In a statement released by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, the Buhari-led Federal Government on Monday, suspended the controversial Corporate Governance Code which was issued on October 17 by the Financial Reporting Council of Nigeria.
Recall that the Redeemed Christian Church of God (RCCG) in a statement on Facebook, revealed why its former General Overseer, Pastor E.A Adeboye stepped down, now everything has turned around and the man of God can stay in his position.
“The need for the action is as a result to the new legal requirements set up by the Federal Government of Nigeria through its (Financial Reporting Council of Nigeria), guiding all registered churches, mosques, CSOs etc. It allows leaders of religious organization(s) to have a maximum period of twenty years to lead their organization(s). In retirement, they are not permitted to hand over to their families amongst other rules,” the church wrote on Facebook.
In a five paragraphs statement issued by the Trade & Investment Minister’s Strategic Communication Adviser, Constance Ikokwu, the minister said the code was suspended in order to carry out a detailed review of its application.
The review, according to the statement, would now involve extensive consultations with stakeholders upon the reconstitution of the board of the FRC.
The statement quoted the minister to have said that 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.”
The FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment and it 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.