Lagos - The Nigerian Communications Commission (NCC) says a guideline on Code of Corporate Governance is underway to ensure transparency in telecommunication industry.
Dr Eugene Juwah, the Executive Vice Chairman of NCC, made this known in Lagos during the meeting of the Telecommunications Sector Corporate Governance Working Group (CGWG).
Represented by Ms Funlola Akiode, the Director, Corporate Planning and Strategy, Juwa said that the group was inaugurated on Oct. 24, 2012, with members drawn from the stakeholders in the industry.
He said that part of the group's terms of reference was to draft a code of corporate governance for the operators in the telecommunication industry.
"This is in recognition of the importance and the absence of a code of corporate governance applicable to the Nigerian Telecommunications industry.
He said NCC in exercise of its mandate engaged stakeholders to determine how to address the absence as well as develop an industry corporate governance code.
He said that the commission had a duty to ensure an excellent telecommunication sector.
In his remarks, Mr Fabian Ajogwu, the Chairman of the group, said it was set up to understudy the needs of the industry and come up with a code of corporate governance.
Ajogwu said that the code of corporate governance would regulate and ensure best practices by the operators of the telecommunication industry.
He added that the objective was to improve on what NCC had already done in the industry on continuous basis.
The chairman said that corporate governance imposed a duty of accountability from the highest level of a telecommunication company to its stakeholders.
He said that the group had been given a period of nine months to produce the draft of the code of corporate governance.