Nigeria: Sanusi – Corporate Governance, Key to Financial Stability

by Funmi Ogundare for AllAfrica.com, November 2nd, 2010.

Governor of Central Bank, Mallam, Sanusi Lamido Sanusi has called on captains of industries to find lasting solutions to the lingering problem of weak corporate governance confronting the country’s financial system.

Sanusi who made this call yesterday, at the 2010 edition of the Continuous Education Programme for Directors of Financial Institutions, which has as theme, ‘Value-Based Board Leadership for Corporate Relevance’ in Lagos, lamented that corporate government principles arising from poor value-based leadership has been largely abused. “Value-based leadership remains one of the guiding principles of corporate government, which is closely tied to core values that should be promoted by the leaders and subordinates.” 

These values, according to Sanusi who was represented by the Deputy Governor in charge of Financial Sector Stability, Mr. Tunde Lemo, constitute the ability to distinguish what is right from what is wrong, and are better expressed in terms of personal moral responsibility, altruism, social contributions to others, honesty, among others. He noted that the CBN in collaboration with other regulatory agencies is aggressively pursuing measures to stem unethical practices in financial institutions in Nigeria. (continue reading… )

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