Oluchi Chibuzor
In recognition of its strong linkage between the board and management, the Institute of Directors (IoD) has inducted the Managing Director, First Nominees Nigeria Limited, a subsidiary of First Bank of Nigeria and other Executive Directors of the company.
Other newly inducted members from the firm include, Director, First Nominees Nigeria Limited, Megbeokwere Raymond;Non-Executive Director, Olawore Omolade; Executive Director, Olayiwola Ramon.
Speaking at the IoD’s New Members’ Inductees Programme, the Managing Director, First Nominees, Mr. Kunle Olorunfemi, attributed their success to the strong corporate governance culture of First Bank of Nigeria(FBN) and its various entities.
He said at FBN they take participatory management very seriously, adding that between the board, the management and the staff there are a lot of relationships that are positive and are cordial.
He also said that First Nominees, which is a subsidiary of FBN has been in existence for over 130 years, adding that they are bringing that is culture, in terms of employee engagement and then engagement across all the levels in the organisation.
According to him, “So, today, three of our Non-Executive Directors were inducted and one participated online, am a director and at the same time part of the management; that already shows the kind of partnership and synergy that exist between the executive and non-executive as far as board and management relationship is concerned.
“Management is key but the board is equally very key, when the guest speaker spoke about what the board has to do in terms of processes, and what the management has to do in terms of products. So what has kept FBN? You are looking at a strong corporate governance culture which is something that is dictated from the level of the board. So it is what the board hands over that management is compelled to implement.”
“So as an executive, we do the day-to-day implementation of those policies, but the right tone is set at the board level. To provide the synergy and the linkage between board and management, we usually have some management staff that is also part of boards like me for instance. So it is very easy to take information from the board, analyze it and pass it down to management and other staff of the entity.”
Speaking earlier, the guest speaker at the event, Mr. Mustapha Chike-Obi, urged organisations to ensure a good working environment that would allow for growth across all boards.
According to him, “I will say again with a proper process you will eventually as an organization, company and country whether away and die. So please you are all directors here, don’t let the ball of processes drop. What drives innovation? People drive innovation, it is the quality of the membership of your organisation that drives innovation.”
