I am happy to welcome you all, on behalf of the Governing Council of the Institute of Directors Nigeria, to the August 2022 Induction Ceremony of prospective New Members of the Institute.

Normally, the induction of new members to the Institute gives joy because it is an occasion that demonstrates the importance attached to the vision of the Institutes by many directors so much that they want to be part of it. But this edition gives great joy in that we are privileged to have among the inductees today such eminent personalities like Mrs. Zainab Ahmed, Honourable Minister of Finance, Budget and Planning, Mr. Clem Agba, Honourable Minister of State, Finance, Budget & Planning, Dr. Folashade Yemi-Evans, Head of Civil Service of the Federation and an array of federal permanent secretaries and directors. On behalf of the Institute, I am delighted to welcome you all. You are highly valued by us.

Ladies and Gentlemen, as you may be aware, IoD Nigeria prides itself as the advocate of sound corporate governance in public and private sectors in the Nigerian economy. This is reflected in the Institute’s members who are dedicated and well positioned to always manifest an uncommon ability to direct and ensure that their organization adhere to global corporate governance best practices.

I heartily welcome the new members waiting to be inducted into an Institute of Directors that is a great place of honour, prestige and reputation in the Nigerian business environment. I congratulate you all for the bold steps you have taken to become members of this noble Institute.

Your admission today is a call to service within and outside your organisations. Primarily, the call is to continually raise the bar of sound corporate governance practice and good business ethics in the course of discharging your roles and responsibilities as directors and business leaders. I would also like to encourage you to make yourself available for service in the Institute. In this regard, the Institute will request that you join, at least, one of its Policy Committees. Please note that a service rendered to the Institute, is indeed a service to the Nigerian business community and the nation at large.

IoD Nigeria over the years have made tremendous impact in corporate space in the public and private sectors of the Nigerian economy. The institute has groomed Directors into becoming highly responsible ambassadors of Corporate Governance and sound ethical practices as is obtainable globally. Today, the Institute has a well-established and respected Centre for Corporate Governance in which key Nigerian Regulators, such as The Security and Exchange Commission and Corporate Affairs Commission are stakeholders. Due to the confidence reposed in the Institute, as a frontline professional body, the Federal Government of Nigeria has listed the Institute as one of the professional organizations whose members are registrable with the Financial Reporting Council of Nigeria (FRC).

I would like to also bring to your attention that six years ago, the Institute opened a register of Independent Directors. The Register, which is a bank of trained reputable and experienced directors, have been accessed by many organisations to feed board level appointments in a dispassionate manner.

Distinguished Ladies and Gentlemen, Let me at this juncture specially welcome our Guest Speaker at today's induction, Dr. Nosike Agokei, F.IoD, the Chief Consultant, Agokei & Co. Our guest speaker, Dr. Nosike Agokei, F.IoD, is an Economist, seasoned corporate manager, boardroom expert, legal practitioner, banker, Corporate Governance expert, Chartered Secretary, Arbitrator and a Chartered Accountant.

Dr Agokei will speak to us on the theme “Winning Strategies for Navigating Current Inflationary Trends”. No doubt the lingering Russian and Ukraine war have continued to put pressure on input (agricultural input and energy/electricity supply) cost which has increased inflation globally. According to the National Bureau of Statistics, headline inflation rose to 19.64 percent in July 2022, which is the highest price level recorded since 2005.

The uptick in domestic consumer prices has been a major concern to directors as it has profound implications on businesses and the economy at large. I believe the guest speaker will bring his wealth of experience to bear at this occasion in providing us with winning strategies for navigating current inflationary trends.

While I felicitate with our inductees today, I urge all our members, both old and new, to continue to uphold good corporate governance principles and be guided by the ethics of the Institute at all levels in their businesses and work places. I charge you all to appreciate the privilege of your status as members of the Institute and remain steadfast and intentional in setting the right tone at the top. The Institute will not relent in its advocacy for good corporate governance, while accommodating ideas and input from members towards the achievement of the Institute’s vision.

Finally, I would like to express my special gratitude to all the members of the Governing Council and Executive Committee for their untiring efforts and commitment to the growth of the Institute. I also wish to thank the Membership and Branch Development Committee, led by the Chairman, Mr. Tunji Oyebanji, F.IoD, as well as the management and staff of the Secretariat for organizing this ceremony.

Thank you all for your attention. I wish you all a successful and memorable event.

 

Dr. (Mrs.) Ije Jidenma, F.IoD

President & Chairman of Council, IoD Nigeria

Wednesday, 31^st August 2022.