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Tag: IoD

  • IoD plans ethics committee on corporate governance in banks, others

    The Institute of Directors (IoD) Nigeria has established ethics committee to promote good corporate governance practices in banks and other businesses across the country.

    It said the body would also present an annual agenda on corporate governance with consistent and periodic review of the environment to monitor developments and compliance.

    IoD’s President and Chairman of the Governing Council, Ahmed Mohammed said the committee was expected to review and develop a code of ethics to guide members in their official and personal conducts.

    ”This code, which we hope will come into place early next year, would set example for other business membership organisations in the country and will present us as pace setters in the quest for best business practice”.

    He appealed to all to join hands with IoD Nigeria in propagating good ethical standards and professionalism in all workplaces.

    He said the move was  a follow up to  earlier resolutions by the group to promote private sector-led and proactive role in corporate governance policy engagement and enforcement by redefining approaches to corporate governance advocacy.

    He spoke at the weekend during the  2018 annual dinner and awards night of the group, with  the theme: Corporate Governance and Human Resource Management: Trends and Prospects in Nigeria, held in Lagos.

    He said: “These are onerous tasks before us and our Institute should not only champion good corporate governance, we should be seen to be in the fore front of the fight for the entrenchment of the good corporate governance”.

    Mohammed said other resolutions for the institute from the conference with the theme: Global Best Practice in Corportae Governance – Way Forward for Nigeria, are:  disclosure and transparency must be at the centre of a system of checks and balances that interconnects the board of directors, management, auditors and other stakeholders.

    “That though government has a central role to play, members of IoD Nigeria as business leaders have a catalytic role to play in improving ease of doing business in Nigeria and high standards of ethics and integrity should be adopted with conscious commitment to rule of law, comprehensive stakeholder engagements”.

    Others are: “Organisations in Nigeria’s private and public sectors should entrench basic governance principles like fair treatment of all stakeholders, improved board structure, provision of accurate, complete and timely information, to boost investor confidence and aid corporate wealth and sustainability.

  • IoD partners FRC on SMEs, corporate governance

    Institute of Directors, (IoD) Nigeria and the Financial Reporting Council of Nigeria (FRCN) are partnering to organise a corporate governance training for  Small and Medium Scale Enterprises (SMEs).

    IoD President and Chairman, Governing Council, Alhaji Ahmed Rufai Mohammed stated this when he paid courtesy visit to the Executive Secretary/Chief Executive Officer of FRC, Mr. Daniel Asapokhai and his management team in Lagos.

    Mohammed said the new era of doing business requires that SMEs maintain high standards of business ethics and integrity.

    He said SMEs  are expected to discharge their statutory duties of ensuring that risks are managed prudently in an orderly and informed manner. According to Mohammed, SMEs are economic boosters and would pose a big challenge to the economy in the long run if the owners failed to embrace the best practices of doing business in their dealings.

    Mohammed said the appointment of Mr. Asapokhai as a wise choice by the government and coming at a right time. He said it will  douse the tension generated by the divergent views about the corporate governance code in the country, said IoD Nigeria considered the SMEs as buffer to the economy.

    Asapokhai said there was an urgent need to push the SME operators to the next level of doing business, not necessarily in building facilities, but in organising their businesses better.

    He called for a bouquet of courses to take to the SMEs in the hinterland, saying corporate governance should not only be elitist but should be inclusive. He argued that corporate governance must be taken to their level.

  • NDIC challenges IoD on corporate governance

    The Institute of Directors (IoD) has a role to play in addressing the poor corporate governance practices in the banking sector, the Managing Director/Chief Executive of Nigeria Deposit Insurance Corporation (NDIC), Umaru Ibrahim, has said.

    Ibrahim stated this during a visit by IoD Governing Council members led by its Chairman/President, Rufai Ahmed Mohammed.

    He said corporate governance was central to banking since the 2009 banking crisis when the Central Bank of Nigeria (CBN) and NDIC Joint Special Examination of the 24 banks identified the issue as one of the flaws of banking.

