The Federal Government of Nigeria has approved the suspension of the controversial Corporate Governance Code that forced Pastor Enoch Adeboye to step down as the Nigeria overseer of the Redeemed Christian Church of God (RCCG).
The Minister for Industry, Trade and Investment, Okechuckwu Enelamah, made the disclosure in a statement on Monday.
The Financial Reporting Council of Nigeria (FRC), under Jim Obazee, had directed non profiting organisations — including churches and mosques — to comply with a corporate governance code stipulating a term of 20 years for heads of such entities.
However, in the five paragraphs statement issued by the 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 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.