Nigeria’s Code Of Governance: 2019 Opening Remarks By Okey Enalamah

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Wednesday, 27 March 2019   / 01:59PM / By Okey Enalamah

 

OPENING REMARKS BY DR. OKECHUKWU ENELAMAH, HONOURABLE MINISTER FOR INDUSTRY, TRADE AND INVESTMENT AT THE UNVEILING OF NIGERIAN CODE OF CORPORATE GOVERNANCE 2018 HELD AT TRANSCORP HILTON HOTEL, ABUJA ON 15TH JANUARY, 2019

 

 Download Here The FRCN Nigerian Code of Corporate Governance 2018 Report

 

·         His Excellency, the Vice President, Federal Republic of Nigeria, Professor Yemi Osinbajo, SAN, GCON;

·         The Chairman, Senate Committee on Trade and Investment,  Senator Sabo Mohammed;

·         The Chairman, House Committee on Trade and Investment, Honourable Abubakar Moriki;

·         The Chairman, Board of Financial Reporting Council, Mr. Adedotun Sulaiman;

·         Executive Secretary/CEO, Financial Reporting Council, Mr. Daniel Asapokhai;

·         Board Members of Financial Reporting Council;

·         Chairman, Technical Committee for the Review of National Code of Corporate Governance, Mr. M.K. Ahmad;

·         Members of the Technical Committee for the Review of National Code of Corporate Governance;

·         Sector Regulators;

·         Invited Guests;

·         Gentlemen of the Press;

 

 

Ladies and Gentlemen.

 

I am very delighted to be here today to make an opening remark on this landmark occasion of the unveiling of Nigerian Code of Corporate Governance 2018. Our Country, like other nations of the world, can now boast of a National Corporate Governance Code which harmonises different sectors of the economy. I am very glad that this success is recorded at this time. I am thankful to the Technical Committee for their efforts at producing the Nigerian Code of Corporate Governance 2018.

 

The global financial crisis exposed significant shortcomings in the Corporate Governance of companies. We have seen monumental failures in risk management, a spate of accounting scandals and outright fraud.

 

Ladies and Gentlemen, as you may know, Corporate Governance defines the quality of our market. Good governance instils investor confidence and instigates rapid growth in corporate markets. The investment decisions taken by the local and international investors are stimulated by good Corporate Governance practices. As corporations compete to attract capital from international markets, investors assess the companies using numerous factors such as sustainable track records and use of good Corporate Governance principles. Hence, Nigerian Companies need to adhere to good Corporate Governance practices and standards to gain competitive edge required to survive in competitive and dynamic markets. Good governance standards are essential to ensure transparency of capital markets, protection of minority shareholder rights, as well as to attract and retain Foreign Direct Investments (FDIs).

 

May I at this point mention that Corporate Governance is evolving, it is not static. The principles can differ according to economic circumstances of the countries, development levels and legal systems. Therefore, there would be the need to revise the Nigerian Code of Corporate Governance 2018 from time to time.

 

I believe it is the joint responsibility of all economic participants, not just regulators, to promote and enforce good Corporate Governance practices. To reap the maximum benefits of Corporate Governance Codes and Systems, it should be a practice embraced by all, as an avenue for value creation and sustainability.

 

I call upon the Government, Private Sector, the Civil Society, and specifically to the institutions established with the objective to promote Corporate Governance, to take a wider and more active role in achieving this objective.

 

I am more optimistic than ever, that the issuance of the Nigerian Code of Corporate Governance 2018 will foster the achievement of Government’s initiative of enhancing the ease of doing business, thus paving way for new opportunities and growth of our capital market.

 

Ladies and Gentlemen, I am also confident that, given the commitment of all stakeholders, the corporate compliance, transparency, disclosure and accountability standards will improve considerably in Nigerian companies. I stand assured, that with the co-operation and the positivity of the market participants and the stakeholders, we will attain our goal for excellence in Corporate Governance.

 

I hope that the issuance and implementation of the Nigerian Code of Corporate Governance 2018 will serve to broaden your perspective on the role of Corporate Governance for business development and development of the Nigerian economy at large.

 

I also look forward to having a codified Code of Corporate Governance for the Public Sector and the Not-For-Profit Organisations in the nearest future.

 

I heartily thank and congratulate the Board, management and staff of the Financial Reporting Council on this milestone in their regulatory endeavour.

 

Ladies and Gentlemen, welcome and God bless you.

 

Dr. Okechukwu Enelamah

Honourable Minister



Download Here The FRCN Nigerian Code of Corporate Governance 2018 Report


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