The Federal Government of Nigeria on Monday suspended the Corporate Governance Code which was issued on October 17, 2016 by the Financial Reporting Council of Nigeria.

The suspension is coming barely two days after the Corporate Governance Code reportedly forced Pastor Enoch Adeboye of the Redeemed Christian Church of God to step down as the General overseer of RCCG Nigeria.

The suspension was disclosed in a statement by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah.

In the statement, Enelamah said the code was suspended in order to carry out a detailed review of its application.

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

Enelamah stressed that the government remained 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.”

Meanwhile, 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.

AN 24