On 15th January 2019, Vice President, Yemi Osibanjo of Nigeria launched the new Nigerian Corporate Governance Code 2018. The previous code had been suspended as a result of significant negative reactions from key stakeholders within the country. The Financial Reporting Council of Nigeria has for the last two years been involved in extensive consultation and engagement with stakeholders and many public hearings in the six geo-political zones of the country.
The new corporate governance code attempts to standardise and harmonise corporate governance practices in different sectors of the economy that already have sectoral codes that include:
1. The Code of Corporate Governance for the Telecommunication Industry 2016, issued by the Nigerian Communications Commission;
2. The Code of Corporate Governance for Banks and Discount Houses in Nigeria 2014 issued by the Central Bank of Nigeria;
3. The Code of Corporate Governance for Public Companies in Nigeria 2011 issued by the Securities and Exchange Commission;
4. The Code of Good Corporate Governance for Insurance Industry in Nigeria 2009 issued by the National Insurance Commission; and
5. The Code of Corporate Governance for Licensed Pension Fund Operators 2008 issued by the National Pension Commission.
The Code can be downloaded by visiting the Financial Reporting Council of Nigeria website.