IoD Leadership Extend Courtesy Visit To FRCN,
Broker Partnership To Drive Corporate Governance.
Dr. Ije Jidenma, F.IoD, President, Institute of Directors (IoD) in company of the leadership and members of the governing council of the Institute on Wednesday extended a courtesy visit to the Financial Reporting Council of Nigeria (FRCN) as part of its concerted effort to fortify alliances between both organisations.
L-R. Dr. Ije Jidenma, F.IoD- President & Chairman of Council, IoD Nigeria and Amb. Shuaibu Adamu Ahmed- Executive Secretary & CEO, Financial Reporting Council of Nigeria
Jidenma revealed that the visit to the FRCN has been on the front burner since her Investiture as the President & Chairman of the Governing Council of our Institute in October 2021.
"Last month, we paid a similar visit to the Hon Minister of Industries, Trade and Investment, Otunba Adeniyi Adebayo, CON.
"In continuation of that concerted effort to fortify our alliances, we have undertaken this solidarity visit to express our immense appreciation to the Executive Secretary, for not only accepting to receive the IoD Nigeria Governing Council but also for identifying with the cause of the Institute.
In her remarks, the IoD President assured of the Institute's commitment to advance professionalism and adherence to good corporate governance principles by its members.
Jidenma averred that the Institute is also a major advocacy body in the area of good corporate governance, business ethics, leadership, and transparency.
She said that the IoD championed constructive dialogue with stakeholders in the Public and Private sectors through its various advocacy programmes, events, and corporate visitations.
"We are committed to the formulation of business-friendly policies for our members and indeed, the Nigerian business environment.
"In this regard, FRCN and IoD Nigeria are partners in progress and our objectives are similar.
"We are both concerned about good corporate governance and best practice in Nigeria's public, private and not for profit sectors for a better society.
"The need for collaboration and complementarity, therefore, cannot be overemphasized," Jidenma said.
She said that the Institute being a prime leadership organization, focuses on the professional and developmental needs of directors, business leaders, and policymakers in the country.
"Through well-structured periodic capacity development programmes, we ensure that they are abreast with best practices and are keyed into continuous improvement.
L-R. Chief Chris Okunowo, F.IoD- Immediate Past President - IoD Nigeria. Mrs. Amina Oyagbola, F.IoD- Member of Governing Council - IoD Nigeria. Prince Austin Enajemo-Isire, F.IoD- Honourary Treasurer - IoD Nigeria. Alh. Tijjani Borodo, F.IoD- First Vice President, IoD Nigeria. Dr. Ije Jidenma, F.IoD- President & Chairman of Council, IoD Nigeria. Amb. Shuaibu Adamu Ahmed- Executive Secretary & CEO, Financial Reporting Council of Nigeria. Mr. Dele Alimi, M.IoD- Director-General/CEO, IoD
"We achieve impact through a commitment to continued professional education and sharpening of conceptual and critical thinking skills of directors, we promote ethical leadership and see to the entrenchment of good corporate governance in workplaces and best practices in the management of resources in both public and private sectors.
"Some of the top-level programmes are the Company Direction Courses 1 & 2, the Advanced Company Direction Programme (ACDP), which is held in London, the United Kingdom twice a year; Masterclass for Independent Directors, which is held in Lagos and Abuja and other courses in Corporate Governance and Board Effectiveness, held locally and internationally," she said.
Addressing the reason for the visit, the IoD President recalled that a Memorandum of Understanding (MoU) was signed between both organisations in 2018 aimed at deepening the compliance of stakeholders with the Nigerian Code of Corporate Governance 2018.
According to her, some of the Institute's brightest and best were co-opted in the drafting of the Nigerian Code of Corporate Governance 2018.
She noted that it was agreed that IoD Nigeria would lead advocacy programmes that would support the Council in publicizing the Code, especially with regards to the small and medium-sized organisations.
"This agreement has led to our two organisations organizing programmes together, which included the first Stakeholders' Forum on the Nigerian Code of Corporate Governance 2018, which was held in 2019, and a capacity development programme on the theme, "Nigerian Code of Corporate Governance 2018 (NCCG 2018): Compliance in Uncertain Times", which was held last year.
"We have also held ‘In-house’ education of Boards on this code. We believe that we have only just scratched the surface of the content of this MoU and we are here to reiterate our commitment to the MoU and our willingness to execute it to the latter," she said.
She assured the FRCN of the Institute's commitment as a strategic partner to contributing its quota to the amendment of the FRCN Act to make it fully representative of the opinions of all stakeholders.
She concluded by calling for collaboration on the inclusion and recruitments of IoD Nigeria Register of Independent Directors on boards of organisations.
Responding, Amb. Shuaibu Ahmed, Chief Executive Officer, FRCN, said the partnership would strengthen relationship between both organisations to drive and develop corporate governance codes for better national outcomes.
Ahmed revealed that the FRCN would soon commence the process of the development of Codes of Corporate Governance for the public sector and not for profit organisations to compliment the NCCG 2018, which essentially dealt with the private sector.
He added that the Council can report good compliance with the NCCG 2018, even within the public sector with 130 public sector organisations including the Central Bank of Nigeria and the Nigerian National Petroleum Corporation (NNPC) filed their financial reports with the FRCN in 2021.
"We are calling on the IoD for support and partnership with more emphasis on corporate governance of the public sector arena as the biggest player of the economy.
BAMIDELE ALIMI, M.IoD, FNIM