NIM says unethical practices due to corporate governance non-compliance
Nigerian Institute of Management (NIM) has attributed most of the sleaze and unethical practices witnessed in the country to disregard for corporate governance in both public and private sectors.
The President of the 56 years old body, Munzali Jibril told journalists in Lagos that even poorly performing and failed businesses in all sectors of the economy is largely caused by non-compliance with the tenets and ideals of corporate governance.
“Since there is a direct correlation between adherence to corporate governance and institutional performance, there is a new compelling need to draw the attention of nation, businesses and those who manage man and materials at different levels to the issue of corporate governance,” Munzali said while announcing the institute’s forthcoming conference later this month on corporate governance in Abuja.
He defined corporate governance as the system of rules, practices and processes by which a company or a country is directed and controlled. “This essentially involves balancing the interests of a company’s many stakeholders, such as shareholders, management, customers, suppliers, financiers, government and the community”
Munzali whose tenure ends this year as the institute’s president said corporate governance is intended to increase accountability and to avoid massive disasters before they occur.
“Well-executed corporate governance should be similar to an efficient internal audit unit which detects potential financial irregularities and stops them from being actualized.”
Stating that corporate governance is as important as company’s primary business plan, Munzali said when executed effectively, it can prevent corporate scandals, fraud and enhances company image in the public eye as a self-policing company.
He said the institute would not relent in its quest to bequeath a well trained and productive workforce to the nation and would also not be tired until mismanagement, corruption which have hampered Nigeria’s development are completely exterminated from the nation’s polity.
Christopher Kolade, a management expert; Sheikh Ahmad Abdullah, former minister of agriculture and Nat Ofo, former company secretary, Nigerian Breweries would speak at the conference.