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CBN Mandates Whistle-Blowing and Reviews Corporate Governance Code

By on August 8, 2012

In an attempt to improve corporate governance within the Nigerian Banking industry, the Central Bank of Nigeria is reviewing the
existing codes of corporate governance and has developed guidelines for whistle-blowing which all financial institutions under the Central Bank’s supervision will be required to adhere to.

The review of the Code of Corporate Governance and the development of whistle-blowing guidelines aim to improve governance and promote global best practices. By mandating banks and other financial institutions to implement mechanisms that facilitate whistle-blowing which protect the identity of the blower or the individual making public disclosure of corruption or wrongdoing, the prevalence of misconduct and breaches of corporate governance in such organizations will be likely to decrease over time.

On Tuesday the 7th of August , the Central Bank of Nigeria released the drafts of these two policies so as to receive input and comments
from industry stakeholders.

To review the drafts, please visit the CBN website here