NSE CEO, attributes corporate failures to weak governance

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The Chief Executive Officer of the Nigerian Stock Exchange (NSE), Oscar Onyema has identified weak corporate governance as the major reason for many corporate failures in Africa.

Speaking at the 19th yearly ASEA conference in Johannesburg recently, Onyema stressed the need for securities exchanges to create strong platform through which the exchanges can influence and promote sustainable business practices.

He added that the securities exchanges must increase their contribution and participation in developing national codes of corporate governance, by setting strong listing and maintenance requirements, and ensuring adequate disclosure of listed companies\’ corporate governance arrangements.

“Accordingly, we must increase our contribution and participation in developing our national codes of corporate governance, by setting strong listing and maintenance requirements, and ensuring adequate disclosure of listed companies corporate governance arrangements.

Africa is becoming known as the continent that leapfrogs traditional stages of growth or development.

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