Uyo — Lack of effective corporate administration and management has been identified as factors affecting the socio-economic development of the country.
The President/Chairman of Association of Corporate Governance Professionals of Nigeria (ACGPN), Mazi Sam Ohuabunwa, stated this at the weekend in Uyo, Akwa Ibom state capital.
Administering oath of membership to 21 inductees into the institute, he maintained that Nigeria must get those two factors correct in order to advance economically.
According to him, the need for such vital component of the system to be strengthened and effectively managed for the overall growth of the country's economy could not be over-emphasised.
"There is need for good corporate governance for the betterment of our country," Ohuabunwa, stressed, challenging the inductees to be good ambassadors of the association in order to complement the federal government strive to reposition the economy.
To achieve this, he charged the new members to bring their ingenuity to bear by ensuring standards and best practices in corporate administration in line with the enshrined principles of transparency, due diligence and integrity in public\private endeavours.
"Be part of the national efforts to redefine corporate governance in all aspects of businesses to ensure national growth," he told them.
Ohuabunwa equally warned against elevation of personal interests in the interpretation and delivery of corporate ideals, if the country must move forward economically.
Also speaking, the Registrar and Chief Executive Officer (CEO) of the body, Mr. Femi Mosaku-Johnson, further identified "violations of the corporate governance ethics" as the major problem stunting the growth of Nigeria's economy.
He charged the new members to shun unethical practices and imbibe the best practices of integrity, transparency and due process in the administration of organisational principles towards achieving socio-economic harmony in Nigeria.