Code of Corporate Governance and Guidelines for Whistle Blowing in the Nigerian Banking Industry

Regulators
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Wednesday, May 21, 2014 12.51PM / CBN

Further to the receipt of stakeholders’ comments on the exposure draft on the revised Code of Conduct governance for bank and discount houses in Nigeria and Guidelines for Whistle Blowing in the Nigerian Banking Industry, the CBN has concluded review of the code and forward to it here with for compliance

Kindly note that the revised Code of Corporate Governance aims to align the code with current realities and global best practice, eliminate perceived ambiguities and strengthen governance practices

To monitor its full implementation, banks and discount houses are required to submit quarterly returns on their compliance with the provisions of the code. The returns should reach the Director, Financial Policy and Regulation Department not later than 7 days after the end of each quarter.

As specified in section 3.3 and 3.4 of the Whistle Blowing Guidelines, we provide herewith the email address:
anticorruptionunit@cbn.gov.ng for whistle blowing reports to the CBN. Accordingly, banks and other financial institutions are enjoined to avail this email to their stakeholders.

This code supersedes the one issued in March 2006 and with the Whistle Blowing Guidelines shall be deemed to take effect from October 1, 2014

Related Report
1.
Code of Corporate Governance for Bank and Discount Houses in Nigeria
2.
Keynote Address Delivered at the First National Seminar on Banking, Finance and Allied Matters for Legislators

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