The Federal Government has suspended Corporate Governance Code issued by the Financial Reporting Council of Nigeria (FRC) pending a detailed review and an extensive consultation with stakeholder public.
In a statement released by the Federal Ministry of Industry, Trade and Investment and made available to journalists the federal government said that the Corporate Governance Code issued by the Financial Reporting Council of Nigeria (FRC) has been suspended, pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRC.
“Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria,” said Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah.
He continued: “Government is committed to strengthening FRC and enhancing its capacity to fulfill its core mandate.” FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment.
“The Council is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria.
“It also regulates the practices of professionals involved in financial reporting and promotes good practices in financial reporting and corporate governance in Nigeria.”