FRCN Stimulates Corporate Governance, Says Imo Deputy Gov

By Amby Uneze in Owerri

The Deputy Governor of Imo State, Prince Eze Madumere, has identified proper financial recording which is championed by the Financial Reporting Council of Nigeria (FRCN) as key to stimulate corporate governance in the Nigerian corporate world.

Madumere while declaring open the South-east zonal Public Hearing of Financial Reporting Council on Exposure Draft, Nigerian Code of Corporate Governance 2018 held in Owerri, said that it was lack of proper corporate governance practices that led to the recent global financial crisis across the world, adding that it was as a result of this that various countries of the world review or upgrade their corporate governance codes.

He maintained that corporate governance in many of the Nigerian public companies and institutions still remained relatively weak, thus rendering the organisations uncompetitive and therefore a handicap to the national economy.

In his remarks, the guest of honour, Mr. Paschal Dozie, noted the importance of FRC in corporate governance in the country, adding that without the private sector, no country makes progress in corporate governance.

The Financial Reporting Council of Nigeria, an agency established by the law guiding financial report council of the Nigerian Act No. 6, 2011 under Federal Ministry of industry, Trade and Investment has her mandate released and commenced to the nationwide public hearing on the new code to promote the ease of doing business in the country for the growth of the economy.

The programme was presented to promote and attract the local and foreign investment for the integrity of the Nigerian capital market by building a culture of disclosure, transparency and accountability.

In a keynote address presented by the Chief Executive Officer, Mr. Daniel Asapokhari of the Financial Reporting Council of Nigeria, he said the code was raised and prepared for public consumption and awareness for good corporate governance practices providing room for changing the national state of economy.

In his statement, he said that it is applied to all public and private companies whether listed or not, that are holding public financial trust.

He opined that the 2018 code was a comprehensive review report of the suspended 2016 code of corporate governance through a report presented by a technical committee with extensive consultation and collaboration engagement of the stakeholders for proper regulation of the system.

According to him, “The public hearing on the proposed code for the 6 geo political zones of the country is an arbiter for a standard approach on good financial management of the country to fight against fraud and misdemeanor in the system and propagate a better economy of the country.”

“And that is a culture that should be maintained by holders of public trust to boost the economy,” he said.

Related Articles