The Nigerian Government has formally unveiled the nation’s code of corporate governance.
Vice President Yemi Osinbajo, who unveiled the code in Abuja, assured Nigerians that its full implementation would promote corporate success and economic growth, lower cost of capital and help minimize wastage and corruption in the country.
He said that with the event, Nigeria was taking a big stride in her efforts to be a preferred investment destination.
Put together by the Financial Reporting Council [FRC] and other stakeholders, the Nigerian Code of Corporate Governance 2018 seeks to institutionalize corporate governance best practices in Nigerian companies
It is expected to promote public awareness of essential corporate values and ethical practices that will enhance the integrity of the business environment. And by institutionalizing high corporate governance standards, the code will rebuild public trust and confidence in the economy thus facilitating increased trade and investment.
Osibanjo said: ‘’As we promote and imbibe best practices in corporate governance, I am hopeful that given the constant flow of talents from the corporate world to the political space and vis-versa, we will also be promoting and demonstrating higher standards of governance practices in the political space over time so as to reduce the rate of defections of politicians.”
In a welcome address, the Chairman of the Board of the Financial Reporting Council of Nigeria, Mr. Adedotun Sulaiman, said the council went back to the drawing board after suspending an earlier attempt to issue national codes in 2016.
‘’We have fully leveraged the lessons learnt for the current efforts and these was reflected in the extensive consultation and engagement with stakeholders, the collaborative processes adopted by the technical committee that assisted our development of the code and the public hearings that were held in the six geo-political zones of the country, including the Federal Capital Territory (FCT).”
The Minister for Industry, Trade and Investment, Dr. Okechukwu Enelamah, said that Nigeria, like many other nations, can now boast of a national corporate governance code which harmonizes different sectors of the economy.
According to him, the issuance of the code will foster the achievement of government’s objective of enhancing the ease of doing business, thus paving the way for new opportunities and growth of the country’s capital market.
Source: The Guardian
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