Categories: Business

Corporate governance vital in building strong economy —CIBN, IoD

Published by

3 years ago

The Institute of Directors (IoD), the Chartered Institute of Bankers of Nigeria (CIBN) and the Financial Reporting Council (FRC), have stressed the need for the practical application of the principles of corporate governance in building a strong economy.

The National Code of Corporate Governance (NCCG 2018) was unveiled by the Vice President Yemi Osibanjo, on January 15, 2019, and sought to promote public awareness of essential corporate values and ethical practices by recommending practices and principles that affected companies are to adhere to.

“It is a universally accepted fact that sound governance is the bedrock of virile and sustainable economic growth for both corporations and nations,” Seye Awojobi, co-chairman, national organising committee of the forthcoming National Corporate Governance Summit 2022 (NCGS 2022) said.

The conference, according to the organisers, would expose leaders in various sectors of the economy to critical connections between strong corporate governance and outstanding performance in revenue enhancement, operational efficiency, image protection and reputation, brand attraction, sustainability, and economic development.

Awojobi, who doubles as Registrar/Chief Executive oOfficer, CIBN, and Iheanyi Anyahara, Director, Directorate of Accounting Standard, FRC, while briefing newsmen in Lagos, said the summit would increase awareness and enhance the knowledge of both private and public sectors participants on the practical application of principles of corporate governance and its link towards creating a sustainable pathway for the nation’s economic development and growth.

The two-day event with the theme, ‘Building a strong and virile economy: The role of corporate governance,’ would be held between November 7 and 8, 2022 in Lagos.

The NCGS 2022 is the maiden edition of the summit jointly organised and hosted by the IoD Centre for Corporate Governance (IoDCCG), the Financial Reporting Council of Nigeria (FRC), and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

The summit would create awareness and enhance the knowledge of both private and public sector participants on the practical application of the principles and practices of corporate governance and its link towards creating a sustainable pathway for the nation’s economic development and growth.

The organisers said the summit is expected to expose leaders in the various sectors of the Nigerian economy to critical connections between strong corporate governance and outstanding performance in areas as wide-ranging as revenue enhancement, operational efficiency, image protection and reputation, brand attraction, sustainability and economic development.

By design, it is specifically packaged and would feature high level conversations on the theme by corporate governance experts and global leaders who are adept and skillful in imparting a high level of knowledge to the attendees; case studies and scenarios of strong corporate governance practices and nexus with economic growth; group discussions, networking opportunities; and lots more.

The committee further informed that about 350 participants, combining in-person gathering and virtual attendance, including public and private sector leaders, Chief Executive Officers, captains of industries, thought leaders, members of the diplomatic community, entrepreneurs and owners of family businesses/MSMEs, are expected at the summit.

The organisers disclosed that the Vice President, Prof. Yemi Osinbajo, would declare the event open, while, Dr Okey Enelamah, Chairman, African Capital Alliance and immediate past Minister of Industry, Trade and Investment, wouldl be the chairman of the occasion.

The Keynote address would be presented by Mr Mohammed Kabir Ahmad and Chairman of the Board, Polaris Bank Limited.

Confirmedguests of honour include: Chief Adeniyi Adebayo, the Minister of Industry, Trade and Investment; Malam Adamu Adamu, Minister of Education; Governor Babajide Sanwo-Olu of Lagos State and Prince Dapo Abiodun, governor, Ogun State.

The high-level gathering is expected to provide networking opportunities and valuable insights to public and private sector leaders on corporate governance principles and practices as well as provide in-depth knowledge on how to tackle very tough governance challenges while adding value to ensure sustainability of organisations, institutions and the nation’s economy.

ALSO READ FROM NIGERIAN TRIBUNE