Operators in the oil and gas industry have been advised to take advantage of the recently released Nigerian code of corporate governance.
Experts say proper implementation will help guide companies in establishing a framework
of process that will increase value and ensure long term prosperity.
The financial reporting council of Nigeria recently released the Nigerian code of Corporate governance on January 15 2019.
The code highlights key principles that seeks to institutionalise corporate governance best practices in Nigerian companies.
Major oil marketers association of Nigeria put a conference together to chart a new course with regards to the code of corporate governance for operators in the oil and gas companies.
The corporate governance codes are aimed at enhancing management credibility, preserving long term investments, improving access to new capital and lowering cost of capital.
Everyone agreed that with proper implementation of the codes, there will be increased transparency and accountability in financial reporting through enhanced disclosures in financial statement thereby supporting investment decisions and shareholders value.