History of the CGRS

The CGRS has been developed by the Nigerian Stock Exchange, in partnership with the Convention on Business Integrity. The Humboldt- Viadrina School of Governance (HVSG), Berlin acted as an independent observer during the development and pilot stage, reporting independently on the process applied to establish the CGRS. Siemens Integrity Initiative provided financial support for the development and pilot of the CGRS.


The Convention on Business Integrity (CBi) established in 1997, is a registered company limited by guarantee with the mission of empowering people, their transactions and institutions against corruption by promoting ethical business practices, transparency and fair competition in the private and public sectors. The Convention on Business Integrity brings a company into fellowship with other companies, organizations and individuals interested in Collective Action in the fight against corruption.



The Nigerian Stock Exchange (NSE) was founded in 1960 and today services the largest financial center in sub-Saharan Africa. The NSE, a registered company limited by guarantee, is licensed under the Investments and Securities Act (ISA) and is regulated by the Securities and Exchange Commission (SEC) of Nigeria. Along with securities listing and trading services, the Exchange offers market data dissemination services, market indices and much more.


Independent International Observers for the Design & Pilot Stages