Tuesday, July 5, 2022


FRC code should not have been implemented in the first place, says PFN

FRC code should not have been implemented in the first place, says PFN
January 10
18:34 2017

The Pentecostal Fellowship of Nigeria (PFN) has expressed support for the suspension of the  corporate governance code of the Financial Reporting Council of Nigeria (FRC) by the federal government.

The suspension was announced on Monday by Constance Ikokwu, media aide of Okechukwu Enelamah, minister of industry, trade and investment — two days after Enoch Adeboye, general overseer of the Redeemed Christian Church of God, named a new Nigeria overseer for the church on account of the code.

The move also came the same day President Muhammadu Buhari approved the immediate removal of Jim Obazee, executive secretary of FRC, and approved the reconstitution of the board of the council.

Both actions have sparked debates on the propriety of the act, as well as that of the federal government’s actions.


Joining the argument on Tuesday, PFN said the council did not do enough to buy in the thoughts of stakeholders before it began implementing the code.

“The Pentecostal Fellowship of Nigeria (PFN) welcomes the decision by the the Ministry of Industry, Trade and Investment to suspend the Corporate Governance Code issued by the Financial Reporting Council of Nigeria (FRC), one of the parastatals under its supervisions, pending what it calls ‘a detailed review, extensive consultation with stakeholders and reconstitution of the board of the Financial Reporting Council of Nigeria,'” it said in a statement signed by Felix I. Omobude, a reverend and national president of the body.

“The Pentecostal Fellowship of Nigeria (PFN) had consistently expressed its concern at the non-inclusive process that brought about the code and the all-pervasive nature of it, especially as it relates to activities of the not-for-profit sector whose activities are already regulated by provisions of the law under which they were registered.


“The PFN had maintained that in view of the inability on the part of the Financial Reporting Council to achieve the necessary buy-in from concerned stakeholders on the code of governance and address legitimate concerns raised by many, it was wrong for it to have proceeded to enforce its implementation.

“The Pentecostal Fellowship of Nigeria notes the concern among many with respect to portions of the suspended Code interpreted by some to have limited the tenure of Pastors and other Spiritual Leaders. We are confident that all the contentious issues will be reviewed under the process ordered by the Government.

“While the PFN respects the right of the appropriate government agency to make laws for the good of all. PFN states emphatically that she will not sleep on her right especially as it affects our freedom of worship.”

It appealed for “calm, restraint and understanding” on the part of all Christians and for “continued prayers for the Year 2017 to be one of greater peace and prosperity for all Nigerians”.



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