FG Suspends Implementation of FRCN’s “Corporate Governance Code”

 

The Federal Government has suspended the implementation of the Financial Reporting Council of Nigeria (FRCN)‘s Corporate Governance Code.

The law, the Financial Reporting Council of Nigeria Act, No. 6 of 2011, prescribes a maximum period of 20 years in Office for heads of registered Churches, Mosques and Civil Society Organisations.

The law recently led the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, to announce a National Overseer for RCCG Nigeria on January 7.

The suspension was disclosed in a statement signed by Constance Ikokwu, the Strategic Communication Adviser to the Minister of Industry, Trade, Investment, Okechukwu Enelamah on Monday.

“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,” the statement read in part.

See the full statement below:

According to PUNCH, fresh facts have emerged that President Buhari sacked the Executive Secretary of the FRCN based on Enelamah’s recommendation.

The report stated that Jim Obazee, the former Executive Secretary, was fired for disobeying Enelamah’s (October 17, 2016) directive to suspend the implementation of the regulation.

The report stated that President Buhari had approved the suspension of the regulation, which was why Enelamah gave the directive, but Obazee refused to suspend it, saying that there was no gazette backing the suspension of the regulation.

A top government official, who spoke with PUNCH said:

Since the minister had conveyed the President’s approval that the implementation should be suspended, it was taken for granted that it had been suspended. Surprisingly, the Presidency received a report that during the Christmas period, Obazee hosted chief executives of some quoted companies to a dinner.

It was at that dinner that he reportedly told his guests that the law had taken effect and would be implemented. The report got to the government and the President was angry about it.