INTRODUCTION The Financial Reporting Council of Nigeria (FRC), on Thursday 30 May 2024, issued the Small and Medium Enterprises Corporate Governance Guidelines (‘SME-CGG’ or ‘the Guidelines’). The Guidelines aim to enhance, transparency, accountability and performance among Micro, Small and Medium-sized Enterprises (MSMEs), increase their capacity to strengthen governance practices, foster stakeholder trust, and facilitate access […]
In today’s rapidly evolving technological environment, digital transformation has become vital for businesses to maintain their competitive edge. The business landscape has changed dramatically in the last several years with many organizations implementing new technology to increase productivity and profitability. Digital Transformation strategies are being embraced to improve operational efficiency, competitive advantage and securing business […]
Who is an Insider? An insider is any individual who has access to material, non-public and price sensitive information about a Company and includes an employee, a Director, person discharging managerial responsibility or an adviser of the Company. Price-sensitive information refers to any information that materially affects the value of the securities of a Company. […]
Introduction Succession planning is like planting seeds for the future growth of your business. In Nigeria, where family-owned entities dominate the business environment, it’s essential to ensure a smooth transition of leadership to sustain growth and preserve legacies. Understanding Succession Planning Succession planning involves preparing for the transfer of leadership and ownership within a business. […]
Introduction In Nigeria, family-owned businesses are vital drivers of economic growth and entrepreneurship. According to a recent report by Moniepoint, nearly 50% of all businesses in Nigeria are family-owned. However, these businesses often face unique challenges related to corporate governance. This blog post explores the importance of strengthening corporate governance in family-owned businesses and […]
On February 27, 2024, the Federal Government of Nigeria introduced the Expatriate Employment Levy (“the levy”), a significant policy aimed at regulating the employment of foreign workers within the country. This mandatory contribution is designed to strike a balance between the benefits of expatriate employment and safeguarding local labour markets and resources. How Does the […]
African startups have risen to prominence in the last few years, driven by an unprecedented level of innovation and investor funding. There have been wins for the industry, but there have also been scandals relating to financial misappropriations and other infractions. As entrepreneurs embark on their journey to redefine industries, the importance of a robust […]
The 2024 budget by the Federal Government of Nigeria is a crucial document with the ability to share the country’s economic trajectory. With a 10.8% increase versus the 2023 budget, it suggests a focus on the part of the government to steer the country towards infrastructure development, human capital investment, and economic diversification. Positive Signals […]
A Board is said to be dysfunctional when it fails to effectively fulfil its responsibilities and provide proper leadership and strategic direction to the Company. Dysfunctionality on the Board may exist when the Board’s performance is suboptimal. According to Principle 1 of the Nigerian Code of Corporate Governance (NCCG), “A successful Company is headed by […]
Board diversity reinforces the breadth and robustness of experience, skill, knowledge, background, and heterogeneity of members of the Board. Board effectiveness is hinged to a large extent on its diversity across these broad areas. Conversely, a diverse Board as a collection of individuals, each with his or her perspectives, interests, and concerns, could also imply […]