THE Federal Ministry of Industry, Trade and Investment has announced the suspension of the Corporate Governance Code issued by the Financial Reporting Council of Nigeria (FRC).
FRC is a parastatal under the ministry.
According to a release by the ministry, this is to pave way for “a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRC.”
According to the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, “Government remains committed to restoring and enhancing market confidence and improving the ease of doing business in Nigeria.”
Regarding FRC, he added that the Federal Government was “committed to strengthening FRC and enhancing its capacity to fulfil its core mandate.”
The FRC exists to set and promote 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.
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