‘High level of corporate governance key to attracting investors’


Firms with the highest corporate governance standards stand a better chance of attracting much-needed foreign investments from international investors.
This was the highlight of a conference held in Lagos by the Convention on Business Integrity (CBI).
The conference, which brought together academics, corporates, civil society leaders and media, offered the business community an opportunity to network towards inspiring corporate integrity and compliance practices.
Addressing the forum, CBI Country Director Mr. Soji Apampa said companies with the highest standards of corporate governance would benefit most from rising foreign investments.
He said there are massive opportunities in  frontier markets, and that businesses should put integrity at the heart of their operational approach.
Apampa said there was need to have business integrity policies and practices in place that ensure compliance with the high standards.
According to him, doing business with integrity generates direct business benefits from reputational gains and more competitive bids, and longer-term business sustainability.
He added that professionalism, ethical practices and integrity form indispensable parts of business activities.
The CBI Country Director expressed hope that following this forum, participants will strongly promote business integrity in the enterprises and sectors they represent, and together take actions to minimise and prevent business risks and avoid bribery and corruption in business transactions.
Apampa said as Nigeria is fast integrating into the global and regional economy, the role of the business sector in preventing corruption was urgently important
He said corruption puts a burden on the business sector’s expenses and destabilises enterprises.
Apampa added that ethical violations in the business sector had eroded trust among investors, customers and employees.
He, therefore, said it was high time Nigerians left the corruption perception index and face integrity building.
The CBI director thanked United Bank for Africa (UBA), Action Aid, among other organisations, for funding and supporting CBI.
Also speaking at the conference, the President, Lagos Chamber of Commerce, Mrs. Toki Mabogunje, said the biggest risk in doing business in Nigeria is regulatory risk.
She said the regulatory environment was one of the biggest challenges being faced currently in business in the country.
As  an  effective way of stamping out corruption, she urged businesses to foster a culture of integrity that goes beyond the remit of the compliance function.

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