Vice President Yemi Osinbajo, on Tuesday unveiled the much awaited Nigerian Code of Corporate Governance 2018, which according to him, will satisfy the desire for higher standards and ethical practices in Nigeria’s business environment.
The document prepared by the Financial Reporting Council and other stakeholders, with contributions from captains of industry, heads of regulatory agencies, development partners and others, he believes will help “rebuild public trust and investor confidence in the Nigerian economy.”
An exposure draft of the code was published by the Central Bank of Nigeria (CBN) in March 2016.
A statement by Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, quoted Prof Osinbajo as stressing the importance of corporate governance, which he expects, “will promote corporate success and economic growth, lower cost of capital and perhaps, help to minimise the wastage and corruption.”
He charged “companies, regulators, the media, to be publicity agents in spreading the news of the release of the code and the imperatives of its implementation.
“To our business leaders here gathered, let me reiterate that the government very much looks forward to your enthusiastic implementation of the code and to your being corporate role models in this regard.”
He expressed belief that stakeholders will “find the principle-based approach and the constructs in the code helpful and consistent with our focus on making it easier to do business in Nigeria.”
With the unveiling of the code, he said “Nigeria is taking a big stride in our efforts to be a preferred investment destination,” congratulating the Financial Reporting Council of Nigeria for the development.
The Vice President urged stakeholders to not just see the unveiling of the code as a mere symbolic presentation, but “an internationally accepted best practice standards for business conduct in Nigeria, the benefits of which will be enjoyed by investors, the entities applying the code and our economy.
“As we promote and imbibe best practices in corporate governance, I’m hopeful that given the constant flow of talents from the corporate world to the political space and vice versa, we would also be promoting and demonstrating high standards of governance in the political space over time.”
He equally expressed hope that the code could be extended to political players to stem the gale of defections and counter defections.