To bring the telecom industry into compliance with international environmental, social, and governance (ESG) standards, the Nigerian Communications Commission (NCC) is getting ready to release an updated version of its 2016 corporate governance code.
The NCC’s Executive Vice Chairman and CEO, Dr. Aminu Maida, made this announcement during his speech at the 2024 Annual Corporate Governance Conference accessed by BrandSpur Telecom and IT news desk, which had as its theme “Corporate Survival and Sustainability: The New Face of Governance.”
Organisations that engage in sustainability reporting are required to provide details regarding their environmental, social, and governance (ESG) performance. This approach gives stakeholders—investors, clients, and authorities—a better understanding of how telecom companies handle sustainability-related risks and possibilities. Reporting on carbon emissions, resource use, labour practices, community involvement, and data privacy are important elements.
He underlined the significance of sustainability in corporate governance, stressing that these measures are now necessary for telecom firms to succeed in the long run and are, therefore, no longer optional.
Examining corporate governance, Dr. Maida discussed the results of an extensive NCC study assessing telecom operators’ corporate governance. The board composition, diversity, efficacy, moral behaviour, compliance, risk management, and corporate social responsibility were among the important variables that were looked at.
The results of the investigation showed a significant relationship between regulatory compliance and good governance, with certain organisations that struggled with governance seeing subpar financial results. This demonstrates that effective governance is a strategic requirement for long-term corporate success rather than just a legal requirement.
Dr. Maida listed the following crucial elements that will influence corporate governance in the telecom industry going forward:
Adaptability: Governance frameworks need to be able to change with the times while maintaining accountability as new technologies and digital transformation reshape the world.
Data security and privacy: Strong data protection procedures are essential since telecom operators handle enormous volumes of sensitive data.
He issued a warning, stating that data breaches may have disastrous effects on specific businesses as well as the industry at large. He stressed how important it is for governance frameworks to give data security priority by implementing thorough internal policies and compliance procedures.
Finally, he stated: “Corporate governance is not just a regulatory organization; it is the foundation for the success and sustainability of our industry.”
Dr. Maida also discussed the federal government’s 2020-mandated NIN-SIM linking effort and its effective conclusion. He recognised that there had been several implementation-related issues, including the need for all phone numbers to be associated with validated NINs.
According to him: “While this process was difficult for many, it is essential to recognize the value this initiative brings. Today, every phone number can be associated with a verified NIN.” Compose Message
