‘Weak Corporate Governance Killing Businesses’
Association of Corporate Governance Professionals of Nigeria (ACGPN) has blamed the failure of some businesses on weak or complete absence of corporate governance structures.
Speaking recently in Abuja at the first national governance conference of the body, the president, Mazi Sam Ohuabunwa, said the major challenge facing corporate organisations in the country was their inability to operate optimally.
He stressed the need to put corporate governance into proper perspective, so that no foreign direct investment (FDI) meant for the country is diverted.
Stating that corporate governance is an encompassing need of the country, Ohuabunwa explained that the association was committed to corporate principles, policies and measures that would make businesses to thrive.
“ACGPN believes that if proper structures of governance are put in place, leaders with foresight in private and public sectors will be able to steer their organisations towards success.
“Today, there is need to look seriously into what we have done in terms of abiding with the tenets and principles of corporate governance as a nation, and what the future holds for our country in terms of applications of corporate governance rules and codes, and how it affects the way businesses are run, since people and businesses are moving to Nigeria at an unprecedented pace, creating fertile opportunities for business growth and employment opportunities,” he added.
According to the registrar of ACGPN, Olufemi Johnson, what is needed in the country rather than fighting corruption is to digitalise organisations and put measures in place to check corruption in the country.