By Chukwuma Umeorah

Given the economic challenges brought about by changing environmental variables, it is imperative that public and private organisations become more intentional in implementing sound governance practices and adapt the corporate governance framework to address these challenges.

These were the discussions of financial experts who spoke at a press conference of the forthcoming National Corporate Governance Summit 2022 (NCGS 2022) which held in Lagos.

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

 

Speaking to newsmen at the conference, the Registrar/Chief Executive Officer, Chartered Institute of Bankers of Nigeria (CIBN), Seye Awojobi, said that it is a universally accepted fact that sound governance is the bedrock of virile and sustainable economic growth for both corporations and nations.

 

Awojobi noted that 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.

 

He added that corporate governance became more pronounced in critical sectors of the Nigerian economy leading to the establishment of a few sectorial codes of Corporate Governance and finally the National Code of Corporate Governance 2018 (NCCG 2018).

 

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“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.

 

These 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”, he said.

 

Corroborating him, the Director, Directorate of Accounting Standards, FRC, Dr Iheanyi Anyahara, said that 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.

 

According to him, the National Corporate Governance Summit 2022, is themed, “Building a Strong and Virile Economy: The Role of Corporate Governance”, and underlines 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 is expected to create awareness and enhance the knowledge of both private and public sector participants on the practical application of the principles and practices of Corporate Governance and its link towards creating a sustainable pathway for Nation’s Economic Development and Growth.

 

The Vice President, Prof Yemi Osinbajo will be the special guest of honour and also declare the event open, while, Dr. Okey Enelamah, Chairman African Capital Alliance and Immediate Past Minister, Federal Ministry of Industry, Trade and Investment, FMITI will be the chairman of the occasion.