The Minister of Industry, Trade and Investment, Okechukwu Enelamah disclosed yesterday that the Corporate Governance Code issued by the Financial Reporting Council of Nigeria (FRC) has been suspended.

In a statement signed by the Strategic Communication Adviser to the Minister, Constance Ikokwu, the corporate governance code remains suspended until a detailed review, extensive consultation with stakeholders and reconstitution of the board of FRC is done.

He said, “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 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.