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FG suspends law that led Adeboye to step down

10 January 2017, 05:44

Abuja - The Federal Government on Monday suspended the controversial Corporate Governance Code which led to the stepping down of Pastor Enoch Adeboye as the overseer of the Redeemed Christian Church of God in Nigeria.

The code which was enacted by the Financial Reporting Council of Nigeria was suspended on Monday in a statement by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah.

The statement issued by the minister’s Strategic Communication Adviser, Constance Ikokwu, said the code was suspended in order to carry out a detailed review of its application.
 
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.”

President Muhammadu Buhari had also on Monday sacked the of head of FRC, Jim Obazee.

Buhari according to News 24 announced the sack of the FRC boss in a statement by his spokesperson, Garba Shehu.

Obazee is to be replaced by Daniel Asapokhai while a new board, headed by Adedotun Sulaiman was also constituted for the agency.

No official reason was given for Obazee’s sack.

- News 24

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