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ICSAN blames economic woes on Poor corporate governance

By Chinedu Ibeabuchi
THE Institute of Char tered Secretaries and Administrators of Nigeria (ICSAN) has blamed the current economic woes in the country on poor practices of corporate governance.

According to Mrs Jacqueline Odiadi, the new Chairperson, Lagos State Chapter of the institute at her investiture, last week, “ The present dynamics of the Nigerian State in all spheres brings to bear the relevance of the Nigerian professionalism. In the financial sector we are still experiencing the unsettling effect of the global economic crisis with our own noticeable local distortions and complications.

Although the jury is still yet to be out, yet we can see from the onset the absence of best practices in our corporate governance systems that have led our economy to this unwholesome state,”

She said that human selfishness has been more responsible for this rather than incompetence, which has led to the serious abuse of office.

“ Though my legal profession calls me to caution not pre-judge matters that are still being evaluated, yet it is apparent that those indicted have in several ways failed to act according to the ethics of their calling.”

as professionals and be guided by norms that seek to build rather than destroy. It is therefore clear to all that the unbridled human avarice and greed is the bane of most of the offences rather than incompetence, which has led to this serious abuse of public trust,” she said.
she noted that though no sector is spared or free from indictment as had been seen so far in banking, energy, manufacturing, etc if greed and avarice or primitive accumulation of wealth can so easily distort the devotion to professionalism, then all regulatory agencies must wake up to their responsibilities in Nigeria.

ICSAN is a professional body with a core value to promoting the ideals of good corporate governance across board,advocating good and proper regulation by the statulatory bodies and promoting accountability, integrity and excellence.


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