The Financial Reporting Council of Nigeria and the Institute of Directors, Nigeria, have partnered to train owners of Small and Medium-scale Enterprises. The IoD said in a statement that the new era of doing business in Nigeria required owners of SMEs to maintain high standards of business ethics and integrity. IoD said SME owners ought to discharge their statutory duties of ensuring the prudent management of risks in an orderly and informed manner.
According to the statement, IoD Nigeria and the FRC planned the partnership to organise a corporate governance training that will assist the SME owners to move from the informal ways of doing business to formal ways. The statement said the partnership idea was first mooted on August 17, 2018, when the governing council of IoD Nigeria, led by the President and Chairman of the Governing Council, Alhaji Ahmed Mohammed, paid a courtesy visit to the Executive Secretary/Chief Executive Officer, FRC, Mr Daniel Asapokhai, and his management team at the FRC office in Lagos.
“Both organisations are of the view that while the surge of SMEs in the country is an economic booster, it will pose a big challenge to the economy in the long run if the owners fail to embrace the best practices of doing business in their dealings,” the statement added. Mohammed described the appointment of Asapokhai as FRC CEO as a wise choice by the Federal Government and coming at a right time to douse the tension generated by the myriad of views about the corporate governance code in the country,
He said IoD Nigeria considered the SMEs as a buffer to the economy and that the young directors controlling the small businesses be made to imbibe the culture of best practices. Asapokhai stated that there was an urgent need to push the SME operators to the next level of doing business, not necessarily in building facilities, but in organising their businesses better.