By Oluwatoyin Ajadi
The Nigerian Exchange Limited (NGX) has launched the Corporate Governance Triangle, aimed at fostering good corporate governance in Nigeria for members of the business law community, directors and managers of businesses, shareholders, and other corporate stakeholders.
The Corporate governance Triangle is an initiative of the Corporate Governance and Compliance Committee, CGCC, of the Nigerian Bar Association Section on Business Law, NBASBL, the NGX, and the Institute of Directors, (IoD)
The Chief Executive Officer, of the Nigerian Exchange Limited, Mr. Timi Popoola while speaking on the launch which happened on the 22nd of March said it would serve as the foundation that creates transparency and establishes the trust required to keep the global financial system running.
Mr. Popoola, represented by Jude Chiemeka, Divisional Head, Capital Markets, Nigerian Exchange Limited, at the launch said, “As a securities exchange, we recognize our unique role in fostering the growth of long-term sustainable capital by positively influencing our key stakeholders to adopt sustainable business practices, including best practice corporate governance. Sound corporate governance ultimately brings about greater transparency and trust in the Nigerian capital market and positions the market on a strong pedestal as a leading capital market in the region”.
In a keynote to stakeholders, Chairman, NBA-SBL, Ayuli Jemide said the launch was important as key stakeholders in the corporate world: the CCGC, the NGX, and IoD are in a position to influence their members, share best practices and develop frameworks that will enhance corporate governance in Nigeria.
The Corporate governance triangle was initiated by the Corporate Governance and Compliance Committee which was set up to champion, increase awareness of and enhance corporate governance and compliance best practices across all industries in Nigeria.
The Corporate Governance and Compliance Committee of the NBA-SBL established in 2021, aims to develop the expertise, research, and comparative knowledge flowing from other jurisdictions to reform existing frontiers in the Nigerian corporate governance space.
The establishment of the Corporate Governance Triangle is in line with its role of advancing the corporate governance agenda.