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