BY NKIRUKA NNOROM
The Institute of Directors Nigeria, IoD, has revealed that it is working in collaboration with the Nigerian Stock Exchange, NSE, to strengthen corporate governance structure in the market.
The Institute’s President, Chief (Mrs) Eniola Fadayomi, made this known when she and other members of the institute paid a courtesy visit to the NSE.
She noted that strengthening the corporate governance would make it more credible and attract the needed investment to grow the economy, saying, “We are partnering with the exchange because they are dealing with companies driven by directors who are our members. Corporate governance is a profitable venture because when people believe in you, they will do business with you.”
The IoD boss used the opportunity to enjoin the stockbrokers to comply with corporate governance principle in order to enhance accountability and facilitate market growth.
She lauded the management of the NSE for enforcing strict compliance of corporate governance in the market, while assuring that the institute would not relent on its efforts of developing credible directors that would become good drivers of corporate governance in their organisations and the financial institutions they represent.
“Ours in IoD is to develop directors that will be drivers of corporate governance in their organisations and quoted companies because these companies are open for public scrutiny and accountability.
“We express our appreciation through the NSE Chief Executive Officer, Oscar Onyema for enforcing corporate governance in the exchange to foster a seasoned growth. The exchange is now seen as a credible institution and our confidence in you are growing.
She linked non-compliance to corporate governance principle as one of the major causes of recession, adding that the Institute has resolved to strengthen the partnership in order to make the issue of credibility become stronger in the market.