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Alignments: Directors' Corporate Governance Responsibilities In Nigerian Companies

Posted By: Admin | 15.August.2019 |

Corporate Governance (CG) is how a company is directed and managed in achieving its objectives subject to relevant rules and regulations. It is essential for the smooth running and decision making process of a company, thus ensuring transparency; accountability in the directors' dealings; protection of stakeholders' interest; improving the share value of public companies in the stock market; and boosting investor confidence in a company.

In Nigeria, CG is primarily governed by the Companies and Allied Matters Act (CAMA),Financial Reporting Council of Nigeria Act, (FRCN Act) FRCN National Code for Corporate Governance, 2018 (FRCN Code or the Code) and other sectoral codes of corporate governance, such as: Securities and Exchange Commission Code of Corporate Governance for Public Companies, 2014 (SEC Code); National Insurance Commission Nigerian Code of Corporate Governance for the Insurance Industry, 2009(NAICOM Code); Central Bank of Nigeria Code of Corporate Governance for Banks and Discount Houses in Nigeria, 2014 (CBN Code); Nigerian Communications Commission Code of Corporate Governance for Telecommunications Industry, 2016 (NCC Code); National Pension Commission Code of Corporate Governance for Licensed Pension Operators, 2008 (PENCOM Code), etc.

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