NCC, FRC To Harmonise Codes Of Corporate Governance

                            

The Nigerian Communications Commission (NCC) and the Financial Reporting Council of Nigeria (FRC) have agreed to strengthen the level of compliance by telecom’s operators to national and sector’s corporate codes of governance. The executive vice chairman of NCC, Prof. Umar Danbatta made this known when members of the management and board of FRC visited the commission in Abuja, saying the NCC was ready to provide full support and collaboration by working together to entrench best corporate governance practice in all sectors of the Nigerian economy. Danbatta who was represented by the commission’s executive commissioner, stakeholder management, Sunday Dare, restated NCC’s belief in sound corporate governance, which he said, was necessary for meaningful growth and economic development, particularly for the telecom sector. This is the reason, according to him, the NCC issued the code of corporate governance for the telecom industry in 2014 and made it mandatory for its larger licensees in 2016. The NCC boss pointed out that the FRC also launched the Nigerian Code of Corporate Governance in 2018 to achieve the same objectives as the NCC code on an economy-wide basis. The FRC code, however, takes effect from January 2020, he noted. He explained that while the two codes have the same primary objectives of enhancing corporate performance through adherence to best practice principles, it was natural that there would be areas of divergence, which he said the commission and FRC would work harmoniously together to address for the overall benefit of the country. Danbatta explained that regulatory certainty and predictability were very critical for the telecom industry and, therefore, required continuous and harmonious engagements between the two organisations to address grey areas. “It is, therefore, necessary that the NCC and FRC hold discussions such as this to harmonise positions and agree on key issues such as the seamless operation or 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,” he added.

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