Nigeria NewsPoliticsReps move to amend FRC Act

Reps move to amend FRC Act

Reps move to amend FRC Act



From Kemi Yesufu, Abuja

The House of Representatives, on Wednesday, commenced moves to amend the Financial Reporting Council Act (FRC).

In the meantime, the House has directed the Council to suspend the implementation of its code of governance for non-profit organisations, churches and mosques which placed a 20- year tenure limit for heads of these organisations.

The controversial law led to the resignation of the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye.

This is as the House mandated its Committees on Delegated Legislation and Public Accounts to conduct a detailed public hearing on the FRC and report back to the House within four weeks, for further legislative action.

The motion to debate the ongoing controversy was raised under matters of urgent public importance  during Tuesday’s plenary by  Minority Leader, Leo Ogor and debated on Wednesday, with lawmakers taking turns to express worry that Section 73 of the FRCN Act was abused by the former Executive-Secretary of the Council, Jim Obazee.

The Minority Leader in the motion entitled: “Urgent Need to Stem the Controversy within the Financial Reporting Council of Nigeria (FRCN) Occasioned by the Interpretation of FRCN Code”, stated that the code usurped the powers of the National Assembly.

Ogor who accused Obazee of acting in an “over-zealous” manner, stressed that, “the Governance Code formulated by the Council as it relates to heads of non-profit making organisations is a clear usurpation of the powers of the National Assembly as stipulated in Section 4 of the Constitution of the Federal Republic of Nigeria, 1999”.

“The National Assembly has not in any way approved the corporate governance code as it did with the building code.


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