President Muhammadu Buhari has approved
the suspension of a corporate governance code issued by the Federal
Government’s Financial Reporting Council of Nigeria, FRC.
According to Premium Times, the Minister
for Industry, Trade and Investment, Okechuckwu Enelamah, made the
disclosure in a statement on Monday, shortly after President Buhari
sacked the Executive Secretary of FRC, Jim Obazee.
Mr. Obazee’s sack followed exit of Enoch
Adeboye as the Nigerian overseer of Redeemed Christian Church of God in
compliance with the suspended FRC governance code for not-for-profit
organisations, including civil society and religious organisations.
Mr. Adeboye, arguably Nigeria’s most
influential Christian cleric, had on Saturday complained about the
government’s interest in Church activities.
The governance code sought to provide
financial reporting, transparency and accountability standards for
not-for-profit organizations.
Among others, it provided that founders
or leaders of not-for-profit organizations would not head governance of
their organisations for more than 20 years, and could not also pass
baton to their family members.
While the code received positive
reactions by people who consider it necessary to ensure accountability,
it also suffered harsh criticisms by those expressing concerns it was
targeting faith organisations, especially the Church.
In his statement, the minister said the code stood suspended pending its review and consultation with stakeholders.
Mr. Enelamah reassured of Nigeria’s commitment to enhancing market and ease of doing business in the country.
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