PHCCIMA hinges business growth on good corporate governance
The Port Harcourt Chamber of Commerce, Industry, Mines and Agriculture (PHCCIMA), has endorsed the Nigerian Code of Corporate Governance (NCCG), saying it would promote ease of doing business and increase employment.The President of the Chamber, Dr. Emi Mebere-Otaji, said when there is good corporate governance, people would do things right which according to him, would in turn raise the survival rates of businesses.
The PHCCIMA President spoke during the public hearing on the exposure Draft, Nigerian Code of Corporate Governance organised by the Financial Reporting Council of Nigeria (FRC) recently in Port Harcourt, Rivers State.
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 “.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 Nigerian code of Corporate Governance 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.
The FRC Chief said the public hearing which had already been held in Imo and Rivers State respectively, would also take place in Gombe, Kano, Jos , Abuja and the South West geopolitical zone of the country.He said, after the public hearing, the Code would be moved into committee level and thereafter, the agency would engage the government on it to reach final position before the code is released to the public.
The FRC boss said, the new code is designed with good incentive, “the 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”