IoD asks government to entrench corporate governance

The Institute of Directors of Nigeria (IoD) has advised the federal government to entrench corporate governance in its activities and operations.

The President and Chairman of Council of the institute, Alhaji Tijjani Borodo, spoke in Lagos during a pre-event press conference on the 2024 Annual Directors’ Conference with the theme, ‘Good Governance as a Catalyst for Economic Recovery, Growth and Development’.

The president stated that good governance is key to economic development and urged Nigerians to be patient with the Bola Tinubu-led government, saying the president is addressing the economic crisis in the country.

Borodo noted that the economy has been badly mismanaged and it would take some time before the country begins to recover, saying the government is holistically addressing the challenges.

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“Nothing gets done quickly when it is badly mismanaged. The steps taken by the government are in the right direction. We need to be patient with the government and the government must ensure corporate governance in their own activities,” he said.

He noted that the theme of the conference underscored the critical role of corporate governance in facilitating economic transformation and national development.

“In the context of ongoing economic challenges, effective governance practices foster accountability, sustainability and innovation both within individual organisations and throughout the nation, with significant ramifications for economic growth and social progress,” he said.

The chairman of the conference committee, Mrs Fatumata Cocker, said President Tinubu would declare the conference open while a former chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, will deliver a keynote address.

Other speakers are former Minister of Works, Babatunde Fashola, and the Special Adviser to the President on Policy Coordination, Hadiza Bala Usman, among others.