‘How digitisation, diversity, corporate governance affect economic growth’

Experts in the nation’s financial sector have highlighted the role of digitisation, diversity, inclusion and corporate governance on the nation’s economic growth.

They spoke at the 2022 yearly conference of Society for Corporate Governance Nigeria (SCGN) in Lagos. The conference, which provided a platform for corporate governance enthusiasts and regulators to interogate trending issues in the corporate governance sphere, had as its theme: “Digital, Diversity, and Inclusion: Evolving Trends in Governance and Board Culture”.

Leading discussion on the theme, President of the SCGN, Mr. Muhammad Ahmad, said: “We should be in a position to continue to re-emphasise on the need to have diversity and to fight pipeline problems.”

In their remarks, the keynote speaker and Board Chairman of the Securities and Exchange Commission (SEC), Mr. Femi Lijadu and the guest speaker; Chief Executive Officer of Puma Energy International, Dr. Emma Fitzgerald, highlighted the importance of discussions on promoting corporate governance, as good corporate governance remains a key tool for attracting investments needed to improve the country’s economy.

They stressed the importance of avoiding stereotypes in the selection of board members, so as to establish a board with diverse talents who can make valuable contributions.

The Chief Executive Officer of SCGN, Mrs. Chioma Mordi, in her address, said the discussions on growing trends, such as board diversity, inclusion, Environmental, Social and Governance (ESG), sustainability, digitalisation and cyber security, are indications that boards need to evolve and embrace new thinking, and practises to ensure effectiveness as well as business resilience.

According to her, the event was one of the society’s ways of contributing to the promotion of corporate governance in Nigeria and also in different sectors across the globe.

She further noted that coinage of the topic was a deliberate effort to encourage diversity and inclusive membership. Contributing on a panel discussion moderated by the Founder/Chief Executive Officer, Corporate Governance & QMS, Mr. Sam Cookey, the Managing Director/CEO Transcorp Hotels Plc, Mrs. Dupe Olushola, stated that trust, independence and sustainability of organisations must be built on the pillars of equity, inclusion and diversity.

Also, the former Chairperson of Air Namibia, Mr Escher Luanda noted that digitised, inclusive and diverse organisations outperform their peers.

On the other hand, Director, Standard Bank Group Subsidiaries, Nigeria & Uganda, Ms. Sola David-Borha reiterated the need to consider diversity and inclusion from a diverse perspective, to include age, ethnicity, geographical trend and functionality, amongst others.

As regards digitalisation, Associate Dean, Lagos Business School, Professor Yinka David-West emphasised the need for companies to not just acquire technology, but refocus its attention towards harnessing such technology for efficient performance.

Founder and Director of SCGN, Prof. Fabian Ajogwu, also reiterated the importance of the conference theme, saying the idea of diversity and inclusion was also a focal point of the publication on Corporate Governance & Sustainability Reporting.