How corporate governance can aid strong economy

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.

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).

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.