
News
FG moves to control churches, mosques, others
•Olowo, new executive secretary, unfolds transformation agenda
•Says companies, govt institutions falling short of standards expected under the FRC Act
Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, yesterday, unveiled his agenda for the council, including a plan to re-introduce a corporate governance code for not-for-profit organisations and the public sector.
In an address he presented during a stakeholders’ and media roundtable in Lagos, Olowo stressed that the codes for both the public and not-for-profit sectors were at an advanced stage, with the target to unveil them within the first quarter of 2024.
Not-for-profit organisations include churches, mosques and other non-governmental organisations (NGOs). In 2016, the FRC led by Jim Obazee, who was recently appointed by President Bola Tinubu to investigate the Central Bank of Nigeria (CBN), had ordered not-for-profit organisations, including churches and mosques, to comply with the corporate governance code, which, among others, had stipulated term limits for heads of the organisations. The development, which became controversial, as it was challenged by some of the prominent church leaders in the country, had led to the removal of Obazee.
But speaking during the media roundtable, Olowo explained, “As controversial as it is, it is something that must be done. If you do a risk analysis of entities in any country, the not-for-profit sector is as risky as the profit entities. So, it is very important that we issue codes on how these institutions are covered. It is our responsibility to do that and we will not shy away from that.”
Olowo, who was appointed the FRC boss last month, said the transformation agenda of the council would be hinged on four broad areas tagged, “DOSE, which means Digitisation, Operational Excellence, Stakeholder Engagement and Enforcement.” He said this was in line with Tinubu’s “Renewed Hope Agenda”.

Olowo pointed out that the “21st Century has seen a massive shift from manual processes into a digital operationalisation of activities. Our transformation agenda is hinged upon the use of technological tool to enhance our activities.
“FRC will leverage on technology to streamline its operations and improve efficiency. This includes the use of technology in the filing and analysis of financial statements, corporate governance reports and other corporate filings, as well as the implementation of online reporting systems to facilitate timely and accurate submission of financial statements.
“Our focus will be to ensure efficient and effective delivery of flawless service to the stakeholders through digitalisation, capacity building, advocacy and thought leadership. Our processes will be automated to ensure quick and timely responses”.
Olowo also stated that financial statements, corporate governance reports and all other corporate reporting requirements expected from relevant stakeholders would be done through the council’s planned Digital Repository Platform as mandated by FRC Act 2011 (as amended).
According to him, “The council commenced the development of the Public Sector Governance Code, which is very close to completion and forms a key part of my agenda. The public sector remains the catalyst of economic growth in not only Nigeria but emerging markets. Institutionalisation of corporate governance in the public sector of Nigerian economy is fundamental towards sound policies and economic growth. This we plan to unveil in the first quarter of year 2024.
“Similarly, the council, seeing the need for proper guidance to Not-For-Profit Organisations, embarked on developing a Governance Code for Not-For-Profit 10 Organisations. The code is at an advanced stage with the target to unveil same within the first quarter of 2024.”
He also said FRC would introduce the Inspection Specialist Programme, which would complement and strengthen its monitoring efforts focusing on a sectorial leadership approach to review of corporate reports.
Olowo stated, “There is need to scale up staff capacity in terms of number of professional staff and skills. As an umbrella regulator in financial reporting and related matters, the current number of professional staff in the Council is grossly inadequate. Their skills are expected to be top-notch and comparable with similar organisations globally.
“Our aim is to raise capacity of staff both in number and skills to the highest desirable level. A gradual increase in the number of staff will be undertaken to progressively raise the number to about 450 staff with appropriate number of professionals included in the next few years.
“Another initiative of capacity building is to undertake twinning arrangements with sister regulators globally. This will help to benchmark and fine tune the Council’s professional resources to international levels. Talents will be sourced both internally and externally to meet the demands of corporate reporting which includes IFRS, IPSAS, Corporate Governance, Auditing Standards and Sustainability Reporting. iv. Establishment of all the Statutory Directorates Section 23 of the FRC Act 2011 (As amended) stipulated 7 directorates for the Council. Unfortunately, after 12 years of the establishment of the Council, only five out of the seven directorates are functional as earlier mentioned.
“However, and in line with our transformation agenda, Council has taken it as a priority to have the full complements of the Directorates in 2024 as stipulated in the Act. The Council is engaging the relevant stakeholders for the establishment of the Directorate of Valuation Standards and Directorate of Actuarial Standards.”
He said the issuance of roadmap report for sustainability reporting in Nigeria would be done before the end of the first quarter of 2024.
