By Stanley Ihedigbo, Lagos
The Institute of Directors (IoD) Centre for Corporate Governance (IoDCCG) in conjunction with the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Financial Reporting Council of Nigeria (FRC) have concluded plans to host a two-day national summit in Lagos.
The national event which is scheduled for November, is expected to draw participants from different organisations and fields of endeavor across the country.
This is contained in a statement jointly signed by Dr. Seye Awojobi, Registrar/CEO, Chartered Institute of Bankers of Nigeria and Dr. Iheanyi Anyahara, Director, Directorate Of Accounting Standards, Financial Reporting Council Of Nigeria, on behalf of the the National Organising Committee (NOC) for the National Corporate Governance Summit 2022 (NCGS 2022).
According to the statement, sound corporate governance is the bedrock of virile and sustainable economic growth for both corporations and nations.
“This has been the basis of the increasing attention given to issues of Corporate Governance in the global sphere, especially following the collapse and scandal of global corporate giants like Enron, WorldCom, Arthur Andersen and Co, and Siemens to mention a few.
“Corporate Governance became more pronounced in critical sectors of the Nigerian economy leading to the establishment of few sectorial codes of Corporate Governance and finally the National Code of Corporate Governance 2018, (NCCG 2018).
“The NCCG Code generally applies to all publicly quoted companies as well as regulated private companies. The Code provides a framework “to ensure good Corporate Governance practices in the private sectors of the Nigerian economy….” by articulating a broad set of principles on corporate accountability, transparency, and sustainability for both public and private companies in Nigeria.
“With the COVID-19 pandemic, the emerging Corporate Governance environment became characterized by an increasingly complex set of pressures and demands from various stakeholder groups, increased expectations of engagement with societal and environmental factors, coupled with uncertainty about the future.
“Factors were complicating decision-making processes and challenging the traditional models of governance. It became imperative that Public and Private Organisations were to become more intentional in implementing sound governance practices and adapt the corporate governance framework to address some of the challenges brought by changing environmental variables.
“In recognition of the critical roles of sound Corporate Governance in nation’s building, FRC, IoDCCG and ICSAN, are coming together to create a platform for facilitating robust conversations on this very subject matter.
“This National Corporate Governance Summit 2022, with the theme, ‘Building a Strong and Virile Economy: The Role of Corporate Governance, underline the imperative of the practical application of the principles and practices of Corporate Governance as espoused in the NCCG 2018, other relevant sectoral codes and extant laws.
“The summit will create awareness and enhance the knowledge of both private and public sectors participants on the practical application of the principles and practices of Corporate Governance and its link towards creating sustainable pathway for Nation’s Economic Development and Growth.
“Also the Summit is expected to expose leaders in the various sectors of the Nigerian economy to critical connections between strong corporate governance and outstanding performance in areas as wide-ranging as revenue enhancement, operational efficiency, image protection and reputation, brand attraction, sustainability and economic development.
“By design, it is specifically packaged and will feature: High level conversations on the theme by Corporate Governance experts and global leaders who are adept and skillful in imparting a high level of knowledge to the attendees.
“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/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.
“During the two days event, the following sub-themes will be thoroughly dissected to identify opportunities in key sectors and industries of our economy; We have lined-up renowned and prolific leaders across public and private sectors as well international community to share their wealth of knowledge and experience on this important subject matter with the following Plenary Sessions,” the statement reads.
The Special Guest of Honour will be Prof. Yemi Osinbajo, will declare the event open while Dr. Okey Enelamah, Chairman African Capital Alliance and immediate past Minister of Industry, Trade and Investment will be the Chairman of the Occasion.
The Keynote address will be presented by Mr. Mohammed Kabir Ahmad, Chairman of the Board of Polaris Bank Limited.
Guests of Honour will be Otunba Richard Adeniyi Adebayo, Minister of Industry, Trade and Investment; Adamu Adamu, Minister of Education; Lagos state governor, Babajide Olusola Sanwo-Olu and Ogun state governor, Dapo Abiodun.