Plans are underway by the Society for Corporate Governance Nigeria (SCGN) in partnership with the Financial Reporting Council of Nigeria (FRC) to reward individuals and institutions that have complied with and promoted corporate governance practices in Nigeria.

The move, the bodies said, was to encourage adherence and compliance of good corporate governance practices by companies.
This was disclosed by the Chairman, Board of Directors, SCGN, Muhammad Ahmad, OON, in conjunction with the board members, who paid a courtesy visit to the FRC, recently.

The chairman said the purpose of the visit was to discuss possible collaboration of FRC with SCGN in granting the biennial awards to individuals and corporate institutions that have upheld the principles of good corporate governance and fostered the growth of good corporate governance practices in Nigeria.

He explained that considering the fact that the SCGN had worked with the FRC on laudable projects in the past, such as the development of the Nigerian Code of Corporate Governance (NCCG) 2018 and the survey on corporate governance in the agricultural sector, the collaboration would be laudable in upholding good corporate governance in Nigeria.

The Executive Secretary and Chief Executive Officer of FRC, Amb. Shuaibu Ahmed expressed the council’s readiness to work with the SCGN in the promotion of sound corporate governance practices across all spectrum of the society through capacity building.
He also commended SCGN on its efforts towards promoting corporate governance in Nigeria and lauded the society in areas of training, capacity building and advisory especially in the implementation of the Nigeria Code of Corporate Governance (NCCG).
He said that due to the success of the NCCG in the private sector, there was a need to push for a code for the public sector for good corporate governance in the country.

Accordingly, he urged the society and other bodies propagating good corporate governance practices to collaborate and organise a yearly corporate governance summit to bring together individuals and institutions that have upheld the principles of good corporate governance and fostered growth of good corporate governance practices in Nigeria.

By Gloria Nwafor for The Guardian Nigeria News