By Oscarline Onwuemenyi
ABUJA—The Pro-Chancellor and Chairman of the Governing Council of the Lagos Business School, Dr. Christopher Kolade, has blamed the poor corporate governance culture among businesses in the country on weak regulatory frameworks.
He noted that there was need for a culture of “swift punishment for gross breach of corporate governance” to be enforced and practiced to deter corruption in the corporate world, adding that effective regulatory systems must be in place to curb the excesses of chief executives.
Kolade, who was chairing the CEO’s forum at the ongoing 16th Nigerian Economic Summit taking place in Abuja, noted that corporate governance was necessary for successful organisational growth and development.
He said: “The practice of corporate governance is basically at the root of poor economic growth, this is because corporate governance determines the sustainability of the economy.
“Recent developments within the financial services sector and Nigeria’s capital market point at structural weaknesses in the country’s regulatory framework.”