Tuesday, June 21, 2016

Why The Telecom Industry Needs Code of Corporate Governance, by Prof U.G. Danbatta

Prof. U.G. Danbatta; Executive Vice Chairman of NCC, Barr. Adebayo Shittu; Minister of Communications and Mr. Tony Ojobo; Director of Public Affairs NCC at the Code of Corporate Governance Forum in Lagos today.
Full Text of the opening remarks by the Executive Vice Chairman and Chief Executive Officer of the Nigerian Communications Commission (NCC) at the Corporate Governance Forum hosted By The Commission at the Sheraton Hotel and Towers, Ikeja, Lagos, Tuesday 21st June, 2016.

Your Excellences, Members of National Assembly here present, Distinguished Stakeholders, Members of the Press, Distinguished Ladies and Gentlemen (Adopt and stand on existing protocol)

Until recently, particularly in forums such as this, discussions around the subject of corporate governance were often dismissed as mere academic abstractions only fit for classroom debates. Part of the problem was the illusory theory of “Too Big to Fail”. Captains of industry and Managers of large corporates with significant asset base thought that, like the Titanic, their vast business empires and large corporate ships were incapable of sinking. It was also difficult to see the causal relationship between weak corporate governance structures and the failure of corporate organizations.

Not anymore; in our lifetime and before our own eyes, nations once seen as formidable are sliding in and out of economic recessions, while multinational business concerns are failing at rates never witnessed in recent memory.

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