Business

Weak corporate governance cause of business failures, says Ohuabunwa

Weak corporate governance cause of business failures, says Ohuabunwa

Mazi Sam Ohuabunwa

The Association of Corporate Governance Professionals of Nigeria (ACGPN) has blamed the failure of some companies on weak or complete absence of corporate governance structures, as seen in major companies around the world.

Speaking yesterday in Abuja at the 1st National Governance Conference of the body, its president, Mazi Sam Ohuabunwa, said the major challenge facing corporate organisations in the country is their inability to operate at an optimal level, which has caused many businesses to fold.

He stressed the need to put cooperate governance into proper perspectives, so that foreign direct investment meant for the country does not drift elsewhere.

Ohuabunwa, while noting that corporate governance is an encompassing need of the country, explained that the association was committed to corporate principles, policies and measures that would make businesses to thrive.

“ACGPN believes that if proper structures of governance are put in place, leaders with foresight in private and public sector will be able to steer their organisations toward success,” he added.

ACGPN Registrar, Olufemi Mosaku Johnson, stressed the need for the country to put measures in place to check corruption, as well as digitalising organisation, rather than fighting corruption.