As part of efforts to achieve the $1 trillion economy for Nigeria, the Financial Reporting Council (FRC), the Ministry of Finance Incorporated (MOFI) and the Institute of Directors Center for Corporate Governance have issued the exposure draft of the code of corporate governance guidelines for the public sector.
Executive Secretary/Chief Executive of the FRC, Rabiu Olowo, and the Chief Executive of MOFI, Armstrong Takang, made this known at a press briefing on the upcoming National Corporate Governance Summit held in Lagos, yesterday.
Speaking at the briefing, the convener of the summit, Institute of Directors Center for Corporate Governance, U.K Eke, noted that the importance of imbibing corporate governance in both public and private institutions remains a catalyst to achieving the $1 trillion economy.
“For us we are looking at an issue of a $1 trillion and one of those things that will enable it is the right corporate governance. As we begin to entrench the right corporate governance, then we’re going to have enhance shareholder value because it has been proven, that has a direct positive connotation, between corporate governance and corporate performance,” Eke said.
“If you look at corporate failures, whereas on account of technical insolvency, you have to put corporate governance at the center to understand why the business crashed.”
