Code of Corporate Governance will minimise waste, corruption - Osinbajo says

Code of Corporate Governance will minimise waste, corruption - Osinbajo says

- Vice President Yemi Osinbajo says implementation of National Code of Corporate Governance will promote success and economic growth

- VP made this known at the code's unveiling, adding that it was big stride in Nigeria’s efforts to be a preferred investment destination

- VP also thanked captains of industry, heads of regulatory agencies and development partners for contributing to the process of developing the code

Vice President Yemi Osinbajo says implementation of National Code of Corporate Governance (NCCG) will promote success and economic growth, lower cost of capital and help to minimise the wastage and corruption.

Laolu Akande, the senior special assistant to the vice president on media and publicity, in a statement, said Osinbajo communicated this at the unveiling of Code of Corporate Governance on Tuesday, January 15 in Abuja.

Legit.ng gathers that Osinbajo commended the governing board of the Financial Reporting Council (FRC) and other stakeholders that contributed to the code.

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He also thanked captains of industry, heads of regulatory agencies, development partners and others that contributed to the process of developing the code.

He said: “We are all familiar with the journey that has culminated in today’s ceremony and I am pleased that we now have a widely accepted National Code of Corporate Governance ready for use.

“The code has been long awaited and I believe that it will satisfy our desire for higher standards of corporate governance and ethical practices in our business environment and help to rebuild public trust and investor confidence in the Nigerian economy.

“The implementation of the Nigerian Code of Corporate Governance 2018 is important and will promote corporate success and economic growth, lower cost of capital and perhaps, help to minimise the wastage and corruption.

Code of Corporate Governance will minimise waste, corruption —Osinbajo

Officials of Code of Corporate Governance with VP Yemi Osinbajo. Photo credit: Facebook, Aso Rock
Source: UGC

“I, therefore, encourage companies, regulators, the media, to be publicity agents in spreading the news of the release of the code and the imperatives of its implementation.

“To our business leaders here gathered, let me reiterate that the government very much looks forward to your enthusiastic implementation of the code and to your being corporate role models in this regard."

He expressed optimism that business leaders would find the principle-based approach and the constructs in the code helpful and consistent with the focus on making it easier to do business in Nigeria.

The vice president said that the event was big stride in Nigeria’s efforts to be a preferred investment destination.

Osinbajo said that the unveiling of the Nigerian Code of Corporate Governance was not just a symbolic presentation, but also a presentation of an internationally accepted best practice standards for business conduct in Nigeria.

He said that the benefits would be enjoyed by investors, the entities applying the code and Nigerian economy.

Code of Corporate Governance will minimise waste, corruption —Osinbajo

Officials of the Code of Corporate Governance unveiling the board with VP Yemi Osinbajo. Photo credit: Facebook, Aso Rock
Source: UGC

VP said: “Finally, as we promote and imbibe best practices in corporate governance, I am hopeful that given the constant flow of talents from the corporate world to the political space and vice versa, we would also be promoting and demonstrating high standards of governance in the political space over time.

“I hope and wish we could extend this code of corporate governance to political players; at least it might help a bit in stemming defections and counter defections.’'

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Meanwhile, Legit.ng previously reported that Vice President Yemi Osinbajo had demonstrated what many Nigerians would agree to be a rare display of humanity by visiting the poor in their abodes.

The VP was said to have made a surprise visit to the home of a poor Nigerian in Ilaro, Ogun state to listen to their plight.

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Source: Legit.ng

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