‘Failure to comply with ethical standards bane of Nigeria’s leadership’

Chairman of Standard Chartered Bank, Remi Omotoso

The failure of professional bodies to comply with laid down rules, regulations and set standards in the public and private sectors, has been identified as the bane of leadership in the country.

Besides, there is a huge gap between documented standards and practice of code of ethics by most professional bodies, which ought to articulate ethical standards and get their members to swear to an oath that should be religiously kept.

This, to a large extent, has been responsible for the multi-faceted ills in the public and private sectors such as, corruption, incompetence, impunity and low morale.

This was the submission of Chairman of Standard Chartered Bank, Remi Omotoso, at the Institute of Directors Nigeria (IoD) members’ induction ceremony held in Lagos recently.

He argued that leaders in the public and private space must defend their professionalism and ethical values as enshrined in the codes of conduct of their associations.

Omotoso, who was also the guest at the event, spoke on: “Professional Oath and Ethics,” said professionals should be made to swear to more oaths of adherence to their code of ethics beyond the mere fulfillment of all righteousness.

He, however, said chartered professional bodies must bring to bear the powers ascribed to them by law to sanction erring members and thereby deter others from exhibiting unprofessional conduct in the discharge of their duties.

“It is my hope and prayers that our members being inducted into the membership of the Institute of Directors Nigeria will understand and appreciate the weight of responsibility this seemingly simple and perhaps routine but highly important event confers on them and their predecessors,” he said.

Chairman, Membership Committee, IoD Nigeria, Bates Sule, while presenting the inductees to the institute’s President and Chairman of Council said, the IoD was committed to growing directors who will be willing to promote competency and integrity in the work place.

He pointed out that the Institute allows members and non- members alike to not only meet, network and entertain guests, but also to gain important knowledge that would help their businesses.

However, the inductees, among other things, would be eligible to sign the annual financial report of their organisations when they renew their membership of the institute.

IoD Nigeria is a body that promotes corporate governance and is a member of the corporate governance network in Africa.

The ceremony, which is the second in the year, witnessed the induction of no fewer than 90 new members and associates, while about five members were upgraded to higher membership cadre.

The induction of new members is a way of institutionalising the tenets of sound corporate governance and best practices in Nigeria’s business environment.

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