The Institute of Directors (IoD) Nigeria has said that it will not relax its efforts to ensure that there is an amendment to the Financial Reporting Council of Nigeria (FRCN) Act to make it fully representative of opinions of all stakeholders.
The Chairman and Chairman of the Board, IoD Nigeria, Dr. Ije Jidenma revealed this during a courtesy visit from the Board to the Executive Secretary, FRCN in Lagos.
Jidenma said that IoD Nigeria had only just learned of the draft amendments to the FRCN Act, with a bill currently in the National Assembly to that effect. As a strategic partner, IoD will contribute its quota to ensure that the amendment is adopted.
She said that IoD Nigeria sees FRCN as a critical partner in its quest to improve the professional capacity and skills of administrators and business leaders.
“Our programs are carefully crafted, as is our faculty, which consists of local and international facilitators. These qualitative experts are employed to improve the ability of administrators to cope with global competitiveness. We therefore extend further the hands of IoD Nigeria to the FRCN for the use of IoD Nigeria’s range of seasoned professionals as facilitators in all FRCN programs especially in governance, operational matters and techniques.
“Our Institute is also a major advocacy body in the area of good corporate governance, business ethics, leadership and transparency. We champion constructive dialogue with public and private sector stakeholders through our various advocacy programs, events and company visits. We are committed to formulating business friendly policies for our members and indeed for the Nigerian business environment.
“In this regard, FRCN and IoD Nigeria are partners in progress and our objectives are similar. We are both concerned with good corporate governance and best practices in Nigeria’s public, private and non-profit sectors for a better society. The need for collaboration and complementarity therefore cannot be overstated,” she revealed.
According to Jidenma, given the complexity and volatility of today’s business world and the uncertainty that comes with it, business expectations for performance have increased. This also applies to leaders in the public sector.
“They are now expected to provide the solutions that will enable organizations to emerge from difficult times in an ever-changing world. How can we derive value from the synergies that exist to benefit our country and our continent as a whole? ” she said.
FRCN Executive Secretary/Director General Shuaibu Adamu Ahmed said, “We are proud of IoD, we believe it is one of the respective institutes in the country. Your membership spans the private and public sectors of the economy, therefore your contribution to the economy cannot be overstated.
Ahmed said, “Your training for directors is part of the measures to further improve corporate governance in the country. There is more to do in terms of partnering with IoD and FRC, we share the same goal, which is to promote corporate governance in the Nigerian economy. Since I came to power, there haven’t been many partnerships, which I guess shouldn’t be the case.
“We are also working on developing corporate governance for the Nigerian public. We haven’t done much in the public sector.