President Muhammadu Buhari has fired Financial Reporting Council of Nigeria (FRCN) Executive Secretary/ Chief Executive Officer Mr. Jim Obazee. A statement by presidential spokesman Garba Shehu said President Buhari also approved the reconstitution of the board of the FRC and the appointment of Mr Adedotun Sulaiman as Chairman and Mr. Daniel Asapokhai as the Executive Secretary to replace Obazee, whose tenure ought to end in November, next year.
Mr. Sulaiman is 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. Mr. Asopokhai is a partner and a Financial Reporting Specialist at the PricewaterHouseCoopers (PWC), Nigeria. He is a product of the University of Lagos and the University of Pretoria.
The statement added that President Buhari had instructed Minister of Industry, Trade, and Investment Mr Okechukwu Enelama to invite the 19 ministries, departments and agencies of the Federal Government and private sector organizations specified in the FRC Act to nominate members of the council board.
The FRC stipulation of a maximum period of 20 years for the heads of all registered churches, mosques, and civil society organizations and its Governance Code 2016, which had not received final approval, was yesterday suspended by the Minister of trade and Investment.
A statement by the Strategic Communication Adviser to the Minister, Constance Ikokwu, said: The corporate governance code remains suspended until a detailed review, extensive consultation with stakeholders and reconstitution of the board of FRC is done.
Government remains committed to restoring and enhancing market confidence and improving the Ease of Doing Business in Nigeria. Government is also committed to strengthening FRC and enhancing its capacity to fulfill its core mandate.
FRC, an agency under the supervision of the ministry, 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.