The Institute of Directors Nigeria (IoD), in a strategic collaboration seen at deepening Nigeria’s corporate governance space, recently paid a courtesy visit to the Financial Reporting Council of Nigeria (FRC) in Lagos.
Ije Jidenma, President and Chairman of Governing Council, Institute of Directors Nigeria (IoD), said the institute is committed to the formulation of business-friendly policies for the Nigerian business environment. According to her, the FRC and IoD are partners in progress with similar objectives.
Jidenma, who led other members of the IoD governing council on the courtesy visit, said both organisations are concerned about good corporate governance and best practice in Nigeria’s public, private, and not-for-profit sectors for a better society. “The need for collaboration and complementarity, therefore, cannot be overemphasised,” she said.
According to her, the IoD champions constructive dialogue with stakeholders in the public and private sectors through its various advocacy programmes, events, and corporate visitations. “Our institute is also a major advocacy body in the area of good corporate governance, business ethics, leadership, and transparency,” Jidenma said.
Speaking further on the essence of the visit, Jidenma said that given the complexity and volatility of today’s business world and the attendant uncertainty it brings; expectations from business in terms of performance have increased, which according to her is applicable to the public sector leaders.
She further said that public sector leaders are now expected to provide the solutions that will lead organisations out of the challenging times in a world that is constantly changing. “How can we extract value from the synergies that exist for the benefit of our country and our continent, at large?”
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Shuaibu Adamu Ahmed, the executive secretary/CEO of, Financial Reporting Council of Nigeria (FRC), said training for directors by the IoD is part of the steps needed to further improve corporate governance in the country. According to Ahmed, the FRC is working to develop corporate governance for the Nigerian public sector.
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“There is more to be done in terms of partnership with IoD and FRC, we share the same objective, which is to promote corporate governance to the Nigerian economy. Since I came into office, there have not been many partnerships, which I assume should not be so. We are proud of IoD; we believe it is one of the respective institutes in the country. Your members cut across the private and public sector of the economy, therefore your contribution to the economy cannot be overestimated,” Ahmed stated.
In 2018, an MOU was executed between both organisations aimed at deepening the compliance of stakeholders with the ‘Nigerian Code of Corporate Governance 2018’. It was agreed that the IoD will lead advocacy programmes that will support the Council in publicising the Code, especially with regards to small and medium-sized organisations.
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