NCC, FRC seek to strengthen corporate governance in all sectors

The Nigerian Communications Commission (NCC) and the Financial Reporting Council of Nigeria (FRC) have resolved to strengthen the level of corporate governance compliance in all sectors of the Nigerian economy.

Speaking when he received the management of FRC at the commission office in Abuja, Sunday Dare, NCC’s executive commissioner, stakeholder management, said the collaboration between the two agencies will entrench the best corporate governance practices.

Dare said the NCC believes that sound corporate governance is important for meaningful growth and economic development in the industry.

He said this made the NCC issue the code of corporate governance for telecom industry in 2014 and made it mandatory for its larger licenses in 2016.

Dare said the FRC also launched the Nigerian code of corporate governance in 2018 to achieve broadly the same objectives as the NCC code on an economy-wide basis.

“It is our understanding that the National Code will exist simultaneously with sectoral Codes such as the NCC Code, which will now be described as ‘Guidelines’; where conflicts exist between the two Codes, the stricter provisions will apply; and the National Code by FRC gives flexibility for sector regulators such as the NCC to adapt Governance Principles to suit the peculiar needs of the sector,” he said.

“It is, therefore, necessary that NCC and FRC hold discussions such as this to harmonise positions and agree on key issues such as the seamless operation/ implementation of the Codes; issues of enforcement of the Codes; collaborations between the NCC and the FRC on governance issues generally with particular focus on monitoring, review and stakeholder enlightenment; as well as a process for dealing with other issues that may arise from time-to-time.”