Regulatory Alerts2016-03-18 | FPR/DIR/CIR/GEN/01/006Exposure Draft of the National Code of Corporate Governance issued by the Financial Reporting Council of Nigeria (FRCN)
The Central Bank of Nigeria is circulating a letter to banks and development banks regarding the Financial Reporting Council of Nigeria's (FRCN) draft National Code of Corporate Governance. The CBN notes that many of its critical inputs and observations, as well as those of other financial institutions, were not considered in the released drafts. They are advising banks to submit their inputs and concerns to the CBN's Financial Policy and Regulations Department by March 29, 2016, to help articulate a common position for the banking industry.
CENTRAL BANK OF NIGERIA Financial Policy & Regulation Department Central Business District P.M.B. 0187 Garki, Abuja. Tel 09-462-37401 fprd@cbn.gov.ng FPR/DIR/CIR/GEN/01/006 March 18, 2016 LETTER TO ALL BANKS AND DEVELOPMENT BANKS EXPOSURE DRAFT OF THE NATIONAL CODE OF CORPORATE GOVERNANCE ISSUED BY THE FINANCIAL REPORTING COUNCIL OF NIGERIA (FRCN) The Financial Reporting Council of Nigeria (FRCN), following the public hearing it held on June 30, 2015, released drafts on the National Code of Corporate Governance, for Private, Public Sectors as well as Not-for Profit Organizations, on December 29, 2015.
The Central Bank of Nigeria noted that most of its inputs/observations, submitted during the public hearing, which it considered critical to the smooth operation of the banking industry were not considered in the released drafts. The CBN also observed that other significant contributions from a number of banks and other financial institutions on the private sector code were not also considered.
We advise on the need to ensure that relevant inputs that would enhance the status of the codes as well as facilitate the efficient and effective operation of the financial system are factored-in by the FRCN before the codes are finalised.
Accordingly, we invite you to forward your inputs and/or concerns on the National Corporate Governance Codes to the Director, Financial Policy and Regulations Department by March 29, 2016 to enable us articulate a common position for the banking industry and to engage with the FRCN in respect thereof. Soft copies of your presentations may be mailed to jsonojah@cbn.gov.nq KEVIN N. AMUGO DIRECTOR, FINANCIAL POLICY ND REGULATION DEPARTMENT