IFC, SEC to implement corporate governance scorecard for Nigeria

18 Nov 2016
Financial Nigeria


The IFC said the scorecard will bolster investor confidence and foreign investments in Africa’s largest economy.

Eme Essien Lore, Country Manager for Nigeria, International Finance Corporation

The International Finance Corporation has partnered with Nigeria’s Securities and Exchange Commission to implement a standardized corporate governance scorecard for Nigerian public companies, according to a statement released by the IFC on Thursday.

The Washington D.C.-based multilateral lender said the scorecard will identify strong corporate performers through enhanced disclosure as well as bolster investor confidence and foreign investments in Africa’s largest economy.

“IFC works with firms to attract and retain investment by promoting the adoption of good corporate governance practices and standards,” said Eme Essien Lore, IFC’s Country Manager for Nigeria. “We have partnered with SEC over the last two years, developing the CG Scorecard and sensitizing stakeholders. We hope that as implementation begins in January 2017, the trained officials would translate progress made into ongoing processes that boost performance, attract investments and help the economy grow.”

In 2014, the IFC and SEC agreed to develop a Corporate Governance Scorecard in order measure the level of observance to SEC’s corporate governance code among capital market operators in Nigeria. The scorecard was launched in November 2015. Since then, the IFC and SEC have jointly trained various stakeholders – including chief finance officers, company secretaries, audit committees, and board chairpersons – in preparation for implementation.
“A key focus of the SEC is to provide regulatory oversight to ensure public companies comply with best practices in corporate governance and boost their performance,” said Munir Gwarzo, Director-General, Securities and Exchange Commission. “Having built considerable market awareness for the scorecard with IFC’s support, we hope that as companies comply, they will improve their performance and contribute to growth in the nation’s economy.”

IFC’s Africa Corporate Governance programme is funded by Switzerland’s State Secretariat for Economic Affairs (SECO), Switzerland . IFC is the implementing partner for the programme, which has been expanded to several countries including Kenya and Ghana.

Other Photos/Videos