Last week, Thursday, 30 June 2022, we had a very successful Annual General Meeting, marking the beginning of the next half of my stewardship to our cherished Institute. It therefore gives me a great pleasure to welcome you to the first external event outside of our Governing Council meeting in which we have friends and relatives in attendance.

 

I therefore, on behalf of a brand new Governing Council of the Institute welcome you to the July 2022 New Members' Induction Ceremony. As we make this transition, some of our colleagues are attending virtually. In fact, two of our principal officers, the FVP & SVP will be performing their roles virtually. The hybrid event was approved by the Council. After almost two years of hosting our New Members' Induction virtually, I am more than elated to welcome you all to this hybrid edition of the programme and to thank God that we are all alive and well to witness our return to physical hosting of the event. I congratulate this set of inductees for making history today.

 

The induction of new members to our great Institute always gives us great joy as we recognise that the quality of membership of any professional body naturally defines its influence and relevance in the society. I am therefore very pleased to welcome the impressive array of eminent Directors who have made the well thought-out choice to join IoD Nigeria, after participating in the compulsory Company Direction Course I of the Institute, which has exposed them to good corporate governance principles and best practices. The inductees have also gone through various screening processes and have been found worthy to be inducted as new members.

 

Ladies and Gentlemen, as you may be aware, IoD Nigeria prides itself as the National Champion and Advocate of good corporate governance in the public and private sectors of the economy. This is reflected in its members who are dedicated and well positioned to always manifest an uncommon ability to direct and lead their organizations in accordance with the best global governance practices.

 

The advocacy role of the Institute is evident in the entrenchment of best practice in how our directors lead their organizations through the capacity development program that our new and existing members are exposed to early enough and throughout their membership of the Institute. You will agree with me that the successful trajectory of an organization rests largely on the performance, competence and integrity of its directors.

 

I, therefore, heartily welcome our new members waiting to be inducted into the league of directors and business leaders who are existing Members and Fellows of the Institute. I must say that the Institute of Directors Nigeria is indeed a great place of honour, prestige and reputation, and a great brand in the Nigerian business environment. I congratulate you all for the bold steps you have taken to become members of this noble Institute.

 

Let me, however, point out to you that your admission into the Institute, today is both a call and admission into the global network of responsible group of leaders that have committed themselves to be change agents in their business and private lives and have pledged to champion positive changes in their organisations and the Nigerian economy at large.

 

You must also make yourself available for service by supporting the cause of the Institute where and when it is required, in addition to joining, at least, one of our Policy Committees. Believe that a service rendered to the IoD Nigeria, is indeed a service to the Nigerian business community and the nation at large.

 

IoD Nigeria over the years have made tremendous impact in both 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 (The Security and Exchange Commission and Corporate Affairs Commission) are partners. 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 the Institute about six years ago, opened a register of Independent Directors. The Register has numerous reputable, experienced and veteran directors and board players, who are available for selection as Independent Directors on Boards of Companies. .The register is regularly updated, and the members listed on the Register have undergone the independent Directors Masterclass training and are therefore well positioned for appointments to boards of both private and public sector organizations.

 

In August 2020, the Institute launched its new Code of Ethics for Members and Staff of the Institute, in order to reposition its members and staff on issues bothering on ethical conduct and expectations. The Institute has been able to sustain a regime of consistent advocacy in this field with a record of substantial achievement and tremendous progress. As new Members, I am sure you have received the Code. Our Institute expects you to comply with the tenets of the Code and live by example in your private and business lives.

 

Let me at this juncture specially welcome our Guest Speaker at today's induction, Mrs. Tinuade Sanda AM.IoD, the Managing Director/CEO, Eko Electricity Distribution Company Plc, in our midst. Mrs. Sanda will speak to us on the theme "A Critical Assessment of Corporate Governance and Industry Standards in the Power Sector". The theme is quite apt, considering how critical the power sector is to the development of the Nigerian economy. Mrs Sanda brings to the table decades of experience in the Financial and Power sector and I am confident that she would do justice to it.

 

Our prospective inductees, while I felicitate with you all today, I urge all our members, both old and new, to continue to uphold good Corporate Governance principles and be guided by the Code of Ethics of the Institute at all levels in their work places and in their private  affairs.

 

I charge you all to appreciate the privileged status in the Institute and remain steadfast and focused in your support of IoD Nigeria for its growth and development. Our Institute will continue to demonstrate greater concern for and commitment to the governance of all private and public sector organizations in Nigeria, and the leadership of the Institute would continue to appreciate any ideas and input by existing and new members towards the achievement of the Institute's vision.

 

Let me use this opportunity to invite you all as guests at our next advocacy programme, which a stakeholders' forum on infrastructure, with the theme: "Infrastructure Development in Nigeria: A Necessity for Sustainable and Inclusive Growth". The event holds on Thursday, 14 July 2022 at the Civic Centre, Victoria Island, Lagos at 10:00am.

 

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 DG, management and staff of the Secretariat for organizing this ceremony.

 

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

 

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

President & Chairman of Council, IoD Nigeria

Thursday, 7 ^th  July 2022.