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Business Finance Info & Updates

CBN asks banks’ boards to deepen oversight, innovation

The Central Bank of Nigeria (CBN) has advised boards of financial institutions to strengthen their oversight functions and boost innovation, especially during crisis.

CBN Deputy Governor, Financial System Stability, Aishah Ahmad,  made this known during the Financial Institutions Training Centre (FITC) webinar entitled: “Building effective board dynamics in a time of crisis”.

She said  in the modern world of business, one of the most critical determinants of success or failure is the board of directors.

The board, she said, is responsible for setting strategic goals for the organisation, protecting shareholders’ interests, and establishing policies for management, among others.

Also, in periods of crisis where a wide range of events could threaten organisations, it is the directors that strengthen governance functions, working with the management to ensure the survival and resilience of the company.

Consequently, there was the need to be proactive, and the first step to this is in garnering the required level of skill and knowledge to make effective decisions, she added.

Ahmad added: “A crisis is a period of great change and uncertainty for an organisation. In periods, such as this, businesses are required to come up with strategies not just to survive but also stay ahead of the competition,” she said.

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Managing Director/CEO, FITC Chizor Malize said the world is in a period of uncertainty owing mainly to the unprecedented COVID-19 pandemic and its resultant economic challenges.

He said: “Organisations are having new challenges to deal with, but the success of any organisation lies enormously with the Board and Board leaders.”

‘’FITC continues to design and deliver well researched and valuable knowledge content that equips Board Members to play their role effectively with sustainable success.’’

She explained, “To remain competitive beyond the crisis, organisations with significant business model disruption must move the board’s overall effectiveness beyond oversight and maximising shareholder value, to actively driving growth, innovation and value creation.”

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