A public hearing on the activities of the Financial Reporting Council of Nigeria, has been ordered by the House of Representatives in Abuja.
National Assembly, Abuja
Members of the Federal House of Representatives, in a resolution on Wednesday at a session which was presided over by the Speaker, Yakubu Dogara, ordered a detailed public hearing on the activities of the Financial Reporting Council of Nigeria to veer into the tenure of the leadership of religious organisations.
According to Punch, the resolution came after members debated and endorsed a motion moved by the Minority Leader of the House, Leo Ogor.
The lawmakers also clarified that no agency of the Federal Government was empowered by any law passed by the National Assembly to determine how many years a religious leader should serve in office.
They noted that the FRC Act 2011 did not make a provision for the tenure of office of religious bodies or non-profit organisations.
While leading the debate, Ogor said he was amazed how the FRC got its powers, adding that while the agency might have delegated legislative powers, being a product of the National Assembly, any legislation or code it formulated should have been mandatorily approved by the same National Assembly before it could be applied.
The motion argued further, “The House is concerned that the Governance Code formulated by the Council as it relates to heads of non-profit making organisations is a clear usurpation of the powers of the National Assembly as stipulated in Section 4 of the Constitution of the Federal Republic of Nigeria, 1999.
“Also concerned that the National Assembly has not in any way approved the corporate governance code as it did with the Building Code."