6 February 2019
Until recently, there has been no codified, generally applicable corporate governance regime in Nigeria. However, the void that the absence of a generally applicable national code created was to a certain degree mitigated by a few sector specific corporate governance codes issued by regulators to address the governance challenges in their sectors. Subsequently, in order to consolidate the corporate governance requirements of various sectors and establish a codified corporate governance regime applicable across board, the Financial Reporting Council of Nigeria(“FRCN”) released the National Code of Corporate Governance 2016 (the “NCCG”). Sadly, whatever governance relief the emergence of the NCCG brought was short-lived, as it was suspended due to controversies relating to its legality and impact on the ease of doing business drive of the Federal Government of Nigeria (“FGN”).