The Financial Reporting Council (FRC) of Nigeria, Code of Corporate Governance, which forced Pastor Enoch Adeboye to step down as the Nigeria General Overseer of the Redeemed Christian Church of God (RCCG), has been suspended just as FRC’s boss, Jim Obazee, has been sacked.
President Muhammadu Buhari ordered the suspension of the law, which seeks to promote the highest standards of corporate governance, and stipulates that Founders/Leaders of Not for Profit Organisations should resign after spending “more than 20 years (in office) or is age 70 years and above”.
Constance Ikokwu, media aide of Minister of Industry, Trade and Investment, Okechukwu Enelamah, announced the suspension of the law in a statement released on Monday.
Ikokwu said the law was suspended in order to review it.
The statement read, “Code of Corporate Governance Code Suspended.
“The Corporate Governance Code issued by the Financial Reporting Council of Nigeria (FRC) has been suspended, pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRC.
“Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria.
“Government is committed to strengthening FRC and enhancing its capacity to fulfill its core mandate.
“FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment.
“The Council is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria. It also regulates the practices of professionals involved in financial reporting and promotes good practices in financial reporting and corporate governance in Nigeria.”
In a related development, President Buhari fired boss of FRC, Jim Obazee and approved the reconstitution of the board.
Obazee’s sack was in contained in a statement the Senior Special Assistant on Media and Publicity, Garba Shehu released in which the president named Daniel Asapokhai as Obazee’s replacement and appointed Adedotun Sulaiman, as board chairman.