The Federal Government has suspended the Code of Corporate Governance issued by the Financial Reporting Council of Nigeria (FRC).
This was disclosed in a statement by the Minister of Industry, Trade and Investment, Okechukwu Enelamah, on Monday.
It comes shortly after President Muhammadu Buhari sacked Jim Obazee as executive secretary of FRC.
Obazee’s sack is believed to have been the consequence of the controversial exit of Pastor Enoch Adeboye as general overseer of the Redeemed Christian Church of God in deference to the code which stipulated that heads of churches, mosques and other non-profit organisations must step down after 20 years.
“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,” Enelamah’s statement began.
“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.”
Enelamah had earlier called on Obazee to suspend implementation of the law but the latter had refused.
Monday’s sack paved the way for the suspension.
