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…437 individuals and 35 companies honoured
…Launches Corporate Governance Index
The Vice-President of The Federal Republic of Nigeria, Professor Yemi Osinbajo who was ably represented
by Ambassador Chiedu Osakwe, the Nigeria Chief Trade Negotiator/Director General Office of Trade
Negotiation delivered the closing remarks. The event saw the successful companies and directors
presented with certificates confirming their CGRS certifications.
Speaking at the event, Soji Apampa, Co-Founder and Chief Executive Officer, CBi said “this is a triumph for
collective action in the fight against corruption and unethical practices. I congratulate the companies and
directors being honoured today and I urge them not to relent in their efforts to sustain the high level of
corporate governance that has brought them thus far. Today’s celebration is not a destination but a
continuous process that should be consistently maintained and further improved upon. I encourage other
listed companies still on this evolutionary process to keep at it and conclude the process during this new
review period which is now open.”
Another highlight of the event was the launch of the Corporate Governance Index of the NSE. The Index
will track the performance of the 35 CGRS rated companies using their market capitalization, free float
and corporate governance rating scores. The Index will be reviewed on a bi-annual basis at which point
other companies that have become CGRS rated in the interim may be added to the Index or companies
that have had their ratings suspended or withdrawn may be removed. The Index is expected to be an
important tool for investors keen on investing in well governed companies as well as corporates eager to
distinguish themselves on the ground of governance.
Speaking on the newly introduced Index, Oscar N. Onyema, OON, CEO of The Nigerian Stock Exchange
said, “The launch of the CG Index is an important milestone to strengthening listed companies by tracking
their corporate governance practices. This index will increase transparency in our market and provide
investors additional data points upon which to make sound decisions. I congratulate the companies that
have successfully completed the process and I expect that they will be more positively looked at whilst
trying to raise and access capital within or outside of our jurisdiction.”
The CGRS was launched on November 3, 2014 after a successful pilot phase involving a number of
companies listed on the NSE some of which are now listed on the Premium Board. The CGRS was designed
to rate companies that are listed on the NSE based on their corporate governance and anti-corruption
culture. 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 feedback on actual company behaviour is sought from internal and external
stakeholders. Combinations of the 3 segments with attendant weighted scores are collated and
companies with a score of 70% and above accorded the CGRS certification celebrating the degree to which
they have evolved the quality of their corporate governance.
Photo Caption: From Left; Mr. Urum Kalu Eke, Group Managing Director, FBN Holdings Plc; Mr. Aigboje Aig-Imoukhuede, CON, Ex-Officio, The Nigerian Stock Exchange (NSE); Soji Apampa, Co-Founder and Chief Executive Officer, Convention on Business Integrity (CBi); Ambassador Chiedu Osakwe, Director-General, NOTN/Nigerian Chief Trade Negotiator representing His Excellence, Professor Yemi Osinbajo, SAN, GCON, Vice-President, Federal Republic of Nigeria; Mr. Abimbola Ogunbanjo, President, NSE; Mr. Oscar N. Onyema, OON, Chief Executive Officer, NSE andDr ABC Orjiakor, CEO, Seplat Petroleum Development Company Plc during NSE Launching of Corporate Governance Index and Honouring Companies and Directors for Passing Corporate Governance Rating Assessment dinner yesterday at the Civic Centre, Lagos
