‘Good governance will mitigate risk in building great institutions’

The need for proper governance and good education would help to mitigate risks in building great institutions, the Group Managing Director, Custodian Investment Plc., Oluwole Oshin, has said.He said what the country suffers right now is the foundation of building institutions, which is centred on good governance, the people and general sustainability.

For Nigeria to achieve its goals and objectives, Oshin opined that good leadership innovativeness and dynamism in dealings would lead the country to its right path.

He said this during the 2018 Fellows’ Night and Investiture of the Institute of Directors’ (IoD) Nigeria, where he spoke on the theme “Building Sustainable Institutions”.Oshin further stated that for organisations to build sustainable institutions, there is a need to address corporate governance, people and skills, culture, inclusiveness and inequality.

According to him, “enduring institutions are built by selfless committed and dedicated and focused leaders. Successive leaders of sustainable institutions are therefore expected to be an embodiment of integrity.

“Another ingredient is governance. A sustainable institution is built around good governance or good corporate governance. I am referring to both the public and private sector. The benefits of good governance are innumerable ranging from corporate successes to investor confidence, minimisation of waste and corruption, risk management and positive brand reception.

“Those are some of the key benefits; government must be He however stated that it would be good to also consider a home-grown code that aligns with Nigeria’s culture and level of development.”

Oshin stated that the recently exposed code of corporate governance draft was a sign that the code was set out to address most of the challenges faced on the journey to building sustainable institutions.

He said: “A one-sided fits all code may not be the best for us since most industries are young and companies are mini-small and medium size run by entrepreneurs.“They would probably require a code with a development orientation, one which seeks to directly balance governance objective and growth.”