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NCC, FRC to strengthen Codes of Corporate Governance
« on: 02:09 PM, Apr 20, 2019. »



NCC, FRC to strengthen Codes of Corporate Governance

The Nigerian Communications Commission (NCC) and the Financial Reporting Council of Nigeria (FRCN) have agreed to harmonise conflicting areas in the Code of Corporate Governance for the Telecom Industry and the National Code of Corporate Governance. This, the two federal government agencies believe will strenghten processes to achieve seamless implementation of the two codes with […]


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The Nigerian Communications
Commission (NCC) and the Financial Reporting Council of Nigeria (FRCN) have agreed
to harmonise conflicting areas in the Code of Corporate Governance for the
Telecom Industry and the National Code of Corporate Governance.





This, the two federal government agencies
believe will strenghten processes to achieve seamless implementation of the two
codes with respect to enforcement, monitoring, stakeholder enlightenment, and
unforeseen exigencies that may arise in the course of time.





At a meeting held at the NCC Head
Office in Abuja, Sunday Dare, NCC’s Executive Commissioner, Stateholder
Management, stated that the NCC issued the code of corporate governance for the
telecom sector because of its significance in ensuring transparency.





Dare, who represented the NCC’s
Chief Executive, Prof. Umar Danbatta at the meeting, also noted that the Code
of Corporate Governance will ensure accountability and ethical practices that
will bolster growth and sustainable development of the telecom industry.





Meanwhile, the Executive Secretary
and Chief Executive of FRCN, Daniel Asapokhai, who led the Council’s delegation
to NCC, reasoned that collaboration was key to ensuring robust implementation
of the codes of governance across sectors.





He affirmed that the national code
in the purview of FRCN should serve as a framework for other sectoral
guidelines in this regard.





The NCC had in 2014 released a code
of corporate governance for the telecom sector after consulting with industry
stakeholders. The code which had a moral force, became mandatory in 2016 after
further review and engagement with licensees in the telecom ecosystem, and the
Code has been operational since then. Accordingly, this collaborative effort
between NCC and FRCN became necessary because the latter launched the national
code for corporate governance in 2018 to serve as a template for national
action in this regard. It is therefore gratifying that the two organisations
have agreed to harmonise the divergences that may exist and on other related
matters.


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Source: NCC, FRC to strengthen Codes of Corporate Governance,Here On Furious Forum