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VENTURES AFRICA – The Nigerian Stock Exchange (NSE) plans to ingrain Corporate Integrity into the fabric of listed companies through the establishment of a Corporate Governance Rating System, in collaboration with the Covention on Business Integrity (CBi).
The Nigerian bourse together with the Convention on Business Integrity (CBi) will be hosting a Breakfast Session on January 29, 2014 at the Stock Exchange building in Marina, Lagos.
The programme will bring together senior executives from listed companies across various industry sectors in Nigeria to further discuss Corporate Governance as one of the critical fundamentals for ensuring a healthy investment environment and maximizing investor returns for sustainable growth of the nation’s capital market.
“The Exchange has been pursuing a program that is really geared around sustainability as we want to encourage companies to do business in a sustainable manner,” said Mr. Haruna Jalo-Waziri, the Executive Director of Business Development at The NSE.
“The partnership with the CBi is to create a corporate governance rating system and based on that system, a ranking will be created and an index introduced for companies that meet certain thresholds within that ranking.”
The objectives are to raise overall corporate governance standards in the country, by providing companies with an incentive to develop global best practices. It will provide opportunities for companies to differentiate themselves in the market place, Jalo-Waziri added.
Speaking on the initiative, the Executive Director of CBi Mr Soji Apampa mentioned that according to a recent IFC report, good corporate governance ultimately increases a company’s access to capital.
Since the financial meltdown in 2008 that almost grounded Nigeria’s economy, the stock exchange is keen to avoid a repeat and has pinpointed corporate governance as a key component needed to shield the market from another collapse.
It will also provide necessary transparency and trust needed to attract local and international investments.