33 Companies, 435 Directors Pass CGRS Rating

…As Dangote Cement,Access, UBA, Zenith Bank Others Retains Rating

The Steering Board of the Corporate Governance Rating System (CGRS) has announced the names of 25 companies that 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.

Dangote Cement Plc, Zenith Bank Plc, United Bank for Africa Plc, FBN Holdings Plc, Access Bank Plc, Diamond Bank Plc amongst others were those who retained their ratings in the period under review.

Addressing the financial press on Monday on the recent developments in CGRS as it relates to listed companies, the board of CGRS 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).

It will be recall that 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.”

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

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

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

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 of the CGRS Mark

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.

Photo Caption: From Left; Ms Tinuade Awe, Executive Director, Regulation, The Nigerian Stock Exchange (NSE); Soji Apampa, Chief Executive Officer, Convention on Business Integrity (CBi) and Cynthia Akpomudiare, Project Director, Convention on Business Integrity (CBiI) during a press briefing on the 33 Companies, 435 Directors pass Corporate Governance Rating System (CGRS) at the Exchange Monday.