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Transparency, probity will stabilize Nigerian businesses, Kolade

There will only be stability in Nigeria’s business environment if corporate executives give adequate consideration to probity and transparency at their duty posts before taking decisions, said Christopher Kolade.

“Gatekeepers have failed us. Many of them, especially the rating agencies were busy awarding triple AAA+ to companies, only for the same companies to fail few months after.

This brings us to the individual part of institutions”, he said at  Lagos at a corporate governance seminar organized by Stern & Kay Consulting Limited. The initiative was part sponsored by Stanbic IBTC Bank, a member of the Standard Bank Group.

Kolade, who is  Renowned corporate administrator and Director, Stanbic IBTC Bank was the chairman of the event titled Corporate Governance in Nigeria: Building Enduring Institutions,

“It  is individuals that build institutions and can hold institutions accountable when they abuse corporate governance principles. This makes it imperative for executives at all levels to rise above their present complacent manner.

“Gatekeepers have failed us. Many of them, especially the rating agencies were busy awarding triple AAA+ to companies, only for the same companies to fail few months after. This brings us to the individual part of institutions. It is individuals that build institutions and can hold institutions accountable when they abuse corporate governance principles.

This makes it imperative for executives at all levels to rise above their present complacent manner.
‘‘I am talking about you and me. We are quick to blame others for the rot in the system, but as individuals many of us lack integrity and will not take an honest decision when it matters most. People’s sensitive interests are affected by the performance of institutions, meaning that individuals must be ethical, have integrity, abide by legal, professional and moral codes in taking every decision for the material and emotional benefits of all stakeholders,’’ he advised.

On his part, the Head of Corporate Affairs & CSI of Stanbic IBTC Bank, Mr. Bimtimonial about the gains derivable from strict adherence to corporate governance which Stanbic IBTC Bank aptly epitomises. Other businesses are advised to embrace this principle due to the huge impact it will have on overall performance and growth,” Mr. Ashiru stated.

Reiterating the negative impact of poor corporate governance on the society, Principal Partner, George Etomi & Partners, Mr. George Etomi said dishonesty by executives, leading to the failure of businesses have devastating consequences on the lives of people. According to him, there are recent examples where such unethical conducts tore families apart, stockbrokers were shot by clients, and some people ended up in jail.


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