Tony John, Port Harcourt
The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture ( PHCCIMA ), has endorsed the Nigerian Code of Corporate Governance, (NCCG), for its importance business and business promotion.
President of PHCCIMA, Dr. Emi Mebere-Otaji, spoke in Port Harcourt, Rivers State, saying that the NCCG would promote ease of doing business and increase employment in the country.
Mebere-Otaji noted that, with the code, people would do things right and in turn, raise the survival rates of businesses, commending the Financial Reporting Council (FRC) for sensitizing members of the public on its usefulness.
Members-Otaji said, “When there is good corporate governance, companies, business operators will do things right and when this is done, the survival rates of businesses would be higher and that will in turn, increase employment and boost the nation’s economy”.
He advised companies, both big, medium and small enterprises, to embrace the code.
Speaking also, the Executive Secretary of FRC, Daniel Asapokhai, said the code would attract local and foreign investments and enhance the integrity of the Nigerian capital market, by entrenching a culture of disclosure, transparency and accountability.
According to the FRC boss, the NCCG 2018 , was developed based on a comprehensive review of the suspended 2016 Code of Corporate Governance by a 15-man technical committee and extensive consultative and collaborative engagement, with a wide range of stakeholders and other regulators.
He said, the NCCG 2018, would apply to all public companies, whether listed or not ,all private companies and other regulated entities , concessioned and privatised companies ,as well as regulated private companies.
Speaking further, Asapokhai disclosed that after the public hearing, the code would be moved into committee level and thereafter, the FRC would engage the government on it to reach final position before the code is released to the public.
According to him, the new code was designed with good incentive. He said: “Companies and organizations that applied the code better would succeed and have better grounds in business, while the ones that do not implement it well, will suffer a market reaction”.