FCMB urges SMEs to adopt corporate governance

The Managing Director of First City Monument Bank (FCMB), Mrs. Yemisi Edun, has charged organisations, particularly owners of Small and Medium-scale Enterprises (SMEs), to adopt sound corporate governance practices for growth.

She stated this as a guest speaker at the inaugural Corporate Governance and Enterprise Development Conference organised by H. Michael & Co in Lagos, FCMB said in a statement on Thursday.

The business leader and first female CEO of FCMB listed the long-term benefits of sound corporate governance practice as strong brand equity, decreasing risks, reducing capital cost and enhanced performance.

She added that only businesses with solid corporate governance practices could stimulate economic growth and enhance innovation while protecting communities and the environment in their daily activities.

A former Deputy Vice-Chancellor of Babcock University, Prof. Sunday Owolabi, described corporate governance to mean “doing the right when no one is looking.”

He also affirmed the advice of the Managing Director of FCMB to businesses to always do the right thing all the time, even when they seem to be at a disadvantage.

The conference convener, Dr Adeyinka Hassan, noted that more than 100 companies in Nigeria have fizzled out due to corporate failures.

“No matter how small a business is or how fast a business is growing, there are certain things that must be done to sustain a business beyond the life of the owner. And that is where corporate governance comes. We need to preach it to everyone,” he said.