NBA-SBL, NGX, IoD Nigeria Collaborate To Enhance Corporate Governance

*Set To Launch Corporate Governance Triangle Today!

Stakeholders in Nigeria’s corporate world will today, Tuesday March 22, 2022 gather to witness the historic launch of the Corporate Governance Triangle, an initiative of the Corporate Governance and Compliance Committee of the Nigerian Bar Association Section on Business Law (NBA-SBL), the Nigerian Exchange Limited (NGX) and the Institute of Directors Nigeria (IoD).

The event, which will take a hybrid format, will see the signing of the Corporate Governance Triangle MOU by the Nigerian Exchange Ltd, IoD Nigeria and NBA-SBL, led by its Corporate Governance and Compliance Committee.

The Corporate Governance Triangle is designed to foster good corporate governance in Nigeria for members of the business law community, directors and managers of businesses, shareholders and other corporate stakeholders. The initiative is born out of the realisation that across the globe, good corporate governance and compliance structures have emerged as the cornerstone of effective and sustainable leadership and strong viable institutions, as well as the foundation for facilitating competitive advantage and profitability and stimulating capital market efficiency, economic growth and investments.

No doubt, the NGX, IoD Nigeria and the NBA-SBL Corporate Governance and Compliance Committee are key stakeholders in the corporate world and are in the best position to put together and nurture the Corporate Governance Triangle.

The NGX Group has remained committed to the highest governance standards, in recognition of its role in critical capital markets infrastructure. A demonstration of this commitment is the fact that, as a recently demutualised group, NGX Group stands as the non-operating holding company while each of its three subsidiaries – Nigerian Exchange Limited, NGX Regulation Limited, NGX Real Estate – is governed by independent boards composed in line with acceptable practices. Its collaboration with the NBA-SBL and IoD Nigeria is in furtherance of this commitment.

IoD Nigeria, on its part, has been at the forefront of promoting good governance practices in Nigerian companies and the public sector. IoD Nigeria is advancing this agenda through the IoD Centre for Corporate Governance, a collaborative project with the Securities and Exchange Commission (SEC) and the Corporate Affairs Commission (CAC), which is committed to improving and promoting good corporate governance standards in Nigeria through advocacy, advisory services, research and high-quality training programmes for Board members and Management in public and private sector organisations.

Similarly, the NBA-SBL Corporate Governance and Compliance Committee was set up to champion, increase awareness of and enhance corporate governance and compliance best practice across all industries in Nigeria as well as harness the expertise, research and comparative knowledge flowing from other jurisdictions with a view to developing, expanding and reforming existing frontiers in the Nigerian corporate governance and compliance sphere. To achieve these objectives, the Committee is expected to explore collaborative mechanisms with members of the NBA (in-house lawyers inclusive), other professional gatekeepers, the government, regulators and policymakers, the community, civil society and other key stakeholders within the public and private sector.

The launch of the Corporate Governance Triangle by these three key players in the corporate world is seen as capable of enhancing corporate governance in Nigeria.

“As key stakeholders in the corporate world, the CCGC, Nigerian Exchange Ltd, and IoD are in a position to influence their members, share best practices and develop frameworks that will enhance corporate governance in Nigeria,” Ayuli Jemide, Chairman, NBA-SBL, and Ayotola Jagun, Chair, Corporate Governance and Compliance Committee of the NBA-SBL, said in a note to stakeholders.

A key highlight of the event, apart from the MOU signing, will be an unveiling of the Corporate Governance Triangle by the NGX Group CEO, NGX CEO, NGX Council Members present, IoD DG/CEO, IoD President and IoD Governing Council Members present, as well as NBA-SBL Chair, NBA-SBL Corporate Governance and Compliance Committee Chair, and Past NBA-SBL Chairs present, according to an agenda for the launch released by the organisers.

There will also be a keynote address on “Corporate Governance in Nigeria: Road Map for the Future” to be delivered by Amb. Shuaibu Adamu Ahmed, CEO/Executive Secretary, Financial Reporting Council of Nigeria, the agenda said.

Temi Popoola, the CEO of the Nigerian Exchange Limited, and Dele Alimi, the Director-General/CEO of IoD Nigeria, will give key remarks at the launch, while Oscar N. Onyema, the Group CEO of Nigerian Exchange Group Plc, Dr. Ije Jidenma, President, IoD Nigeria, and George Etomi, Partner, George Etomi & Partners, will give the goodwill messages.

Other speakers at the launch are the NBA-SBL Chair Jemide, who will give the “History and Background of Corporate Governance Triangle”, and Ayotola Jagun, Chair, NBA-SBL Corporate Governance and Compliance Committee, who will speak on “Aims & Objectives of The Corporate Governance Triangle”.

To attend the launch virtually, please click on the link below:
https://bit.ly/cgt-launch