President of Port Harcourt Chamber of Commerce, Dr. Emi Membere-Otaji has expressed belief that the new Code of Corporate Governance put in place will promote ease of doing business, attract local and foreign investments and enhance the integrity of the Nigerian market by entrenching a culture of disclosure, transparency, and accountability.
The PHCCIMA helmsman made this assertion during the second public hearing for the exposure draft of the Nigerian Code of Corporate Governance 2018 (NCCG 2018) Organized by the Financial Reporting Council of Nigeria in the Federal Ministry of Industry, Trade and Investment held at the Novotel in Port Harcourt.
He said this is a novelty, hence through the instrumentality of Port Harcourt Chamber of Commerce where he is the current President, or at the national Chamber NACCIMA, at PETAN or AGPMPN the Medical Association where he is a critical stakeholder, he will spread the message across as the Code seeks to raise public awareness for essential corporate values, ethical practices and stakeholders’ confidence.
The MD/CEO of SEPLAT NIGERIA Limited ably represented by the legal adviser Mrs. Obianuju Daniel also expressed confidence that the entrenchment of the NCCG will address critical issues bedeviling the economy and set a template for a seamless process to attract investments. Seplat is an independent indigenous Nigerian upstream exploration and production company with a focus on Nigeria, she said the NCCG will be key to the SEPLAT’s operation as a company since inception that has acquired an attractive portfolio of assets in the prolific Niger Delta region. She commended the committee and expressed confidence that this is about a new paradigm in the Nigeria ecosystem.
Making a presentation titled Nigerian Code of Corporate Governance 2018, the Chief Executive Officer, Financial Reporting Council of Nigeria (FRC), Daniel Asapokhai, said companies in the country must adhere to the new version of the code of corporate governance.
According to him, the NCCG 2018 which has a 60-page Code, contained in 230 recommended practices and 28 principles of corporate governance, had the capacity to boost the nation’s competitiveness.
He said this time they have adopted an ‘apply and explain’ principle, which requires companies to apply the requirements of the code and to explain the process for doing so.
“The Nigerian Code of Corporate Governance 2018 shall apply to all public companies; whether listed or not, all private companies that are holding companies of public companies and other regulated entities, concessioned and privatized companies, and regulated private companies,” he said.
According to him, the decision to adopt the ‘Apply and Explain’ approach was made after careful considerations of several factors including the Nigerian legal system, Nigerian culture and history, government policies, state of the Nigerian economy, global economic and political climate, and levels of capital inflow of investment coming into the country.
The FRC boss noted that the new code replaced the suspended 2016 Code of Corporate Governance, following its revision by a 15-man technical committee, extensive consultations, and engagement with numerous stakeholders and regulators.
Asapokhai said if adhered to, the NCCG 2018 will promote ease of doing business, attract local and foreign investments and enhance the integrity of the Nigerian capital market and raise public awareness of good corporate governance practices.
PHCCIMA members can download a soft copy of the Code of Corporate Governance at http//www.financialreportingcouncil.gov.ng or refer PHCCIMA library for the hard copy