2024 Annual Directors Conference Communique



THEME:
Good Governance as a Catalyst for Economic Recovery, Growth, and Development

Key Highlights and Recommendations
DATE: Wednesday, 30th & Thursday, 31st October 2024
VENUE: Eko Hotel & Suites, Victoria Island, Lagos
Editorial by: B. Adedipe Associates Limited (BAA Consult)

1.0 Introduction

The 2024 Annual Directors' Conference of the Chartered Institute of Directors (CIoD) marked another impactful milestone in the Institute's legacy of excellence and influence. With the theme "Good Governance as a Catalyst for Economic Recovery, Growth, and Development," this year’s conference gathered an impressive array of members, government officials, industry leaders, directors, and changemakers from Nigeria’s public, private, and not-for-profit sectors. Recognized as one of the CIoD’s flagship events, the conference reaffirmed the Institute’s commitment to fostering collaborative engagement among pivotal stakeholders, with a focus on driving impactful governance and sustainable economic growth across Nigeria and Africa.

Since its inception, the Annual Directors' Conference has been more than just a gathering of leaders; it has become a powerful platform for shaping governance practices and contributing to policy frameworks that drive progress. By spotlighting critical issues, proposing actionable strategies, and advocating for governance reform, the conference continues to play a vital role in bolstering Nigeria’s resilience and commitment to sustainable development.

This year’s theme emphasized the essential role of ethical governance in advancing Nigeria's development and economic resilience. As the economy navigates complex challenges, the conference underscored the need for strong leadership and integrity to catalyze recovery and growth.

The 2024 conference opened with a stirring session led by Dr. (Mrs.) Fatumata Coker, M.CIoD, Chairman of the ADC Planning Committee, who welcomed attendees and set an inspiring tone for the event. Following the welcoming address, Alhaji Tijjani M. Borodo, LLM, F.CIoD, President & Chairman of Council of the Chartered Institute of Directors Nigeria, delivered the opening remarks. His message highlighted the importance of collective dedication to governance and leadership in building a sustainable future. Mr. Mutiu Sunmonu, M.CIoD, Chairman of Julius Berger Plc, and Conference Chairman, also shared his perspectives, stressing the relevance of the conference theme in today’s business landscape.

Special Guests of Honour included His Excellency, President Bola Ahmed Tinubu, GCFR, represented by Senator Abubakar Atiku Bagudu (CON), Minister of Budget and Economic Planning, and His Excellency, Mr. Babajide Sanwo-Olu, F.CIoD, Executive Governor of Lagos State. Both delivered thoughtful and engaging remarks, expressing support for the theme and emphasizing the urgency of responsible governance in Nigeria’s path forward.

The keynote address, presented by Prof. Attahiru Jega, former Chairman of the Independent National Electoral Commission (INEC), was both insightful and thought-provoking. Prof. Jega highlighted the indispensable role of democratic governance in Nigeria’s journey toward economic stability and growth, setting the stage for rich panel discussions and deliberations throughout the conference.

On the second day, the conference featured a series of panel sessions that fostered robust dialogue among stakeholders. These discussions provided a valuable exchange of ideas with a direct impact on government policies and economic decisions not only in Nigeria but across the African continent. Through these in-depth discussions, participants explored the ways governance can enhance organizational resilience, influence national policy, and fuel sustainable development.

The 2024 CIoD Annual Directors' Conference successfully reinforced its role as a catalyst for positive change, uniting forward-thinking leaders dedicated to Nigeria’s progress and economic resilience. As the conference concluded, it left participants inspired, equipped with actionable insights, and committed to the shared goal of transforming governance for a stronger and more resilient Nigeria.


2.0 Plenary Sessions

The 2024 Annual Directors’ Conference was thoughtfully organized into four impactful plenary sessions, featuring insightful paper presentations by seasoned professionals and engaging discussions with panelists. These sessions were a valuable platform for captains of industries and public sector stakeholders to contribute and share their wealth of experience, focusing on the conference theme. The panel discussions deliberated in-depth on the issues highlighted in the lead paper presentations, leading to pertinent recommendations.

First Plenary Session

Sub-theme: "Effective Leadership and Good Governance amidst Uncertainty"

  • Moderator: Mrs. Kadiria Ahmed, M.CIoD, CEO, RadioNow

  • Plenary Speaker: Mr. Babatunde Fashola, SAN, Former Governor, Lagos State, Former Federal Minister of Works and Housing

  • Discussants:

    • Mrs. Toyin Bashir, Head of Legal Reforms, Interventions, and Economic Empowerment, Presidential Enabling Business Environment Council Nigeria

    • Mr. Olaniyi Yusuf, Chairman, NESG

Second Plenary Session

Theme: "Digitalization and Governance"

  • Moderator: Mr. Femi William, Chief Enabling Officer (CEO), NewWaves Ecosystem Ltd.

