March 26, 2024

Overview of the Applicability of the Nigerian Code of Corporate Governance (NCCG) on Oil and Gas Operations in Nigeria

For several years, Nigeria navigated a corporate governance landscape marked by a notable absence of a generally applicable regulatory framework. This void was only partially filled by a patchwork of sector-specific governance regulations introduced by regulatory bodies to address specific challenges within their respective domains. These sector-specific codes sought to tackle governance issues head-on, yet they couldn't provide the cohesive and harmonized approach necessary for effective governance across all sectors. This pressing need for a unified corporate governance structure prompted the Financial Reporting Council of Nigeria (FRCN) to establish the Nigerian Code of Corporate Governance (NCCG), promising to provide a comprehensive framework for corporate governance within Nigeria’s corporate/economic landscape. Despite this promise, there remains some controversy as to the extent of the application of the Nigerian Code of Corporate Governance to certain sectors in Nigeria, particularly the oil and gas sector. In this article, Samuel Iwuchukwu explores the applicability of the NCCG to the oil and gas sector, looking at the structure and salient provisions of the Code, and provisions for its applicability by oil and gas industry specific regulations.

Read the full article on the evolving corporate governance landscape in Nigeria's oil and gas industry, here.

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