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…. We have more to offer Nigeria, IOD assures
By Henry Uche
A former Head of State of Nigeria, General Abdulsalami Abubakar, has charged the Institute of Directors Nigeria (IOD) to pay great attention to the public sector governance saying that IoD’s importance and relevance to modern day societies was not in doubt.
The former Head of state who was a Special Guest of Honour at the official flag-off of the 40th anniversary ceremony of the Institute, said as someone who has had the privilege of leading the giant of Africa – Nigeria, he quite understands the importance of good governance, both in the private and public sectors of the economy.
According to him, both public governance and corporate governance must ensure efficient policy formulation and implementation, resource allocation, rule of law, and accountability, noting that good governance in the public sector and and sound Corporate Governance in the private sector are like siamese twins.
“Good Governance in the public sector will provide economic, social and political stability; reduce corruption; promote rule of law; and generally create a conducive environment to attract local and foreign investors for a sustainable trajectory in economic development.
“By building confidence and trust, corporations would have access to external finance and make reliable commitments to creditors, employees and shareholders. It is this contract that underpins economic growth in a market economy. Thus, good corporate governance will play a key role in enhancing the integrity and efficiency of companies and the country, as well as the financial markets where both operate. The opposite is bad corporate governance, which will weaken both the company and the country’s potential and can open the way for fraud and corruption”
Abubakar maintained that if directors of both the public and private entities are properly trained, guided and mentored by a leading institute like the IoD Nigeria, such effort would ultimately lead to better governance in the private and public sectors. He therefore challenged IoD to pay due attention to the public sector and ensure that laudable capacity development programmes do not end just at the corporate level but that the public sector is given special attention to ensure that top players in the sector understand the rudiments of good governance.
“Such public sector-focused programmes should be developed to meet the peculiar and specific needs of directors in the public sector, as there definitely are some marked differences in the activities, task and deliverables of public sector directors, which requires special skills.
“We have just come out of general elections whose outcome was characterised by controversies, allegations of governance failures and irregularities. But with the myriads of socioeconomic and political problems bedeviling us as country, the solutions to such controversies and allegations lie in good governance.
“It is my hope that before the next election cycle, IoD will lead national advocacy and capacity-building to ensure that political parties, candidates, the electoral umpire, security institutions, the media sand all other stakeholders, appreciate the need to uphold good governance practices in order to guarantee the citizens of Nigeria free, credible, and fair elections.
“The Institute must promote good governance in the public sector in same same way it pursues sound corporate governance in the private sector. This will greatly facilitate the transformation of our country into a nation” he urged.
In an address, the President & Chairman of the Governing Council of the Institute, Dr. (Mrs.) Ije Jidenma, assured that the Institute would ensure it do everything right and necessary to make Nigeria not only see it does but feel its impact in the socioeconomic and political space of the country.
Recounting the Institute’s milestones since its establishment, the President maintained that regardless of its lofty heights and feats achieved, it would ensure that the giant of Africa – Nigeria feel its presence across sectors through the works of its members spread across the country.
Jidenma who affirmed that IOD had contributed to the socioeconomic and political development of Nigeria through partnership with relevant government agencies, assured that the Institute would leave no stone unturned in ensuring that its voice for the promotion of corporate governance in Nigeria are continuously re- echoed.
“The Institute of Directors Nigeria (IoD Nigeria) will clock 40 years on May 17, 2023, though we have kept the faith of
ensuring that the objectives (entrenchment of good corporate governance in Nigeria) of the founding fathers of IOD are achieved, we shall make sure that the vision and mission are met even beyond expectations”
“IOD pantheons of progress realised that to attract the desired foreign direct investments into the Nigerian economy.
and advance professional competence, integrity and enterprise, we need to deepen sound corporate governance practice and facilitat the implementation of corporate governance codes to foster corporate sustainability and Nigeria’s economic development” she stressed.
With the theme, ‘Celebrating 40 Years of Visionary Leadership and Corporate Governance’, Jidenma avowed that IOD would conscientiously continue to deploy the instrumentality of dialogue, consultations and other avenues to relate with State and Federal Governments and other regulatory institutions in the country to advance the course of sound corporate governance practice, public policy advocacy and leadership.
“IoD has not falter over the last 40 years in providing cutting edge ‘’Code of Ethics’’ for Directors, business leaders and organisations in the public and private sectors, and we shall not falter” she averred.
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