While calling for the support and cooperation of all stakeholders, Olowo said, “We have witnessed concerning evidence that numerous entities and government institutions are falling short of the high standards expected under the FRC Act 2011. Our task therefore is to transform the FRC into a new, robust, independent, and high-performing regulator comparable globally.
“The bedrock of the transformation agenda of the council going forward is to ensure maximum compliance with the FRC Act 2011 (as amended), and other statutory instruments released by the Council. FRC intends to give full credibility to any financial statements coming out of Nigeria in a way that investors can rely on the information in the statements.
“A new FRC that will be firm and fair in carrying out her mandate; that will hold corporates and individuals accountable; and that will restore confidence in corporate reports and governance in the Nigerian economy thereby enhance the renewed hope of President Bola Ahmed Tinubu.” (THISDAY)
News
BREAKING: EFCC freezes Osun govt bank account days to election
The Economic and Financial Crimes Commission has reportedly placed a “Post No Debit” restriction on an Osun State Government account with First Bank, barely 10 days before the state’s governorship election.
The affected account is said to be one of the government’s salary accounts, a development that has heightened political tension ahead of the August 15 poll.
The action came shortly after Governor Ademola Adeleke raised the alarm over what he described as an alleged plan by the anti-graft agency to freeze the state’s accounts as well as those belonging to key government officials.
In a statement issued on Wednesday by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the governor condemned the reported move, describing it as an attempt to disrupt government operations in the build-up to the election.
Adeleke argued that the EFCC lacked the legal authority to freeze the state’s accounts, insisting that there was no lawful basis for such action.

A government source, who spoke on condition of anonymity because he was not authorised to comment publicly, confirmed that the account had already been restricted.
“The account has been frozen by the EFCC. This is no longer speculation. The governor will brief the public shortly on the development,” the source said.
As of the time of filing this report, the EFCC had yet to issue an official statement explaining the action, while the reason for the restriction remained unclear. (Vanguard)
News
Enugu Air partners Jands Travel Business School to showcase Enugu tourism, aviation potentials
Enugu State Government-owned Airline, Enugu Air, on Tuesday – 4th August, 2026, signed a pact with Jands Travel Business School, JTBS, an Enugu based private travel, leisure and hospitality training institution to showcase Enugu’s potentials as a destination for leisure, business, investment and innovation.
The signing of the pact which took place
at Ifennia Court, Independence Layout, Enugu, is ahead of the hosting of the 2026 edition of the Domestic Tourism Festival, DTF, being organised by Jands Travel Business School to be held at Amadeo Event Centre, Enugu from September 4 – 6, 2026.
The forthcoming event with a theme: “Innovation and Technology for Peaceful Domestic Tourism,” is expected to draw about 2,000 delegates which includes 300 travel agencies from across Nigeria, alongside tourism boards, airlines, hospitality operators, investors and international guests, will feature tourism exhibition, business networking, cultural display and performances, among others.
In a remark at the occasion which was witnessed by Enugu Air representatives led by the Chief Operating Officer and Jands Travel Business School Board of Trustee members, the Chairman – Chief Ben Etiaba, said that it was an honour that they were partnering with Enugu Air to promote tourism and aviation in Enugu State.
“It is both an honour and a privilege to join you on this historic occasion as we witness the signing of a strategic partnership between Jands Travel Business School and Enugu Air.

“Today is about more than a Memorandum of Understanding. It is about a shared vision. It is about institutions coming together to build bridges between education and industry, between tourism and aviation, and between aspiration and opportunity.
“Tourism has become one of the world’s fastest growing economic sectors. It creates jobs, stimulates entrepreneurship, preserves culture, strengthens national identity, and contributes significantly to economic growth. Yet, for tourism to thrive, it requires reliable transportation, skilled professionals, innovative partnerships, and visionary leadership,” Etiaba said.
Etiaba explained the essence of the forthcoming three-day festival. “The forthcoming Jands Travel Business School’s Domestic Tourism Festival presents a unique opportunity to celebrate Nigeria’s rich cultural heritage while showcasing Enugu State as a destination for leisure, business, investment, and innovation.
“It is therefore fitting that Enugu Air, our state’s proudly emerging airline, is partnering with Jands Travel Business School, an institution committed to developing excellence in travel, tourism, hospitality, and aviation education.
“This collaboration demonstrates what can be achieved when government initiatives and private sector institutions work hand in hand. It aligns perfectly with the vision of transforming Enugu into a leading destination for commerce, tourism, investment, and ease of doing business. The remarkable improvements in infrastructure, security, and connectivity across the state provide a solid foundation upon which partnerships such as this can flourish.
