The Federal Government has has approved the immediate removal and the replacement of the Executive Secretary and the reconstitution of the board of the Financial Reporting Council of Nigeria (FRC).
Accordingly, President Muhammadu Buhari has appointed a Chairman and a new Executive Secretary for the council.
The new Council as approved by the President has Mr Adedotun Sulaiman, MFR as Chairman.
Mr. Sulaiman was 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 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.
In a statement issued by Senior Special Assistant to the President (Media and Publicity), Garba Shehu explained that he is a product of the University of Lagos and the University of Pretoria.
President Muhammadu Buhari has also instructed the Minister of Industry, Trade, and Investment to invite the nineteen ministries, departments and agencies of the Federal Government and private sector organizations specified in the FRC Act to nominate members of the board of the council.
In a related development, the FG has suspended the FRN Code that forced Enoch Adeboye to step down as the Nigeria overseer of the Redeemed Christian Church of God (RCCG).
In another statement issued by Constance Ikokwu, media aide of Okechukwu Enelamah, Minister of Industry, Trade and Investment, the Minister said the code was suspended in order to carry out a detailed review of its application.
The statement quoted the minister to have said that government remains committed to restoring and enhancing market confidence and improving the ease of doing business in the country.
“The Corporate Governance Code issued by the Financial Reporting Council of Nigerian has been suspended pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRN,” he said.
“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 fulfil its core objective.”
