The Federal Government, on Monday, suspended the controversial Corporate Governance Code, which was issued on October 17 by the FRC, Current News Now can Authoritatively report.
it has gathered that the controversial law was actually enacted during the administration of former President Goodluck Jonathan, but was not implemented.
The suspension was disclosed in a statement by Enelamah.
In the five-paragraph statement by the minister’s Strategic Communication Adviser, Constance Ikokwu, he said the code was suspended in order to carry out a detailed review of its application.
Pastor Enoch Adeboye of the Redeemed Christian Church of God had, on Saturday, stepped down as the overseer of the church in Nigeria in accordance with the governance code of the FRC.
Adeboye, who made the announcement during the church’s annual ministers thanksgiving service, at the Redemption Camp in the Mowe area of Ogun State, said the new regulation would affect clergymen, including Bishop David Oyedepo of the Living Faith Church Worldwide International, aka Winners Chapel; Pastor W. F. Kumuyi of the Deeper Christian Life Ministry and Bishop Mike Okonkwo of The Redeemed Evangelical Mission.
The review, according to the statement, would now involve extensive consultations with stakeholders upon the reconstitution of the board of the FRC.
The statement states, “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 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.