Cbn Issues Own Exposure Draft On Corporate Governance

BEVERLY HILLS, March 20, (THEWILL) – The Central Bank of Nigeria (CBN), has issued its own exposure draft on the national code of corporate governance by the Financial Reporting Council of Nigeria (FRCN).

The FRCN had on December 29, 2015 released the drafts on the national code of corporate governance for private, public sectors as well as not-for profit organisations for inputs Following its public hearing held on June 30, 2015.

However, the Apex bank said most of its inputs/observations, which are critical to the smooth operations of the banking industry, submitted during the FRCN public hearing, were not considered in the released draft.

According to a circular signed by Kevin Amugo, Director, Financial Policy and Regulation department, CBN, the bank said it also revealed some significant contributions from a number of banks and financial institutions on the private sector code were not also considered.

“We advise on the need to ensure that relevant inputs that would enhance the status of the codes as well as facilitate efficient and effective operation of the financial are factored in by FRCN before the codes are finalised,” the circular read.

“Accordingly, we invite you to forward your inputs and or concerns on national corporate governance codes to the director, financial policy and regulation department by March 29, 2016, to enable us articulate a common position for the banking industry and to engage with the FRCN in respect thereof.”

Story by David Oputah