    Ibrahim stressed the need for the IoD to step up efforts towards developing a more transparent and rigorous selection for independent directors in banks and strengthening their capacity through continuous training focused on international best practices, excellence in management and service delivery, environmental sustainability and inclusive growth.

    He added that this would not only contribute towards better quality of corporate governance, but also build a solid foundation of businesses.

    Ibrahim assured the IoD of the corporation’s readiness to partner the institute. He advised the institute to collaborate with the CBN, Financial Institutions Training Centre (FITC), the Society for Corporate Governance (SCG), and the Chartered Institute of Bankers (CIBN) in promoting capacity building for independent directors, especially of banks.

    He expressed the desire to also collaborate with the institute in building capacity of the corporation’s management most of who were engaged in bank examination to appreciate the dynamics of board performance.

    Mohammed said the visit was part of the council’s initiative to promote collaboration with key institutions through effective interaction and advocacy. He congratulated the NDIC on its contribution to the stability of the banking system.

  • IoD’s conference to focus on corporate governance

    IoD’s conference to focus on corporate governance

    This year’s Annual Directors’ Conference of the Institute of Directors (IoD) Nigeria will focus on corporate governance.

    The conference theme is: Implementing Best Corporate Governance Practice in Nigeria’s Public and Private Sectors. It is scheduled for November 30, 2017, at the Transcorp Hilton Hotel, Abuja.

    Chairman, Planning Committee of the Conference, Dr. Fred Odutola, made disclosed this yesterday when he led officials of the Institute on a courtesy visit to the corporate headquarters of Vintage Press Limited, publishers of The Nation newspaper and SportingLife.

    Odutola, who said the team’s visit was aimed at intimating The Nation about the conference, noted that its theme underscored the Institute’s belief that if leaders and organisations had the best corporate governance practices, “The change we are all singing about will become a reality.”

    Odutola added that  IoD was concerned with the training and registering of directors, and organising short term courses for them, as well as ensuring that leaders and organisations adopt and enforce sound corporate governance practice. “If the leadership is right, the followership will be in tune,” he said.

  • IoD chief promises reforms

    The new President/Chairman of Council, Institute of Directors (IoD) Nigeria, Alhaji Ahmed Rufai Mohammed, has pledged to work assiduously towards achieving the Institute’s vision and mandate.

    He made the pledge during his investiture as the 15th President and Chairman of the Governing Council of the Institute, in Lagos, during the weekend.

    Speaking in Eko Hotels, Lagos, Mohammed said he remained committed to upholding the legacies of the past presidents of the foremost leadership organisation that champions corporate governance and business ethics.

    Mohammed, who described his emergence of the Institute’s new helmsman as “a great privilege” said he will implement far-reaching reforms aimed at promoting professionalism through continues education, information sharing, and networking of opportunities.

    The newly sworn-in IoD President/Chairman of Council emerged after the Institute’s Governing Council meeting, which held after its 2017 Annual General Meeting (AGM) in Lagos, recently.

    Also elected were Dr. Chris Okunowo, and Dr. Ije Jidenma, as first Vice President and second Vice President, respectively.

    Alhaji Mohammed takes over from the immediate past president of IoD, Mr. Yemi Akeju, as the 15th president.

    Mohammed, who is a professional investment manager and seasoned administrator with over 30 years of experience in project development and portfolio management, joined IoD in 2005, and had served the Institute in several capacities.

    He was 1st Vice President, Vice Chairman, Nomination and Governance Committee and Chairman of Finance and General Purpose Committee. He also chaired the IoD Centre for Corporate Governance in 2015 and had before now served as Chairman of the Abuja branch of IoD.Mohammed currently sits on the Group Board of Royal Exchange Plc and he is the Chairman of Northbridge Micro Finance Bank Ltd.

