ICSAN seeks stronger governance to boost investment

Corporate governance remains a critical factor for Nigeria's sustainable economic growth and investor confidence, stated Mrs. Uto Ukpanah, President and Chairman of the Governing Council of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

Ukpanah emphasized that while economic policies, infrastructure, and political leadership are important, the quality of governance within institutions often dictates the success of development initiatives. She argued that Nigeria's development challenges stem less from a shortage of ideas, policies, or resources, and more from weaknesses in governance across both public and private sectors. "Where governance is weak, outcomes are poor; where governance is strong, progress follows," she asserted.

She defined corporate governance as the system directing and controlling organizations, encompassing structures, processes, and ethical standards. Effective governance promotes transparency, accountability, fairness, and responsibility, leading to better institutional performance, risk management, and stakeholder interest protection. Investors are more inclined to commit capital in environments with strong governance and respected regulatory frameworks, whereas weak governance often results in inefficiency, corruption, and economic setbacks.

Ukpanah highlighted the increasing urgency to strengthen corporate governance in Nigeria, citing fiscal pressures, declining investor confidence, and past governance failures that have caused financial losses and reputational damage. She stressed the vital role of effective boards in strategic oversight and risk management, advocating for governance principles to be embedded in organizational culture through ethical conduct and transparent reporting. The ICSAN president also linked governance to sustainability, noting the growing importance of environmental, social, and governance (ESG) considerations in modern business.

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Where governance is weak, outcomes are poor; where governance is strong, progress follows.