Institute of Directors

Amid geo-political tension marked by uncertainty, volatility, and disruptive forces, the Chartered Institute of Directors Nigeria (CIoD) has tasked directors on effective leadership, noting that their roles as leaders assume even greater significance in turbulent times.

The institute said the challenges, which also cut across supply chain disruptions, climate change, cost of living crisis, severe macroeconomic issues in Nigeria, mega forex losses for Nigerian companies, especially the manufacturing sector that has taken the huge hit, test the very foundations of its leadership and governance principles.

Director at FBNQuest Merchant Bank, Oyinkansade Adewale, said this at the CIoD April new members induction ceremony, where she spoke on ‘Maintaining Board Excellence and Governance in Trying Times’.

She noted that Nigeria is living through challenges of poly crisis, and urged that organisations must learn how to navigate the challenges and succeed amidst them.

She said achieving this, would require a wise board and directors, who see the future as well as directors, who understand and appreciate how each of the challenges affects the company’s stakeholders and its performance.

According to her, in such turbulent times, the role of directors and leaders assumes even greater significance.

Adewale said it is during the moments of adversity that the true essence of leadership is revealed, pointing at the ability to navigate uncertainty with resilience, make tough decisions with wisdom and steer organisations toward sustainable success amidst turbulent waters.

Noting that the theme resonated deeply with the challenges leaders face today, “It underscores the importance of upholding the highest standards of governance and excellence, even when confronted with adversity.

“It reminds us that it is during times of crisis and challenges that the integrity of our institutions is put to the test, and it is our duty as directors to rise to the occasion and uphold the principles of transparency, accountability, and ethical conduct,” she said.

President and Chairman of the Governing Council, Tijjani Borodo, urged members that in the face of uncertainty, they should remain steadfast in their dedication to fostering a culture of trust, integrity and innovation within their organisations.

Borodo said directors must lead by example, demonstrating unwavering integrity and ethical conduct in all their endeavours, by not losing sight of its ultimate purpose – to create value not just for our shareholders but for all stakeholders, including employees, customers and the communities served.

The CIoD chief advised the 135 newly inducted members that their induction signifies not just recognition of their achievements but also a commitment to the principles of good governance and leadership excellence.

“In the pursuit of excellence in governance, we must acknowledge the evolving nature of our roles and responsibilities. You will agree that directors are tasked with navigating a complex web of risks and opportunities, from cybersecurity threats to climate change impacts. We must remain vigilant and proactive in identifying and mitigating these risks, while also seizing opportunities for innovation and growth.

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