IoDCCG, ICSAN, FRC Organize Maiden National Summit On Sound Corporate Governance

The Institute of Directors (IoD) Centre for Corporate Governance (IoDCCG) in conjunction with the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Financial Reporting Council of Nigeria (FRC) have concluded plans to host a two-day national Summit in Lagos.

The national event which is scheduled for November 7th and 8th 2022, at the Oriental hotel Victoria island, is expected to draw participants from different organisations and fields of endeavor across the country.

This was disclosed in a statement on Monday, issued by the National Organising Committee (NOC) of the event and jointly signed by Dr. Seye Awojobi, Registrar/CEO, Chartered Institute of Bankers of Nigeria & Dr. Iheanyi Anyahara, Director, Directorate Of Accounting Standards, Financial Reporting Council Of Nigeria, Co-Chairmen, NOC Of The National Corporate Governance Summit 2022 (NCGS 2022).

The statement read as follows;

The NCGS 2022 is the maiden edition of the National Corporate Governance Summit jointly organized and hosted by the Institute of Directors (IoD) Centre for Corporate Governance (IoDCCG), the Financial Reporting Council of Nigeria (FRC) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

It is a universally accepted fact that sound governance is the bedrock of virile and sustainable economic growth for both corporations and nations. This has been the basis of the increasing attention given to issues of Corporate Governance in the global sphere especially following the collapse and scandal of global corporate giants like Enron, WorldCom, Arthur Andersen and Co, and Siemens to mention a few.

Similarly, Corporate Governance became more pronounced in critical sectors of the Nigerian economy leading to the establishment of few sectorial codes of Corporate Governance and finally the National Code of Corporate Governance 2018, (NCCG 2018).

The NCCG 2018 was unveiled by the Vice President, Prof. Yemi Osibanjo, GCON, on 15 January 2019, and seeks to promote public awareness of essential corporate values and ethical practices by recommending practices and principles that affected companies are to adhere to.

The NCCG Code generally applies to all publicly quoted companies as well as regulated private companies. The Code provides a framework “to ensure good Corporate Governance practices in the private sectors of the Nigerian economy….” by articulating a broad set of principles on corporate accountability, transparency, and sustainability for both public and private companies in Nigeria.

With the Covid-19 pandemic, the emerging Corporate Governance environment became characterized by an increasingly complex set of pressures and demands from various stakeholder groups, increased expectations of engagement with societal and environmental factors, coupled with uncertainty about the future.

These factors were complicating decision-making processes and challenging the traditional models of governance. It became imperative that Public and Private organisations were to become more intentional in implementing sound governance practices and adapt the corporate governance framework to address some of the challenges brought by changing environmental variables.

In recognition of the critical roles of sound Corporate Governance in nation’s building, FRC, IoDCCG and ICSAN, are coming together to create a platform for facilitating robust conversations on this very subject matter.

This National Corporate Governance Summit 2022, with the theme, “Building a Strong and Virile Economy: The Role of Corporate Governance”, underline the imperative of the practical application of the principles and practices of Corporate Governance as espoused in the NCCG 2018, other relevant sectoral codes and extant laws.

The summit will create awareness and enhance the knowledge of both private and public sectors participants on the practical application of the principles and practices of Corporate Governance and its link towards creating sustainable pathway for Nation’s Economic Development and Growth.

The Summit is expected to expose leaders in the various sectors of the Nigerian economy to critical connections between strong corporate governance and outstanding performance in areas as wide-ranging as revenue enhancement, operational efficiency, image protection and reputation, brand attraction, sustainability and economic development. By design, it is specifically packaged and will feature:

High level conversations on the theme by Corporate Governance experts and global leaders who are adept and skillful in imparting a high level of knowledge to the attendees;

Case studies and scenarios of strong Corporate Governance practices and nexus with economic growth;

Group discussions

Networking opportunities; and lots more

We are expecting about 350 participants combining in-person gathering and virtual attendance, including Public and Private Sector leaders, Chief Executive Officers, Captains of Industry, thought leaders, members of the Diplomatic community, entrepreneurs and owners of family businesses/MSMEs. We are also reaching out to undergraduates in tertiary institutions and students in secondary schools to ensure that the culture of sound corporate governance is imbibed at an early stage.

During the two days event, the following sub-themes will be thoroughly dissected to identify opportunities in key sectors and industries of our economy; We have lined-up renowned and prolific leaders across public and private sectors as well international community to share their wealth of knowledge and experience on this important subject matter with the following Plenary Sessions:

i. Institutionalizing Corporate Governance: The Role of Ethical and Responsive Leadership.

ii. Unlocking the Potentials of Young Creative Minds: Driving Strong Governance and Integrity Culture.

iii. Deepening Corporate Governance: Benchmarking Nigeria Real Sector against Global Standards.

iv. Corporate Governance: The Panacea for Competitive, Resilient and Sustainable Financial Sector.

v. Implementing Governance Standards in the Energy, Oil and Gas Sectors: The Journey So Far.

vi. Corporate Governance in the ICT Sector: Tapping the Emerging Opportunities

The Special Guest of Honour His Excellency, Prof. Yemi Osinbajo, SAN, GCON will declare the event open, while, Dr. Okey Enelamah, Chairman African Capital Alliance and Immediate Past Minister, Federal Ministry of Industry, Trade and Investment, FMITI will be the Chairman of the Occasion. The Keynote address will be presented by Mr. Mohammed Kabir Ahmad, OFR, Chairman of the Board, Polaris Bank Limited.

Confirmed Guest of Honours include:

1. Otunba Richard Adeniyi Adebayo, CON, The Honourable Minister, Federal Ministry of Industry, Trade & Investment

2. Malam Adamu Adamu, CON, Honourable Minister, Federal Ministry of Education

3. H.E. Babajide Olusola Sanwo-Olu, Executive Governor, Lagos State

4. H.E. Prince Dapo Abiodun, MFR, Executive Governor, Ogun State

This high-level gathering will provide networking opportunities and valuable insights to public and private sector leaders on Corporate Governance principles and practices as well as provide in-depth knowledge on how to tackle very tough governance challenges while adding value to ensure sustainability of organisations, institutions and the nation’s economy.

Ladies and gentlemen, it is important to mention at this point that the media plays three key roles in promoting good governance: watchdog, civic forum and agenda-setter. These indispensable roles in a democratic governance system makes it imperative for continuous engagement and partnership by the governance institutions with the media in our untiring effort towards the acculturation of good governance principles and practices across industries and sectors, both private and public, of the Nigerian economy.