    The new IoD President is an alumnus of Ahmadu Bello University (ABU) Zaria and Manchester Business School, United Kingdom (UK).

    The highpoint of the event was the conferment of an award to the Chairman, Zinox Technologies Limited, Mr. Leo Stan Eke, for his series of landmark achievements in the field of Information and Communications Technology (ICT).

    Also given an award was the Managing Director, Platinumedge Consulting, Mr. Rob Newsome, who was also guest speaker.

  • IoD gets new President/Council chair

    The Institute of Directors (IoD) Nigeria has elected Alhaji Ahmed Rufai Mohammed, as its new President/Chairman of Council. This emerged after its Governing Council meeting which held shortly after the Institute’s 2017 Annual General Meeting (AGM)  in Lagos.

    Alhaji Mohammed, who succeeds Mr. Yemi Akeju, F.IoD as the 15th president, is a professional investment manager and seasoned administrator with over 30 years of experience in project development and portfolio management. He is currently the Executive Vice Chairman of Northbridge Investment and Trust Ltd , Chairman Northbridge Micro Finance Bank Ltd  and a Director on the Group board of Royal Exchange Plc.

    The new IoD President is an alumnus of Ahmadu Bello University (ABU) Zaria and Manchester Business School, UK  He served at the Kano State Investment and Properties Limited soon after graduation in 1976 where he rose from an Investment Executive to become the Organisation’s Finance Controller in 1984. In 1991, he joined the biggest public sector Pension Fund in the country, Nigeria Social Insurance Trust Fund, as Assistant General Manager and became General Manager (Investment and Treasury) in 1993. In 2002, he became the Managing Director/CEO  of the Organisation and retired in 2007.

  • IoD’s income hits N252.6m

    The Institute of Directors Nigeria (IoD Nigeria) has  recorded N252.6 million as income in 2016.This was six per cent lower than N268.4 million in the previous year.

    According to the Institute, current assets increased to N864.9 million, 13 per cent higher than N727 .6 million in 2015.

    However, liabilities increased 13 per cent at N335.0 million from N331.9million in 2015.

    Last year, its total assets increased to N1.09 billion from N994 million in 2015.

    Its President/Chairman of Governing Council, Mr Samuel Yemi Akeju, described last year as the toughest the nation has had in over the quarter of the century.

    According to him, the spike in inflation put a squeeze on productivity and the economic uncertainty had an effect on businesses.

    Tthe International Monetary Fund (IMF) projected that the economy would contract last year.

    Akeju  explained how the institute had grown in leaps, highlighting some its achievements, including the partnership with the Office of the Head of Civil Service of the Federation to train permanent secretaries, who served the country for over 30 years.

    He said the institute partnered some organisations to promote best practices in corporate governance among businesses and institutions.

    He explained that the institute sought to engage with stakeholders in implementation of corporate governance and recommendations of measures for strengthening the same.

    According to him, the organisation is committed to the professional practice of corporate directorship and to raise the governance standards with private and public sectors.

  • IoD inducts Clearline HMO MD

    The Institute of Directors (IOD) has inducted Dr Isaac Akinsefuni Akintunji and two executive Directors of  frontline Health Management Organization (HMO) Clearline International Limited have become permanent members.

    Clearline International Limited’s executives inducted are Dr. Babatunde Ladele and Rev. Oladapo Kolawole.

    Dr. Akintunji, a medical doctor, trained in Nigeria, UK and United States of America (USA). After graduating in medicine at the College of Medicine, University of Lagos in 1977, he was at Royal Air Force Institute of Aviation Medicine UK, Kings College of the University of London UK and the Civil Aerospace Medicine Institute, Oklahoma, USA for specialised Aviation Medicine training. He obtained the Advanced Management Certificate of the Administrative and Staff College of Nigeria (ASCON).

    His work experience was gathered at the Nigerian National Petroleum Corporation and the Nigerian Airports Authority where he set up at the medical department and worked for many years retiring as the Director of Medical Services for the Federal Airports Authority in 2004.

