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UN Global Compact hosts workshop on Anti-Corruption for Nigerian SMEs

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Friday, May 26, 2017 8.00pm/Proshare WebTV

The United Nations Global Compact Network, the world’s largest sustainability corporate initiative which is committed to advancing the universal principles on human rights, labour, environment and anti-corruption; hosted a collective Anti-corruption workshop for Nigerian Small Medium Enterprises in Lagos. 

This was powered by Siemens a Multinational operating in Nigeria,  focused on advocating strong business ethics for SMEs and Large corporates.  

In her remarks the Chief Financial Officer of Siemens Nigeria, Ms Funmi Akande described corruption as a major issue that has to be tackled for Nigeria to progress. 

According to her if the magnitude of corruption in the country persists, it will cost Nigeria 37% of its GDP by 2030. She said the Siemens Integrity Initiative was focused on the MSMEs who are over 37 million in the country, and represent 84% of the total labour force. 

Ms Akande harped on the need for Companies need to build strong partnerships to tackle corruption in Nigeria. 

In his presentation on “The Role of SMEs in the Political Economy of Nigeria-Corruption Risks and Challenges: Perspectives of SMEs & Large Corporates”, Mr Femi Oye the CEO, SME Funds noted that weak institutions played a role in the spread of corruption in the nation. 

Mr  Oye said corruption seemed beneficial to the SMEs because of the perception of improving efficiency where government laws are inhibiting businesses. 

He highlighted the corruption risks for SMEs to include; operational, strategic, financial and hazards, while he was of the strong view that businesses should “red-card” and “name-shame” industry perpetrators. 

Speaking further Team Lead, Products for First Bank Nigeria  Mrs Helen Irohen shared perspectives on how the bank has related with SMEs with clear governance policy and guidelines. 

She stressed that a robust Internal Control Measure has been established in the bank’s engagement with SMEs to ensure transparency. 

The event also featured an interactive and focus group sessions, discussing effective ways SMEs and Corporates can cooperate to tackle corruption in the country.

Watch VIDEO

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