By Temitope Owotoki
Capital market regulators have pointed out that the failure of shareholders to hold management of publicly quoted companies accounted for good corporate governance as the major reason for the declining equity values in Nigeria.
Both the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE) are therefore urging Nigerian shareholders to report corporate governance lapses perpetrated by the boards of listed firms, and collaborate with management to create sustainable wealth through profitability.
Oscar Onyema, the Chief Executive Officer, NSE, said the Exchange places priority on the protection of investors.
“We know that when something goes wrong, the first person you want to shoot is the Exchange, and possibly the SEC, because we are in the front line,” he said.
Investors have suffered losses of their investment portfolios in the last decade. With many of them still recounting their losses.
Emomotimi Agama, Head, Registration, Exchanges and Market Infrastructure Department, SEC, emphasised that corporate governance is important for every institution.
“The monitors of corporate governance incidentally are the shareholders. So if the shareholders do not monitor the corporate governance of the institutions where they are investing or have invested, it is as good as throwing their money into the well,”he said. st Table 2 Ac