By Dipo Olowookere
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 its board.
This information was contained in a statement issued by Mr Constance Ikokwu, the Strategic Communications Adviser to the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah.
The Minister emphasised that, “Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria.”
He said further that, “Government is committed to strengthening FRC and enhancing its capacity to fulfil its core mandate.”
FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment.
It is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria.
FRC also regulates the practices of professionals involved in financial reporting and promotes good practices in financial reporting and corporate governance in Nigeria.
Modupe Gbadeyanka