News
IoD Blames Inadequate Attention to Corporate Governance for High Mortality Rate of Businesses
The Institute of Directors (IoD) Nigeria has stated that inadequate attention to governance issues in business is a leading factor that has contributed to the high mortality rate of millennial businesses in Africa.
Mrs. Ije Jidenma, the president, IOD Nigeria, at the Network and Knowledge Sharing Session (NKSS) of the Young Directors Forum (YDF) themed, “Unlocking millennial directors’ potentials: The place of corporate governance,” in Lagos said oftentimes, the practice of emplacing corporate governance structures is not treated as a priority, saying that it ultimately checkmates the growth of promising businesses.
In her words: “I strongly believe that the insight gained from today’s session will change the narrative for many young businesses being nursed by some of our young directors present here.”
According to her, the YDF was created by IoD Nigeria to serve as a network of young, talented and up-coming board leaders who are keen knowledge seekers interested in taking advantage of the IoD Nigeria platform to build capacities in corporate governance skills and practices.
She said members of the Forum will also be able to access the free mentorship services of the Institute, while creating strong peer networks that add value in the course of discharging their roles and responsibilities as directors.
“Ultimately, they are groomed to become IoD Chartered Directors who give back to the society by mentoring others and supporting the growth of IoD Nigeria.
“The forum is also IoD Nigeria’s way of giving back to the society by committing to building a pipeline of future generation of technocrats, stellar board directors and business icons whose businesses outlast generations because of their ethical leadership practices and sound corporate governance,” she added.
Earlier, the Chairman, Young Directors Advisory Committee, Dr Adeyinka Hassan, said the young directors forum is all about developing capacity of young fruitful business start ups and even the older people who are known in business, while also helping them to put in place appropriate governance structure in running their business and making impact.
He also noted that the IoD sees the young directors as today’s leaders and not the leaders of tomorrow as been designated by the outside world.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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