Nigeria: new edition of the Corporate Governance Guidelines for Insurance and Reinsurance Companies

Earlier this year the National Insurance Commission published a new edition of its Corporate Governance Guidelines for Insurance and Reinsurance Companies: see here (pdf). 

Nigeria: launch of the national corporate governance code

The Financial Reporting Council has announced the unveiling (by His Excellency, Prof. Yemi Osinbajo, Vice President of the Federal Republic of Nigeria) of the new Nigerian Code of Corporate Governance. It is not yet clear, from the FRC's announcement and website, whether the unveiled Code is different from the version published last year for consultation (about which, see here).

Update (17 January 2019): a copy of the Code is available here.

Nigeria: Central Bank publishes six new codes for financial institutions

The Central Bank of Nigeria has published six new codes of governance for the following financial organisations - see (all in pdf): finance companies, development finance institutions, primary mortgage banks, mortgage refinance companies, microfinance banks and bureaux de change.  

Nigeria: FRC consultation on the Nigerian Code of Corporate Governance

The Financial Reporting Council has published for consultation a draft of the Nigerian Code of Corporate Governance: see here. The Code will operate on the basis of 'apply and explain' and replaces the Code published but subsequently withdrawn in 2017. The new Code contains 28 Principles, the application of which by companies is assumed, together with the practices recommended for implementing the Principles.

Nigeria: FRC Technical Committee formed to review suspended Codes

At about this time last year, a Federal Government directive suspended the new National Codes of Corporate Governance introduced by the Financial Reporting Council. Several days ago the FRC announced that a Technical Committee had been created to review the suspended Code with a view to making revisions and republished the Codes: see here.

Nigeria: suspension of the national code of corporate governance

Last October the Financial Reporting Council published the new National Code of Corporate Governance, consisting of three separate codes: one for the private sector; one for not-for-profit entities; and one for the public sector. The not-for-profit code proved controversial and the FRC has now confirmed that the Code has been suspended following a directive from the Federal Government; a new Executive Secretary/Chief Executive Office of the FRC has also been appointed: see here.

Nigeria: company law reform and the new national code of corporate governance

The Corporate Affairs Commission is proposing to repeal and replace the Companies and Allied Matters Act 1990, the Act that contains the core provisions of Nigeria's company law framework. The Act will be replaced by a new Act - the Companies and Allied Matters Act 2016 - a draft of which was published earlier this year (see here, pdf).

Also published in draft form earlier this year, and now released in final form, is the new National Code of Corporate Governance. Produced by the Financial Reporting Council, the National Code in fact contains three separate codes: one for the private sector; one for not-for-profit entities; and one for the public sector. The private sector code applies to all public companies whether listed or not and compliance with its provisions is mandatory. It took effect yesterday. The not-for-profit code operates on the basis of 'comply or justify non-compliance'. It also took effect yesterday. The public sector code has not yet come into force: it will do so once an executive directive has been secured from the Federal Government.

Nigeria: an update on the proposed National Code of Corporate Governance

In the spring last year the Financial Reporting Council published for comment a draft National Code of Corporate Governance: see here. The Code was divided into three parts: private sector, public sector and not for profit. A couple of weeks ago, the FRC published a revised draft of this Code, inviting comments by the end of January: see here.

Nigeria: National Code of Corporate Governance - draft published by Financial Reporting Council

Earlier this week the Financial Reporting Council published for comment a draft National Code of Corporate Governance: see here. The Code is divided into three parts: private sector, public sector and not for profit. A short press release about the new Code, with information on how to respond to the consultation, is available here.

Nigeria: Central Bank publishes revised edition of governance code for banks and discount houses

The Central Bank of Nigeria has published a revised edition of its corporate governance code for banks and discount houses in Nigeria: see here (pdf).

Nigeria: NCC draft code of governance for the telecommunications industry

The Nigerian Communications Commission has published a draft code of governance for the telecommunications industry: see here (pdf).

Nigeria: Steering Committee formed to develop national corporate governance code

The Federal Government has announced the creation of a steering committee to develop a national code of corporate governance. Further information is available on the recently launched The Corporate Prof blog: see here.

Nigeria: Central Bank consults on revised corporate governance code and whistle blowing guidelines

The Central Bank of Nigeria has published for consultation a revised draft of its corporate governance guidelines for banks in Nigeria: see here (pdf). Also included for consultation are draft guidelines for whistle blowing in the Nigerian banking industry.

Nigeria: new Code published by SEC

The Securities and Exchange Commission of Nigeria has published a new edition of its corporate governance code for public companies: see here (pdf). All public companies whose securities are listed on a recognised securities exchange are required to comply with the code's principles and provisions. Whilst compliance with the code is primarily a matter for the company's board and shareholders, the SEC is able to direct companies to take action where they do not comply.

Nigeria: code added to ECGI directory

The codes and principles directory maintained by the European Corporate Governance Institute has recently been updated to include a copy of the 2003 code of governance published by the Securities and Exchange Commission: see here (pdf).

The 2003 Code has recently been reviewed by the SEC and a draft code published. A copy of the draft code has not been published on the SEC's website (if it's there, I cannot find it) but an indication of some of the changes included in the draft edition was given in a speech earlier this year by the SEC's Director General: see here (pdf).

Nigeria: review of corporate governance code

The Nigerian Securities and Exchange Commission has announced the formation of a Technical Committee for the Review of the Code of Corporate Governance for Public Companies in Nigeria.  A review of capital market structure and processes is also being undertaken. Further information about both reviews and Committee membership is available here. The Committee reviewing corporate governance has invited comments - see here.