The Nigerian Stock Exchange (NSE) with the Convention on Business Integrity (CBI) have launched the foremost Corporate Governance Rating System (CGRS) in Nigeria The Corporate Governance Rating System (CGRS) is designed to rate companies listed on the NSE based on their corporate governance and anti-corruption culture, thereby improving the overall perception of and trust in Nigeria’s capital markets and business practices.

Speaking at the event, Mr. Oscar Onyema, CEO, NSE, stated that with the CGRS, it is anticipated that there would be an improvement in the overall perception of capital markets and business practices. “It is expected that companies will enjoy tangible business advantages from risk-oriented and/or ethically sensitive business partners and investors.

In addition, competitors would be challenged to establish the same level of good governance by setting standards of excellence. Companies would not only set themselves apart from their peers, but also contribute to improving the climate for doing business in Nigeria”

In his presentation, the Executive Director of CBI, Mr. Soji Apampa, shared the design & pilot phase of the CGRS which was done between May 2013 and September 2014. “The rating system is based on a holistic multi-stakeholder approach that uses a diverse information collection and verification approach, which relies not only on self-assessments of companies but also on experiences of stakeholders and experts”, Apampa said.

The HUMBOLDT-VIADRINA School of Governance (Berlin/Germany) was appointed as the International Observer to review and support the process of establishing Nigeria’s Corporate Governance.

The CGRS launch event attracted over 500 corporate sector participants joined by government and civil society delegates from Nigeria and across the globe.