CBN Releases Corporate Governance Code for Other Financial Institutions


Nume Ekeghe

In order to strengthen governance practices, the Central Bank of Nigeria (CBN) has developed distinct governance codes of corporate governance for Other Financial Institutions (OFIs) under its supervision.

These OFIs include primary mortgage institutions, microfinance banks, mortgage refinance companies, development finance institutions, bureau de change and finance companies.

The central bank also explained in draft guidelines for the OFIs on its website that the move was to ensure high ethical conducts and provide minimum acceptable governance standards.
It has also resolved to engage stakeholders on the guidelines before it is fully approved.