FG Suspends Implementation of Corporate Governance Code Law

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FG Suspends Implementation of Corporate Governance Code Law after Pastor E. A. Adeboye, the erstwhile general overseer of the Redeemed Christain Church of God (RCCG) resigns.

Following the retirement of Pastor Adeboye, General Overseer of the RCCG, the Federal Government has announced a suspension of the implementation of the Corporate Governance Code law.

On Monday, the Federal Government announced a suspension of the controversial Corporate Governance Code by the Financial Reporting Council (FRC) of Nigeria which took effect since October 2016.

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A statement issued by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah disclosed the suspension.

The five paragraphed statement was issued by the Minister’s Strategic Communication Adviser, Constance Ikokwu.

The statement stated that the code was suspended in order to carry out a detailed review of its application.

According to the statement, the review would now involve extensive consultations with stakeholders upon the reconstitution of the board of the FRC.

FG Suspends Implementation Of Financial Reporting Law

The statement quoted the minister as having said that government remains committed to restoring and enhancing market confidence and improving the ease of doing business in the country.

Part of the statement read as follows:

“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.”

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The FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment.

It is saddled with the responsibility of 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.