FIRST Bank of Nigeria has urged both less profit and non profit organisations in the country to fully adopt sound corporate governance principles for sustainable business development.
The Centre Manager, First Bank of Nigeria’s Sustainability Centre, Lagos Business School (Pan-Atlantic University), Dr. Ijeoma Nwagwu, who stated this at sustainability workshop in furtherance of FBN’s objective to drive knowledge creation dissemination and application, explained that firms needed to think strategically about their corporate governance infrastructure to thrive.
She said, “When you look at the non-governmental organisations or non profit organisations, you feel excited and passionate about it, especially on the project you are about to do.
This, among others is a welcome development and much needed intervention, but sometimes that excitement and passion makes people consider corporate government as a secondary matter or something they have to do which is not central to their concern as people passionate about solving socio problems.”
She affirmed that NGOs need to make corporate governance as part of their business plan and set up solid advisory board of directors to be able to guide the organisation as a bureau and helping it not to be NGI (Non Governmental Individuals) instead of NGO.
According to her, “You don’t own an NGO and drive it like a personal project. There is the need for the NGO to be sustainable; to have informed plan and institutions around corporate governance. This is the growth prospects that donors would like to see in your organisation.
“Corporate governance is a game changer so; it’s good to benchmark it with global practices so as to know what other people are doing around the world and not just in the western world, but in Africa and Nigeria, where we have good examples.”
The essence of the programme, according to FBN was to provide firms in that category, a space to think and be critical about their enterprise development because NGOs operates in any environment where there are higher expectations around their performance, operations and overall success.
Earlier, the bank’s spokesperson, Mrs. Folake Ani- Mumuney, said the FBN remained committed to the ideals of corporate citizenship and sustainable businesses practices.
“Consistent with the bank’s position as a sustainability thought leader, we established the First Bank sustainability centre in partnership with the Lagos Business School to serve as a specialised centre that focuses on knowledge creation, knowledge dissemination and knowledge application of sustainability related issues, amongst other things,” she said.