5.3.5 In 2009, the CBN removed the CEO’s of five Banks for unprofessional and unethical practices in the banking sector and replaced them with new management. In 2010, the CBN also revoked the operating licenses of 200 Micro Finance Banks (MFBs) following its audit of the sub- sector. The Securities and Exchange Commission (SEC) also sacked the leadership of the Nigerian Stock Exchange as a result of Board room crisis that engulfed the stock exchange. 5.3.6 Some State Governments have gone extra miles to ensure compliance to business ethics. In Ebonyi State, the State Government created social orientation committees to promote and inculcate ethical standards as well as monitor the activities of public office holders, Managers and chief executives of public corporations. Also in Akwa Ibom State, the State Government convenes periodic meetings, seminars and workshops for Chief Executives and Heads of public and private companies. The Akwa Ibom Investment Promotion Council (AKIPOC) was established to liaise with the Organized Private Sector (OPS) to encourage and promote ethical standards in businesses. In Edo State, a fiscal governance and due process office was established to ensure accountability and monitor unethical practices while Ondo State undertakes regular auditing of publicly owned companies and regularly inspects privately owned companies to ensure compliance. The Bayelsa State Fiscal Responsibility Law 2009, emphasizes best practices for budget transparency. 5.3.7 The newly-published Code of Corporate Governance in Nigeria which replaced the 2003 Code was designed to institutionalize business ethics in indigenous and foreign companies operating in Nigeria. It also addresses most of the perceived weaknesses of the previous code. Most poignant in the new code is the introduction of whistle blowing procedures to check unethical practices in the industry. On the whole Corporate Governance in Nigeria is moving towards strong enforcement which should improve in the years ahead. 78