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PRESIDENT Buhari has sacked the
Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Jim
Obazee and also dissolved its board.A statement issued by his Senior
Special Assistant on Media and Publicity, Garba Shehu, in Abuja, on Monday,
said the president had approved the immediate replacement of the executive
secretary and the reconstitution of the board.

The statement said the president
had appointed a chairman for the council.

The new council, as approved by the
president, has Mr Adedotun Sulaiman as chairman.

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 the Harvard Business
School.

The president has also approved the
appointment of Mr Daniel Asapokhai as the Executive Secretary of the Council.

Mr Asopokhai is a partner and a
Financial Reporting Specialist at the PricewaterHouseCoopers (PWC) Nigeria.

President Muhammadu Buhari has also
instructed the Minister of Industry, Trade and Investment 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 the board of the
council.

Also, 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.

It was the provisions of the controversial
code that forced General Overseer of Redeemed Christian Church of God, Pastor
Enoch Adeboye, out of his long standing position last weekend.

Strategic Communications Adviser to
Minister of Industry, Trade and Investments, Constance Ikokwu, in a press
statement issued on behalf of the minister, Dr. Okechukwu Enelamah, on Monday,
said the suspension was to allow an extensive consultation with stakeholders
and reconstitution of the FRC board.

The statement reads

“Code of Corporate Governance Code
Suspended.

“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.

“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.”

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