The Founder and Spiritual Head of Shafaudeen in Islam, Professor Sabit Ariyo Olagoke has said that corporate governance is a key to sustainable development of any nation.
Olagoke who stated this while delivering a lecture: “Corporate Governance And Strong Institution: Pathway To Nigeria Sustainable Development”, at the annual international convention Ishrat 2018, said the development of any nation is hinged on its corporate governance.
“ A research on corporate governance status in Nigeria scores us low on issues of integrity, transparency, responsibility, accountability, equity, fairness, efficiency and effectiveness on prerequisite values for good governance and sustainable development.”
He added that lack of transparency in governance leads to lack of trust in it to create environment for investment with consequent low growth.
“Corporate governance follows the characteristic cycle of conformance to norms, overview on process, programmes and project execution and performance characteristic.”
Professor Olagoke further stated that good corporate governance leads to good institutional performance while bad corporate
governance needs to be sanctioned through measures such as preventive policy against indiscipline and unethical practices, denial
of access to corruption, monitoring risks, regulatory policy instituted and whistle blowing.