FINANCIAL REPORTING COUNCIL OF NIGERIA (Federal Ministry of Industry, Trade & Investment)
FRC/CG/001: TEMPLATE FOR REPORTING COMPLIANCE WITH THE NIGERIAN
CODE OF CORPORATE GOVERNANCE 2018
Section A: Introduction
Corporate Governance is a key driver of corporate accountability and business prosperity. The Nigerian Code of Corporate Governance, 2018 (NCCG 2018) seeks to institutionalize corporate governance best practices in Nigerian companies. It is also aimed at increasing entities' levels of transparency, trust and integrity, and create an environment for sustainable business operations.
The Code adopts a principle-based approach in specifying minimum standards of practice that companies should adopt. Where so required, companies are required to adopt the "Apply and Explain" approach in reporting on compliance with the Code. The 'Apply and Explain' approach assumes application of all principles and requires entities to explain how the principles are applied. This requires companies to demonstrate how the specific activities they have undertaken best achieve the outcomes intended by the corporate governance principles specified in the Code.
This will help to prevent a 'box ticking' exercise as companies deliberately consider how they have (or have not) achieved the intended outcomes. Although, the Code recommends practices to enable companies apply the principles, it recognises that these practices can be tailored to meet industry or company needs. The Code is thus scalable to suit the type, size and growth phase of each company while still achieving the outcomes envisaged by the principles.
This form seeks to assess the company's level of compliance with the principles in the NCCG 2018. Entities should explain how these principles have been applied, specify areas of deviation from the principles and give reasons for these deviations and any alternative practice(s) adopted.
Please read the instructions below carefully before completing this form:
i. Every line item and indicator must be completed.
ii. Respond to each question with "Yes" where you have applied the principle, and "No"
where you are yet to apply the principle.
iii. An explanation on how you are applying the principle, or otherwise should be included as part of your response.
iv. Not Applicable (N/A) is not a valid response.
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
Section B - General Information
S/No. | Items | Details |
i. | Company Name | NPF Microfinance Bank Plc |
ii. | Date of Incorporation | 19th May 1993 |
iii. | RC Number | 220824 |
iv. | License Number | |
v. | Company Physical Address | 1, Ikoyi Road, Obalende, Lagos |
vi. | Company Website Address | www.npfmicrofinancebank.com |
vii. | Financial Year End | 31 December |
viii. | Is the Company a part of a Group/Holding Company? Yes/No If yes, please state the name of the Group/Holding Company | NO |
ix. | Name and Address of Company Secretary | Mrs. Osaro J. Idemudia 1, Ikoyi Road, Obalende, Lagos |
x. | Name and Address of External Auditor(s) | KPMG Professional Services KPMG Towers Bishop Aboyade Cole Street, Victoria Island, Lagos. |
xi. | Name and Address of Registrar(s) | Cardinalstone Registrars Limited 335/337 Hebert Macaulay Way, Yaba, Lagos |
xii. | Investor Relations Contact Person (E-mail and Phone No.) | Olufunke Bajomo 08029141086 |
xiii. | Name of the Governance Evaluation Consultant | DCSL Corporate Services Ltd |
xiv. | Name of the Board Evaluation Consultant | Financial Institution Training Centre (FITC) |
Section C - Details of Board of the Company and Attendance at Meetings
1. Board Details:
S/No. | Names of Board Members | Designation (Chairman, MD, INED, NED, ED) | Gender | Date First Appointed/ Elected | Remark |
1. | Mr. Joel Azubuko Udah | Chairman | Male | 23rd July 2015 | |
2. | Mr. Akin Lawal | Managing Director | Male | 26th June 2014 | |
3. | Mr. Francis C. Nelson | ED | Male | 1st August 2017 | |
