CIoD: Nigerian Firms Transitioning from Compliance to Performance Driven Corporate Governance

Dike Onwuamaeze 

The Chartered Institute of Directors Nigeria (CIoD) has stated that Nigerian firms are transitioning from compliance-driven to performance-driven observance of corporate governance.

The CIoD stated this during the launch of its 2026 CIoD Nigeria Corporate Governance Outlook with the theme, “Governing for Sustainable Value: The Evolving Board Agenda in 2026.”

The CIoD said: “The findings indicate gradual improvement in formal governance structures, particularly in board’s composition and policy documentation. A key theme emerging from the data is the transition from compliance-driven governance to performance-driven governance.”

The report added that while awareness of Environment Sustainability Governance (ESG) and sustainability obligations has increased, measurable integration into strategy, risk management and capital allocation remained uneven.

In his opening remarks, the President and Chairman of the Governing Council, CIoD, Mr. Adetunji Oyebanji, said that the launching of the 2026 outlook marked a significant milestone for the institute. 

Oyebanji said: “This maiden edition of the corporate governance outlook is a testament to our belief in an institutionalised governance framework for achieving the envisioned triple bottom line: People, Planet, and Profit.

“It is, therefore, a strategic document designed to shape boardroom thinking, strengthen institutional leadership, and support Nigeria’s journey toward sustainable economic prosperity.”

The Chairman of Nigerian Exchange Group Plc, Dr. Umaru Kwairanga, said in his goodwill message that the theme and insights embedded in this outlook came at a critical time for our economy. 

Kwairanga said: “As Nigeria continues its journey towards economic transformation and global competitiveness, the role of boards and directors has never been more pivotal. Beyond compliance, governance must now be seen as a strategic enabler, one that drives innovation, accountability, and long-term growth.”

In his keynote address, the Chief Executive Officer of NGX Limited, Mr. Jude Chiemeka, said that directors and board members should invest in continuous professional development because”your company’s future depends on your relevance and rigour.”