Forum to Support a Corporate Governance Training Centre for Banks in Nigeria

published by The Global Corporate Governance Forum, April 2011.

The Global Corporate Governance Forum of the International Finance Corporation (IFC) signed a Memorandum of Understanding (MOU) with FITC, a non-profit founded by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation, to develop a training program for bank board directors in Nigeria. The MOU was signed on March 28, 2011 by Dr. Lucy Newman, FITC CEO (pictured), and Solomon Quaynor, IFC Country Manager.

FITC will have access to the Forum’s knowledge products and primarily its Corporate Governance Board Leadership Training Resources and the Governing Banks supplement. The Training Resources provide a comprehensive set of materials and learning tools aimed at enhancing the skills and knowledge of directors and the role they play on their boards. The Resources provide a unique emphasis on adult and participatory learning. Governing Banks was developed under the Forum’s Financial Markets Recovery Project and offers a special risk-governance curriculum for banks. The combination of the two training materials provides trainers with a full, but flexible, curriculum.

The partners will produce a curriculum adapted to the Nigerian context and train Nigerian trainers on the use of Training Resources andGoverning Banks supplement under the Forum’s Board Leadership Training of Trainers (TOT) program. The Forum launched the Board Leadership Training in 2008 and since then trainers from 60 countries, across different regions, have been trained.

At the event, Simon Wong, member of the Forum’s Private Sector Advisory Group, gave a presentation on the compensation reform in the financial sector.

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