The Nigerian Communications Commission (NCC), has released a fresh code that would guide the Nigerian telecommunications industry on corporate governance.
The Executive Vice-Chairman, NCC, Dr. Eugene Juwah said that the code sought to foster good corporate governance practices in the Nigerian telecommunications industry.
According to him, it is now common knowledge that enthronement of good corporate governance standards and practices in organisations encourage corporate success and business sustainability.
Juwah explained that the commission conducted wide consultations to determine the best approach to adopt in addressing the issue of corporate governance in the sector.
“Thus the Nigerian Telecommunications Sector Corporate Governance Working Group (CGWG), with membership drawn from across the Nigerian telecommunications sector.
“It includes the NCC and Corporate Governance Consultants/ Experts that were inaugurated on Oct. 24, 2012 by Okechukwu Itanyi, our Executive Commissioner/Stakeholder Management.
“The CGWG developed this Code of Corporate Governance for the Telecommunications Industry,’’ he said.
Juwah said that the code was a voluntary code of leading practices aimed at regulating corporate behaviour and practices of companies within the industry.
He said that it was hoped that the code would promote good corporate governance practices in the industry.
Juwah said it was expected that the code would create a credible industry in which every stakeholder would have confidence, foster the growth and development of the industry, and the larger national economy.
“It is our sincere hope that this code will achieve the desired objectives and bring about positive changes in the corporate governance practices of the telecommunications industry,’’ Juwah said.