Implementation of Code of Corporate Governance Will Minimize Wastage, Corruption – Osinbajo

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 15^th 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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