By Segun Awofadeji in Gombe
The Gombe State Governor, Alhaji Ibrahim Hassan Dankwambo, has commended the Financial Reporting Council of Nigeria (FRCN) for its commitment towards promoting high standard of corporate governance with a view to encouraging and increasing trade and investment in the country.
Governor Dankwambo, represented by the state Commissioner for Economic Planning, Alhaji Danladi Pantami, made the commendation at the one-day North-east public hearing/sensitisation campaign on Nigerian Code of Corporate Governance organised by FRCN held at Maidugu Hotel, Gombe Tuesday.
The governor, who said the step taken by FRCN was indeed a demonstration of federal government’s commitment towards ensuring effective corporate governance for the socio-economic development of the nation, stressed that the council was key to stimulating corporate governance in the Nigerian corporate world.
According to him, “In the contemporary world, good corporate governance practice is not only a prerequisite for facing intense competition for sustainable growth in the emerging global market scenario but also an embodiment of parameter of fairness, accountability, disclosures and transparency to maximise value for the stakeholders.”
He expressed optimism that the public hearing/sensitisation being carried out across the nation by FRCN would without doubt promote collaborative efforts and an effective consultative process for the review and reintroduction of the anticipated national code of corporate governance.
In his presentation, the Executive Secretary/CEO, FRCN, Mr. Daniel Asapokhai, 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.
He said: “It is our belief that this code will promote ease of doing business, attract local and foreign investments and enhance the integrity of the Nigerian capital market by entrenching a culture of disclosure, transparency and accountability. In addition, this code will raise public awareness of good corporate governance practices.”
He noted 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 consultative and collaborative engagement of the stakeholders for proper regulation of the system.
Asapokhai said that it is applied to all public and private companies whether listed or not, that are holding public financial trust.
He said: “The public hearing on the proposed code for the six 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,” adding that: “That is a culture that should be maintained by holders of public trust to boost the economy.”
The executive secretary also explained that 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.