2023 ADC - Communique for Publication

THE CHARTERED INSTITUTE OF DIRECTORS NIGERIA


1.0 Introduction 

The 2023 Annual Directors Conference of the Chartered Institute of Directors Nigeria (CIoDN) successfully held on November 16 and 17, 2023 at the Congress Hall, Transcorp Hilton Hotel, Abuja. The CIOD Conference convened distinguished members of the Institute, government officials, business leaders, captains of industry, directors, and eminent minds from the private, public, and not-for-profit sectors of the Nigerian economy. The Annual Conference, which is the CIOD flagship event facilitates crucial conversations and engagements with relevant stakeholders that contribute and influence policy formulation and government decision-making.


Themed, " Driving Nigeria’s Economic Transformation and Diversification: The Role of Corporate Governance ", the conference aimed to address pivotal issues in leadership, business, governance, ethics, and the economy and providing global best practice solutions.


The Chairman of the Conference Planning Committee,  Mrs. Fatumata Coker M.IoD , opened the conference by welcoming participants and setting the stage for the event. The President & Chairman of Governing Council of the Chartered Institute of Directors Nigeria,  Alhaji Tijjani M. Borodo, LLM, F.IoD  in his opening remarks, emphasized the significance of the conference theme.  Dr. Ernest Ndukwe, OFR , Chairman of MTN Communications Nigeria Plc and the Chairman of the Occasion, underscored the relevance of the chosen theme.


The Guests of Honour,  Mr. Wale Edun , Honourable Minister of Finance & Coordinating Minister of the Economy, and  Hon. Doris Anite , Honourable Minister of the Federal Ministry of Industry, Trade & Investment, shared insightful remarks, outlining government expectations from the conference.


Dr. Olusegun Aganga, CON , Chairman, Leadway Pension PFA Limited & Former Minister of Finance, delivered an insightful and engaging keynote address on the Conference theme, setting the stage for the rich conversations and deliberations that ensued.


Day two of the conference commenced with a captivating keynote address delivered by  Dr. Armstrong Takang , CEO of the Ministry of Finance Incorporated (MOFI). He emphasized the crucial role of good corporate governance and highlighted the significance of robust public policies. He went further to discuss the importance of institutionalizing corporate governance in the public sector.


2. 0 Plenary Sessions 

The Conference comprised of four plenary sessions: 

1.  Governance Reforms in the Nigerian Energy 
2. Corporate Governance in Nigeria’s Digital Transformation 
3. Optimising Demand-Driven Talents in Nigeria 
4. Role of Agriculture, Solid Minerals & Blue Economy as Drivers of the National Economy

3.0    Business meets Government Dinner

This session fostered crucial between public and private sectors, emphasising their roles in Nigeria’s economic diversification. The keynote speech was delivered by  Mrs Bola Adesola, Chairman, EcoBank. The Special Guest of Honour was the Speaker of the Federal House of Representative, Rt. Hon. Tajudeen Abbas, who was represented by Hon. (Dr.) Sani Umar Bala, the Chairman, House Committee on Public Services Matters.


4.0 Key Highlights and Recommendations 


4. 1 Recommendations to Government

  1. The Financial Reporting Council (FRC) of Nigeria should promptly issue the new Codes of Corporate Governance for the Public Sector. 

  2. The National Assembly should repeal or promulgate new laws that mandate Ministries, Departments and Agencies of Government to adopt the governance codes. The new public sector governance codes should specify the required qualifying skills, and competencies for each role to ensure competent individuals are appointed to boards. 

  3. Key Performance Indicators (KPIs) should be set for management and boards of public institutions to institutionalise meritocracy.

  4. Public institutions should establish robust governance management frameworks that address data protection concerns to instil trust and attract potential investors. 

  5. The Ministry of Mining and Mineral Resources in Nigeria should join the Committee for Mineral Reserves International Reporting Standards (CRIRSCO) to create job opportunities for Nigerian engineers and geoscientists and ensure alignment with international standards.

  6. Sub National Governments need to be given greater autonomy over their local marine resources. This would enable them to generate the private capital investments needed to improve the quality of maritime ecosystems and expand blue ocean economies in a sustainable manner.

  7. Building on the creation of a Ministry for blue economy, it is imperative to formulate and implement a National Maritime Strategy that brings together all facets of the blue economy and sets the course for sustainable use of the country’s ocean resources, environmental conservation, and economic diversification that is incorporated in the National Development Plan (NDP) or the 2024-2026 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF and FSP).


4. 2 Recommendations to CIoDN

  1. The Chartered Institute of Directors Nigeria (CIoDN) should collaborate with the Financial Reporting Council (FRC) to advocate for corporate governance in the public service. 

  2. CIOD should develop an index for ranking Ministries, Departments and Agencies on their corporate governance standards. 

  3. CIoDN should publish its Code of Ethics to enable Nigeria’s economic transformation and diversification.

  4. The Institute should support government by creating more awareness on the corporate governance prerequisites to attract investments in enterprises, emphasizing the existence of governance structures as a pre-condition for financing business enterprises. 

4. 3 Recommendations to the Organized Private Sector

  1.  Private Sector Boards should redefine their hiring process for their leadership team. Especially talent in key risk positions. The CEO, Chief Human Resource Officers and C-suite all have responsibility and accountability in the hiring process and should institute and implement a policy framework to ensure the recruitment of the right individuals for the right roles.

  2. Boards and management should leverage employee data effectively to extract insights in recruitment, learning and development, performance, succession planning, and employee engagement. 

  3. Management should submit quarterly reports to boards on Talent and succession management, offering valuable insights and information to guide strategic decision-making.

  4. The Securities and Exchange Commission (SEC) should develop funding models and establish specialized funds to boost the mining sector.

5.0 Conclusion

The synergy and active collaboration between government and the private sector is vital for Nigeria’s economic transformation and diversification. 


As key stakeholders in Nigeria’s economic prosperity, it is our collective responsibility to advocate for and institute sound corporate governance practices at all levels and in all spheres. Fostering a culture of ethics and good governance standards in the private and public sector is imperative for both government,   private sector businesses  and the nation to thrive. 




BAMIDELE ALIMI, M.IoD

Director General/CEO