Corporate governance structures needed to build sustainable brands, says Ecobank chair

Bola Adesola, chairman, Ecobank Nigeria, says businesses must put in place corporate governance structures to build sustainable brands.

Adesola said this recently at an inaugural networking session of the young directors forum (YDF), a platform launched by the Institute of Directors (IoD) Nigeria, for directors who are young and have board experience.

The event, tagged “unlocking millennial directors’ potentials: the place of corporate governance”, is the first physical event of the YDF since its launch in 2020.

Speaking at the event, Adesola said business owners, particularly young entrepreneurs and directors, should ensure that in their quest to build firms that scale fast, they remember to put corporate governance structures in place.

This, she said, will help them build sustainable organisations that evoke trust, accountability and have a good brand reputation.

“Good corporate governance does not just happen. There have to be structures in place to make it happen, in order to build a sustainably successful business ” she said.

Adesola, therefore, urged young directors to embrace the principles of corporate governance in their businesses as its long-term benefits outweigh its costs. 

Ecobank chairman also encouraged the integration of corporate governance into businesses irrespective of the organisation’s life cycle, as “it is never too early, nor too late to set up corporate governance structures”.

On her part; Ndidi Nwunel, founder, LEAP Africa and co-founder, Sahel Consulting Agriculture Ltd., highlighted the need for a board in every organisation and the roles and responsibilities of being a board member.

She also urged young directors to operate with integrity and character. 

“If you are an owner or business founder, you cannot survive without a board. If you want to have international recognition, you need to have a strong board,” Nwunel said.

“Your integrity is your trademark. No matter how small your business is, you can enforce corporate governance.”

Meanwhile, the event also witnessed the inauguration of the newly-elected YDF executive council to be chaired by Folashade Akinmusire. 

The swearing-in was conducted by Ije Jidenma, president and chairman of the governing council, IoD Nigeria.

While conducting the swearing-in of the pioneer chairperson of the YDF, and the executive committee, Jidenma charged them to abide by the code of ethics of the institute and committed the future of the YDF to them.