Chartered Institute of Directors (CIoD) Nigeria and the Nigerian Exchange (NGX) Group have renewed their partnership to strengthen corporate governance, improve board effectiveness and boost investor confidence in Nigeria’s capital market.
The President of CIoD Nigeria, Mr Adetunji Oyebanji, said this in a statement on Friday in Lagos following the renewal of a Memorandum of Understanding involving the institute, NGX Group and the Nigerian Bar Association Section on Business Law.
Oyebanji said the renewed partnership would translate into practical initiatives to improve governance standards across listed companies and deliver measurable benefits to businesses, institute members and the wider economy.
He described the Nigerian capital market as a critical pillar of economic development, noting that its growth depended on the integrity and stability of the securities exchange.
According to him, the partnership aligns the priorities of the participating institutions to strengthen professional standards for directors and meet the evolving needs of the capital market.
“The quality of a company’s leadership remains the single most important predictor of its long-term success.
“Our focus extends beyond regulatory compliance. We want to foster a culture where good governance becomes a competitive advantage that drives sustainable value creation,” he said.
Oyebanji said CIoD and NGX would develop governance frameworks to enable company boards to move beyond oversight responsibilities to long-term value creation.
He also proposed a membership drive within the NGX ecosystem, urging directors serving on the boards of listed companies to become active members of CIoD.
According to him, this will promote a shared culture of ethics, accountability and professional excellence among corporate leaders.
“We propose a framework where NGX encourages, and eventually mandates, directors of listed companies to pursue CIoD membership and continuous professional development.
“This will provide directors access to global best practices, peer networks and governance intelligence needed to strengthen board performance,” he said.
Oyebanji also stressed the need for continuous capacity building, saying director education must keep pace with the rapidly evolving business environment.
He said both organizations would collaborate on specialized training and thought leadership programmes to equip directors with the skills required for effective leadership.
According to him, stronger governance standards will reinforce market integrity, reduce corporate risks and improve investor confidence in the nation’s capital market.
Also speaking, the Chairman of NGX Group, Alhaji Umaru Kwairanga, described CIoD Nigeria as a key stakeholder in advancing ethical leadership, board professionalism and corporate governance.
Kwairanga said sound corporate governance remained essential to building resilient institutions, attracting investment and creating sustainable long-term value.
He said the engagement offered both organizations the opportunity to deepen collaboration in promoting governance excellence.
“As the country’s premier securities exchange group, we appreciate the critical role effective boards play in supporting well-managed companies, vibrant capital markets and sustainable economic growth.
“There is considerable scope for NGX Group and CIoD Nigeria to work together in promoting governance excellence, supporting director development and strengthening institutions that underpin Nigeria’s economy,” he said.
Kwairanga expressed confidence that the renewed partnership would deliver lasting value to both institutions, listed companies and the wider business community. (NAN)
