Vice President Yemi Osinbajo has said that the Federal Government will continue to strengthen the regulatory framework for good corporate governance, to promote the nation’s competitiveness.
Osinbajo stated this at the Corporate Governance Rating System (CGRS) certification ceremony organised by the Nigerian Stock Exchange (NSE) and Convention on Business Integrity (CBi) on Thursday night in Lagos.
The vice president was represented by Mr Chiedu Osakwe, Chief Negotiator, Nigerian Office for Trade Negotiations (NOTN).
Osinbajo said government would strengthen regulatory framework through its regulatory agencies such as the Securities and Exchange Commission, the Financial Reporting Council and the Central Bank of Nigeria, among others to achieve competitiveness.
He said that work at both public and private sectors should converge as good corporate governance to promote Nigeria competitiveness.
Osinbajo said that the government had introduced initiatives such as Voluntary Assets and Income Declaration Scheme and Treasury Single Account to improve revenue and block leakages.
According to him, government will continue to pursue policies that will ensure macroeconomic stability to attract local and foreign investors.
He said that government would continue to promote private sector partnership to achieve the goals stipulated in the Economic Recovery and Growth Plan (ERGP).
He said that achievements and growth recorded by the present government were due to its partnership with the private sector.
“Government is committed to fighting corruption, re-branding Nigeria to boost investor confidence.’’
Osinbajo said that good governance was an institutional framework that would promote growth and transparency in any organisation or country.
He, however, commended the exchange for the feat aimed at promoting transparency among quoted companies and their managers.
35 companies and 437 directors that made over 70 per cent threshold for CGRS process were honored.
The companies were awarded the CGRS certification, while the directors were awarded certificates for success in the Fiduciary Awareness Certification Test (FACT), which was a key component of the CGRS.
Also, Mr Soji Apampa, Co-founder and Chief Executive Officer, CBi, said “this is a triumph for collective action in the fight against corruption and unethical practices’’.
Apampa congratulated the companies and directors honoured and urged them not to relent in their efforts to sustain the high level of corporate governance that brought them thus far.
“Today’s celebration is not a destination but a continuous process that should be consistently maintained and further improved upon.
“I encourage other listed companies still on this evolutionary process to keep at it and conclude the process during this new review period which is now open,” he said.
Another highlight of the event was the launch of the Corporate Governance Index of the NSE.
The Index would track the performance of the 35 CGRS rated companies, using their market capitalisation, free float and corporate governance rating scores.
The Index would be reviewed on a bi-annual basis at which point other companies that have become CGRS rated in the interim may be added to the Index or companies that have had their ratings suspended or withdrawn may be removed.
The Index was expected to be an important tool for investors, keen on investing in well governed companies as well as corporates eager to distinguish themselves on the ground of governance.
On the newly introduced Index, Mr Oscar Onyema, NSE Chief Executive Officer, said that the launch of the CG Index was an important milestone to strengthen listed companies by tracking their corporate governance practices.
Onyema said that the index would increase transparency in the market and provide investors additional data points upon which to make sound decisions.
