The Federal Government of Nigerian, under the leadership of President Muhammadu Buhari has suspended the implementation of the Financial Reporting Council of Nigeria (FRCN)‘s ‘‘ Corporate Governance Code ”.
According to report, the law of the Financial Reporting Council of Nigeria Act, No. 6 of 2011, prescribes a maximum period of 20 years in Office for heads of registered Churches, Mosques and Civil Society Organizations.
The law was recently led to the step down of General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, to announce a National Overseer for RCCG Nigeria on January 7.
The suspension was disclosed in a statement signed by Constance Ikokwu, the Strategic Communication Adviser to the Minister of Industry, Trade, Investment, Okechukwu Enelamah on Monday.
“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 statement read in part.
See the full statement below: