Executive Vice Chairman, NCC, Eugene Juwah
A corporate governance code that will forfend the over $25bn worth of assets in the telecommunications sector has been unveiled by the Nigerian Communications Commission.
At the formal unveiling in Lagos on Thursday, the NCC noted that the code was a product of consultations among stakeholders, dating back to April 2012.
The commission verbalized stakeholders had concurred that the absence of a prevalent code binding on all telecommunications operators was obstructing the magnification of the sector.
It, therefore, noted that the code would put something incipient in the sector and would contribute to the nation’s rebased Gross Domestic Product.
The Executive Vice Chairman, NCC, Dr. Eugene Juwah, verbally expressed the telecommunications sector was of strategic and high impact consequentiality to the economy at a macro level, and had considerable reach at the micro level.
This, Juwah pointed out, was composed of a wide range of operators with diversity in size, scope of operations, asymmetry qualifications, licit and regulatory requisites, capital market activities as well as local and cross-border relationships.
“The amalgamated factors of the strategic consequentiality of telecommunications and the unprecedented magnification of the sector (over 130 million mobile subscribers), with extensive reach across all convivial and demographic groups in the Nigerian economy, makes it imperative that operators in this critical sector must uphold a code of corporate governance, which is concrete to their industry,” he integrated.
The NCC boss explicated that the corporate governance principles of accountability, responsibility, transparency, integrity and ethical conduct, among others, were consequential for all types of companies operating in the telecommunications industry.
The requisite for good corporate governance, according to him, does not wane because of the size or type of business affiliations.
“Shareholders and other stakeholders are now placing higher demand on companies to demonstrate these principles. Thus, the NCC is resolute to promote corporate governance for the telecommunications industry,” Juwah verbally expressed.
The Minister of Communications Technology, Mrs. Omobola Johnson, verbally expressed that the main challenge for corporate governance was to engender a system that would hold decision makers accountable, while according opportune deference to their positions in the companies.
Represented by a director in the ministry, Mr. John Ayodele, the minister verbally expressed the key considerations for a prosperous corporate governance regime typically would consist elements of voluntary commitments and good business practices by the regulated entities.
