Abdulsalam: IoD Nigeria Has Earned the Right to Celebrate 40th Anniversary in Style

*Tasks institute on good governance in the public sector, electoral process

Dike Onwuamaeze

Nigeria’s former Head of State, General Abdulsalami Abubakar (rtd) has commended the Institute of Directors (IoD) Nigeria for its distinctive roles in upholding and promoting sound corporate governance in Nigeria.

Abubakar made this remark at the weekend, during the commencement of the celebration of the IoD’s 40th anniversary, where he said that, “the institute has earned the right to celebrate in style,” because it “has contributed to high levels of corporate governance across Nigeria as a whole.”

Meanwhile, the President of IoD Nigeria, Dr. Ije Jidenma, in her welcome address, explained that the IoD Nigeria started as a Branch of IoD UK on May 17, 1983, with the objectives of promoting and ensuring the entrenchment of good corporate governance in Nigeria to attract the desired foreign direct investments into the Nigerian economy as an independent, non-partisan organisation, limited by guarantee to foster the entrenchment of good corporate governance in Nigeria.
Abubakar, who was the special guest of honour at the occassion, said: “I am sure the nation greatly appreciates your efforts. Forty years of visionary leadership and corporate governance is no small achievement. A celebratory event such as this is only appropriate.

“As someone who has had the privilege of leading this great country, I quite understand the importance of good governance, both in the private and public sectors of the economy.
“I have had the privilege of working with eminent Nigerians who are part of its best and brightest private sector operators and astute public administrators, many of whom are members of the institute.

“IoD Nigeria has come a long way in its years of existence and transformation, not only as a pioneer and a leading voice of the private sector, but as a symbol of integrity and corporate exceptionalism. IoD’s importance and relevance to our modern day societies is not in doubt.”
Abubakar pointed out that good political leadership positively correlates with good business, and in return, increased investment.

He said: “Good governance at the governmental level leads to political and institutional processes, with outcomes that are necessary to achieve the goals of national development, which has been defined as ‘the process of measuring how public institutions conduct public affairs and manage public resources to guarantee the realisation of human rights in a manner that is essentially free of abuse and corruption, with due regard for the rule of law as outlined in Section 14(2)(b), Chapter Two of the Nigerian Constitution. Section 14(2) (b) further states that ensuring the welfare and security of the people must be the primary purpose of government.’

“In a well-cited quote, former United Nations Secretary-General, Late Kofi Annan, noted that ‘good governance is perhaps the single most important factor in eradicating poverty and promoting development.”

 Abubakar stated that good governance in the public sector and sound corporate governance in the private sector were like siamese twins.

“Good governance in the public sector will provide economic, social and political stability; reduce corruption; promote rule of law; and generally create conducive environment to attract local and foreign investors for a sustainable trajectory in economic development.

“By building confidence and trust, corporations would have access to external finance and make reliable commitments to creditors, employees and shareholders. It is this contract that underpins economic growth in a market economy.

“Thus, good corporate governance will play a key role in enhancing the integrity and efficiency of companies and the country, as well as the financial markets where both operate.

“The opposite is bad corporate governance, which will weaken both the company and the country’s potential and can open the way for fraud and corruption.”

He also challenged the IoD Nigeria to pay due attention to the public sector and ensure that its laudable capacity development programmes do not end just at the corporate level.

He said that the IoD should give the public sector special attention to ensure that top players in the sector understand the rudiments of good governance.