PRESIDENT Muhammadu Buhari has sacked the Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Jim Obazee and also dissolved its board.
A statement issued by his Senior Special Assistant on Media and Publicity, Garba Shehu, in Abuja, on Monday, said the president had approved the immediate replacement of the executive secretary and the reconstitution of the board.
The statement said the president had appointed a chairman for the council.
The new council, as approved by the president, has Mr Adedotun Sulaiman as chairman.
Mr Sulaiman is a former Managing Partner/Director of Arthur Anderson and later, Accenture. He is a chartered accountant and a product of the University of Lagos and the Harvard Business School.
The president has also approved the appointment of Mr Daniel Asapokhai as the Executive Secretary of the Council.
Mr Asopokhai is a partner and a Financial Reporting Specialist at the PricewaterHouseCoopers (PWC) Nigeria.
He is a product of the University of Lagos and the University of Pretoria.
President Muhammadu Buhari has also instructed the Minister of Industry, Trade and Investment to invite the 19 ministries, departments and agencies of the Federal Government and private sector organisations specified in the FRC Act to nominate members of the board of the council.
Pastor E.A. Adeboye only last week announced that he was quitting as the General Overseer of the Redeemed Christian Church of God in Nigeria as a result of provisions of National Code of Corporate Governance 2016 issued by the council.
Also, 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.
It was the provisions of the ontroversial code that forced General Overseer of Redeemed Christian Church of God, Pastor Enoch Adeboye, out of his long standing position last weekend.
Strategic Communications Adviser to Minister of Industry, Trade and Investments, Constance Ikokwu, in a press statement issued on behalf of the minister, Dr. Okechukwu Enelamah, on Monday, said the suspension was to allow an extensive consultation with stakeholders and reconstitution of the FRC board.
The full statement reads:
“Code of Corporate Governance Code Suspended.
“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.
“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.”
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