By Amaka Ifeakandu
Lagos
Financial Reporting Council of Nigeria has said that the adoption of a National Code of Corporate Governance (NCCG) was set to raise the standard of running entities in Nigeria. The Executive Secretary/Chief Executive Officer, Mr Obazee Jim who made the remark in Lagos at the final public hearing on the draft NCCG said that the federal government decision to adopt a code of corporate governance should be a welcome development.
He said that the steering committee on the NCCG has considered all the comments received before,during and after public hearing on June and July last year and the council has continued to engage in wide consultation with major stakeholders to ensure that the final code would be all embracing. Speaking further he said “As you are aware, Corporate governance failures have now been proven to be at the very heart of the financial mischiefs, accounting scandals, Corporate collapses and financial crisis all around the world.
This has led to interest in corporate governance growing at an exponential rate.” He said that improvements in corporate governance practice are being orchestrated at a global level, adding that international bodies such as the organisation for Economic Development (OECD) as do major jurisdictions are now enhancing their acceptable standard of corporate governance. He said it is a central and dynamic aspect of business, adding that the term ‘governance’ derives from latin “gubernare’ meaning ‘to steer’ implying that corporate governance involves the function of direction rather than control.
