The Nigerian Communications Commission (NCC) has highlighted the importance of putting in place a corporate governance framework in the telecommunications industry, stressing that such a tool will not only ensure compliance, but will equally promote innovation, trust, and long-term value in the ecosystem.
The Executive Vice-Chairman and Chief Executive Officer (EVC/CEO) of NCC, Dr. Aminu Maida, made the disclosure in his address at the recent 2024 Annual Corporate Governance Conference, in Lagos.
He stated that the concept remains the foundation for success and sustainability of the telecoms industry in Nigeria, describing corporate governance as a veritable factor for success and sustainability in that sector of the economy
The theme of the conference was: “Corporate Survival and Sustainability: The New Face of Governance.”
According to Maina, the Commission is about releasing its revised corporate governance code by updating the 2016 version with a key focus on the introduction of mandatory sustainability reporting for telecoms operators in the country.
On the essence of sustainability reporting and ESG performance, the EVC explained this initiative aims to align the sector with global Environmental, Social, and Governance (ESG) standards, promoting greater transparency and support sustainable development within Nigeria’s telecoms space.
He also highlighted how sustainability reporting involves organisations to disclose information about their ESG performance.
This practice, he said, provides stakeholders — including investors, customers, and regulators — with insights into how telecoms operators manage risks and opportunities related to sustainability.
He stated that the key components include reporting on carbon emissions, resource usage, labour practices, community engagement, and data privacy, stated Maida.
Explained further the essence of sustainability in corporate governance, he stated: “ such practices are no longer optional but essential for the long-term success of telecoms companies.
Dr. Maida stressed that in today’s fast-evolving world, corporate governance is not just a regulatory requirement—it’s the foundation of the telecom industry’s success and sustainability.
He declared, “as leaders, it’s our responsibility to ensure our governance frameworks are robust, adaptable, and in tune with the changing global landscape.”
