The Financial Reporting Council of Nigeria (FRCN) has declared that the new Corporate Governance Code 2018 would serve as the regulatory code in the country by January 1, 2020, when its full implementation commences.
Consequently, the existing code of governance under the laws establishing regulatory bodies like the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), among others, would serve as guidelines of operations for public and private businesses.
Executive Secretary of FRCN, Daniel Asapokhai, disclosed this in Kano during at a public hearing and sensitization on the new draft copy of the code. However, the Chartered Institute of Bankers in Nigeria (CIBN), and Kano Chambers of Commerce, Mines, Industries and Agriculture (KACIMA) have questioned certain recommendations in the draft copy.
Asapokhai hinted that when it commences, the Corporate Governance Code would attract local and foreign investments and enhance the integrity of the Nigerian capital market, as well as entrench a culture of transparency and accountability.
He pointed out that the Federal Government recently set up a 15-member technical committee to review the 2016 Code of Corporate Governance due to some defects, which were against international best practices. Read more<<<<<