The Financial Reporting Council of Nigeria (FRC) on Thursday called on the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) to speedily implement the recommended practices of the 2018 Nigerian Code of Corporate Governance for sustainability.
Mr Daniel Asapokhai, Executive Secretary FRC, made the call at the Institute’s 2019 Roundtable on Corporate Governance in Lagos.
The News Agency of Nigeria reports that the theme of the 2019 Roundtable was: ‘The 2018 Nigerian Code of Corporate Governance: Issues and Perspectives.’
Asapokhai, in his keynote address, called for a high level of familiarity with the content and requirements of NCCG 2018 by members of the institute in the implementation of best governance practices.
He revealed that over the past few months since release of the Code, various engagements with stakeholders in different forums had revealed a few implementation challenges.
According to him, the implementation challenges bordered along commencement, compliance reporting, status of sectoral codes, and tenure or rotation of external auditors.
He, therefore, reiterated FRC’s commitment at developing and promoting principles and practices of corporate governance, promoting public awareness and act as the national coordinating body responsible for all matters pertaining to corporate governance.
In his words: “The time for sophisticated debates and discourse about what should or should not be in our national code of corporate governance was long past.
“There is a national code and it has become effective and all hands should be on deck for its successful implementation.
“And yes of course, we can also discuss and debate how it can be improved in future iterations, but this ought to be rightly based on experience gained from its implementation allied with the monitoring of related developments nationally and internationally.
“FRC will continue to remain available to help companies deal with their peculiar situation even as we encourage all companies and their auditors to follow the clear practices recommended in the national code.”
Asapokhai revealed the FRC’s intent to launch a corporate governance microsite to share implementation tools and answers to frequently asked questions plus other related resources.
“In the next few weeks, we hope to be able to launch a corporate governance microsite to address issues relating with corporate governance,” he said.
Prof Umar Dambatta, Vice Chairman, Nigerian Communications Commission (NCC), urged for the adoption of good corporate governance culture for social and economic transformation in the nation.
Dambatta, speaking in his capacity as the chairman of the event, said the essence of corporate governance framework was to ensure strong institutions which would collectively drive economic growth and stability.
Mr Samuel Kolawole, President ICSAN, said the unveiling of the code allowed the nation into a league of nations with prescribed high standards of corporate practices and ethical values attuned with trends in advanced climes.
He reiterated the institute’s commitment at contributing its quota to the socio-economic advancement of the nation through the enterprise of result-oriented intellectual inquisition into adapting best governance principles to boosting trade and investment in Nigeria.
NAN also reports that The Nigerian Code of Corporate Governance became effective Jan, 15, 2019.
The Code, which has seven parts (A to G), set out 28 principles of corporate governance under six governance pillars and 247 recommended practices.