FRC set to review National Code of Corporate Governance

The Financial Reporting Council of Nigeria (FRC) has inaugurated a technical committee to review the suspended National Code of Corporate Governance(NCCG).

The committee which was inaugurated by the Chairman, Governing Board of the FRC, Mr. Adedotun Sulaiman has Muhammad K. Ahmad as its chairman.

It would be recalled that an NCCG was issued by the FRC on October 17, 2016, but was suspended by the federal government on October 28, 2016, following controversies surrounding some sections of the code.

The Executive Secretary/CEO, Mr Daniel Asapokhai , said members of the committee were chosen based on their expertise and the diversity of the membership of the committee reflects the FRC’s commitment to working with all stakeholders on the journey to a new national code of corporate governance.

He thanked financial institutions that have pledged support for the work of the committee.

Sulaiman noted that the high standards of corporate governance and financial reporting practices which the FRC was set up by law to promote are geared towards encouraging and increasing trade and investments.

“Today’s inauguration of this technical committee therefore marks the beginning of a very collaborative and consultative process for the review and re-introduction of the much-anticipated NCCG,” he said.

Continuing, the FRC board chair urged the committee to ensure that an exposure draft of the code was ready for release within the first quarter of this year.

Ahmad, the committee chairman, is a seasoned public sector executive with over 35 years of distinguished experience.

He served as the pioneer DirectorGeneral and Chief Executive Officer of the National Pension Commission (PenCom) and oversaw the growth of the pension industry in Nigeria from ground zero to an asset base of N4.7trillion under management.