How corporate governance can aid strong economy – IoD

The Institute of Directors (IoD) has stressed the need for the 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 January 15, 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.

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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 on Tuesday, 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 organised 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).