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.

F.G To Return Export Expansion Grant In 2017

Okechukwu-EnelamahThe Federal Government says it will return the Export Expansion Grant (EEG) in 2017.  

Speaking to journalists in Abuja, the Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah explained that the grant would be reviewed to encourage local production as well as small and medium scale enterprises.

He added that the country is seriously in need of investment and efforts are in place to create an investment-friendly environment for potential investors.

He also said that he’s working with the Ministry of Power to boost power generation for industrialization to thrive.

Mr Enelamah said “The EGG program was stopped by the previous government because of abuses and non-sustainability. They did not stop it but put a hold on it in order to understand the causes of these abuses.

“The good news is that we met with exporters two weeks ago and we told them that we will restart the program with adjustments and improvements to make sure it is more sustainable and I believe that it will come back in full stream in 2017, we also said that the amounts that were being owed will be paid but under a program that is linked to tax credit and other benefits which is what it was before.

“It was a benefit in kind linked to import but since we want to discourage import and encourage more local production and economy, we decided it is better to use tax credits rather than import credits.

“What we should be doing is to make sure we create the right environment to attract investments steadily, year in year out and through economic cycles.

“We are extremely hungry for investment and i think that is the message we are sending to you and we will do everything possible to attract the right investments in the country” he noted.

FG Tasks Private Sector On Human Resources Development

Okechukwu-EnelamahThe Nigerian government is seeking collaboration with the private sector to address and harness the nation’s human resources for socio-economic development.

Speaking at a meeting organised by the Chartered Institute of Personnel Management in Abuja on Saturday, the Minister of Industry, Trade and Investment, Mr Okechukwu Enelamah, explained that the fall in the global price of crude oil had forced the government to look for ways to maximise the nation’s human potentials.

Mr Enelamah added that the government was looking at developing and encouraging vocational skills for young people to address unemployment.

He said: “This challenging times offer what is perhaps our best opportunity in a very long time to effect the kind of change in our thinking and behaviour that will help us realise our nation’s true wealth which of course lies in our people, the talent of our people, their passion and energy and resourcefulness”.

The Minister further pointed out that no serious country could afford to value what lies within its soil more than what lies in its people.

FG Is Committed To Promoting Ease Of Doing Business – Enelamah

Okechukwu-EnelamahThe Minister of Trade, Investment and Industry, Mr Okechukwu Enelamah, says one of the key priorities of the government is to promote the ease of doing business in Nigeria.

Mr Enelamah made the statement during a public hearing on Tuesday on two consolidated bills organised by the House of Representatives Committee on Commerce to ensure fairness in economic activities in Nigeria.

The Federal Competition and Consumer Protection Bill seeks to establish a commission to regulate competitive activities in every sector of the economy.

The bill, which is co-sponsored by the Speaker of the House of Representatives, Honourable Yakubu Dogara, aims at promoting and protecting a competitive market from unjust business practices.

Mr Dogara was represented at the public hearing by Honourable Pally Iriase who stressed the need for the establishment of the commission.

The Chairman of the House Committee on Commerce, Honourable Sylvester Ogbaga, identified the bill as a way to aid the diversification of Nigeria’s economy and create jobs.

The Minister of Trade, Investment and Industry also advocated for competition laws to strengthen the nation’s economy and recommended the quick passage of the bill.

Other agencies and groups, however, emphasised the need to strengthen regulatory bodies.

Participants at the public hearing agreed that the Federal Competition and Consumer Protection Bill would encourage foreign investments and facilitate the growth of small and medium scale enterprises in the country.

The approval of the commission  had earlier been given by President Muhammadu Buhari few days ago, according to the Vice President, Professor Yemi Osinbajo.

A statement by a spokesman for the Vice President, Laolu Akande, said Professor Osinbajo announced the approval of the commission while presiding over the first Quarterly Consultation between the presidency and the Manufacturers Association of Nigeria on Friday afternoon.

Nigeria Signs Agreement With UAE On Recovery Of Stolen Funds

muhammadu buhari and kemi adeosun in UAENigeria and the United Arab Emirates (UAE) have signed six agreements to enhance bilateral relations between them.

The signing of the agreements on trade, finance and judicial matters was witnessed by President Muhammadu Buhari and the Crown Prince of the United Arab Emirates, Sheikh Mohammed Bin Zayed Al Nahyan in Abu Dhabi on Tuesday.

Muhammadu-Buhari-and-Sheikh-Mohammed-Bin-Zayed-Al-Nahyan
Obaid Attayar, President Muhammadu Buhari, Sheikh Mohammed Bin Zayed Al Nahyan and Mrs Kemi Adeosun at the signing of the agreement

Nigeria’s Minister of Finance, Kemi Adeosun and the UAE Minister of State for Financial Affairs, Obaid Attayar, signed the Avoidance of Double Taxation Agreement, while the Minister of Trade and Investment, Mr Okechukwu Enelamah signed the Agreement on Trade Promotion and Protection with the UAE Minister of State for Financial Affairs.

The Minister of Justice, Abubakar Malami and his counterpart in the United Arab Emirates, Sultan Bin Saeed Albadi signed the Judicial Agreements on Extradition, Transfer of Sentenced Persons, and Mutual Legal Assistance on Criminal and Commercial Matters, which includes the recovery and repatriation of stolen wealth.

At a reception after the signing of the agreements, President Buhari reiterated his commitment to fighting corruption and restoring Nigeria’s dignity in the comity of nations.

The President also urged all Islamic countries to support the fight against terrorism in Nigeria and described the atrocities of Boko Haram as un-Islamic and against the teachings of the Holy Prophet.

In his remarks, Crown Prince Zayed Al Nahyan said that the relationship between Nigeria and the UAE would be strengthened by President Buhari’s visit and the signing of the agreements.