IoD should sanction erring directors, says StanChart chair

Chairman, Standard Chartered Bank Nigeria Limited, Sir Remi Omotosho, has called on the Institute of Directors (IoD) Nigeria, to adopt zero-tolerance for malpractice by sanctioning directors that flout corporate governance codes.

Speaking at the Institute’s New Members’ Evening in Lagos, Omotoso said that the institute must enforce mechanisms to sanction any erring members from established rules and standard.

He said, “IoD Nigeria is the guiding beacon in corporate governance teaching and development in Nigeria. Its members are among the best known practitioners. Iod has a duty to ensure that its members practice what the institute preaches. It must devise and enforce mechanisms to sanction any erring members from established rules and standards. The role of IoD in national life of Nigeria is a critical one particularly in leadership development and all of us who are members must support the institute to play this role diligently.”

In a separate interview, he state: “We are not where God has purposed us to be as a country because of selfishness which is the main driver of corruption. People are working to enrich themselves owning billions of naira piled up not legitimately earned, if we deal with corruption, every sector of the Nigerian economy will benefit.

Also speaking, President IoD, Mrs. Eniola Fadayomi, explained that the institute holds induction of new members twice in a year but owing to increasing demand, the council approved an additional induction to be held within the year.

Commending the inductees, she encouraged the inductees to be available for services, saying, “Membership of the IoD should not be mistaken for a jamboree. Rather it is a call and admission into being part of global network of respectful group of people that champion positive changes in the business environment of their organisations and the economy at large.”