The Nigerian Financial Reporting Council (FRC) has published the draft of the Nigerian Code of Corporate Governance (NCCG) 2018, that will replace previous National Code that was suspended in October 2016.
The new code covers all public companies, private companies that are holding companies of public companies, concessioned and/or privatised companies, as well as regulated private companies whose files return to any other regulatory authority other than the Federal Inland Revenue Services and the Corporate Affairs Commission. The not-for-profit sector is not covered by the code and remains suspended.
The draft code contains 28 principles and aims to standardise the practice of good corporate governance and encourage voluntary compliance across the Nigerian market.
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