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| Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah. |
The Federal Government on Monday suspended the
controversial Corporate Governance Code which was issued on October
17 by the Financial Reporting Council of Nigeria.
The suspension was disclosed in a statement by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah.
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 review, according to the statement, would now involve extensive
consultations with stakeholders upon the reconstitution of the board of
the FRC.
The statement quoted the minister to have said that government
remains committed to restoring and enhancing market confidence and
improving the ease of doing business in the country.
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.
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