Weekly Trust : 2020-08-01

Opinion : 24 : 24

Opinion

Saturday, August 1, 2020 Opin 24 Like us on Facebook.co facebook.com/dail PROF. BRAINY IBRAHEEM DO WITH This is why I write O n Thursday, while submitting my column to the editors, an email dropped into my inbox. I didn’t pay it much attention and continued with what I was doing, because I am becoming notorious for submitting my columns late. Yet, the subject of the email worried me. It said: ”So you have not changed!” Which appeared more like a reprimand than anything favourable. ”What have I done to this servant of God?” I asked, bracing myself and preparing for the proper way to say sorry. So after submitting the column, I went to the inbox to read the email. But it was nothing I expected. But make your own judgment by reading it below. When I shared it on social media, it opened up a floodgate of those who said they had been influenced by this column and its writer. I shared some of those sentiments hereafter the email that elicited them - I apologize to the readers whose appreciati­ons I couldn’t share; they were too many. Let me know what you think; and Eid Mubarak. Stay safe! “Good Morning Mr Dooba, I got to know you in the days of Success Digest several years ago. You are such an intelligen­t man. I have admired you for over two decades and you have remained consistent. I am a Christian, you are a Moslem but religion has nothing to do with this. You have affected my life positively with your pen. You have changed my outlook on life over the years. I have moved from glory to glory and grace to grace over the years, but the name Ibraheem Dooba keeps ringing in my head. “Only God knows how many lives you have impacted with your writings. If I can still remember you after 2 decades, only God knows how many people will keep rememberin­g you to date. “Mr Dooba, thank you for allowing God to use you. I respect you so much and pray God will take you to greater heights. “I wans to know how to lay hands on some of your books. Thanks and God bless. Yours, Gabriel Makinde. Reactions “He said it all. There are certain people that God almighty preserves, for the benefit of mankind. Prof is surely one of them, may Allah bless your life and your family.Ameen.” Adam Kabir “You have continued to touch our lives Barakallah­u fih.... Prof !” May Allah reward you.” lives be interminab­ly be rewarded by our Maker. Ameen.” there for my postgradua­te studies. I remember the next morning after I arrived I asked my host in UPM if he knows Prof Brainy and if he is still in Malaysia.” Arikewuyo Abdulrafiu Dr Ahmad A. A. Sadisu “All that is stated therein are facts. Allah has blessed you with the exceptiona­l skills of breaking down complex concepts into simpler, convincing and relatable ways that both the average and below average could easily understand, relate and apply in one’s own peculiar situations. This is a rare gift. Not all that are knowledgea­ble are good imparters of knowledge; only few are gifted with that skill, and in this, you’re indeed the best among equals. May we continue to tap from your wealth of knowledge and experience for the betterment of our lives, and may efforts and sacrifices in imparting other people’s “Indeed you have every reason to write. Knowledge shared is for societal developmen­t. Don’t let the ink dry. May the good Lord endow you with more knowledge,amin.” “Indeed, my first encounter was with Prof. Brainy whence in secondary school. I will read and read your weekly releases, to help perfect my amateur English language. I will also read to keep my dream alive to go to “abroad” one day, coincident­ally, it happened and you were a part of the process. So, let me register my appreciati­on like others and may Allah reward you in ways better than you fathom.” Dr Ahmed D. Balami (MD, PhD) “Prof Brainy was motivating us for long .Thank you Dr Ibraheem Dooba, there are more and more of these testimonie­s.” Iya “I am one of those that will NEVER forget this man Ibraheem Dooba for so many reasons. Amin to all your prayers plus mine that I have been saying since I met him.” Ahmad Muhammad Danyaro “It’s good for one to be always remembered for good. Kudos, Doc.” Isa Kolo “Congratula­tions Dr Ibraheem Dooba. Many of us have not met you before, but Alhamdulil­lah you have impacted so much to our lives. May Allah bless you, SIR.” Alhaji Rilwan Abarshi Abdullahi Minna “Great, this person is representi­ng millions including myself who are benefiting from your good work sir. “Prof Brainy, your writings about Malaysia and it’s universiti­es was one of my motivating factors to go Challenges in corporate governance in Nigeria and post-COVID-19 pa By Dasuki Ibrahim Arabi address the rapid economic and commercial developmen­ts of the Nigerian country. In addition, most of the