4. | Mr. John K. Tizhe | ED | Male | 2nd January 2020 | |
5. | Mr. Mohammed D. Saeed | INED | Male | 15th November 2012 | Retired on 18th November 2021 |
6. | Mr. Usman Isa Baba | NED | Male | 28th May 2019 | |
7. | Mr. Jibrin G. Gane | NED | Male | 26th October 2017 | |
8. | Mr. Aminu Saleh Pai | NED | Male | 29th January 2020 | Exited on 15th August 2021 |
9. | Mr. Abdulrahman Satumari | INED | Male | 28th June 2018 | |
10. | Mrs. Rakiya Edota Shehu | INED | Female | 28th June 2018 | |
11. | Mr. Argungu Hashimu | NED | Male | 28th June 2018 |
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REPORT ON COMPLIANCE WITH THE NIGERIAN CODE OF CORPORATE GOVERNANCE 2018
2. Attendance at Board and Committee Meetings:
S/No. | Names of Board Members | No. of Board Meetings Held in the Reporting Year | No. of Board Meetings Attended in the Reporting Year | Membersh ip of Board Committees | Designati on (Member or Chairman ) | Number of Committee Meetings Held in the Reporting Year | Number of Committe e Meetings Attended in the Reporting Year |
1. | Mr. Azubuko Udah | 13 | 13 | NIL | Chairman, Board of Directors | NIL | NIL |
2. | Mr. Mohammed D. Saeed | 13 | 9 | Board Audit | Member | 4 | 4 |
Governance, Nomination & Remuneratio n | Chairman | 3 | 3 | ||||
3. | Mr. Aminu Saleh Pai | 13 | 6 | Risk Management | Chairman | 4 | 3 |
Finance & General Purpose | Member | 6 | 3 | ||||
Credit Committee | Member | 4 | 3 | ||||
4 | Mr. Jibrin G. Gane | 13 | 13 | Governance, Nomination & Remuneratio n | Member | 3 | 3 |
Board Audit | Member | 4 | 4 | ||||
Credit Committee | Member | 4 | 4 | ||||
5. | Mr. Abdulrahman Satumari | 13 | 12 | Risk Management | Member | 4 | 4 |
Finance & General Purpose | Member | 6 | 6 | ||||
Board Audit | Chairman | 4 | 4 | ||||
6. | Mr. Argungu Hashimu | 13 | 13 | Finance & General Purpose | Member | 6 | 6 |
Board Audit | Member | 4 | 4 | ||||
Credit Committee | Member | 4 | 4 | ||||
7. | Mrs. Rakiya Edota Shehu | 13 | 13 | Risk Management | Member | 4 | 4 |
Governance Nomination & Remuneratio n | Member | 3 | 3 | ||||
Credit Committee | Chairman | 4 | 4 | ||||
8. | Mr. Usman Isa Baba | 13 | 13 | Risk Management | Member | 4 | 4 |
Governance Nomination & Remuneratio n | Member | 3 | 3 | ||||
Finance & General Purpose | Chairman | 6 | 6 | ||||
9. | Mr. Akinwunmi Lawal | 13 | 13 | Risk Management | Member | 4 | 4 |
Finance & General Purpose | Member | 6 | 6 | ||||
10. | Mr. John K. Tizhe | 13 | 13 | Risk Management | Member | 4 | 4 |
Finance & General Purpose | Member | 6 | 6 | ||||
Credit Committee | Member | 4 | 4 | ||||
11. | Mr. Francis C. Nelson | 13 | 13 | Finance & General Purpose | Member | 6 | 6 |
Section D - Details of Senior Management of the Company
1. Senior Management:
S/No. | Names | Position Held | Gender |
1. | Mr. Akinwunmi M. Lawal | Managing Director | Male |
2. | Mr. John K. Tizhe | Executive Director, Operations | Male |
3. | Mr. Francis C. Nelson | Executive Director Finance & Admin | Male |
4. | Mrs. Osaro .J Idemudia | Company Secretary | Female |
5. | Mr. Fidelis Omokhapue | Head, Internal Audit | Male |
6. | Mr. Chima Wosu | GM, Credit/Operations | Male |
7. | Mr. Segun Osisanya | Head, ERM | Male |
8. | Mrs. Fatima Olajumoke | Head, Marketing | Female |
9. | Mrs. Hafsat Ekutti | Head, IT | Female |
10. | Mrs. Yetunde Babarinde | Head, Administration | Female |
11. | Mr. Sunday Zovoe | Chief Compliance Officer | Male |
12. | Mr. Dare Ariyo | Head, E-Business | Male |
13. | Mr. Philip Aiwekhoe | Chief Information Security Officer | Male |
14. | Mr. Dapo S. Komolafe | Regional Head, South | Male |
15. | Mrs. Kate Ukah | Regional Head, East | Female |
16. | Mr. Habeeb Yusuf | Regional Head, North | Male |
17. | Mr. Matthew Adejugba | Assistant Regional Head, South | Male |
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NPF Micro Finance Bank plc published this content on 29 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 March 2022 15:20:04 UTC.