Economy
DR Muda Yusuf, Founder, Centre for the Promotion of Private Enterprise (CPPE), has urged directors to consider governance models and frameworks fit for emerging economies to engender business competitiveness and organisational successes.
Yusuf said this at the 2023 Annual Directors’ Dinner and Awards Nigeria by the Chartered Institute of Directors Nigeria (CIoD) on Thursday Night in Lagos.
The News Agency of Nigeria (NAN) reports that the event is with the theme: “Global Trends in Governance: Adapting to a Changing World”.
He stated that given the peculiarities of emerging economies, governance frameworks must be fit for purpose.
According to him, while businesses are thinking globally in terms of governance frameworks, we must act locally in view of the peculiarities of the nation.
Yusuf said that while rigid governance models might not work, there should be room for governance flexibilities without compromising the fundamental rules of corporate governance.
“Emerging economies have their peculiarities and governance processes must take this into account for businesses to enjoy competitiveness so as not to loose market share to competition.
“Going forward, response strategy taken from the internal environment could make a difference and this is very fundamental for the resilience and sustainability of our businesses.
“It is important to note that the resilience of organisations depends to a large extent a governance framework to contextualise its framework and variables in view of the environment in which we operate,” he said.
Alhaji Umaru Ibrahim, Chairman, Ruphado Consulting, said that the event’s theme was apt considering the global economy’s dynamic nature in view of the shocks and transformations witnessed in recent times.
All these, he said, posed as challenges faced by leaders at different levels in providing the good governance.
“The world is indeed fast changing. These changes are fueled by conflicts, wars, demographic changes, disruptive technologies and climate change, among others.
“Here, in Nigeria, we have our first share of all these phenomenon, coupled with huge debt burden on both the federal and state government, and of course a very challenging macro economic environment.
“In view of the foregoing as directors, we must continue to provide effective and ethical leadership and come up with strategies which will enable us face these daunting challenges,” he said.
Speaking on the sidelines of the event, Alhaji Tijjani Borodo, President, CIoD, urged directors to plan their 2024 training calendar to partake in some of the new directors development programmes the institute introduced on the heels of its chartered status.
He said the ongoing Directors’ Bootcamp in Spain was a testament to the institute’s commitment to helping directors navigate the inevitability of constant change and transformation in the contemporary business landscape.
Borodo revealed that the institute’s programmes cover megatrends like environmental and social governance, artificial intelligence, cybersecurity, strategic disruptions, business analytics and digitalised oversight, amongst others.
According to him, all these are part of the institute’s efforts at enhancing the capacity of directors to keep them technically sound, agile and proactive in a fast pace digital economy that is characterised by constant change.
“You would agree with me that our world is in a state of constant changes, shaped by shifting global trends that impact every facet of our lives, businesses, and governance.
“As directors, leaders, and decision-makers, it is our collective responsibility to not only understand these trends but also to adapt and lead our organisations effectively.
“As leaders in our respective fields, we are tasked with overcoming these changes while upholding the principles of governance and ethical leadership, our ability to navigate these challenges and seize the opportunities they present will define our success as directors,” he said.
He charged the 150 newly inducted members of the institute to be good ambassadors of the institute by adhering strictly to the guiding principles of good governance in all their dealings and running of their organisations.
NAN also reports that the CIoD immediate past president, Dr Ije Jidenma, received the Olutoyin Olakunri Woman Director of the year award, while Prof. Enase Okonedo bagged the Director Development Award.
Other awardees include Ms Yewande Sadiku, good governance award; Prof. Attahiru Jega, Anofi Guobadia award for excellence and leadership, while Sir Alexander Okafor bagged the entrepreneurial award. (NAN)
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December 15, 2023 @ 7:13 GMT|
Tags: Dr Muda Yusuf
