[Mhiz Rebecca]

The Nigerian government has suspended a
corporate governance code issued by the
country’s Financial Reporting Council of Nigeria,
FRC.
The Minister for Industry, Trade and Investment,
Okechuckwu Enelamah, made the disclosure in a
statement on Monday, after PREMIUM TIMES
reported President Muhammadu Buhari’s sack of
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 knocks 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.