Chukwudi Akasike, Port Harcourt
The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture has said that the Nigerian Code of Corporate Governance will enhance the ease of doing business in the country.
PHCCIMA President, Dr. Emi Mebere-Otaji, explained that the survival rate of businesses in Nigeria would be higher when companies and entrepreneurs embraced good corporate governance.
Mebere-Otaji, who spoke during the South-South public hearing on Exposure Draft of the Nigerian Code of Corporate Governance organised by the Financial Reporting Council of Nigeria in Port Harcourt, expressed the need for firms operating in Nigeria to embrace the code.
He pointed out that apart from promoting the ease of doing business, the country’s code of corporate governance would encourage employment.
Mebere-Otaji lauded the Financial Reporting Council for sensitising members of the public on the usefulness of the code.
“When there is good corporate governance, companies, business operators will do things right and when this is done, the survival rates of businesses would be higher and that will in turn, increase employment and boost the nation’s economy,” he said.
Similarly, the Executive Secretary of FRC, Mr. Daniel Asapokhai, told participants at the public hearing that the country’s code of corporate governance would attract local and foreign investments and also boost the integrity of the Nigerian capital market through the establishment of a culture of transparency.
Asapokhai explained that the NCCG 2018 came into existence through a comprehensive review of the suspended 2016 Code of Corporate Governance by a 15-man technical committee.
He added that there was an extensive consultative and collaborative engagement with stakeholders before the code was put together.
Asapokhai stated that the code would move into committee level after the public hearing and added that the council would engage the government on it before it would be released to the public.
Explaining that the code was designed for good incentives, he added, “Companies and organisations that applied the code better will succeed and have better grounds in business, while the ones that do not implement it well will suffer a market reaction.”
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