Business Action Against Corruption (BAAC)

Improving corporate governance & reducing corruption in the Nigerian business environment through collective action

  • The Convention on Business Integrity (CBi), since June 2006, implements the Business Action Against Corruption (BAAC), Nigeria project. The aim of the BAAC project is to use collective action to improve corporate governance and reduce corruption in the Nigerian business environment. The programme also supports practical initiatives, which promote good governance and improve the investment climate. We achieve this through working with industry at strengthening self-regulation of business, its compliance with government regulation, stakeholder activism and a public vigilance over the arrangement. We also build on existing relationships with the Nigeria Stock Exchange (NSE) and the Securities Exchange Commission (SEC) to build a partnership to strengthen corporate leadership practices by raising standards of board leadership of directors of listed companies in Nigeria to review their fiduciary responsibilities, and meet 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.

    The BAAC initiative will help to provide the tools and templates needed for businesses to set up their internal policies and procedures to meet COSO 2013 global standards; the initiative will help establishments create and implement ethics, governance and corruption-risk frameworks critical to businesses seeking certifications and seeking to raise investment capital.

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  • Establishing a Solid Foundation: Joining Business Action Against Corruption (BAAC) in Nigeria provides businesses with tools and templates to establish internal policies and procedures to international standards. This is crucial for smaller companies seeking approval from banks and financial institutions and wanting to participate in the supply chain of ethically-driven larger companies, without the high cost of hiring consultants.

    Navigating a Complex Environment: Operating in a corruption-prone environment can be challenging for businesses. BAAC offers collective action, enabling businesses to belong to a larger group that engages with powerful actors to address common issues and pain points. This collaborative approach enhances compliance and growth prospects.

    Effective Regulatory Risk Management: In Nigeria, regulatory pressure can pose mission-critical risks to businesses. BAAC's Regulatory Conversations series engages with regulatory bodies, advocates for clearer regulatory philosophies, and helps companies manage corporate risk and assess corruption risk. Membership includes certification by independent assessors.

    Protecting Brand Reputation: Corruption in the business environment poses a significant risk to a company's brand reputation. BAAC offers certifications, such as the Corporate Governance Rating System (CGRS), which are recognized internationally. These certifications signal compliance with global standards and help businesses build trust with partners and investors, both locally and internationally.

  • 1) Send a declaration of intent to be part of this Business-led Collective Action in the fight against corruption indicating: (1) the willingness to actively participate and (2) report on an annual basis (November 30th each year) experience from company effort to prevent corruption within sphere of influence, and (3) preparedness to participate in at least one thematic sub-group (SME, Oil & Gas, Telecomms etc.) to ensure that the corruption threats to compliance, growth and survival of company are adequately expressed and captured

    2) Provide basic due diligence documents.

    3) These items will be vetted and if application is unsuccessful, this will be communicated to the company with a full refund within 7 working days of submitting the application.

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About BAAC

  • The Convention on Business Integrity (CBi), since June 2006, implements the Business Action Against Corruption (BAAC), Nigeria project.

  • The aim of the BAAC project is to use collective action to improve corporate governance and reduce corruption in the Nigerian business environment. The programme also supports practical initiatives, which promote good governance and improve the investment climate. In addition, 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.

  • We achieve this through working with industry at strengthening self-regulation of business, its compliance with government regulation, stakeholder activism and a public vigilance over the arrangement. We also build on existing relationships with the Nigeria Stock Exchange (NSE) and the Securities Exchange Commission (SEC) to build a partnership to strengthen corporate leadership practices by raising standards of board leadership of directors of listed companies in Nigeria to review their fiduciary responsibilities, and meet stakeholder expectations.

Benefits for Members

  • By joining BAAC, small businesses can address the perceived issue of limited access to finance. What is the remedial action? By instituting robust governance and controls. What are the additional benefits?: (1) Access to a curated selection of reputable vendors, (2) specialized training programs, (3) certifications to bolster compliance and integrity efforts, and (4) advocacy support through initiatives like Regulatory Conversations and partnerships with relevant regulatory agencies, facilitating smoother engagement in public procurement processes.

  • Joining BAAC provides medium-sized companies with a comprehensive set of solutions to address perceived issues such as (1) limited access to finance and (2) regulatory pressures from various government bodies. What is the remedial action? By instituting robust governance and control measures and implementing corruption risk assessment procedures, businesses can navigate these challenges more effectively. Additionally, BAAC offers benefits like (1) access to reputable vendors, (2) valuable training, (3) certification opportunities, and (4) advocacy support through initiatives like Regulatory Conversations and partnerships with regulatory agencies.

  • Large companies that join BAAC stand to address significant challenges, including (1) improved access to finance and (2) navigating complex regulatory pressures from various authorities like LIRS, FIRS, NAFDAC, SON, and NAICOM. BAAC provides practical solutions by (1) helping companies institute robust governance and control measures, (2) implement corruption risk assessments, (3) offer training and assessment on anti-bribery and anti-corruption (ABAC) practices, and (4) Improve access to market (capital market). Furthermore, membership offers the added advantage of (1) connecting businesses with reputable vendors, (2) provides valuable training and certifications, and (3) advocates on their behalf through initiatives like Regulatory Conversations and partnerships with regulatory agencies and public procurement interfaces, all contributing to smoother operations and growth.

  • Joining BAAC offers several key benefits. Firstly, it addresses two significant perceived issues: (1) access to finance and (2) regulatory pressures from various government bodies. BAAC provides remedial actions by (1) helping companies institute robust governance and control mechanisms and (2) implement corruption risk assessment procedures. Moreover, (3) it facilitates improved access to the capital market. In addition to these core benefits, BAAC offers extras, including (1) access to preselected reputable vendors, (2) valuable training, (3) certification, and (4) advocacy initiatives such as Regulatory Conversations and partnerships with regulatory agencies.

Testimonials

  • Olufemi Awoyemi (CEO, ProShare Nigeria)

    “Doing business with ease is largely dependent on having a friendly regulatory environment which supports the convenience of execution of effective corporate governance standards by galvanizing the adoption of corruption-risk framework that is crucial to achieving the set goals of improved corporate values.”

  • Soji Apampa (CEO, Integrity Organization)

    Soji Apampa (CEO, Integrity Organization)

    “BAAC through Regulatory Conversations has helped to push for a clear philosophy of regulation to be established in Nigeria; and assist companies with corporate risk by providing a platform for its assessment including corruption-risk.”