The Financial Reporting Council (FRC) of Nigeria recently unveiled the Nigerian Code of Corporate Governance (referred to as "the Code") on January 15, 2019, placing a significant emphasis on reinforcing corporate governance standards within Nigerian companies.

Recognizing the pivotal role that solid corporate governance plays in fostering sustainable enterprises, KPMG acknowledges the importance of adhering to leading corporate governance principles. By aligning with these practices, companies can establish robust frameworks of processes and mindsets that enhance their value, fortify their reputation, and secure their long-term viability.

Given the evolving consciousness and the comparatively limited integration of advanced governance standards in Nigeria, implementing the Code may pose challenges for entities unaccustomed to complying with corporate governance codes. Conversely, companies with prior exposure to sectoral codes should find the adoption of these principles relatively smoother.

In this newsletter, we offer a comprehensive overview of the Code's key provisions and outline the significant implications for both boards and key stakeholders. Furthermore, we endeavor to outline key actionable steps for entities mandated to adhere to the Code and for those opting to embrace its principles voluntarily.