33 COMPANIES CROSS NIGERIAN STOCK EXCHANGE GOVERNANCE HURDLE.

A total of 33 publicly quoted companies and 435 directors have met Nigerian stock exchange corporate governance rating system (CGRS) launched in 2014 after being introduced in 2012.

According formal announcement today by the Steering board of the CGRS, celebration and presentation of the award certificates to the winners will come up next month and it promises to have two men as star participants; Kola Jamodu and Aliko Dangote.

Of the 33 companies, 25 crossed the finish line of 70% and above score this month while seven made it since 2014.

Of the 25 new comers, Kola Jamodu is the chairman of the board of directors of two: PZ Cussons and Nigerian Breweries. He has been identified with PZ Cussons for a very long time.

Aliko Dangote, on the other hand, piloted top capitalised Dangote Cement through the finish line in 2014 and added Dangote Sugar refinery to the list this month.

However, there were very many veteran board members and men who made names for themselves from years of working first as employees and later as directors in the same companies they crossed the finish line with or in other sectors of the economy before this star achievement.

In this category are veterans like Felix Ohiwerei whose e Tranzact International PLC made the list of 25; Mohammed Koguna as chair of finish line Red star Express; Aigboje AigImoukhede finishing with Wapic Insurance; Fadayomi Eniola now as chair of African Prudential PLC, Michael Ade OJO now of Custodian & Allied Insurance, John Coumantaros ever of Flour Mills of Nigeria, Ajibola Ogunshola now chair of Continental Reinsurance and Babatunde Savage of Guinness Nigeria.

Others in the same category were Jim Ovia with his baby: Zenith International bank that made the list since 2014; Tony Elumelu, who owned the small fish that swallowed bigger UBA years ago and has been known with it since then; Chris Ogbechie who crossed the finish line piloting Diamond bank; Basil Omiyi now chair of Stanbic IBTC; Otega Emerhor as chair of Transcorp Hotels and Femi Otedola as chair of Forte Oil who almost for a time, looked he bit more than he could chew buying into the company.

Of course, other major companies made the list piloted by the board chair who old school Henates may not be in a position to hold light on their track record. These are well known companies like Access Bank; FBN Holdings; GlaxoSmithKline;  Nigerian Aviation Handling Company; NEM Insurance; Sterling bank; Wema bank, Cornerstone Insurance and of course GTB.

For some of the companies making it can be said to be part of inheritance from being part of an international group: for example La FARGE Africa; Unilever Nigeria and AXA Mansard Insurance from their group image, couldn't have settled for less.

According to the CGRS steering board, 87 other publicly quoted companies are at various stages of the certification process.

In the words of the chairman of the steering board, Ms Tinuade Awe of NSE, promoting common standards and ratings is to avoid 2000 and 2010 difficult years for business internationally  resulting from "major corporate failures due to corruption and poor corporate governance".

The Nigerian rating is carried out in three stages: independently verified self accessment by companies; certification of directors awareness of their fiduciary duties; and corporate integrity assessment through assessment by internal and external stakeholders.

Currently the steering board, apart from Ms Awe, has SEC's Ms Olubukanla Rufai; Mr Wole Famurewa of CNBC Africa; Ms Vivien Shobo of Augusto & co; Mr Soji Apampa, CEO Convention of Business integrity and Ms Cynthia Akpomudiare as members.

Comments

  1. Oluwasegun Emmanuel Ojo23 January 2018 at 04:12

    This is quite a good news.
    It looks like 2018 is gonna a great year for NSE

    ReplyDelete
  2. HENATES23 January 2018 at 13:54

    Yea, the more companies that imbibe true corporate governance principles, the better for the market and indeed, the Nigerian economy.

    ReplyDelete

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