Vice President Yemi Osinbajo has disclosed that the implementation of Code of Corporate Governance will promote success and economic growth, lower cost of capital and help to minimize the wastage and corruption.
Senior Special Assistant to the President on Media and Publicity, Laolu Akande, Office of the Vice President, in a statement, said Osinbajo communicated this at the unveiling of Code of Corporate Governance on Tuesday in Abuja.
Osinbajo commended the governing board of the Financial Reporting Council (FRC) and other stakeholders that contributed to the code.
He also thanked captains of industry, heads of regulatory agencies, development partners and others that contributed to the process of developing the code.
“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.
“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 said.
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.
“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,” he said.