The 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.
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.
The President consequently appointed Mr Daniel Asapokhai as the new Executive Secretary and Mr Adedotun Sulaiman as the new chairman of the council.
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 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.
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.
President 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.
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.
The Federation Accounts Allocation Committee, (FAAC), has accused the Nigerian National Petroleum Corporation, [NNPC] of failing to remit $1.48 billion dollars into the federation account as directed by Pricewaterhousecoopers (PWC) in its audit of the corporation’s accounts.
At its last meeting, FAAC had, constituted a committee to find out the reasons for the delay in making the funds available to the three tiers of government.
This contradicts claims by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, that the NNPC had begun refunding the money into the federation account as recommended by the audit firm.
PWC was last year hired to carry out the exercise following an allegation by the former governor of the Central Bank of Nigeria, Lamido Sanusi, who is now the Emir of Kano, that $20 billion dollars had not been remitted to the federation account by the NNPC.
Nigeria’s President-elect, General Muhammadu Buhari, says that his administration would revisit the allegation made by the former CBN Governor, Sanusi Lamido, that about 20billion dollars oil revenue was not remitted into the federation account.
Retired General Buhari stated this while receiving delegates from Adamawa State.
The President-elect, who spoke in Hausa language at the meeting, said that 20billion dollars is too huge a sum to ignore and must be investigated.
Retired General Buhari also said that the All Progressives Congress, APC, has drawn up a road map to address the issues of insecurity, youth unemployment and corruption in the country.
Sanusi had told the Senate Committee probing the allegation of unremitted funds, that the NNPC shipped 67billion dollars in crude and only 47 billion dollars had come back to the Federation.
The then CBN Governor insisted that the NNPC had to proof where the 20billion dollars was.
A forensic audit was also conducted by PriceWaterhouseCoopers (PWC) on the alleged missing 20billion dollars, the report of which the Group Managing Director of the NNPC said did not indict the corporation in anyway.
The House of Representatives Committee on Public Accounts has given the Coordinating Minister of the Economy, Dr Ngozi Okonjo Iweala, and the Auditor General of the Federation, Mr Samuel Tokura, a one week ultimatum to forward the report of forensic audit on the alleged missing $20bn oil funds by the PricewaterhouseCoopers (PWC ) to the house or risk sanctions.
Chairman of the Committee, Solomon Adeola said this in the National Assembly, while speaking with journalists.
The lawmaker said despite several demands made to the executive and a resolution of the House passed demanding the full report of the forensic audit, the report has not been given to the legislature.
The House of Representatives had earlier asked the Presidency to tender the full report of the forensic audit conducted by PriceWaterhouseCoopers (PWC) on the alleged missing $20bn NNPC fund.
A motion raised by Femi Gbajabiamila said that more than eight months after the Federal Government engaged the international audit firm, and over two weeks after formal presentation of the forensic report, the Federal Government is yet to present the full details.
The House of Representatives have asked the Presidency to tender the full report of the forensic audit conducted by PriceWaterhouseCoopers PWC on the alleged missing $20 billion from the Nigeria National Petroleum Corporation (NNPC).
A motion raised by Femi Gbajabiamila said that more than eight months after the Federal Government engaged the international audit firm, and over two weeks after formal presentation of the forensic report, the Federal Government was yet to make the findings known.
The minority leader of the House said that such a matter that has generated so much public outcry ought not to be ignored, saying tendering the report before the House would allow the situation be put in proper perspective.
The Group Managing Director, GMD, of the NNPC, Joseph Dawha, had said earlier that the investigations carried out by PricewaterhouseCoopers PWC over the alleged missing $20 billion oil money, did not indict the corporation in anyway.
Mr. Dawha also said the report “has clearly vindicated our long held position that the alleged unremitted crude oil revenue was a farce from day one”.