    Dr. Akintunji belongs to many professional bodies such the Nigerian Medical Association, Guild of Medical Directors of Nigeria, American College of Physician Executive, Aerospace Medical Association and Paul Harris Fellow of Rotary International.

    Dr. Oladele, a consultant family physician and anaesthesiologist is the executive director in charge of operations and medical services at Clearline.

    Rev. Oladapo Kolawole, Fellow Chartered Institute of Accountants (FCA) and Associate Member, Chartered Institute of Taxation of Nigeria (ACTI) is the executive director Finance and Accounts. He is a product of Obafemi Awolowo University, Ile-Ife and trained at Abass Jimoh & Co (Chartered Accountants) Lagos.

  • IoD to support govt’s anti-corruption campaign

    The Institute of Directors of Nigeria (IoD) has urged its members to support the Federal Government’s anti-corruption

    crusade to move the country forward, its President, Mr Samuel Akeju, has said.

    He spoke during his investiture in Lagos.

    He said the institute would in the next two years, use its members to entrench transparency and corporate governance in the private and public services in order to curb corrupt practices such as stealing of funds, illegal transfer of money among others.

    He said many things had gone wrong in financial management of corporations and government parastatals, attributing the problems

    to failure of leaders to adhere to the best practices of corporate governance..

    According to him, committees on Banking, Information Technology, Capital Market, Insurance, Maritime, Oil and Gas,  among others have been set up and chairmen appointed to head them to ensure that affairs in all sectors of the economy were conducted with high degree of transparency and moral values.

    Akeju, who took over from Chief Eniola Fadayomi, said the institute would build on legacies of hardwork, fairness, transparency and culture of maintenance of public values which Fadayomi has left behind.

    Mrs Fadayomi said this was the first time the institute is adding flair to the investiture programme, by organising Presidential Awards for people who have contributed immensely to the development of the private and private sectors.

     

    ‘’I think this year’s investiture ceremony comes with a lot of funfare that has not been experienced before. This is the first time IoD would give President Awards to deserving Nigerians. I have contributed my quota and I believe in the ability of the new President(Akeju) to move the institute forward and even do better’ he said.

    The awardees include Prof Grace Alele Williams, former Vice Chancellor, University of Benin; and Mr Pascal Doize, former Group Managing Director, Diamond Bank Plc.

     

     

     

  • Transcorp/IoD sign MoU on asset swapping

    Transcorp/IoD sign MoU on asset swapping

    As part of efforts to ensure comparative advantage and promote growth, Transcorp Hilton Hotel Plc and the Institute of Directors of Nigeria have reached an asset swapping agreement.

    In an agreement signed by the directors of the organisations recently in Lagos, the two outfits are going to exchange their landed properties in Ikoyi, Lagos in order to suit their needs.

    While the Institute would give its parcel of land at 53 Glover Road where its office is presently located to Transcorp, the hospitality company would in return offer its land at No 1Rumens Road, both in Ikoyi, Lagos to the Institute.

    The IOD’s Director-General, Victor Banjo, said the idea ensures that the two organisations operate in a convenient and highly accessible environment.

    He said the idea is bound to strengthen the operation of the institutions, as well as helping in providing additional services for the growth of the economy.

    Banjo, while speaking at the IoD’s Annual General Meeting in Lagos, said efforts are been made to reposition his organisation, using all available resources at its disposal.

    He said:” Transcorp has agreed to give its parcel of land measuring 2,800 square metres to IoD, while IoD in return would give its land measuring 2,040 square metres to Transcorp.

    In addition, Transcorp has paid a sum of N300milion to the Institute in line with the huge premium placed on its land.

    “Two separate firms were hired to value the IoD’s property and the outcome of the exercise was that the property located at Glover Road attracts huge value.”

    He said Transcorp is planning to build a hotel on the land, adding the construction of the permanent site of the institute would start on the land soon.