FCMB CEO advises SMEs on corporate governance

First City Monument Bank Chief Executive Officer Yemisi Edun advised businesses, especially micro-enterprises, to adopt good corporate governance practices in order to stand the test of time.

A statement from the bank, titled “Embracing Corporate Governance, Yemisi Edun Charges SMEs,” said she made the call as a guest speaker at the inaugural corporate governance conference and business development organized by H. Michael & Co in Lagos, on the theme “Best Practices in Corporate Governance: Imperatives for Business 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 said microenterprises also need the same to achieve peak performance and sustainable growth, urging small businesses to imbibe corporate governance practices.

Edun listed the long-term benefits of good corporate governance practice such as strong brand value, 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, a former Assistant Vice Chancellor of Babcock University, Professor Sunday Owolabi, described corporate governance as ‘doing good when no one is watching’.

Owolabi urged companies to self-regulate and embrace full disclosure and accountability.

He also advised the Financial Reporting Council of Nigeria to consolidate the country’s multisectoral corporate governance codes into a single omnibus document for the country’s businesses.

Conference organizer Dr Adeyinka Hassan, a prominent advocate for corporate governance, noted that more than 100 companies in Nigeria had failed due to the fa

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