The Federal Government has suspended the controversial law which led Pastor Enoch Adejare Adeboye to step down as the National General Overseer of the Redeemed Christian Church of God (RCCG).
The Corporate Governance Code, which was enacted by the Financial Reporting Council of Nigeria (FRC), was going to see other spiritual heads also retire.
In a statement released on Monday by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, he said the code was suspended in order to carry out a detailed review of its application.
The statement issued by the Minister’s Strategic Communication Adviser, Constance Ikokwu, read 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.”