Lagos: The 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, announced this in a statement on Friday in Lagos.
According to News Agency of Nigeria, Oyebanji emphasized that the renewed partnership would result in practical initiatives designed to elevate governance standards across listed companies, delivering tangible benefits to businesses, institute members, and the broader economy. He underlined the Nigerian capital market’s role as a cornerstone of economic development, pointing out that its growth hinges on the integrity and stability of the securities exchange.
Oyebanji highlighted that the partnership aligns the priorities of the participating institutions to enhance professional standards for directors, addressing 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 stated.
Further, Oyebanji mentioned that CIoD and NGX would collaborate to develop governance frameworks enabling company boards to transcend oversight responsibilities and focus on long-term value creation. He proposed a membership drive within the NGX ecosystem, urging directors serving on the boards of listed companies to become active members of CIoD to promote a shared culture of ethics, accountability, and professional excellence among corporate leaders.
He suggested that NGX should encourage, and eventually require, directors of listed companies to pursue CIoD membership and continuous professional development. This, he said, would provide directors access to global best practices, peer networks, and governance intelligence necessary to enhance board performance.
Oyebanji also highlighted the importance of continuous capacity building, stressing that director education must keep up with the rapidly evolving business landscape. He revealed that both organizations would work together on specialized training and thought leadership programs to equip directors with the skills needed for effective leadership. He noted that stronger governance standards would reinforce market integrity, reduce corporate risks, and improve investor confidence in the nation’s capital market.
In addition, the Chairman of NGX Group, Alhaji Umaru Kwairanga, recognized CIoD Nigeria as a pivotal stakeholder in promoting ethical leadership, board professionalism, and corporate governance. Kwairanga asserted that sound corporate governance is crucial for building resilient institutions, attracting investments, and creating sustainable long-term value. He acknowledged the opportunity for both organizations 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,” Kwairanga said.
Kwairanga expressed confidence that the renewed partnership would deliver lasting value to both institutions, listed companies, and the wider business community.