Reps To Probe FRC Over Corporate Governance Code

Channels Television  
Updated January 11, 2017

Reps To Probe FRC Over Corporate Governance CodeThe House of Representatives has ordered its Joint Committee on Delegated Legislation and Public Accounts to carry out a public hearing on the activities of the Financial Reporting Council (FRC) of Nigeria.

The F.R.C. had introduced the Corporate Governance Code which led to the stepping aside of General Overseer of the Redeemed Christians Church of God, Pastor Enoch Adeboye.

The new regulation pegged the leadership tenure for religious leaders at 20 years.

The House took the decisions after considering a motion sponsored by Minority Leader, Representative Leo Ogor, who described the Council’s action as unconstitutional.

Jim Obazee
Former FRC Executive Secretary, Jim Obazee

Representative Ogor accused the Council of usurping the powers of the National Assembly, wondering where the Council derived its powers as encapsulated in the Code of Corporate Governance for the bodies, without the approval of the Legislature.

The House at its plenary asked the Council to suspend the code while the panel investigating its activities is expected to submit a report within four weeks.

President Muhammadu Buhari, on Monday, sacked the Executive Secretary of the Financial Reporting Council of Nigeria (FRN), Mr. Jim Obazee, and ordered the reconstitution of its board.

The President consequently appointed Mr Daniel Asapokhai as the new Executive Secretary and Mr Adedotun Sulaiman as the new chairman of the council.

 

Adedotun Sulaiman
New FRC Chairman, Mr Adedotun Sulaiman

President has also instructed the Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, 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 board of their councils.