To help the media propagate and better understand the Nigerian Code of Corporate Governance, NCCG2018, the Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, has empowered journalists with a training programme on corporate governance reportage, from media perspective.

According to ICSAN Chairperson, Publicity and Advocacy Committee, Lynda Onefeli, the one-day training is to enable the media understand better the Nigerian Code of Corporate Governance, saying the media is key in spurring the interest of both private and public institutions in the area of corporate governance.

Onefeli said the Refresher Training was for a section of the media to further sharpen their skills with focus on Understanding the Nigerian Code of Corporate Governance 2018 from media perspective.

She said the training was critical and important for the media because they are one of their most critical partners and also as the ‘fourth estate of the realm’, plays a very important function in the society as relates to keeping all government organs, agencies and businesses on their toes to ensure adherence to corporate governance and global best practices.

In her presentation on overview of Nigerian Code of Governance, NCCG 2018, Principal Partner at Olive Chambers, Ezinne Njoku-Obi said the Code derives its authority from sections 11c and 51c of the Financial Reporting Council of Nigeria, FRCN and it is aimed at establishing best practices in corporate governance in Nigeria so as to restore confidence in the Nigerian economy and build an atmosphere for viable and sustainable business operations.

Njoku-Obi said the core principle of the code bears on how to make those in the management of the companies more accountable, responsible and sensitive to the interest of shareholders, creditors and members of the public, saying the NCCG 2018 Code is ostensibly different from the 2016 version in that it prescribes that companies should adopt the ‘’Apply and Explain’’ principles as against the more forceful ‘’comply or else’’ stance of the of the latter.

According to her, the Apply and Explain approach assumes that all principles have been applied and, therefore, requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code”

In her word, the NCCG has six key governance pillars which include board of director and officers of the board; Assurance; and relationship with shareholders. Others are business conducts and ethics; sustainability and transparency, saying Principle 26 of the NCCG requires companies to pay adequate attention to sustainability issues, including environmental, social, occupational, community health and safety hazards.

Njoku-Obi noted that there are 28 principles and each has practices recommended for their implementation. However, expected outcomes when followed through, should enhance business integrity; rebuild public trust and confidence; facilitate trade and investment while also driving business sustainability.

She said for effectiveness, the FRCN has the mandate to monitor the implementation of the Code and is empowered to issue guidelines towards the implementation by the sectoral regulators.

Delivering his presentation on “Fundamentals and Ethics of reporting corporate governance”, Dr. Fassy Yssuf, noted that it is the function of the media to convey information to the people with a view to letting them know how good corporate governance is being executed by organisation generally, especially by those covered under the Nigerian Code of Corporate Governance.

Yusuf, President VDG International Limited, stressed the importance of the media in advancing good corporate governance principles, being purveyors of news and such issues, urging the media to assist in the articulation and pursuit of good corporate governance interest, to help strengthen the economic and social fabrics of the society.

He said this could be achieved by the provision of informed criticism, viable alternatives on corporate governance matters and monitoring the performance of organisations on compliance.

According to him, the media should also monitor the performance of companies/organisations with a view to preventing their deviation from clearly stated guidelines provided by the FRCN; they should also provide informed criticisms and viable alternatives on corporate governance matters and help strengthen the economic and social fabrics of the society while working harmoniously with ICSAN for the delivery of strategic and tactical good corporate services to the nation.

Yusuf also submitted that Journalists must provide a forum for cross fertilisation of ideas on CG; strive to make significant stories in corporate governance interesting and relevant and keep CG news comprehensive and proportional.

He also advised that the media men must recognise citizens rights and responsibilities in CG news gathering and dissemination.