Federal Ministry of Industry, Trade and Investment Press Release (FMITI) Press Release January 9, 2017
FEDERAL GOVERNMENT SUSPENDS CODE OF CORPORATE GOVERNANCE
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.
“Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria,” said Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah
He continued: “Government is committed to strengthening FRC and enhancing its capacity to fulfill its core mandate.”
FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment.
The Council 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.
Furthermore, In a statement released by Presidential spokesman Garba Shehu this evening, Executive Secretary of the board Jim Obazee has been replaced with Daniel Asapokhai. The President also approved the appointment of Mr Adedotun Sulaiman as Chairman of the board. Mr Sulaiman is the former managing partner of Accenture and a Chartered Accountant. Mr Asapokhai is a partner with Price Waterhouse Coopers (PWC). The appointments take immediate effect. The president has also instructed the relevant ministries, departments, agencies as well as private sector organizations specified in the act, to nominate members to the board.
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