problems with these inherited laws are Foreign Multinatio­nal Corporatio­n laws that dominate and control the activities of business enterprise­s along with their economic interest brought in. However, the various measures taken by the Federal Government of Nigeria to improve the investment climate in the country are commendabl­e and could help to attract foreign investors into the country. Neverthele­ss, there are corporate governance implicatio­ns that cannot be overlooked. I will at this point state key actions to consider in a post COVID-19 world. We all know that the COVID-19 situation is no different from previous economic crisis, hence it is significan­t to highlight various actions that businesses should consider in preparing and adapting to a postCOVID-19 reality to ensure business continuity and strengthen long-term competitiv­eness. Of course, creativity is needed to of Nigeria (CBN) to register and regulate banks and other financial institutio­ns. Moreover, there is the Insurance Act of 2003 for regulation of insurance companies through the National Insurance Commission (NAICOM. Furthermor­e, other institutio­ns such as the Institute of Chartered Accountant of Nigeria (ICAN), the Associatio­n of Accountant of Nigeria (ANAN), and Institute of Directors (IoD) play various roles in promoting effective corporate governance systems in Nigeria. This occurs by enlighteni­ng their members through conference­s, seminars and symposiums on compliance with the code of corporate governance practices of listed firms. Despite the desirabili­ty of corporate governance in Nigeria, its implementa­tion faces a lot of challenges. For instance, companies use foreign company legislatio­n, because legislatio­ns in Nigeria have failed to address the company’s law problems that were peculiar to Nigerian’s social-cultural and political environmen­t, and did not worldwide. The current scenario should thus act as a stark reminder on the importance of having adequate strategic management processes capable of identifyin­g potential threats, advance planning and the safeguardi­ng of critical business functions in the event of a disruption. Obviously, the restrictio­ns imposed by many government­s all over the world in handling the COVID-19 outbreak raises significan­t challenges as regards corporate governance. Corporate governance refers to the system through which organizati­ons are directed and controlled. Corporate governance is also seen as encompassi­ng the combinatio­n of laws, regulation­s, listening rules and voluntary private-sector practices that enable the company to attract capital, perform efficientl­y, generate profit and meet other legal obligation­s and general societal expectatio­ns. Nigeria follows developed countries such as UK, US, Canada, France, and Germany, to introduce a corporate governance code. Nigerian corporate governance is concerned with the process of direction, supervisio­n, controllin­g, self-regulation, policy compliance and leadership to be in line with the status and jurisdicti­on of the Federal Republic of Nigeria. Readers may at this junction wish to know the main regulators and enforcers of corporate governance in Nigeria. I will gladly provide the answer. The Financial Reporting Council (FRC) is the government agency responsibl­e for corporate governance. Other regulatory agencies for corporate governance are the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (which register all incorporat­ed companies). In addition, the Companies Allied Matter (CAMA), Act 1990 and the Investment Securities Act provides basic guidelines on company listing and more detailed regulation­s are covered in the Nigerian Stock Exchange (NSE) listing rules. Also, the Banks and other Financial Institutio­n Act 1991 as subsequent­ly amended, the act empowered the Central Bank T he rapid outbreak of the COVID-19 pandemic presents an alarming health crisis that the world is still grappling with. In addition to the human impact, there is also significan­t economic, business and commercial effects being felt globally. As viruses know no borders, the impacts will continue to spread. In fact, an internatio­nally respected accounting firm (KPMG) estimated that “94 per cent of the Fortune 1000 across the globe, and businesses in Nigeria have been impacted and are already seeing COVID-19 disruption­s”. It is expected that the COVID-19 threat will eventually fade, as the Ebola, Zika, and Severe Acute Respirator­y Syndrome (SARS) viruses have in recent years. However, the socialecon­omic impact (which includes corporate governance) will still be felt long after virus fades. Of course, running a business in the midst of a pandemic is an unpreceden­ted challenge for business leaders

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