By Merit Ibe
Despite challenges to the business and economic environment, which affected revenue from subscription and training, the Institute of Directors (IoD) said it recorded a surplus of #148,834, 390 in its financial report and account for the year ended 31 December 2021.
The institute which said it delivered on its mandate to its stakeholders through prudent management of resources, identification of business opportunities and presentation of value-added services, noted that the surplus represented an increase of 3 percent over the preceding year result of N 144,631,139.
Austin Enajemo-Isire, honorary treasurer, who presented the financial report and account for the year, at the 38th annual general meeting (AGM) of the institute, said despite the challenges that ravaged the nation and world economy during the period under review, the achievement was attributed majorly to improved contributions from membership and training income.
For his part, Director General and Chief Executive Officer, IoD, Nigeria, Bamidele Alimi, admitted that the 2021 was a tough year for businesses and the institute, saying under the environment, management was forced to devise strategies that addressed the prevailing challenges.
Alimi said the challenges included prudent management of resources, identification of business opportunities and presentation of value-added services to members through various means. He noted that at the beginning of 2021”we projected a positive outlook in tandem with global and national outlook and projections. However, the emergence of the third wave of COVID-19 pandemic aborted most of the operational plans as restrictions persisted, affecting plans to commence physical defence in the second quarter of 2021.
Dr Ije Jidenma, president and chairman of council, who assessed the business environment, cited the world Bank rating of Nigeria’s ease of doing business as ranked 131 among 190 economics. This she said is partly because the Nigerian business environment has been dotted with lots of challenges that have weakened investors confidence in the economy. “These challenges include insecurity uncertainty political environmental and cultural disparities.” She said she was elated that the institute has continued to work strong despite the challenges of the prevailing economic and social environment in Nigeria. The institute has achieved a lot from collaborative efforts and partnership in the year under review and has continued to increase its relevance in the Nigerian business community through its advocacy for corporate governance and ethical business behaviour in the public and private sectors.