Strengthening Corporate Governance Ecosystem in Nigeria Pathway for National Development

Oluchi Chibuzor

In a bid to entrench ethical values and principles across all sectors in the economy, the need to strengthen the corporate governance ecosystem in the country has been emphasised as a strong foundation for a virile economy and national development.

Speaking at a briefing recently, in Lagos, for the forthcoming National Corporate Governance summit 2022, the Registrar and CEO Chartered Institute of Bankers, Dr. Seye Awojobi, said the event would 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.

According to him, this is because sound governance is the bedrock of virile and sustainable economic growth for both corporations and nations, adding there is therefore the need to strengthen the corporate governance ecosystem in the country.

In his words: “With the Covid-19 pandemic, the emerging Corporate Governance environment became characterised 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. 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 also, the Summit 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.

However, he maintained that  “the summit will 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.”