Financial Reporting Council and National Code of Corporate Governance.

In accordance with Section 50 of the Financial Reporting Council of Nigeria Act, 2011, which among other things requires the Directorate of Corporate Governance of the Financial Reporting Council of Nigeria, to develop the principles and practices of Corporate Governance applicable in Nigeria, the Financial Reporting Council has released a National Code of Corporate Governance deemed to be effective from 17th October 2016. 

Details are as hereunder:

The Code of Corporate Governance for the Private Sector is mandatory.

The Code of Governance for Not-for-Profit entities is “Comply or Justify non-compliance”.
The Code of Governance for the Public Sector will not be applicable immediately until an executive directive is secured from the Federal Government of Nigeria. This is due to the fact that the enabling laws that set up most government establishments already carry some form of governance structure that will require an umbrella legislation to unify the different provisions of those laws to synchronise with this Code.

SOURCE: http://www.financialreportingcouncil.gov.ng/corporate-governance/ 

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