The Nigeria Employers’ Consultative Association (NECA) has commended the Federal Government on its decision to suspend the Financial Reporting Council (FRCN)’s recently released Code of Corporate Governance.
In a statement, NECA considered the action appropriate in view of the “failure of FRC to secure the buy-in of the Organised Private Sector (OPS) on such an important guideline”.
It would be recalled that the Nigeria Employers’ Consultative Association (NECA), on behalf of the OPS had taken the issue up with FRC through dialogue, the outcome of which the FRCN had “ignored in the publicized document that was eventually released”.
Commenting on the development, the Director General of NECA, Mr Olusegun Oshinowo said: “It was disheartening that the FRC went ahead to release the Code without respect to the outcome of social dialogue and engagement with stakeholders”.
Oshinowo:“The timely intervention by the Honourable Minister is a testimony of the avowed commitment of the Federal Government to work with the Private Sector in the resuscitation of the flagging economy.”
Explaining further, Oshonowo said: “NECA is hopeful that other agencies of Government will pick learning points from the development in seeing the Private Sector as critical stakeholders and partners in progress with major stakes in the progress of the economy and Country as a whole”.