwo-Olu of Lagos State is spearheading a bold push to attract significant investment inflow to boost the state’s economic growth.

During a Pre-Summit Investor Roundtable at the Africa Social Impact Summit (ASIS 3.0), held at Eko Hotels and Suites, the governor outlined strategic opportunities for investors.

With the theme “Invest Lagos – Investment Opportunities,” the summit was organized by the Sterling One Foundation in collaboration with the Ministry of Commerce, Cooperatives, Trade, and Investment.

Attended by business leaders, chambers of commerce, and industry captains, the event underscored Lagos’ potential as a hub for economic activity.

Sanwo-Olu highlighted Lagos’ positive economic outlook, citing an expanding population and sustainable infrastructure as key growth drivers.

Despite challenging business environments, the state’s economy has shown resilience, welcoming new investments while sustaining existing ones.

The governor emphasized reforms aimed at improving the ease of doing business. He mentioned that digitizing services had reduced bureaucratic hurdles, fostering a stable business climate.

Sanwo-Olu assured potential investors of the state’s commitment to creating a supportive environment that ensures returns and security for investments.

“In the last five years, Lagos’ GDP has grown by 50 percent,” Sanwo-Olu stated. “We aim to sustain this growth and ensure the gains of the past years are not reversed.”

Sanwo-Olu identified sectors ripe for investment, including transportation, tourism, health insurance, and waterways. He expressed the government’s dedication to advancing development plans in these areas.

Commissioner for Commerce, Cooperatives, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted Lagos’ economic strides, noting that the state’s GDP had increased from N27 trillion to N41 trillion in five years.

She detailed strategic investments, particularly the allocation of N550.7 billion for infrastructure in 2024, and the commitment of N44.33 billion to food security initiatives.

Sterling Bank’s Managing Director, Mr. Abubakar Suleiman, pointed out that economic growth in Africa is often hindered by an unstable investment climate.

The summit aimed to build investor confidence by fostering trust and transparency in business environments.

“Lagos remains a leading destination for investors,” Suleiman noted. “The state provides clarity and access to markets, maintaining consistency in its investment strategies.”

Sanwo-Olu’s administration continues to focus on diversifying Lagos’ economy through strategic investments in various sectors.

The state’s proactive approach has positioned it as a global city and an emerging African financial center.

The governor’s initiative is expected to further solidify Lagos’ reputation as a prime investment destination, paving the way for sustained economic growth and development.

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Vice-President Harris Gathers Momentum as Democratic Nominee

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Vice-President Kamala Harris has secured the support needed to become the Democratic nominee for president.

This was after President Joe Biden announced he would not seek re-election, endorsing Harris as his successor.

According to CBS News, Harris has received endorsements from over 1,976 delegates, surpassing the threshold needed to clinch the nomination in the first round of voting at the Democratic National Convention (DNC) scheduled for August.

Delegations from at least 27 states have expressed full support, showcasing a strong backing across the nation.

In her address to campaign staff in Wilmington, Delaware, Harris expressed gratitude for the widespread support, adding that she committed to uniting the party and the country.

“We have 106 days until Election Day, and in that time, we have some hard work to do,” she stated.

Harris laid out her vision for America, contrasting it with that of her likely opponent, Donald Trump.

Speaking on the direction of the campaign thus far, she said “Our campaign has always been about two different versions of what we see as the future of our country. One focuses on the future, the other focuses on the past.”

She acknowledged the accomplishments of the Biden administration, highlighting her pride in serving as vice-president.

“My time serving as vice-president was one of the greatest honors of my life,” Harris said, underscoring her dedication to continuing the work they started.

In a phone call to his campaign team, Biden praised Harris, urging his supporters to rally behind her. “I’m hoping you’ll give every bit of your heart and soul that you gave to me to Kamala,” he said.

Despite stepping back from the race, Biden vowed to remain actively involved in supporting Harris and emphasized the importance of defeating Trump, calling him “a danger to this nation.”

Harris’s nomination marks a significant milestone, but challenges remain. The campaign will focus on addressing key issues such as healthcare, climate change, and economic inequality.

With millions of dollars pouring into her campaign since Biden’s announcement, Harris aims to capitalize on the momentum and build a coalition that appeals to a broad spectrum of voters.

As the DNC approaches, Harris is expected to formally accept the nomination, solidifying her position as the Democratic leader.

The coming months will be crucial as she works to unite the party and reach out to undecided voters. With her historic nomination, Harris stands poised to make a lasting impact on the future of American politics.

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President Declines Nomination, Endorses Harris for 2024

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In a significant political announcement on his X.com account, President Joe Biden has decided to forgo the opportunity to seek re-election in 2024, instead throwing his full support behind Vice President Kamala Harris.

The surprise move, shared with the public this morning, represents a pivotal moment in the Democratic Party’s journey toward the upcoming presidential election.

In his statement, Biden said that his choice to step aside is driven by a desire to concentrate on his remaining duties as President.

He expressed gratitude for the opportunity to serve alongside Harris, calling her selection as his Vice President in 2020 “the best decision” he has made. “My fellow Democrats,” Biden began, “I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term.”

The President’s announcement signifies a strategic shift in the 2024 election landscape. By endorsing Kamala Harris, Biden not only aims to consolidate support within the party but also to set the stage for a unified front against former President Donald Trump.

“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year,” Biden declared. “Democrats — it’s time to come together and beat Trump. Let’s do this.”

This endorsement comes as a surprise to many, given Biden’s earlier commitment to seeking re-election.

However, it reflects a broader strategic maneuver to ensure party unity and strengthen the Democratic position in the face of a formidable opponent. By focusing on Harris, Biden aims to leverage her growing popularity and political acumen to fortify the party’s chances in the upcoming election.

Kamala Harris, who has served as Vice President since January 2021, will now be thrust into the spotlight as the presumptive Democratic nominee.

Her campaign is expected to build on the legacy of the current administration while addressing key issues facing the nation.

The move also raises the stakes for the Republicans, who will need to prepare for a robust campaign from a seasoned political leader in Harris.

As the 2024 election cycle ramps up, Biden’s endorsement is likely to reshape the dynamics of the race, influencing both Democratic strategies and Republican responses.

The coming months will be critical as Harris and her team work to solidify their platform and rally support from voters across the nation.

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