The Institute of Directors Nigeria has called on operators in the capital market to ensure full compliance with international financial standards.
The President, IoD Nigeria, Mrs. Eniola Fadayomi, made the call when officials of the institute visited the Nigerian Stock Exchange in Lagos on Wednesday.
Fadayomi advised stockbrokers to bear in mind that credibility was key to the growth of the exchange.
“IoD is primarily concerned about developing directors. These directors are the drivers of the various corporate organisations, which you are representing on the trading floor. At the peak of these organisations are the corporate companies which are listed here, on the Exchange,” she said.
Stressing that such organisations were open to public scrutiny and accountability, she added, “The IoD Nigeria, therefore, enjoins all operators to adhere strictly to and uphold the tenets of corporate governance. It is equally instructive of me to enjoin all operators to ensure full compliance to the international financial reporting standards as soon as possible.”
She also commended the leadership of the NSE for enforcing the principles of corporate governance in moving the Exchange forward, adding that as a result of their efforts, people saw the Exchange as a credible institution to invest in.
“The visible achievements in accountability of the present leadership of the NSE are commendable as it has fostered a season of growth and healthy competitiveness in stock trading,” she added.
On his part, the Chief Executive Officer, NSE, Mr. Oscar Onyema, said the NSE and IoD already had a Memorandum of Understanding to promote corporate governance, adding that in the course of the visit both organisations held discussion to strengthen the collaboration.
“We had discussions earlier to see how we can enhance our collaboration so that we can have appropriate levels of corporate governance both in the capital market an in corporate society in Nigeria,” he said.
A stockbroker, Mr. Bartholomew Ogbonna, called on the institute to urge companies, which recently did some private placements to list on the NSE. He also urged the institute to use its position, if it is possible, to push for legislation to end casualisation in the country.