IoD President: We Were Set Up to Attract FDIs to Nigeria

•Says Nigeria needs corporate governance to withstand AfCFTA competition

Dike Onwuamaeze

The President and Chairman of the Governing Council of the Institute of Directors Nigeria (IoD), Dr. Ije Jidenma, has stated that the institute was established 40 years ago to enable Nigeria attract foreign investments by promoting corporate governance and global best practices.

Jidenma said this yesterday, in Lagos, during a world press conference that was organised by the institute to inform the corporate world, the general public and all stakeholders about the activities that would mark its 40th anniversary.

She said: “It is my great pleasure and honour to announce to you and the world that IoD Nigeria will clock 40 years in May 2023. The Institute was founded by some patriotic Nigerians, led by the late Chief Anofi Goubadia (DFIoD).

“The objectives of these patriots were to promote and ensure the entrenchment of good corporate governance in Nigeria. These pantheons of progress realised that to attract the desired foreign direct investments into the Nigerian economy, there was a need to ensure that the management and leadership of organisations in the country conformed to global standards and best practices.

“They thus established the Institute as an independent, non-partisan organisation, limited by guarantee to foster the entrenchment of good corporate governance in Nigeria.”

She added that, “with the coming of African Continental Free Trade Area’s agreement, Nigeria need good directors to be able to navigate the terrain at continental level.” 

Jidenma explained that the theme of the anniversary is “Celebrating 40 Years of Visionary Leadership and Corporate Governance,” which was deliberately chosen to bring to the limelight the various contributions of the IoD Nigeria at enhancing the quality of corporate governance. 

The president of the IoD said most of the achievements of the institute were largely intangibles because they were geared toward creating behavioral changes among the workforce in Nigerian private and public sectors to do the right things.

She added that the institute would remain unrelenting in its quest to ensure that its impact would be felt more and more by collaborating not only with private sector organisations but with the public sector also through their permanent secretaries and directors.

“I will say that our achievements have been significant in the sense that people are beginning to understand that they have to run their organisations properly, and if they do not it will have consequences in terms of long term sustainability and this is what we have been preaching. 

“IoD has, over the past 40 years, made significant strides. It has worked closely with government, corporate organisations, bilateral chambers and diplomatic missions to raise the standards of governance and corporate leadership in the private and public sectors of our nation’s economy.

“Its solid imprints and legacies are there in many board rooms across the nation; from the veterans whose advisory services are indispensable to those who are just cutting their teeth through our foundational programmes.”

The Chairman of the IoD 40 Anniversary Committee, Mr. Samuel Yemi Akeju, said that the institute would, starting from April 28, 2023, roll out nationwide year-long activities that would be marked in Lagos, Abuja, Port Harcourt and Abeokuta.

Akeju said: “As an international brand, IoD Nigeria intends to host an anniversary that will have a global appeal and will showcase the connections of IoD Nigeria to international stakeholders in its pursuit of the entrenchment of good corporate governance.”