Nigeria’s corporate governance codes: The missing links

by Fola Alayande, for Business Day, January 18, 2010.

Though a laudable move, the revised SEC code on corporate governance still has to adequately address issues bordering on clarity, proper application and enforceability

Recently, on September 30 2009, the Securities and Exchange Commission (SEC) published its revised Code of Corporate Governance, “after consultations with other regulatory bodies”. The revised Code is the amended outcome of the SEC National Committee for the Review of the 2003 Code of Corporate Governance for Public Companies in Nigeria inaugurated in September 2008 to “address the weaknesses of the 2003 Code and to improve the mechanism for its enforceability.” Prior to date, Nigeria has had a fragmented approach to corporate governance which appeared to have informed the resolve by the Federal Government of Nigeria to harmonise existing Codes and provide clarity on the subject.

The Federal Government in 2009 through the Presidential Steering Committee on the Global Economic Crisis and the Financial Sector Regulatory Coordination Committee (FSRCC) had also ordered the harmonisation of the different codes of corporate governance in the financial sector to a common code. Recognising the need for a unified front to effectively monitor the practice of corporate governance in Nigeria, the FSRCC had already preceded the above mentioned efforts by setting up an inter-agency committee to review and harmonise the existing corporate governance codes in Nigeria’s financial sector…(continue reading)

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