  • Plenary Speaker: Mr. John Obaro, GMD, Systems Specs Nigeria Limited

  • Discussants:

    • Mrs. Funke Opeke, CEO/Founder, MainOne Cable Plc

    • Mrs. Olatomiwa Williams, Country Manager, Microsoft West Africa

Third Plenary Session

Sub-theme: "ESG & Public Good – Adopting Global Best Practice for Nigeria"

  • Moderator: Dr. Lucy Newman, F.CIoD, CEO, Africa Private Sector Summit

  • Plenary Speaker: Ms. Ivana Osagie, M.CIoD, CEO, PWR Advisory

  • Discussants:

    • Prof. Chris Ogbechie, F.CIoD, Dean, Lagos Business School/Pan-Atlantic University

    • Mrs. Omobolanle Victor-Laniyan, Head of Group Sustainability, Access Bank

Fourth Plenary Session

Theme: "Building an Ecosystem for Sustainable Entrepreneurship: The Role of Good Governance"

  • Moderator: Dr. Franklin Ngwu, M.CIoD, Co-Chair, Private Sector Advisory Board on UN Sustainable Development Goals

  • Fireside Chat: Dr. Cosmos Maduka, F.CIoD, President and CEO, Coscharis Group

  • Discussants:

    • Mrs. Yemisi Iranloye, Managing Director and CEO, Psaltry International Limited

    • Mr. Charles Odii, Director General, SMEDAN

3.0 Business Meets Government Dinner

This platform enabled an exchange of ideas and insights between public institutions and private businesses, underscoring their roles in promoting good governance as a catalyst for Nigeria's economic recovery, growth, and development.

  • Welcome Address: Delivered by Otunba Bimbo Ashiru, Vice Chairman, ADC Planning Committee, on behalf of Mrs. Fatumata Coker, M.CIoD, Chairman of the ADC Planning Committee.

  • Opening Remarks: Alhaji Tijjani M. Borodo, LLM, F.CIoD, President & Chairman of Council, CIoD Nigeria.

  • Special Remarks: Hon. Justice Amina Augie, CFR, Retired Justice of the Supreme Court of Nigeria.

  • Special Guest of Honour: Prof. Tunji Olaopa, Chairman, Federal Civil Service Commission.

  • Representative of Kano State Governor: Alhaji Usman Mamman, Senior Adviser.

  • Representative of Lagos State Governor: Dr. Kadri Obafemi Hamzat, Deputy Governor of Lagos State.

4.0 Key Highlights and Recommendations

4.1 Key Highlights

  1. Good governance in Nigeria is not merely a moral duty; it has evolved into an economic imperative.

  2. Progress begins at the grassroots, where families, religious organizations, and social structures play a key role in instilling ethical values.

  3. The CIoD was recognized for its ongoing role in promoting corporate governance and ethical leadership.

  4. Nigeria's low ranking on the Human Development Index reflects challenges in promoting socioeconomic development.

  5. The public and private sectors are interdependent, requiring balanced collaboration.

  6. Nigeria must align with essential attributes of democratic governance, including transparent elections and accountability.

  7. Effective governance in the public sector hinges on inter-ministerial collaboration and shared vision.

  8. Character, not just compliance, is at the heart of effective governance.

  9. Governance should be dynamic, adopting a maturity model for continuous reassessment.

  10. The private sector has a crucial role in bridging agricultural infrastructure gaps.

  11. Reducing dependence on global platforms through local tech solutions strengthens economic independence.

  12. Digital transformation reshapes governance through accountability and data-driven decision-making.

  13. Mandatory sustainability reporting is a growing trend, with Nigeria expected to adopt regulations by 2028.

  14. Economic disparity and inequality pose significant risks to businesses.

  15. Integrating ESG requires a focus on environmental connections.

  16. Companies should embrace circular economy principles.

  17. Resilience and passion are key for small entrepreneurs.

  18. Professional guidance is critical for business growth.

  19. Corporate governance, when implemented in good faith, lays a foundation for sustainable growth.

  20. Historical challenges require a shift in mindset and societal values.

  21. A cultural shift toward greater integrity and responsibility is needed.

  22. Cultivating the next generation of leaders is a shared responsibility.

4.2 Recommendations

4.2.1 Recommendations to Government

  1. Implement policy reforms promoting transparency and accountability.

  2. Build a unified national consensus on economic, social, and political goals.

  3. Establish robust communication mechanisms between Federal, State, and Local Governments.

  4. Create accessible platforms for public feedback.

  5. Develop a farmer-centric ecosystem with targeted support.

  6. Update educational curricula to include digital skills and data literacy.

  7. Strengthen family units through supportive policies.

  8. Invest in comprehensive data collection systems.

4.2.2 Recommendations to the Chartered Institute of Directors (CIoD)

  1. Develop a policy position paper advocating for sustained support of priority sectors.

  2. Establish sector-specific communities of practice for ESG.

  3. Collaborate with SMEDAN to support small business owners.

  4. Advocate for revisions of laws that impede government agility.

4.2.3 Recommendations to the Organized Private Sector

  1. Foster robust cooperation between public and private sectors.

  2. Embrace digital transformation and foster a culture of digital adoption.

  3. Prioritize societal impact alongside profit.

  4. Lead ESG integration with a focus on inclusivity and equity.

  5. Adhere to corporate governance principles for long-term success.

  6. Explore venture capital opportunities for growth and expansion.

4.2.4 Recommendations to All Stakeholders

  1. Focus on character development for future leaders.

  2. Prioritize empathy alongside policy adherence.

  3. Instill positive values at the grassroots level.

5.0 Conclusion

Determination and core competencies are essential in today’s business landscape, with limitless potential to drive progress. Nigeria’s current position underscores the need for strengthened corporate governance, particularly in the public sector. By fully embracing these principles, we can unlock substantial economic growth and pave the way for national transformation.

Leaders in both the private and public sectors should commit to impactful actions beyond the minimum standards, prioritizing initiatives that address pressing economic and social issues collaboratively. The most successful organizations are those that tackle social challenges, and such efforts must be supported and protected.

Good governance and sustainability are indispensable to achieving economic recovery, growth, and development. Let us all strive to be leaders in our own spheres, contributing to a brighter future for Nigeria.