Business Regulations, Law & Practice | |
Business Regulations, Law & Practice | |
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Tuesday, January 16, 2019 6:00PM /State
House
At the Official launch of the new Code of Corporate Governance in
Nigeria earlier this week the Vice-President of the Federal Republic of
Nigeria, Prof Yemi Osinbajo, GCON described it as a significant step for the
Nation.
Below are the remarks of the Vice President at the event that was held
on Tuesday 15th January, 2019 in Abuja.
Remarks of the Vice President
I
would like to thank the governing board of the Financial Reporting Council and
other stakeholders that have contributed to the code that we are about to unveil.
I should also thank the many captains of industry, heads of regulatory
agencies, development partners and others that have taken time not just to
review and contribute to the process of developing the code, but are here to
witness this occasion.
We are
all familiar with the journey that has culminated in today’s ceremony and I am
pleased that we now have a widely accepted National Code of Corporate
Governance ready for use.
The
code has been long awaited and I believe that it will satisfy our desire for
higher standards of corporate governance and ethical practices in our business
environment and help to rebuild public trust and investor confidence in the
Nigerian economy.
The
implementation of the Nigerian Code of Corporate Governance 2018 is important
and will promote corporate success and economic growth, lower cost of capital
and perhaps, help to minimise the wastage and corruption.
I,
therefore, encourage 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.
I
trust that you 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
today’s event, Nigeria is taking a big stride in our efforts to be a preferred investment
destination.
I
congratulate the Financial Reporting Council of Nigeria for this development.
The unveiling of the Nigerian Code of Corporate Governance today amounts to not
just a symbolic presentation, but also to presenting 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.
Finally,
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.
I hope
and wish we could extend this code of corporate governance to political
players; at least it might help a bit in stemming defections and counter
defections.
Ladies
and gentlemen, I hereby formally unveil the corporate governance code.
Thank
you.
Professor Yemi Osinbajo, GCON
Vice President of Nigeria
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