Tuesday, January 10, 2017 9:08 am
The Federal Government has suspended the Corporate Governance Code which was issued on October 17 by the Financial Reporting Council of Nigeria, Nigeria’s Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah said in a statement.
The implementation of the law forced out the Pastor Enoch Adeboye as the General Overseer of the Nigeria’s Redeemed Christian Church of God.
Constance Ikokwu, Strategic Communication Adviser to the minister said in a statement that the code was suspended in order to carry out a detailed review of its application.
The review, she said, would now involve extensive consultations with stakeholders after the reconstitution of the board of the FRC.
The minister however assured that the government remains committed to restoring and enhancing market confidence and improving the ease of doing business in the country.
The statement reads in part, “The Corporate Governance Code issued by the Financial Reporting Council of Nigeria 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, a parastatal under the supervision of the Ministry of Industry, Trade and Investment is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria.
The parastatal also regulates the practices of professionals involved in financial reporting and promotes good practices in financial reporting and corporate governance in Nigeria.