Corporate Governance Report
CORPORATE GOVERNANCE REPORT
Compliance with International Best Practices in Corporate Governance
NMRC ensures that sound Corporate Governance practices are embedded in all areas of its operations. In this regard, the Company emphasizes strict adherence to the Central Bank of Nigeria (“CBN”) Corporate Governance Code for Mortgage Refinance Companies in Nigeria issued in October 2018, the Securities and Exchange Commission (“SEC”) Code of Corporate Governance for Public Companies, 2011, the Nigerian Code of Corporate Governance 2018, issued by the Federal Reporting Council of Nigeria (“FRCN”), the provisions of the Banks and Other Financial Institutions Act (“BOFIA”) 1991, as amended and other International Best Practices and Standards on Corporate Governance.
The Company’s operations are also guided by the CBN Regulatory and Supervisory Framework for the
establishment of a Mortgage Refinance Company.
To promote effective governance of the Company, the following organizational structure is in place for the execution of NMRC’s Corporate Governance Strategy.
The Board of Directors provides oversight of the Internal Control and Risk Management policies and practices of NMRC. The Board is supported in its oversight function by the various Board Committees. The Committees’ roles and responsibilities are set out in their respective charters (the “Charters”). The Charters are reviewed and updated periodically to ensure their contents remain relevant in contemporary industry operations. The Charters also define the roles, responsibilities, scope of authority, composition and procedures for reporting to the Board.