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.

African Peer Review: Nigeria Has Made Progress In Electoral Process – Nnamani

Former Senate President, Ken Nnamani has said that Nigeria seems to have made a lot of progress in the area of its electoral process, if past and recent elections held in the country are compared.

He said this while appearing as a guest on Channels Television’s Business Morning, in his capacity as the Chairman, National Steering Committee on Nigeria’s Second Peer Review.

Also on the programme was a resource person for the National Steering Committee, Professor Adele Jinadu who shed more light on the concept of the African Peer Review Mechanism (APRM) and its activities in Nigeria.

He described the African Peer Review Mechanism (APRM) as Africa’s innovative thinking of governance, and the idea is to move Africa forward, against the background of what happened in the 1960s to the 1980s with authoritarian rule, political centralization, and to help build governance and development on a new concept of partnership in which the people themselves will own the development process.

He said “the idea is to set benchmarks and to monitor progress towards the benchmarks, to identify weaknesses and strengths and to see how we can move Africa together. The monitoring and assessment is done in 4 areas; Democracy and Political Governance, Economic Management and Governance, Corporate Governance, and Socio-Economic Development.”

Nigeria had its first review in 2008 with few issues highlighted and since then there have been periodic reports submitted by the Government to the APRM Forum of Heads of State and Governments every 6 months. The idea, according to Adele, is to see the progress being made towards the recommendation that were made in the country’s review and report.

Explaining Nigeria’s 2008 review, Prof Adele said some strengths were identified in the governance and development process of the country, like its role in Africa in terms of peacekeeping, Federal Character clauses, management of diversity as well as Nollywood as an innovation to its credit. The election was a major weakness identified in the 2008 review.

Senator Nnamani however highlighted the progress made so far since the 2008 review on the country’s electoral process.

“Take for instance 2007 General Elections; it was adjudged the worst in our history but subsequently with the current administration and the concept of ‘one person one vote’, it appears to me that people are now beginning to enjoy casting their ballot knowing that it will count.”

“In other words, our country is now beginning to use ballots instead of bullets and I hope that continues.”

He agreed that the country has not done well in other areas, particularly in controlling corruption, which has a more negative effect on the economy.

Responding to questions on the committee’s capacity to drive the outcomes of the Peer Review and stimulate response to its recommendations, Senator Nnamani stated that the structure of the National Steering Committee for the Peer Review itself will ensure this with its members from different sectors of the economy. He added that the encompassing yet non-political makeup of the committee gives it the enabling environment to inspire development in the country.

He added that having an opportunity to oversee a process of self-assessment with eminent leaders from other African countries coming to verify requires that “we know those weak areas, particularly since we are talking about democracy.”

Senator Nnamani also mentioned insecurity and corruption among the issues that will be looked into by the Peer Review.