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IoD harps on role of corporate governance in building strong economy

How corporate governance can aid strong economy – IoD

The Institute of Directors (IoD) has stressed the need for practical application of the principles of corporate governance in building a strong economy.

The National Code of Corporate Governance (NCCG 2018) was unveiled by the Vice President, Yemi Osibanjo, on 15 January 2019, and seeks to promote public awareness of essential corporate values and ethical practices by recommending practices and principles that affected companies are to adhere to.

“It is a universally accepted fact that sound governance is the bedrock of virile and sustainable economic growth for both corporations and nations,” Seye Awojobi, co-chairmen, national organising committee, said.

According to the Institute, the forthcoming National Corporate Governance Summit 2022 (NCGS 2022) would expose leaders in various sectors of the economy to critical connections between strong corporate governance and outstanding performance in revenue enhancement, operational efficiency, image protection and reputation, brand attraction, sustainability, and economic development.

Awojobi, who doubles as registrar/ chief executive officer, Chartered Institute of Bankers of Nigeria (CIBN), and Iheanyi Anyahara, director, directorate of Accounting Standard, Financial Reporting Council (FRC), while briefing Newsmen in Lagos said the summit will increase awareness and enhance the knowledge of both private and public sectors participants on the practical application of principles of Corporate Governance and its link towards creating a sustainable pathway for Nation’s Economic Development and Growth.

The two-day event with the Theme: Building a Strong and Virile Economy: The Role of Corporate Governance will be held between November 7 and 8 2022 in Logos.

The NCGS 2022 is the maiden edition of the Summit jointly organized and hosted by the IoD Centre for Corporate Governance (IoDCCG), the Financial Reporting Council of Nigeria (FRC), and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

Awojobi disclosed that there will be high-level conversations on the theme by corporate governance experts and global leaders who are adept and skilful in imparting a high level of knowledge to the attendees.

He said there will be case studies and scenarios of strong Corporate Governance practices and nexus with economic growth; Group discussions Networking opportunities; and lots more, adding that gathering will provide networking opportunities and valuable insights to public and private sector leaders on Corporate Governance principles and practices as well as provide in-depth knowledge on how to tackle very tough governance challenges while adding value to ensure the sustainability of organisations, institutions, and the nation’s economy.

“We are expecting about 350 participants combining in-person gathering and virtual attendance, including Public and Private Sector leaders, Chief Executive Officers, Captains of Industry, thought leaders, members of the Diplomatic community, entrepreneurs, and owners of family businesses/ Medium Small and Micro Entrepreneurs (MSMEs).

“We are also reaching out to undergraduates in tertiary institutions and students in secondary schools to ensure that the culture of sound corporate governance is imbibed at an early stage,” he said.

According to him, renowned and prolific leaders across public and private sectors as well as the well international community have been lined up to share their wealth of knowledge and experience on this important subject matter.