The Nigerian Communications Commission and the Financial Reporting Council of Nigeria have collaborated to strengthen the level of compliance by operators in the Nigerian telecommunications sector to the national and sectoral corporate codes of governance.
The agreement was reached during a courtesy visit by the Management and Board of FRC to the Commission in Abuja on Thursday.
According to a statement issued by the NCC, the Executive Commissioner, Stakeholder Management at the commission, Mr Sunday Dare, who received the FRC team, said the commission was ready to provide its full support and collaboration by working together to entrench the best corporate governance practices in all sectors of the Nigerian economy.
According to him, this is the reason the NCC issued the Code of Corporate Governance for the telecoms industry in 2014 and made it mandatory for its larger licensees in 2016.
The FRC Code, however, takes effect from January 2020.
Dare explained that regulatory certainty and predictability were very critical for the telecoms industry and, therefore, required continuous and harmonious engagements between the two organisations to address grey areas.
He also informed the FRC delegation that since the compliance with the NCC Code became mandatory, the level of corporate governance compliance among affected telecoms licensees had also increased.
He said, “While we have the national code, having sectoral code is also recognised; we only need to work harmoniously to ensure we collectively achieve our objective of ensuring that more Nigerian businesses survive by making them more resilient through corporate governance codes and ultimately ensure that we make our economy more attractive to investors; as such, we need to collaborate more as organisations.”