The Federal Government has come out to suspend the corporate governance code issued by the country’s Financial Reporting Council of Nigeria last week – it followed the sack of FRC secretary, Jim Obazee.
The suspension of the law was made known by the Minister for Industry, Trade and Investment, Okechuckwu Enelamah, who also confirmed the sack of the FRC executive secretary, Jim Obazee.
Jim Obazee’s ouster came within days of the resignation of Pastor Enoch Adeboye as the Nigerian overseer of Redeemed Christian Church of God in compliance with the suspended FRC governance code for non-profit organisations, including civil society and religious organisations.
Pastor Adeboye, whose ministry, the Redeemed Christian Church of God, RCCG, has a followership of nearly 10 million Nigerians was the first to comply to the law, although he complained about the government’s continued 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.
The minister of Interior, Mr. Enelamah, said in a statement that the code remain suspended pending its review and consultation with stakeholders.
Mr. Enelamah went on to reassure the public of the Federal government’s commitment to improving market and ease of carrying out business activities in Nigeria.