Executive Vice Chairman/CEO, NCC, Dr Aminu Maida (3rd left ) and other stakeholders at the event.

The Nigerian Communications Commission NCC, has said that embracing a robust culture of corporate governance, remains a crucial element in transforming Nigeria’s telecommunications sector.

Executive Vice Chairman/CEO of the commission, Dr. Aminu Maida, made this observation when he delivered a message to industry leaders and stakeholders at the weekend at the 2024 Annual Corporate Governance Conference held in Lagos, on the importance of corporate governance in transforming Nigeria’s telecommunications sector. He noted that efforts at transforming the industry might not yield the desired results if operators, and indeed, industry players refuse to enthrone a regime of robust corporate governance system.

In a presentation entitled: “Corporate Survival and Sustainability—The New Face of Governance in the Nigerian Telecoms Sector”, Maida took the stakeholders through the telecom industry’s transformative journey and vital role the industry played in boosting Nigeria’s Gross Domestic Product GDP. Speaking further, he insists that effective governance is not just about compliance but an essential element for survival, sustainability, and continued growth of the sector.

This further underscored the need for continuous improvement and collaboration among the industry players to sustain high governance standards as a catalyst for sustainable growth, innovation, and global competitiveness.

He further disclosed that strong governance practices have been the backbone of the sector’s rapid growth and success, driving transparency, efficiency, and innovation, which must be sustained and improved upon.

“Adopting robust governance frameworks has helped in building the confidence of the investors, which further helped in attracting significant investments, while strengthening the sector’s infrastructure. These practices have not only enhanced customer experience, but also positioned Nigeria’s telecoms industry as a key player in the digital economy. The progress seen today is a direct result of the sector’s commitment to ethical standards, accountability, and strategic planning”, the NCC-boss said.

The annual conference is designed to offer a dynamic platform for stakeholders to discuss the evolving role of corporate governance.

Maida also said: “The impressive growth of Nigeria’s telecommunications sector is driving broader economic benefits across the nation. The sector’s expansion is reshaping the industry and boosting the overall economy, creating jobs, and enhancing connectivity.

“This success is also attributable to the NCC’s steadfast commitment to enforcing high standards of corporate governance. The NCC’s dedication to transparency, accountability, and ethical practices has been the foundation for sustained investment, innovation, and infrastructure development within the sector. By prioritising governance, the industry has not only secure its growth but has also contributed significantly to Nigeria’s economic resilience and digital future.

“Strong governance frameworks have been key to driving innovation, investment, and infrastructure development, enabling the telecom sector to thrive amid a rapidly changing digital landscape. The sector’s commitment to transparency, accountability, and strategic oversight has not only fostered growth but also positioned it as a cornerstone of Nigeria’s economic development, ensuring that the benefits of connectivity gets every corner of the nation.

“To thrive, we need governance frameworks that not only ensure compliance but also promote innovation, trust, and long-term value. At the NCC, we see good corporate governance as more than a checklist; it must be a culture ingrained at every level of an organisation.

“In today’s fast-evolving world, corporate governance isn’t just a regulatory requirement—it’s the foundation of the telecom industry’s success and sustainability. As leaders, it’s our responsibility to ensure our governance frameworks are robust, adaptable, and in tune with the changing global landscape,” he said.