WELCOME ADDRESS BY
THE PRESIDENT AND CHAIRMAN OF COUNCIL OF THE
INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS OF NIGERIA
DEACON MOSES BAMIDELE ADEISA,FCIS
AT THE OPENING CEREMONIES OF THE INSTITUTE’S
33RD ANNUAL CONFERENCE
HELD AT ABUJA SHERATON HOTEL & TOWERS
ON 21ST OCTOBER, 2009
The Chairman of the Opening Ceremonies & Keynote Address Speaker Dr. Ayoola Oba Otudeko, FCIS, OFR The Special Guest of Honour, Hon. Justice Madibo Alfa Belgore – GCON Vice President and Chairman of Council, Mr. Tunde Busari, FCIS Past Presidents and other Council Members Our Distinguished Guest Speakers Members of the Press Distinguished Ladies and Gentlemen
It is my pleasure to welcome you to this 2009 33rd Annual Conference of the Institute of Chartered Secretaries and Administrators of Nigeria.
I feel indeed highly honoured to welcome all our distinguished guests and noble colleagues from various parts of the country and other foreign countries to this Annual conference.
First and foremost, I have to express my gratitude to our distinguished Chairman and Keynote Address Speaker Dr. Ayoola Oba Otudeko - FCIS, OFR who has in several instances demonstrated a deep interest in the affairs of the Institute in Championing the adherence and practice of Corporate Governance and a commitment to promoting closer cooperation between our Institution and the various organizations he represented in the interest of our country’s economic development.
The Institute is also previledged to be honoured with the presence at this Conference by an illustrious and very distinguished Retired Chief Justice of the Federation Justice Alpha Belgore GCON, who is the Special Guest of Honour at this conference.
You are no doubt aware of the Institute’s contributions in recent years in the area of creating awareness at both the Public and Private Sectors on the front burning issue of Corporate Governance. The present global meltdown has to a large extent been viewed as the need to review and possibly tighten up loop holes in the regulatory frame work of Institutions performing oversight functions on Financial Institutions.
Our Institute from its inception has been propagating the need for all institutions to adhere to the Principles of Corporate Governance. There has been intense regulatory pressure to improve the quality of a firm’s Corporate Governance and risk management. This regulatory pressure arises in part due to high-profile global corporate failures such as Enron as well as risks associated with complex financial products. The Sarbornes – Oxley Act and Basel II accord in the Banking and Securities sectors are recent enactment to forstall further abuses.
There is the need for regulatory supervision to examine the operational environment of Banks and Securities firm around the globe to ensure that they are conducive to Best Practice for Corporate Governance.
There is also a need to set a minimum standard for the best practice in risk disclosure. The recent revelation of the result of special examination of all Banks operating in Nigeria is a pointer to the need for our Institution to observe minimum standard of best practice.
There is also increased focus on board independence and specifically Independent Directors as a key component of governance. While the trend of having Independent Director is positive, the adoption of the concept of the various codes is desirable.
The Council has therefore considered it appropriate to choose the Theme – Regulatory Challenges in an Economic Recession.
You will all agree with me that as the Immediate Past President and Chairman of Council of the Nigerian Stock Exchange and a distinguished Corporate Practitioner, The Keynote Address will be comprehensively discussed, by our Chairman Oba Otudeko. I have no doubt that this topic will result in special interactions and will be of mutual interest not only to capital market operators and members of the investing public, but will also be of immense benefit to the nation especially in these hard times when the judicious utilization of scare resources is uppermost in the hands of the high and low.
One of the sub themes:
The Downturn in the Capital Market: Lessons in Corporate Governance will be espoused by a former Director General of The Securities and Exchange Commission in Nigeria. Mr. Suleman Ndanusa, FCIS who is an experienced regulator. He will highlight the various challenges which regulators may have to review and enforce in the face of economic recession:
Conference will also look into the burning issue of Independent Directors: Myth or Reality. This sub-theme is better handled by no other person than our Mr. Hakeem Ogunniran, FCIS, Immediate Past President of our Institute ICSAN and the Divisional Managing Director of MDS Logistics a subsidiary of UACN PLC.
The need for financial re-engineering at a time like this cannot be over emphacised. Consequently, the sub-them: Business Recovery and Insolvency Issues: The Role of the Company Secretary, will be handled by the leading operator on Bankruptcy and Insolvency in this country Prince Babington Ashaye, FCA, ACIS, Past President of ICAN and Managing Partner of Babington Ashaye & Co.
The Conference will be rounded off with a Dinner and Awards Night which will be chaired by our indefatigable and highly resourceful Dr. Wale Babalakin, SAN, OFR. Two distinguished Nigerians; our own Ambassador Hamzat Ahmadu,FCIS and Mr. Dibu Ojerinde, the Registrar of JAMB will be honoured.
What the Institute has been doing over the years were attempts to entrench the tenets of good governance in the Nigerian system. It is hoped that with this, we shall have a better country populated by good citizenry. Corruption which is the bane of our society must be fought to a standstill. This effort will enable us ensure a better future for up-coming generations which we have battered and consigned to poverty before they are conceived. Let all hands be on the deck to move our Country forward and bequeath a better society to the future generations.
On behalf of the Council and members of this great Institute, I sincerely welcome you all and wish us successful deliberations.
Deacon Moses Adeisa,FCIS
President/Chairman of Council