$38bn telecoms industry now under mandatory compliance

The voluntary compliance regime of the corporate governance code for the Nigerian telecommunication industry has just come to its end as the latest review of the code will make compliance compulsory, the Nigerian Communications Commission (NCC) has said.
 This became the new corporate operational standard for the industry after deliberations between the NCC and industry stakeholders at a forum held in Lagos, where it was also disclosed that the industry is now valued $38 billion.
 Speaking at the forum tagged Corporate governance forum: Review of the industry code, NCC’s Executive Vice Chairman (EVC), Professor, Umar Dambatta, explained that the code, which consisted of 12 principles and published in 2014 was due for a review with a view to further protecting the industry that has now attained $38 billion investment worth from an initial $32 billion.
He said so far, the Code had expanded the frontiers of accountability in the operation of companies in the sector but however, it was declaratory in nature and implementation was initially   voluntary across the industry, leading to violations.
 “While compliance with the provisions of the industry Code was initially made voluntary for a period of one year, which has since lapsed, the commission is gradually moving towards a regime of stricter compliance,” he said.