‘Why Nigeria’s future lies in private sector’

(Last Updated On: February 18, 2020)
‘Why Nigeria's future lies in private sector’
Managing Director and Chief Executive Officer of Chapel Hill Denham, Mr. Bolaji Balogun

By Kingsley Adegboye

Following the under-development of Nigeria as a result of the failure of the public sector, the Managing Director and Chief Executive Officer of Chapel Hill Denham, Mr. Bolaji Balogun, has said that the future of Nigeria belongs to the private sector.

Balogun, who was the chairman of the 2020 Company Secretaries and Registrars’ Forum organised by the Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, in Lagos urged company secretaries who are referred to as custodians of corporate governance in their respective organisations, to entrench corporate governance in their organisations to bring about the expected development of the nation.

The forum was themed: “Nigerian Code of Corporate Governance 2018: The Role of Company Secretaries and Capital Market Stakeholders.”

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According to Chapel Hill Denham boss, conglomerates such as Dangote Cement, Lafarge Cement, MTN and others which are private companies can fix the huge infrastructure gap in the country because they have the capacity and equipment to do it, reiterating that the private is the answer to the development of Nigeria.

Speaking on the theme, Executive Director, Regulation, The Nigerian Stock Exchange, Tinuade Awe, said: “Before the launch of the code, there were several sector-specific codes of corporate governance in certain sectors of the economy. These earlier codes were limited to their specific industries and could not be applied across other sectors of the economy.

“Thus, the NCCG 2018 was conceived to institutionalise high corporate governance best practices in Nigerian companies notwithstanding the sector in which they operate. In essence, the Code is to serve as the benchmark for corporate governance for companies across every industry within Nigeria.”

In his welcome address, ICSAN President and Chairman of Council, Bode Ayeku, said: “We are all familiar with the functions of the Company Secretaries and Registrars and the expectations of the shareholders. Each company secretary has the key responsibility of providing a central source of guidance and advice to the Board and company matters of ethics, conflict of interest and good corporate governance.”

Vanguard

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