Posted on January 9, 2017 by Onome Ohwovoriole

Federal Government Suspends Corporate Governance Code, Sacks Jim Obazee

The Federal government, has announced the reconstitution of the board of the Financial Reporting Council of Nigeria (FRC).  In a statement released by Presidential spokesman Garba Shehu this evening, Executive Secretary of the board Jim Obazee has been replaced with Daniel Asapokhai.

The president also approved the appointment of Mr Adedotun Sulaiman as Chairman of the board. Mr Sulaiman is the former managing partner of Accenture and a Chartered Accountant. Mr Asapokhai is a partner with Price Waterhouse Coopers (PWC). The appointments take immediate effect. The president has also instructed the relevant ministries, departments, agencies as well as private sector organizations specified in the act, to nominate members to the board.

In a related development the Minister of Industry, Trade and Investment Dr Okechukwu Enalamah in a Press release today, announced the suspension of the Corporate Governance Code, which was issued on October 2016, by the council. The minister said, the suspension was carried out, in order to carry a detailed review of its application.