Commonwealth Business Council
Business Action Against Corruption (BAAC), Nigeria
| Project Partner Organizations: | Convention on Business Integrity (CBi), Nigeria |
| Country of implementation: | Nigeria |
| Duration (in years): | 3 years |
| Funding volume in US-Dollar (million): | 1.1 M |
| Registered in: | United Kingdom |
Project Summary
The aim of the project is to use Collective Action to improve corporate governance and reduce corruption in the Nigerian business environment.
It will do this by strengthening self-regulation of business, its compliance with government regulation, stakeholder activism and a public vigilance over the arrangement. It will also build on existing relationships with the two principal regulators, the Central Bank of Nigerian (CBN) and the Nigerian Securities Exchange Commission (SEC) to build a partnership to strengthen corporate leadership practices by raising standards of board leadership across the economy.
It will seek to reach out to directors of listed companies in Nigeria to review their fiduciary responsibilities, and define stakeholder expectations. The aim is to define a set of business principles, reporting guidelines and system of compliance incentives jointly with directors of listed companies in Nigeria. As an additional step, stakeholders will work on an independent public feedback mechanism for compliance monitoring, inclusive of whistleblower and complaints handling mechanisms. It will also establish an interactive, social networking website to promote peer learning and issue-based training to coalition partners.
Description of Integrity Partner
The CBC was established by Commonwealth Heads of Government in 1997 to mobilize trade and investment throughout the Commonwealth. Since then, CBC has organized an initiative Business Action Against Corruption (BAAC) at the invitation of the Heads of Government Meeting (CHOGM) to improve the conditions for doing business and thereby promote investment and sustainable development in Africa. The program is open to all countries and institutions who believe that the pursuit of good governance is vital to social and economic development. This program was launched in Botswana following an invitation from the then President of Botswana, HE Festus Mogae and now operates in ten African countries. It has been formally endorsed by the Presidents of Nigeria, Malawi and the Prime Minister of Cameroon. It aims to create partnerships between business and government to fight corruption and fraud through Collective Action, education and training.
This project is supported by Siemens as part of the Siemens Integrity Initiative.
Source: Project profile provided by the Integrity Partner
- Compliance - Collective Action
- Overview
- Our Approach
- Our Learnings
- Integrity Initiative
