SEC Code of Corporate Governance for Public Companies in Nigeria
The Board of SEC believes that the Code of Corporate Governance will ensure the highest standards of transparency, accountability and good corporate governance, without unduly inhibiting enterprise and innovation.
It is generally agreed that weak corporate governance has been responsible for some recent corporate failures in Nigeria. In order to improve corporate governance, the Securities and Exchange Commission ("SEC") in September 2008 inaugurated a National Committee for the review of the 2003 Code of Corporate Governance for Public Companies in Nigeria to address its weakness and to improve the mechanism for enforceability. In particular, the Committee was given the mandate to identify weaknesses in and constraints to good Corporate Governance, and to examine and recommend ways of effecting greater compliance and to advice on other issues that are relevant to promoting good Corporate Governance practices by public companies in Nigeria, and for aligning the code with international best practices.