FEDERAL GOVERNMENT SUSPENDS CODE OF CORPORATE GOVERNANCE

Federal Ministry of Industry, Trade and Investment Press Release (FMITI) Press Release January 9, 2017

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 the board of the FRC

“Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria,” said Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah

He continued: “Government is committed to strengthening FRC and enhancing its capacity to fulfill its core mandate.”

FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment.

The Council is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria. It also regulates the practices of professionals involved in financial reporting and promotes good practices in financial reporting and corporate governance in Nigeria.

ENELAMAH: WE ARE REFORMING NIGERIA’S BUSINESS AND INVESTMENT ENVIRONMENT

The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah has said that Nigeria’s ongoing economic challenges offer an unprecedented opportunity to restructure and diversify the economy.

Speaking on Tuesday on Channels Television’s Sunrise Programme, the Minister said, “I believe that depending on what we do with this crisis we’re facing, it could actually be the impetus for this diversification. It’s extremely important that we make the most of what we’re going through.”

The Minister highlighted the Ministry’s commitment to implementing the Nigeria Industrial Revolution Plan (NIRP), as a tool for diversifying the Nigerian economy. “That Plan identifies sectors where Nigeria should be doing more, but for reasons that are well understood, we haven't. Our responsibility as a Ministry is to make sure that Plan is implemented; from Agro-processing to the automotive industry; Cotton, Textile and Garments; and Petrochemicals – the sectors around which we have a comparative advantage."