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Nigeria: 33 companies, 435 directors pass Corporate Governance Rating System Rating
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By Press Release
January 22, 2018 07:20:47am GMT      |      Views: 521
Nigerian Stock Exchange

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 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).

The CGRS was introduced into the Nigerian Capital Market in 2012 and launched in 2014 after it was successfully piloted with a number of volunteer companies, including those now listed on the Nigerian Stock Exchange’s Premium Board. The process comprises three segments: an independently verified, self-assessment by the company; a certification of director awareness of their fiduciary duties; and, a corporate integrity assessment where perceptions of actual company behaviour are sought from internal and external stakeholders. Combinations of the three segments with attendant weighted scores are collated and companies with a score of 70% and above will be accorded the CGRS certification mark celebrating the degree to which they have evolved the quality of their corporate governance.

According to the Chairman of the Steering Board and Executive Director, Regulation, NSE, Ms. Tinuade Awe, “the period between 2000 and 2010 were difficult years for business around the world, littered with major corporate failures due to corruption and poor corporate governance, as well as financial crises that shook many economies. Companies have since then been evolving their ability to improve board structure and responsibility; business ethics and anti-corruption; transparency and disclosure; internal and external audit and control; and, better protect stakeholder and shareholder rights. Nigerian companies have not been left out of this evolution where better business leadership and performance is expected to lead to improvements and growth in the Nigerian economy as a whole.”

Mr. Soji Apampa, Chief Executive Officer, The Convention on Business Integrity (CBi) that partnered with the NSE to design, pilot, roll-out and manage the initiative, adds, “the success rate and increased participation in the CGRS initiative is a testament to the rising acclaim that corporate governance is receiving in corporate Nigeria. It is important to celebrate companies and directors who are leading the renewed charge whilst encouraging others to participate. We continue to celebrate companies where we notice that corporate governance is evolving nicely.”

Mr. Oscar N. Onyema, OON, CEO of The Nigerian Stock Exchange, noted that “as we make surefooted steps to globalise our market, the CGRS rating will bolster the confidence to invest in our market especially from international investors. Increasingly, our listed companies are meeting their compliance and requirements and we will continue to protect investors in our market through a robust regulatory regime.”

The members of the CGRS Steering Board are Ms. Tinuade Awe of the NSE, Ms. Olubukanla Rufai representing the Securities & Exchange Commission, SEC, Mr. Wole Famurewa of CNBC Africa, Ms. Vivien Shobo of Agusto & Co., Mr Soji Apampa, of The Convention on Business Integrity and Ms. Cynthia Akpomudiare, Project Director, CGRS.

LIST OF COMPANIES THAT RETAINED THEIR CGRS RATINGS FROM THE 2014 PILOT

S/N Chairman of the Board                Name of Company      Date of Attainment

1.Bello-Olusoga Mosun                      Access Bank Plc         November 2014.

2.Dangote Aliko                                 Dangote Cement Plc   November 2014.

3.Ogbechie Chris                                Diamond Bank Plc      November 2014.

4.Awosika Ibukun                              FBN Holdings Plc      November 2014.

5.Adeeyo Olusola                   AXA Mansard Insurance Plc  November 2014.

6.Bello Usman Arabi              Nigerian Aviation Handling Company Plc     November 2014.

7.Elumelu Tony                       United Bank for Africa Plc    November 2014.

8.Ovia Jim                               Zenith Bank Plc                      November 2014.

LIST OF COMPANIES THAT ATTAINED THE RATING DURING THE FIRST ROLLOUT PHASE

S/N      Chairman of the Board           Name of Company                  Date of Attainment

1.Fadayomi Eniola                              Africa Prudential Plc              January 2018.

2.Ogunshola Ajibola                           Continental Reinsurance Plc   January 2018.

3.Kokoricha Paul                                Cornerstone Insurance Plc      January 2018.

4.Ade-Ojo Michael                             Custodian & Allied Plc           January 2018.

5.Dangote Aliko                                 Dangote Sugar Refinery Plc   January 2018.

6.Ohiwerei Felix                                 eTranzact International Plc     January 2018.

7.Coumantaros John                           Flour Mills of Nigeria Plc       January 2018.

8.Otedola Femi                                   Forte Oil Plc                            January 2018.

9.Onuzo Edmund                   GlaxoSmithKline Consumer Nigeria Plc        January 2018.

10.Demuren Osaretin                          Guaranty Trust Bank Plc        January 2018.

11.Savage Babatunde                         Guinness Nigeria Plc               January 2018.

12.Otudeko Obafemi                          Honeywell Flour Mills Plc      January 2018.

13.Balogun Mobolaji                          Lafarge Africa Plc                  January 2018.

14.Ayebae Fidelis                               NEM Insurance Plc                 January 2018.

15.Ifezulike David                              Nestle Nigeria Plc                   January 2018.

16.Jamodu Kola                                  Nigerian Breweries Plc           January 2018.

17.Jamodu Kola                                  PZ Cussons Nigeria Plc          January 2018.

18.Koguna Mohammed                      Red Star Express Plc              January 2018.

19.Omiyi Basil                                    Stanbic IBTC Holdings Plc    January 2018.

20.Ighodalo Asue                               Sterling Bank Plc                    January 2018.

21.Emerhor O'tega                              Transcorp Hotels Plc               January 2018.

22.Achebe Nnaemeka                         Unilever Nigeria Plc                January 2018.

23.Mordi Chika                                   United Capital Plc                  January 2018.

24.Aig-Imoukhuede Aigboje              WAPIC Insurance Plc                        January 2018.

25.Kasali Babatunde                           Wema Bank Plc                      January 2018.

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- January 22, 2018 07:20:47am GMT