Ease of do­ing busi­ness: ‘IoD should im­prove Nige­ria’s per­for­mance’

Daily Trust - - NEWS - By Lat­i­fat Opoola

The In­sti­tute of Di­rec­tors (IoD) should help to im­prove Nige­ria’s rank­ing in the ease of do­ing busi­ness, for­mer Di­rec­tor Gen­eral, Nige­rian in­sti­tute of In­ter­na­tional Af­fairs (NIIA) Prof. Bola Ak­in­ter­inwa has said.

De­liv­er­ing his key­note ad­dress at the 2018 An­nual Di­rec­tors Con­fer­ence or­ga­nized by the IoD in Nige­ria with theme “Global best prac­tice in Cor­po­rate Gov­er­nance - Way For­ward for Nige­ria,” Prof Ak­in­ter­inwa said the in­sti­tute played a part in Nige­ria’s poor per­for­mance last one year.

He said the en­vi­ron­ment for cor­po­rate gov­er­nance in Nige­ria is waste­ful and has no fu­ture as a re­sult of cor­rup­tion, which had be­come in­sti­tu­tion­al­ized in the coun­try.

He noted that there have been sev­eral crit­i­cal is­sues of com­pli­ance and mis­trust of cor­po­rate gov­er­nance es­pe­cially where some busi­ness man­agers are on record to fal­sify the record of busi­ness ac­tiv­i­ties and by so do­ing pro­vided mis­lead­ing in­for­ma­tion about as­sets of share­hold­ers.

“This prac­tice is not com­pat­i­ble to the val­ues of cor­po­rate gov­er­nance. It is ma­jor chal­lenge for the In­sti­tute of Di­rec­tors if there is mis­trust by share­hold­ers vis a vis the man­agers and di­rec­tors of busi­ness,” Ak­in­ter­inwa said.

He warned that while the IoD cham­pi­ons the case of share­hold­ers in look­ing for money for them, it must en­sure that it does that within the purview of what is le­gal and proper for the op­er­a­tional en­vi­ron­ment.

“It will not be suf­fi­cient to be pur­su­ing fi­nan­cial re­turns only; the IOD must al­ways seek rel­e­vance and be rel­e­vant. Don’t just seek but you must be rel­e­vant in the di­rec­tion of pol­icy and the meet­ing of the new Nige­ria where the at­tributes of sound good gov­er­nance will be cher­ished,” he added.

Ear­lier, the Pres­i­dent and Chair­man of the coun­cil of In­sti­tute of Di­rec­tors Al­haji Ahmed Ru­fai Mo­hammed said the IOD is de­ter­mined to as­sist in the cre­ation and de­vel­op­ment of a set of new lead­ers in Nige­ria’s cor­po­rate en­vi­ron­ment and in the pub­lic sec­tor who will im­bibe the spirit of good gov­er­nance in both their char­ac­ter and be­hav­iour.

Photo: Ikechukwu Ibe

From left: For­mer Vice Pres­i­dent In­sti­tute of Di­rec­tors (IOD), Chief Chris Okunowo; For­mer DG (NIIA)/ Key­note Speaker, Prof. Bola Ak­in­ter­inwa; and IOD’s Pres­i­dent, Ahmed Ru­fai Mo­hammed, dur­ing the 2018 An­nual Di­rec­tors’ Con­fer­ence in Abuja yes­ter­day

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