Buhari sacks Obaze as FRCN boss, appoints Sulaiman new Chairman

• FG suspends law that forced Adeboye to step down
President Muhammadu Buhari has approved the immediate removal and the replacement of the Executive Secretary and the re-constitution of the board of the Financial Reporting Council of Nigeria (FRN).
A statement by his spokesman, Mallam Garba Shehu on Monday in Abuja stated that the new Council chairman as approved by the President is now Mr Adedotun Sulaiman.
The President also approved the appointment of Mr. Daniel Asapokhai as the new Executive Secretary of the Council.
Giving the profile of the new chairman, the statement stated that Sulaiman was a former Managing Partner/Director of Arthur Anderson and later, Accenture.
He is also a Chartered Accountant and a product of the University of Lagos and Harvard Business School.
Similarly, 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 President Muhammadu Buhari has also instructed the Minister of Industry, Trade, and Investment to invite the nineteen ministries, departments and agencies of the Federal Government and private sector organizations specified in the FRC Act to nominate members of the board of the council.
In a related development, the Federal Government on Monday also announced the suspension of the Corporate Governance Code which was issued on October 17 by the Financial Reporting Council of Nigeria. It was the law that forced the stepping down of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Adejare Adeboye at the weekend.
The suspension of the law was disclosed in a statement by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah.
In the five paragraphs statement issued by the minister’s Strategic Communication Adviser, Constance Ikokwu, the minister said the code was suspended in order to carry out a detailed review of its application.
The review, according to the statement, would now involve extensive consultations with stakeholders upon the reconstitution of the board of the FRC.
The statement quoted the minister to have said that government remains committed to restoring and enhancing market confidence and improving the ease of doing business in the country.
The statement reads in part, “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 FRC is one of the parastatals under the supervision of the Ministry of Industry, Trade and Investment and it is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria.