BREAKING: After Adeboye’s Controversial Retirement, Buhari Sacks Financial Reporting Council Boss

Posted by African Examiner Featured, Latest Headlines, News Monday, January 9th, 2017

By Niyi Adeyi, Abuja

ABUJA, NIGERIA (AFRICAN EXAMINER) – President Muhammadu Buhari has sacked the Executive Secretary of the Financial Reporting Council of Nigeria (FRCN), Mr. Jim Obazee.

The President has also approved Mr. Adedotun Sulaiman as the new Council Chairman as well as the immediate reconstitution of the body.

President Buhari according to a statement issued Monday by his SSA on Media and Publicity, Garba Shehu has also approved the appointment of Mr. Daniel Asapokhai as new the Executive Secretary of the Council.

While Mr. Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture, Mr. Asopokhai is a partner and a Financial Reporting Specialist at the PricewaterHouseCoopers, Nigeria.

The sack of the former Scribe of FRCN came barely 48 hours after the General Overseer of the Redeem Christian Church of God (RCCG) Pastor Enoch Adeboye, announced his retirement as well as his successor last Saturday.

The development (Adeboye retirement) has been linked with the contentious amendment to the FRCN.

The subject has also provoked cold war between the Minister of Trade and Investment, Dr. Okechukwu Enelamah and Obazee.

FG Suspends Amended FRCN Corporate Governance Act

Meanwhile, the Federal Government has suspended the Corporate Governance Code issued last October 17 by the Financial Reporting Council of Nigeria (FRCN).

Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah made this known Monday in a statement.

According to the Minister’s Strategic Communication Adviser, Mr. Constance Ikokwu, the suspension order was meant to carry out a detailed review of its application.

The review, the Minister explained would involve extensive consultations with stakeholders upon the reconstitution of the board of the FRCN.

The statement also quoted Dr. Enelamah as saying that government was committed to restoring, enhancing market confidence as well as improving the ease of doing business in the country.

“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” the statement read.

It would be recalled that it was due to the latest review of the Act that resulted to the last weekend retirement of the RCCG GO, Pastor Enoch Adeboye.