“I particularly applaud the management of Enugu Air for embracing this collaboration at this formative stage of the airline’s journey. Your willingness to support initiatives that promote tourism and human capital development speaks volumes about your corporate vision and your commitment to the development of Enugu State and Nigeria,” he said, adding that, “I am confident that this partnership will become a model of successful collaboration and will contribute meaningfully to the growth of tourism, aviation, and economic development in our state and our nation.”
On her part, Mrs Chioma Obi, Director, Jands Travel Business School, expressed gratitude at the partnership they are striking with Enugu Air to drive tourism, aviation and the hospitality industry.
“It is my great pleasure to welcome you to the official announcement of the strategic partnership between Jands Travel Business School and Enugu Air for the Domestic Tourism Festival (DTF) 2026.
“This partnership reflects our shared commitment to promoting tourism, improving connectivity, and positioning Enugu as a preferred destination for tourism, business, and investment.
“The Domestic Tourism Festival, now in its third edition, has become a growing national platform for tourism development, bringing together government, the private sector, travel professionals, investors, academia, and development partners to advance meaningful conversations and collaborations,” she said.
She explained that the last edition of the festival was great but expressed optimism that 2026 edition would surpass.
“Last year’s edition welcomed 1,287 participants, and this year we expect over 2,000 delegates, including more than 300 travel agencies from across Nigeria, alongside tourism boards, airlines, hospitality operators, investors, media organizations, and international guests.
“Enugu Air is more than an airline—it is a gateway to our destination. By becoming the Official Destination Airline Partner of DTF 2026, Enugu Air will help make travel to Enugu easier while connecting directly with hundreds of travel professionals, tourism stakeholders, corporate organizations, and decision-makers from across the country.
“For Jands Travel Business School and the Domestic Tourism Festival, this partnership strengthens our mission of showcasing Enugu’s tourism potential, attracting investment, and creating new opportunities for businesses within the tourism value chain,” she said.
In his own remarks, the
Chief Operating Officer of Enugu Air, Ugonna Agubuokwu, expressed joy with the collaboration with Jands Travel Business School for their efforts in promoting the tourism industry, and promised to ensure that the September Festival will be a huge success.
“As an Airline, we are honoured to be at this event. We all know what tourism brings to our economy. It promotes growth and development. It tells story of who we are and above all, it generates revenue.
“On the strength of this event, we shall use this event as a gate way to showcase our routes and our domestic destinations, that is why we are happy to be a part of this great event. Having said this, I promise that come September 4 to 6, 2026, it will be a very big occasion for both the organisers of the event, Jands Travel Business School and above all, Enugu Air.”
Faith
RCCG Founder’s Daughter speaks on viral statement criticising church leadership
Pastor Titilayo Adewale, the daughter of the late Rev. Josiah Olufemi Akindayomi, the founder of the Redeemed Christian Church of God (RCCG), has firmly denied viral media reports claiming she criticized the church’s leadership or demanded public monuments to preserve her father’s legacy.
The viral post claimed Adewale criticised senior RCCG pastors for allegedly sidelining her late father’s legacy
Adewale described the claims as false and urged those circulating them to stop spreading misinformation.
She debunked the circulating stories and clarified her stance in a statement shared on Facebook page on Monday.
She said the statement attributed to her did not originate from her “either implicitly or explicitly,” stressing that her father’s greatest legacy was not tied to buildings or monuments but the lives he transformed.

“For the record, Baba’s image or lack thereof on any edifice on earth is nothing compared to making Heaven and his face being recognized there,” she wrote.
She explained that her father never encouraged the pursuit of material possessions or earthly recognition, recalling that he was reluctant even to own a personal residence because he did not place value on material acquisitions.
“My father consistently believed in building people rather than merely constructing buildings.
“He never believed in acquiring wealth or earthly possessions,” she said, adding that it would be inconsistent to suggest that he desired his name or image to be prominently associated with buildings or institutions.
According to her, the reports were aimed at creating unnecessary controversy and division within the church rather than promoting the memory of its founder.
“In my opinion, this report and similar ones are not about me, my father, or even the leadership of the RCCG. Instead, they are intended to create unnecessary arguments and division.
“Their purpose is to divert attention from the divine work currently being carried out and sow discord among us,” she stated.
She warned those responsible for circulating the reports to desist from what she described as “mischievous acts of misinformation.
Adewale also reaffirmed her support for the leadership of the church, praying for continued wisdom and strength for the General Overseer, Pastor Enoch Adeboye, and his family.
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