The contentious Corporate Governance Code issued on October 17 by the Financial Reporting Council (FRC) of Nigeria that caused the abrupt retirement of Pastor Enoch Adeboye as Redeemed Christian Church of God (RCCG) General Overseer has been suspended.
The Minister for Industry, Trade and Investment, Okechuckwu Enelamah, made the disclosure in a statement on Monday.
The Financial Reporting Council (FRC) which guides all registered churches, mosques, and CSOs had in a new legal requirements stipulated 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 criticism by those expressing concerns it was targeting faith organisations, especially the Church.
The grumblings by the Church community seem to have yielded fruits as the Federal Government has suspended the law.
The statement by the minister read,
“The Corporate Governance Code issued by the Financial Reporting Council of Nigeria 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.”
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