‘Lack of corporate governance militating against business growth’
A financial expert, Dr. Bala Mohammadu Abubakar has identified lack of corporate governance and fiscal responsibility in both private and public sectors as the major factor militating against business growth in Nigeria.
Abubakar, Chairman and Chief Executive Officer (CEO), Bamas Royal Consulting, Abuja, also said internal conflict and poor relationship between boards and company executives is a bottleneck obstructing smooth performance of most establishments.
He made these observations, while speaking in Gombe, after a workshop on the Nigeria Code of Corporate Governance, organised by the Financial Reporting Council of Nigeria (FRCN) for the Northeast zone.
He noted that Nigeria is good at designing excellent policies, but without implementing them.
He said for the document to be effective and embraced by Nigerians, FRCN must design effective mechanism towards compliance.
He also suggested that the document be translated into the three major Nigerian languages for better assimilation.