By Adeola Tukuru
Abuja
The Federal government has inaugurated the Board of the Financial Reporting Council of Nigeria (FRC) with a charge to prioritise the review of the draft National Code of Corporate Governance (NCCG) with a view to accommodating stakeholders’ contributions and come up with a more acceptable code of corporate governance.
Inaugurating the board on behalf of President Muhammadu Buhari, the Minister of Industry, Trade and Investment Dr. Okechukwu Enelamah, yesterday in Abuja, urged the 23 board members led by Mr. Adedotun Sulaiman, as chairman, to follow strictly all the processes and procedures necessary in the exercise of their duties.
Enelamah said: “Today’s event is significant, given the critical role of the FRC in ensuring that economic agents in Nigeria produce and publish high quality financial information that underpin the efficient working of our capital markets and indeed the overall economy.
“The inauguration today of a new FRC Board will help restore full board oversight to the Council and thereby enable the organization to carry out its mandates more effectively.”
Recall that President Buhari, on January 9, 2017, appointed Mr. Adedotun Sulaiman, and Mr. Daniel Asapokhai as the Chairman and Executive Secretary/CEO of the Council respectively. Both are expected to work with the reconstituted Board to chart a new direction for FRC towards effective and efficient delivery of the Council’s mandates.
Enelamah, said investment case is stronger when investors and other stakeholders have increased confidence that their interests are protected.
Saying: “This is where the work of the Council becomes relevant to our economic recovery and growth – ensuring the existence of high quality standards in financial reporting and corporate governance and enforcement of compliance with such standards.”
Explaining the composition of the board, he said there are three statutory committees of the Board and the number of meetings of Board of parastatals is restricted to a maximum of 4 times a year.
