Reps To Probe FRC Over Corporate Governance Code

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.

FG Suspends Corporate Governance Code

FG Suspends Corporate Governance CodeThe Nigerian government has suspended the law that forced Pastor Enoch Adeboye to step down as the General Overseer of the Redeemed Christian Church of God (RCCG) in Nigeria.

According to a statement signed by the media aide to the Ministry of Industry, Trade and Investment, Constance Ikokwu, the law has been suspended in order to review it.

The Financial Reporting Council of Nigeria under Mr Jim Obazee, had directed not-for-profit organisations, including churches and mosques to comply with a corporate governance code stipulating a term of 20 years for heads of such entities.

It was by this provision that Pastor Adeboye, who had spent over 20 years as General Overseer of R.C.C.G, named Pastor Joshua Obayemi to head the church in Nigeria while he remained the global overseer of the church.

The statement quoted the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah saying that the government remains committed to restoring and enhancing market confidence and improving the ease of doing business in Nigeria.

Before the announcement by the Ministry, Presidential spokesperson, Mr Garba Shehu, announced President Buhari’s approval of the immediate removal of the Executive Secretary of the Financial Reporting Council of Nigeria (FRN), Mr. Jim Obazee, as well as the reconstitution of its board.

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

Buhari Removes Jim Obazee, Reconstitutes FRC Nigeria Board

Buhari Removes Jim Obazee, Reconstitutes FRC Nigeria BoardPresident Muhammadu Buhari has approved the immediate removal of the Executive Secretary of the Financial Reporting Council of Nigeria (FRN), Mr. Jim Obazee, as well as the reconstitution of its board.

The President consequently appointed Mr Adedotun Sulaiman as the new chairman of the council.

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 Harvard Business School.

President Buhari has also approved the appointment of Mr Daniel Asapokhai as the Executive Secretary.

Adedotun Sulaiman
New FRC Chairman, Adedotun Sulaiman

Mr Asopokhai is a partner and a financial reporting specialist at the PricewaterhouseCoopers (PWC), Nigeria.

He is also a product of the University of Lagos and the University of Pretoria.

The 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.

The directive was contained in a statement issued on Monday by the President’s spokesman, Mr Garba Shehu.