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IoD to support FRCN on Act amendment

By Benjamin Alade
15 February 2022   |   4:07 am
The Institute of Directors (IoD) Nigeria has said it will not relent its effort to seeing that there is an amendment of the Financial Reporting Council of Nigeria (FRCN) Act to make it fully representative of the opinions of all stakeholders.

The Institute of Directors (IoD) Nigeria has said it will not relent its effort to seeing that there is an amendment of the Financial Reporting Council of Nigeria (FRCN) Act to make it fully representative of the opinions of all stakeholders.
 
The President and Chairman of Governing Council, IoD Nigeria, Dr. Ije Jidenma, disclosed this during a courtesy visit by the governing council to the Executive Secretary, FRCN in Lagos.
 
Jidenma said IoD Nigeria had just recently become aware of the plans to amend the FRCN Act, with a bill currently in the National Assembly for this purpose. As a strategic partner, IoD will contribute its quota to ensure that the amendment is passed.
 


She said IoD Nigeria sees FRCN as a critical partner in its quest to improve the professional capacity and competence of directors and business leaders.
 
“Our curricula are carefully developed so is our faculty, which consists of local and international facilitators. These qualitative experts are employed to improve directors’ ability to match global competitiveness. We, therefore, further extend IoD Nigeria’s hands of fellowship to FRCN for the use of the array of seasoned professionals in IoD Nigeria as facilitators in any FRCN programmes, particularly, in governance, operational and technical issues.
  
“Our Institute is also a major advocacy body in the area of good corporate governance, business ethics, leadership, and transparency. We champion constructive dialogue with stakeholders in the public and private sectors through our various advocacy programmes, events, and corporate visitations. We are committed to the formulation of business-friendly policies for our members and indeed, the Nigerian business environment.
  
“In this regard, FRCN and IoD Nigeria are partners in progress and our objectives are similar. We are both concerned about good corporate governance and best practice in Nigeria’s public, private and not for profit sectors for a better society. The need for collaboration and complementarity, therefore, cannot be overemphasised,” she revealed.
  
According to Jidenma, given the complexity and volatility of today’s business world and the accompanying uncertainty it brings, expectations from business in terms of performance have increased. This is also applicable to the leaders in the public sector.
 

“They are now expected to provide the solutions that will lead organisations out of the challenging times in a world that is constantly changing. How can we extract value from the synergies that exist for the benefit of our country and our continent, at large?” she said.
 
Executive Secretary/Chief Executive Officer, FRCN, Shuaibu Adamu Ahmed, said: “We are proud of IoD, we believe it is one of the respective institutes in the country. Your members cut across the private and public sector of the economy, therefore your contribution to the economy cannot be overestimated.  
 
Ahmed said: “Your training for directors is part of steps to further improve corporate governance in the country.  There is more to be done in terms of partnership with IoD and FRC, we share the same objective, which is to promote corporate governance to the Nigerian economy. Since I came into office, there have not been many partnerships, which I assume should not be so. 
 
“We are also working to develop corporate governance for the Nigerian public. We haven’t done much in the public sector.”