Expert harps on corporate governance as tool for growth
• LSETF charges entrepreneurs’ on business values
The Group Chief Executive Officer of Mc-Clique Brands Associates, Eddy Ademosu, has stressed the importance of integrity and adherence to corporate governance code as prerequisite for business growth.
Speaking at the yearly general meeting luncheon of Business Club Ikeja, in Lagos, recently, he stated that adherence to the codes as envisioned by the board and executive management, must permeate the entirety of business frameworks, strategies and operations and, should not be compromised for any reason.
The event, with the theme: “The Challenges and Prospects of Integrity in (Nigeria) Business,” he stated that “among the eight great” challenges that every business (small, medium and big) faces today, integrity has emerged tops.
These are cash borrowing and resource management; increased selection and competition; marketing and customers’ loyalty; uncertainty; regulations; problem solving and risk management; and finding the right mix of staff.
According to him, from the various presentations above, integrity/ethics as a concept, is central to growth, development and survival of businesses generally, and thus, presents its myriads of challenges and prospects at all levels.
Statistically, he further stated that it has been said that the “Ease of Doing Business Report” is intrinsically tied to the integrity quotient levels of each rated country.
It simply means that New Zealand that tops the list of “Ease of Doing Business” has the most integrity values in the world compared to countries like Nigeria at the tail of the table (145 out of 190)
“Generally, business thrives in conducive and sustainable environment, the lack of which allows for malpractices, corruption and sub-standard ethical practices.
“Generally too, businesses tend towards optimisation of profits, which in itself is not a negative issue, but often presents conflicts of interest with integrity issues,” he said.
He argued that it is incumbent on all business owners, promoters, managers to find the right mix of the concept, imbibe and instill it in their organisational practices.
Meanwhile, Lagos State Employment Trust Fund (LSETF) has admonished budding entrepreneurs to be focused, gain knowledge about what the market wants and be courageous, because these qualities are keys to making a success of any business endeavour.
Speaking at the launch of an outlet of Bia Live Well, a bar for fruit cocktails and fresh juices, the Stakeholders’ Management and Communication Officer, LSETF, Joaquim MacEbong, said his agency is happy to be associated with Bia Live well for growing from one outlet to three outlets, providing over 50 jobs to Nigerian youths.
MacEbong explained that the agency funds businesses with the aim that they will grow, adding that the agency is exerting all its efforts to improve the environment for businesses to thrive in Lagos.
Explaining the duties of the agency, he said: “We provide loan facilities and organise trainings for unemployed youths. The loan programme is in three sets: SMEs who you can borrow a maximum of N5 million; Micro enterprises, who can borrow N500,000 and start ups, with no businesses but have training certificates are eligible to borrow N250,000. All these are at five percent yearly interest”
Also speaking, the Chief Executive Officer, Bia Live Well, Fadesola Adedayo, said that her company aims to bring raw energy to every life thereby helping them live longer, stronger and better.
He said his company is in search of new partners. “We want to go to the East and North, and we are looking for partners to help take our products there.”
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