Nigeria to set rules on telecoms directors
Keep CEO and chairman separate, and no one can be a director for more than 15 years, Nigerian Communications Commission tells operators
Nigeria’s telecoms regulator has told operators that they must abide by a code of conduct that it first published last year.
In particular, the offices of chairman and CEO must be held by different people, and no one can be a director in any telecoms company for more than 15 years.
Umar Danbatta, vice chairman of the Nigerian Communications Commission (NCC), told operators at a meeting in Lagos that “ignorance is no longer an excuse” for failing to comply with its Code of Corporate Governance.
“The entrenchment of good corporate governance standards and practices has continued to gain global recognition and its acceptance is the bedrock for corporate success and business sustainability,” said Danbatta, quoted in local media.
He said he wanted to “raise the standards of leadership and management in the sector to sustain the sector’s role as a driver of economic growth”.
However some operators are objecting, saying that this ruling infringes the rights of private companies, according to This Day newspaper, without naming any executives by name.