• Wednesday, November 29, 2023
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FG urged to implement effective governance, risk, compliance strategy now

FG urged to implement effective governance, risk, compliance strategy now

As Nigeria gropes in the dark in search of new ways of setting the ship of nationhood right, the CEO of Gabriel Domale Consulting has advised businesses, ministries, and government agencies to implement what he termed an effective ‘Governance, Risk, and Compliance’ (GRC) framework if they hoped to achieve growth and global competitiveness.

The management consulting firm stated this in an interview with BusinessDay while discussing the 2022 report of the World Bank in Nigeria that indicated that Nigeria is now 150 out of 157 countries on the Human Capital Index (HCI).

Speaking on behalf of Gabriel Domale Consulting, the CEO, Leesi Gborogbosi, pointed to the low human capital index for Nigeria as evidenced by the triangulation of Nigeria’s low investments in education and health. These have impacts on present and future productivity, he stated.

He explained that businesses and government agencies may face difficult operating and regulatory environments as governments, at all levels, strive to address economic and developmental challenges.

To survive and compete in the global market, he counselled, companies should adopt effective governance, risk, and compliance framework.

The CEO said he was keen on drawing the attention of the federal government to the 2023 report by the World Bank that recommended that some of the priorities of the administration of President Bola Ahmed Tinubu should include adopting a single, market-responsive exchange rate, refocusing the apex bank on its mandate to reduce inflation, and increasing non-oil revenues.

To him, the Central Bank of Nigeria (CBN), being the chief macroeconomist centre, financial advisor, and banker to the government, is expected to lead in the mobilisation of human capital and the economic and professional potentials of Nigerians.

Gborogbosi expounded that in the current dynamic global economic landscape, governance has evolved beyond ensuring compliance to being increasingly focused on addressing a wide range of risks, financial fraud, de-globalisation, and technology vulnerabilities.

The Gabriel Domale Consulting boss stated that to help businesses and government agencies overcome these GRC complexities, the management consulting firm has developed a training programme titled effective governance, risk, and compliance framework to companies and government agencies.

The CEO who said Gabriel Domale Consulting helps companies in Africa to grow by providing insights to leaders, and transforms institutions said; “These organisations would need to use effective governance, risk, and compliance framework as enablers to achieve their goals.

“It will equip leaders/managers with skills to overcome emerging challenges of the new era, from navigating regulatory disruption to leveraging technological transformations.”

Gborogbosi, who explained that Gabriel Domale Consulting is a management consulting firm based in Port Harcourt,

posited that the programme adopts a training and knowledge-sharing approach to equip participants with the tools to understand their companies’ and government agencies’ obligations, mitigate risk and have a proper structure to lead governance, risks, and compliance responsibilities.

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He stated that course participants would harness the insights, frameworks, and tools they learn to enhance the value they bring to their companies and government agencies to ensure high-performance governance practices. “Also, the peer interactions, knowledge checks, and case study analyses will reinforce the concepts learned through the programme.

Gborogosi thus joins other experts in the Niger Delta offering counsel and suggestions on how to get Nigeria right this time. Last week, another expert with international clout, Tombari Sibe, the cybersecurity and info tech whizkid, had offered his opinion especially on how states east of the Niger could exploit gaps in oil and gas laws to partner with international oil corporations (IOCs) to invest and reap huge dividends in the hydrocarbon industry that is in their backyard.

It is believed that if the new administration could invite and review these experts and their suggestions, the new government could come up with urgent solutions to pull Nigeria out of the wood.