Experts on Friday called for adoption of corporate governance principles in building stronger institutions in the country, particularly, public sector institutions.
The experts said this in a communique after the Institute of Directors (IoD) dinner and awards ceremony with the theme: “Building Stronger Institutions: The Role of Corporate Governance,” in Lagos.
Dr Joe Abah, Country Director, Development Alternatives Inc (DAI), noted that political, legal, social and cultural ways of doing things mattered, but that corporate governance would help set the tone from the top to get better results.
Abah stated that corporate governance would help promote good relationship with stakeholders, shape organisational culture, promote ethics and values and allocate capital and manage risks.
He noted that in the public sector, corporate governance could help with the country’s budget process, stripping it of all misleading ideologies.
“Corporate governance in setting the tone at the top would approve corporate strategy, select the right leadership and management team to oversee all functions leading to organisational success.
“It also includes diversity and inclusion, succession planning, compensation and benefits, incentivising performance and constraining unwholesome human resources practices, like bullying/sexual harassment.
“Corporate governance would also promote ethics and values and clearly spell out what is allowed and what is not.
“There’s nothing wrong with Nigeria but what the country needs is the right leadership willing to rise to the responsibility and with the right institutions in place, that can be done,” he said.
Alhaji Mohammed Hayatu-Deen, Chief Executive Officer, Alpine Investment Services Ltd., stressed the need for the IoD to engage government to provide good and robust reforms backed by corporate governance.
“Nigeria can be better managed but the IoD needs to take the initiative to make lasting contributions aimed at reforming the public sector,” he said.
Dr Ije Jidenma, president, IoD, said, 2022, touted as a year of recovery from the COVID-19 pandemic, was hindered by the impacts of the Russia-Ukraine war, which affected global economies.
She noted that for Nigeria, the consequences were dire, especially as it brought about serious energy crisis due to the colossal rise in the cost of refined petroleum products, especially diesel, which fuelled most industrial installations.
She stated that in spite of the challenges, the IoD remained resolute in its determination to continue to create value for its members.
“We have contributed to the Nigerian business by ensuring that its views are conveyed to the government for the entrenchment of good corporate governance in the country.
“This year our quest to deepen good governance in the public sector received greater boost with the admission into membership of the institute, key public sector functionaries including ministers, the head of civil service and key government agencies.
“We have expanded our strategic engagements and consummated our relationships with several agencies and we are working hard to push for sound governance across Africa,” she said.
The Chairman, Polaris Bank, Alhaji Muhammed Ahmad, won the IoD good governance award, Dr Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., won the IoD Director Development award, among others.