The Nigerian Communications Commission (NCC) has taken a significant step towards promoting good governance in the telecommunications industry with the launch of the 2025 Guidelines on Corporate Governance.
The guidelines were formally introduced in Lagos and are designed to enhance transparency, accountability, and risk management in the sector.
The Executive Vice Chairman/CEO of the NCC, Dr. Aminu Maida, said the guidelines aim to ensure that telecom boards and management teams are properly structured to provide reliable services, protect infrastructure, and respond to the dynamic challenges of the industry.
According to Dr. Maida, good governance is not merely a regulatory requirement but a strategic imperative for business success and long-term sustainability. He highlighted that the guidelines are designed to promote transparency, accountability, and risk management in the sector.
Dr. Maida emphasized that good governance is crucial for sustainability, customer trust, and national development and noted that effective boards ensure disciplined capital expenditure, energy and site-security strategies, and cyber resilience, reducing outages, protecting data, and improving customer outcomes.
Meanwhile the guidelines outlined several key provisions, including, Board Strength and Independence , Balanced composition of executive, non-executive, and independent directors with sector-specific expertise.
Transparency and Accountability, Robust controls on related-party transactions and mid-year and annual Board-certified compliance reports.
Risk Management and Internal Control, Clear risk appetite set by the Board and systematic identification and mitigation of material risks as well as Stakeholder Engagement and Sustainability
The introduction of these guidelines according to the EVC is expected to have a significant impact on the telecommunications industry in Nigeria, promoting transparency, accountability, and risk management. Dr. Maida emphasized that the guidelines will help to build trust and confidence in the sector, driving long-term growth and development.
In a remark the Chief Executive Officer, Ministry of finance incorporated, Dr Armstrong Takang urged Nigerians to abide by business guidelines for a positive change and desired Nigeria everyone aspirers, and called for transparency.
“” As we think about a better, a bigger, a more prosperous Nigeria,, we must be willing to make the commitment and sacrifices to increase the standard of corporate governance, especially a sector as technically important as the telecommunications.””
“”Because governance requires transparency. Providing information at and when viewed without someone supporting you to do it. And rule number one, transparency, you need to publish your account. Nobody has come and told you . And when you publish it, it means that those who have access to your support can go through the notes and look at the accuracy of that report, whether that report reflects reality….
The launch of the Guidelines on Corporate Governance marks a significant step towards promoting good governance in Nigeria’s telecommunications industry.
Reporting by Chioma Ezike