The President of Nigeria’s Federal Government Muhammadu Buhari, suspended the application of the national Corporate Governance Code and dissolved the board of the Financial Reporting Council (FRC) of Nigeria.
A new chairman and a new executive secretary were appointed. The FRC of Nigeria is self-described as a federal government agency under the supervision of the Federal Ministry of Industry, Trade and Investment, which is responsible for developing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria.
Adedotun Sulaiman, former managing partner of Arthur Anderson (later Accenture) was appointed FRC chairman. Daniel Asapokhai, a partner and a financial reporting specialist at PwC Nigeria, was named executive secretary replacing Jim Obazee.
Nigeria's Corporate Governance Code had been recently issued but was received with mixed reactions. Some in the Nigerian corporate and investment sectors called it “business unfriendly” and “inimical to further investment”, as reported by national media.
The FRC produced three separated codes: one for the private sector; another for not-for-profit entities and a third code for the public sector.