Nigerian Bar Association (NBA), Lagos Branch, has warned against poor implementation of corporate governance and weak succession plans, stressing that they pose serious threats to the survival of indigenous companies.

The branch Chairman, Mrs Uchenna Ogunedo Akingbade, raised the concern at the In-House Government Counsel Forum tagged, Afro Fusion.’

Akingbade, who decried the absence of long-standing indigenous corporations in the country, observed that most companies that have spanned over a century were established by foreigners.

“How many 100-year-old indigenous companies can you see around? Even when you see one, you discover that it was brought in by foreigners.”

She blamed the situation on a lack of effective corporate governance, a poor succession plan and cultural sentiments that undermined professionalism in business operations.

Akingbade explained that emotional attachments, family ties and cultural predispositions often interfere with sound corporate decision-making.

“You want to bring all your brothers, sisters and cousins on board. Corporate governance requires dispassionate decision-making”, she said.

NBA Chairman also stressed the critical role of in-house lawyers in promoting good corporate governance within organisations, noting that legal guidance and compliance with governance principles are central to their duties.

She added that the NBA is tasked with keeping members informed about emerging trends in the corporate world, including governance standards.

Akingbade also highlighted the growing influence of Artificial Intelligence (AI) in corporate operations and urged legal practitioners to embrace its responsible use.

“The whole world has been taken over by AI. Nobody can pretend not to use it in this day and age. The question is whether we are using it responsibly,” she said.

Explaining the essence of the forum, Akingbade said it was designed to promote the welfare, professional development and networking of in-house and government counsel.

Chairman, In-House and Government Counsel Forum, NBA, Lagos Branch, Adeola Olumeyan, said that the gathering was to celebrate collective achievements and recognise the critical role of lawyers in sustaining effective governance and economic growth.

She highlighted the contributions of members in key national reforms, including policy development within government agencies and initiatives such as the recently held justice hackathon, which she said was driven by a member of the forum, who also serves as a Senior Special Adviser to the President.

According to her, the forum has prioritised capacity building through regular training and workshops, including tax-focused sessions and engagements with experts to prepare members for emerging laws ahead of next year.