The suspension is coming barely two days after the Corporate Governance Code reportedly forced Pastor Enoch Adeboye of the Redeemed Christian Church of God to step down as the General overseer of RCCG Nigeria.
The suspension was disclosed in a statement by the Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah.
In the statement, Enelamah said the code was suspended in order to carry out a detailed review of its application.
According to the Minister, the review would now involve extensive consultations with stakeholders upon the reconstitution of the board of the FRC.
Enelamah stressed that the government remained committed to restoring and enhancing market confidence and improving the ease of doing business in the country.
The statement reads in part, “The Corporate Governance Code issued by the Financial Reporting Council of Nigeria has been suspended, pending a detailed review, extensive consultation with stakeholders and reconstitution of the board of the FRC.