The Nigerian Communications Commission (NCC) and Financial Reporting Council of Nigeria (FRC) say they will partner to strengthen corporate governance compliance in the telecommunications sector.
Mr Sunday Dare, NCC’s Executive Commissioner, Stakeholder Management made this known in a statement in Thursday in Abuja.
Dare was speaking during a courtesy visit by the Management and Board of FRC to the commission in Abuja.
Dare recieved the FRC team on behalf of the Executive Vice Chairman of the Commission, Prof. Umar Danbatta
The commissioner said that the commission was ready to provide its full support by working with the council to entrench the best corporate governance practices in all sectors of the Nigerian economy.
He said that NCC believes that sound corporate governance was significant for meaningful growth and economic development.
“Particularly for an industry as dynamic and complicated as telecoms.
“This was why the NCC issued the Code of Corporate Governance for telecom industry in 2014 and made it mandatory for its larger licensees in 2016.”
He noted 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.
He said that the FRC Code, however, takes effect from January 2020.
Dare explained that while the two codes have the same primary objectives of enhancing corporate performance through adherence to best practice principles, it is natural that there would be areas of divergence.
He said that the commission and FRC can work together to address the issue for the overall benefit of the country.
