PFN queries implentation of FRC code

The Pentecostal Fellowship of Nigeria has commended the Federal Government for suspending the Corporate Governance Code issued by the Financial Reporting Council of Nigeria (FRC).

In a statement signed by its president, Rev. Felix I. Omobude, the association queried why the law was implemented in the first place.

“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’

“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.”

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