Chartered Institute of Director's Bill Passes Second Reading at the Senate


Monday, May 10, 2021  / 3:08 PM / by Proshare Research / Header Image Credit: Nigerian Senate

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A bill seeking to give legal backing to the establishment of the Chartered Institute of Directors (IoD) of Nigeria scaled second reading during plenary at the Nigerian Senate.


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Words from the Bill Sponsor

Senator Yahaya Abdullahi who sponsored the bill, during his speech, said the Institute of Directors of Nigeria, established in 1983, was incorporated by the Corporate Affairs Commission (CAC), as a non-profit making public company limited by guarantee.


According to him, the Institute's major objective is to among other things; provide professional training to Directors in the Public and Private Sectors to facilitate effective governance, public accountability and professional efficiency in administering the Public and Private Sectors in Nigeria.


"The Bill is proposed to make the Nigerian Institute of Directors a Chartered Institute to acquire all the recognitions, benefits and technical support needed to make it effective in provision of capacity development services for Directors in the Private and Public Sectors in Nigeria and the rest of the world", Abdullahi said.


He added that the body would also be tasked with determining the standards of knowledge and skills to be attained by persons seeking to become Directors; making provision for continuous training and development of the Directors; and ensuring professionalism and the promotion of corporate governance values.


Echo from a Fellow Senator

Contributing to the debate, Senator Surajudeen Ajibola Bashiru, underscored the need for the establishment of a body to regulate the activities of Directors in the public and private sector.


He emphasized that giving legal backing through the passage of the bill, besides ensuring viable management of corporate entities in Nigeria, would yield associated benefits from interface with recognized international organizations.


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Transfer to Senate Committee

The bill after scaling second reading, was referred by the Senate President, Ahmad Lawan, to the Committee on Establishment and Public Service for further legislative work.


The Committee which is Chaired by Senator Ibrahim Shekarau representing Kano Central is expected to report back to the upper chamber in two weeks.


Download Here - Chartered Institute of Directors of Nigeria (Establishment) Bill

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