FG seeks more regulated business environment, unveils code of governance

The Federal Government Is seeking a more regulated business environment for Nigeria in a bid to ensure that both the public and the private sector adhere to ethical rules ‎and principles while doing business in the country.

Speaking at the unveiling of the Nigerian Code of Corporate Governance in Abuja on Tuesday, Vice President, Yemi Osinbajo said ‎the code will rebuild public trust and promote investors confidence thereby improving Nigeria’s investment opportunities.

“The Code has been long awaited and it is my hope that it will play a unique role in enthroning ‎higher standards of Corporate governance and ethical practices in our business environment, helping to rebuild public trust and investors confidence in the Nigerian economy.”

According to him, “the implementation of Nigerian Code of Corporate Governance 2018 is worthwhile and will promote corporate success and economic growth, lower cost of capital and help to minimize wastage, ‎corruption, and mismanagement.

“I, therefore, encourage companies, regulators and the media here present, to be publicity agents in spreading the news ‎of the release of the Code and the imperative of its implementation,” he urged.

In his opening remarks, the Minister of Industry, Trade and Investment, Okechukwu Enelamah stated that “Corporate Governance defines the quality of our market. Good governance instils investors confidence and instigates rapid growth in corporate markets.

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‎”The investment decisions taken by the local and international markets, foreign investors assess the companies using numerous factors such as sustainable track record and use of Corporate Governance principles. Hence, Nigerian Companies need to adhere to good Corporate Governance practices and standards to gain competitive edge required to survive in competitive and dynamic markets.”

Enelamah stated further that, “good governance standards are essential to ensure transparency of capital markets, protection of minority shareholder rights, as well as to attract and retain Foreign Direct Investment (FDIs).”

He also called on all Nigerians to support the implementation of the Code. “I believe it is the joint responsibility of all economic participants, not just regulators, to promote and enforce good Corporate Governance practices in order to reap the maximum benefits of Corporate Governance Codes and systems, it should be a practice embraced by all, as an avenue for value creation and sustainability.”

‎Also speaking, the Executive Secretary of the Financial Reporting Council (FRC), Mr Daniel Asapokhal explained that the Code was meant to promote high standards which will improve the quality of services that both the public and the private sector will render into he economy.

“The Code will promote these standards both for the public and the private sector,” which according to him will be guidelines for principles of engagement in doing business in the country.