Adopting corporate governance, Yemisi Edun instructs SMEs

Business leader and first female CEO of First City Monument Bank (FCMB), Ms. Yemisi Edun, instructed businesses, especially micro-enterprises, to adopt good corporate governance practices in order to resist the test of time.

She made this call as a guest speaker at the inaugural conference on corporate governance and enterprise development organized by H. Michael & Co in Lagos.

The theme of the conference was “Best Practices in Corporate Governance: Imperatives for Corporate Sustainability”.

Addressing the conference’s physical and online audience, the bank chief noted that no business could stand the test of time without good corporate governance practices. She clarified that microenterprises also need the same to achieve peak performance and sustainable growth.

She tasked small businesses to soak up corporate governance practices.

Ms. Edun listed the long-term benefits of sound corporate governance practice such as strong branding, lower risk, lower investment costs and improved performance. She added that only companies with strong corporate governance practices could drive economic growth and enhance innovation while protecting communities and the environment in their day-to-day operations.

In his opening speech, Professor Sunday Owolabi, former Deputy Vice Chancellor of Babcock University, simplified corporate governance to “do good when no one is watching.” He affirmed the FCMB CEO’s advice to companies to always do the right thing, even when they appear to be at a disadvantage.

Professor Owolabi urged companies to self-regulate and embrace full disclosure and accountability, as they are the building blocks of enduring institutions that outlive their founders.

He also advised Nigeria’s Financial Reporting Board to consolidate the country’s multisectoral corporate governance codes into one omnibus document for businesses in Nigeria.

Conference organizer Dr Adeyinka Hassan, a leading advocate for corporate governance, noted that more than 100 companies in Nigeria have failed due to corporate bankruptcies.

According to him, “there are companies that we knew growing up that no longer exist. They all disappeared due to the absence of a well-structured board of directors and a lack of good corporate governance. “

He said, “No matter how big a business is or how fast a business grows, there are certain things that need to be done to sustain a business beyond the life of the owner, and that’s it. that corporate governance comes. We have to preach it to everyone.

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