UN Global Compact engages Nigerian SMEs on Governance and Controls Framework


Friday, March 02, 2018 7.20PM / Proshare WebTV 

As part of efforts in forging a collective action against Corruption in the Nigerian Business environment, the United Nations Global Compact hosted another session with Small and Medium Enterprises in the country, to explore the measures and steps that should be taken to strengthen governance measures. 

It had in attendance stakeholders from various sectors in the economy, which was a significant improvement from other workshops so far hosted by the UNGC, since the inception of its activities in 2016. 

The forum was an opportunity to assess critical issues from the  report of the “UNGC Nigeria Anti-Corruption Workshop for SMEs in the Fight Against Corruption”, developed in July, 2017. 

Giving the opening presentation for the workshop the CEO of the Convention on Business Integrity in Nigeria, Mr Soji Apampa engaged the MSMEs on the components of the Governance and Controls framework, and why they were important. 

Apampa stressed that SMEs in Nigeria need a coordinated step towards Anti-Corruption, which is vital for their sustainability. 

He noted that considering the challenge of access to finance, SMEs can attract critical investments and funding as a result of business integrity. 

According to him standards, incentives and internal motivating to align with best practises should be the priority of the SMEs in their collective action on Anti-Corruption. 

In his presentation he highlighted the issues around regulatory compliance in the governance framework approach for SMEs. 

Under the regulatory compliance, the CBI Nigeria listed understanding the control environment, control activities, risk management, communications, monitoring and continuous improvement as key areas for strengthening governance. 

For the control environment he identified integrity & ethical values, competence, board and audit committee, management philosophy & style, organisation structure, authority & responsibility and HR policies & procedures. 

The Head UN Global Compact Office, Nigeria Olajobi Makinwa gave further insight on drawing up a robust framework aimed at maintaining continuity on an existing path towards Anti-Corruption Collective Action. 

MSMEs that participated at the workshop, also collectively agreed at the end of the workshop on the next steps to fast-track the governance and control framework. 

The UN Global Compact Nigerian Local network has as partners Siemens and Convention on Business Integrity Nigeria.

Proshare Nigeria Pvt. Ltd.

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