IoD seeks enthronement of corporate governance to check corruption

Chief executives and directors of organisations must deliberately promote corporate governance as a tool to checkmate corruption to protect corporate entities from collapsing, the President and Chairman of council of the Institute of Directors (IoD), Ahmed Rufai Mohammed has said.

He said that the absence of good governance in the public sector leads to non-achievement of the objectives of public governance, which may lead to an environment where corruption and impunity would reign.

The IoD boss said this at the weekend at the institute’s 2017 annual directors’ dinner in Lagos.

According to Mohammed: “Many companies have been able to change their direction but there are still challenges, we see rarely conflict of interest in companies in terms of succession arrangement in companies, in terms of many aspect of governance. We need to really get chief executive officers and directors of companies to be able to appreciate dearly that governance is basic, if you don’t have it, you might get your company corrupt.”

He identified some of the initiatives that have been taken by the institute to include the IoD charter bill that has scaled through the second reading at the Senate while it awaits the third hearing and eventual passage by the law-making body in 2018.

Meanwhile, Lagos State Governor, Akinwunmi Ambode has stressed the need for Nigerians to embrace the Voluntary Assets and Income Declaration Scheme (VAIDS) initiated by the Federal Government to encourage individuals and corporate organisations to rectify their tax status with the regulatory authorities without penalties or sanctions.

He said that with the economic outlook for 2018, which seems very promising, Nigerians must support government initiatives to reflate the economy, boost wealth generation and job creation opportunities for the teeming youths.

Ambode, who spoke as a guest of honour said that his administration would continue to provide a conducive environment for businesses to thrive in the state.

Represented by the Secretary to the State Government, Tunji Bello, Ambode noted that it is time to focus attention on building the Nigerian brand with global relevance. He said there is an urgent need for the leadership of IoDs as a platform for business owners and managers to look into the factors affecting the seamless transfer of leadership in indigenous enterprises for posterity and continuous wealth generation and job creation opportunities for Nigerians.

Governor Ambode who called on members of the institute’s commitment to the promotion of corporate governance and business ethics urged them to support government initiatives to curb unwholesome practices in the investment and business environment in Nigeria.

Former Governor of Anambra state, Peter Obi at the event called for collaborative efforts to help build a better Nigeria. Obi hinged the bane on poor leadership in the country as a result of cumulative effect on leadership failure over several years.

According to Obi, it is high time Nigerians woke up from slumber and take what belongs to them in order to have a bright future especially for the younger generation.

He said that if those at the helm of affairs can manage the resources of the country efficiently with everyone involved.

“It is our country, don’t keep away because by doing so you are allowing those who are not supposed to be there to decide your future of your children. It is time for you to take back your country. It is your country, it doesnt belong to those who are managing it today.”