cgrsng November 19, 2018 No Comments

RE: Notice of Suspension of CGRS Rating of NEM Insurance Plc

Lagos, Nigeria (November19, 2018) –The attention of the Steering Board has been drawn to the pronouncement by the Securities and Exchange Commission (SEC), invalidating the 48th Annual General Meeting (AGM) of NEM Insurance Plc (NEM or the Company) and the resolutions reached at the meeting which held on 20 June 2018, at the Premier Hotel, Ibadan, Oyo State, on the basis that NEM Insurance failed to give the required twenty-one (21) days’ notice to its shareholders which is a  contravention of Section 217 and 220(1) of the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria (CAMA), and Clause 24 of the SEC Code of Corporate Governance for Public Companies, 2011 (Schedule X of the SEC Consolidated Rules, 2013).

Consequently, the SEC directed the Company to reconvene the 48th AGM of the Company, and give the requisite notice to all the shareholders in accordance with the provisions of CAMA and the SEC Code of Corporate Governance.

The Steering Board considers the above infraction of the CAMA and the SEC Code of Corporate Governance, a fundamental breach of the basis of the CGRS rating awarded to the Company on 22 February 2018, particularly with respect to the relationship with its stakeholders.

Further to the above, the Steering Board at its meeting of Friday, 9 November 2018 resolved that the CGRS rating of the Company be suspended with effect from Monday, 19 November 2018, pending when the Company reconvenes its 48th AGM, and gives the requisite notices to its shareholders as prescribed by CAMA, and as directed by the SEC. The CGRS rating of the Company will be restored when the Steering Board is satisfied that the Company has complied with all relevant directives and requirements of the rules and regulations, which led to the suspension.


CRGS Steering Board

cgrsng September 21, 2018 No Comments

RE: Capital Repatriation for MTN Nigeria Limited and CBN Fines

Lagos, Nigeria (September 11, 2018) – The attention of the Steering Board of the Corporate Governance Rating System (CGRS) has been drawn to the announcement from the Central Bank of Nigeria (CBN) on 28 August 2018, on the alleged illegal capital repatriation of circa $8.1billion for MTN Nigeria Limited, between 2007 and 2015 by four (4) Banks, including Stanbic IBTC Bank Plc, and Diamond Bank Plc and the subsequent fines imposed on the four (4) Banks. The Steering Board has also noted subsequent publications and articles in the media relating to this matter. Read more

cgrsng February 27, 2018 No Comments

The Convention on Business Integrity (CBI) and the Nigerian Stock Exchange (NSE) Honour Companies and Directors for Passing Corporate Governance Rating Assessment

  • 437 individuals and 35 companies honoured
  • Launches Corporate Governance Index

Lagos, February 22, 2018. The Convention on Business Integrity (CBi) and The Nigerian Stock Exchange (NSE or Exchange) held a certification ceremony for 35 companies and 437 directors that made it over the 70% threshold for the Corporate Governance Rating System (CGRS) process. The companies were awarded the CGRS certification while the directors were awarded certificates for success in the Fiduciary Awareness Certification Test (FACT), which is a key component of the CGRS. Read more

CGRS Ratings Result Press Release

33 Companies, 435 Directors pass CGRS Rating

LAGOS, 22nd January 2018. The Steering Board of the Corporate Governance Rating System (CGRS) is pleased to announce that 25 companies have successfully passed its rating test having scored the required pass mark of 70% whilst there are 87 others are at various stages of completion of the process.  These 25 successful companies join 8 companies that retained their rating from the CGRS pilot in 2014, bringing the total number of companies rated as of today to 33.  The board also congratulates the 435 directors who have passed their certification test. Presentation of awards and certificates to Chairs of companies and directors being celebrated will hold in February 2018 (event details to be announced later). Read more

cgrsng December 10, 2014 No Comments

NSE and CBi launch Nigeria’s Corporate Governance Rating System (CGRS)

A speaker at the launch of the corporate governance rating system by the Convention on Business Integrity and the Nigerian Stock Exchange on November 3 at Intercontinental Hotel, Lagos.

In a well-attended event with over 500 people, the Convention on Business Integrity and the Nigerian Stock Exchange launched the corporate governance rating system. (CGRS) on November 3 at Intercontinental Hotel, Lagos. At the event, CGRS, Nigeria’s flagship rating system was introduced to various market players including domestic and international investors, listed companies, international organizations and the general public. Read more

Corporate Governance in Nigeria is Evolving

By Soji Apampa, Co-founder of The Convention on Business Integrity – Nigeria

In a speech chronicling what went wrong in the Nigerian banking industry in 2009, former governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi said that “Governance malpractice within banks, unchecked at consolidation, became a way of life in large parts of the sector, enriching a few at the expense of many depositors and investors. Corporate governance in many banks failed because boards ignored these practices …” Have Nigerian companies ceased the practice of selecting board members mainly on political considerations such as an ability to influence government policy in favour of the company? Is Corporate Governance in Nigeria now ensuring true board effectiveness and independence? Have board selection criteria and system for board performance evaluation improved? Read more

Is there a Right Corporate Governance Framework for Nigeria?

In developing an appropriate corporate governance framework, should Nigeria copy international paradigms that may or may not fit our context? Should we borrow wholesale the rules-based or principles-based approaches to corporate governance or would we be better off developing our own unique response based on lessons from these international approaches? Read more

Are our Corporate Governance Standards High Enough?

By Soji Apampa

Corporate governance is at the heart of how businesses are run. According to the Organization for Economic Cooperative Development (OECD), “corporate governance involves a set of relationships between a company’s management, its boards, its shareholders and other stakeholders”.

Corporate governance, broadly speaking, includes board efficiency, transparency, reporting requirements, investor communications and sustainability. Read more