Experts to Explore Governance Strategies for Corporate Survival in Nigeria

Sunday Okobi

As businesses around the globe confront rising interest rates, inflation, supply chain disruptions, and geopolitical uncertainties, various business and corporate experts have stated that corporate governance is proving to be the only cornerstone for survival and sustainability.

They stated that with the Central Bank of Nigeria raising interest rates to 27.3 per cent, companies are faced with the challenge of navigating high capital costs, declining consumer demand, and overall financial instability.

The Chief Executive Officer of Society for Corporate Governance Nigeria (SCGN), Mrs. Chioma Mordi, stated that this year’s annual corporate governance conference would delve into how businesses can adapt their governance frameworks to thrive amid such challenges.

Organised by the SCGN, the conference is scheduled to be held on October 10, 2024, in Victoria Island, Lagos with the theme: ‘Corporate Survival and Sustainability: The New Face of Governance,’ adding that it will examine the vital role of governance in steering companies through the current global economic landscape and ensuring their long-term resilience.

Mordi told journalists at a briefing that “This year’s conference comes at a crucial time for businesses.

“As the global economic environment becomes increasingly volatile, strong governance structures are no longer optional but essential for survival.

“Our focus will be on equipping businesses with the strategies they need to stay resilient in the face of rising financial and operational pressures.”

Also, the Chairman of the SCGN, Mr. Muhammad K. Ahmed, stressed the importance of collective action.

He said: “Good corporate governance has the power to stabilise not just businesses but entire economies.

“This conference will bring together thought leaders from across sectors to share insights on how governance can be the driving force for economic recovery and corporate sustainability.”

The keynote address will be delivered by Mrs. Bola Adesola, the chairperson of Ecobank Nigeria Limited.

Other notable speakers for the conference include the Managing Director of Ministry of Finance Incorporated, Dr. Armstrong Takang; Dean of Lagos Business School, Prof. Chris Ogbechie; and Executive Vice Chairman and CEO of the Nigerian Communications Commission (NCC), Dr. Aminu Maida.

The acting Director-General of PenCom, Ms. Omolola Oloworanran, will address governance in the pensions industry, while Head of AI at PA Consulting UK, Mr. Alwin Magimay, will speak on the integration of artificial intelligence in corporate governance.

Other distinguished speakers are Mr. Gianni Moor, Faculty at Swiss Board School, Switzerland; Mrs. Tomi Adepoju, Partner and Head of Enterprise Bank and ESG Services at KPMG Advisory Services; Mr. Uyi Akpata, former Country Senior Partner of PwC Nigeria; and Dr. Ona Newton, Founder of Tobams Group, among others.

Meanwhile, SCGN leaders said the conference would explore key topics such as economic uncertainty and governance, addressing how companies can implement strategies to cope with rising inflation and interest rates.

“It will also emphasise the importance of sustainability and ESG principles in achieving long-term corporate success.

“Global best practices in governance will be highlighted, with experts sharing lessons from international markets that can be applied in Nigeria’s unique economic environment. Furthermore, the event will focus on the critical role of public sector governance in driving national economic recovery and reform,” they stated.