Are companies complying with the issue of best practices of corporate governance?
I would not like to make a general statement about that. Some companies are complying, while others are not. What needs to be done on the issue of corporate governance, is that all the regulators should come together in order to have uniform code of corporate governance. I’m aware the CBN has its own codes of corporate governance. The Securities and Exchange Commission (SEC) has its own, so also other regulators. That cannot augur well for the economy. There is a law pending in the National Assembly now. They call it Financial Reporting Council Law. The law intends to bring everything about corporate governance and financial reporting under one umbrella. When this happens, we are going to have a set of codes of corporate governance. This is going to be under the supervision of one organisation. That is what we need at this moment. All the regulators must speak with one voice. All the regulators must have one set of codes of corporate governance. There should not be different codes for
