Corporate governance, enthronement of core values key to economic growth – Forum

A forum on ‘sound governance as cursor to thriving economy: a case of inclusiveness’ has highlighted good corporate governance in organisations including public sector and enthronement of core values as ingredients necessary in growing the Nigerian economy.

The speakers at the forum organized by Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, who included Asue Ighadalo, co-founder of Banwo & Ighadalo and Enase Okonedo, Vice Chancellor of Pan Atltantic University said when values and corporate governance are taken seriously, it will fastrack the attainment of the objectives of organizations which will aggregate to make impact on the economy.

Worried on how Nigeria has descended in many fronts in the last few years, Ighadalo linked to it to abandonment of sound governance practice at all levels, abandonment of justice and rule of law, abandoned of meritocracy and hard-work.

The renowned lawyer reminded the audience that 63 years after independence, in spite of humongous revenue the nation has earned , the country is poorer today with many people unemployed or unemployable.

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Today, he said there is poor standard of infrastructure, 98 perent of revenue is used to pay debts, inflation is at its highest level ever, the currency continues to slide, there is low foreign inflows, over 20 million of children out of school, value in families is gone, there is massive oil theft and cost of operation in business is high.

He said the last decade has been particularly bad for Nigeria with agriculture declining substantially.

He said that since the start of Russia-Ukraine war, other oil producers have made progress but Nigeria has made less money and “people are suffering more”.

Believing that there is something terrible wrong, he recalled that Goldman Sach had said that Nigeria will be one of the top 20 economies by 2020. He said instead of achieving that, the nation moved backward.

Ighadalo who was chairman of the occasion tasked ICSAN as champions of corporate governance to play a catalyst role in economic development saying that the answer to Nigerian problems is not Abuja but the work individuals do in their various institutions

Aligning her views with Ighadalo, the keynote speaker, Enase Okonedo said value based culture is the beginning to building a corporate governance that will impact the economy positively.

According to her, administrators in every capacity must show example. She also advocated for the strengthening of institutions to make public officers to be accountable for their actions.

Okonedo also charged ICSAN to be advocators of regulatory reforms and inclusion in organisations, stating that every region and gender must be carried along in economic development.

Funmi Ekundayo, the president of ICSAN said the theme strives to establish the undeniable role a sound governance plays in establishing a strong, viable and vigorous economy.

Read also: Funmi Ekundayo President, Institute of Chartered Secretaries Administrators of Nigeria (ICSAN)

Speaking to BusinessDay after the event, Waheed Olagunju, CEO of WVL Development Advisers Limited said for success to be achieved in any endeavor, be is social, political or economy, spheres, “we need to go back to our core values”.

Olagunju said when drivers of organisations don’t adhere to values, they will make nonsence of the mandate of the organization. But when they adhere to values, they will take corporate governance seriously.