The Nigeria Employers Consultative Association (NECA) has commended the Federal Government for its decision to suspend the Financial Reporting Council of Nigeria (FRCN)’s recently released Code of Corporate Governance.

NECA considered the action appropriate in view of the failure of FRCN to secure the buy-in of the Organised Private Sector (OPS) on such an important guideline.

Speaking yesterday in Lagos, the Director General of NECA, Mr. Olusegun Oshinowo said: “It was disheartening that the FRCN went ahead to release the code without respect to the outcome of social dialogue and engagement with stakeholders.”
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According to Oshinowo: “The timely intervention of the minister is a testimony of the commitment of the Federal Government to work with the private sector in the resuscitation of the economy.”

NECA is hopeful that other government agencies will learn from the development in seeing the private sector as critical stakeholders and partners in progress.