In a significant move aimed at strengthening institutional integrity and professional standards, the Central Bank of Nigeria (CBN) has pledged support to the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN). The partnership aims to deepen corporate governance practices and boost administrative excellence across Nigeria’s public and private sectors.

The announcement was made during the foundation laying ceremony for ICSAN’s multi-functional secretariat complex in Lagos—a landmark project expected to enhance the Institute’s capacity to train and develop professionals in governance and corporate administration.

Understanding the Strategic Alliance

Representing the CBN, Deputy Governor of Corporate Services, Bala Bello, reaffirmed the apex bank’s commitment to governance reforms during the ceremony. He stated:

“The CBN is committed to promoting ethical standards, transparency, and best practices in Nigeria’s economic and financial institutions. This collaboration with ICSAN underscores the importance of professional structures that support effective administration and compliance.”

ICSAN, established by an Act of Parliament, plays a pivotal role in grooming chartered secretaries, administrators, and corporate governance experts in Nigeria. Its contributions to capacity building and corporate ethics have received increasing national attention in recent years.

The New Secretariat: A Symbol of Progress

The new complex—to be located in Lagos—will include:

• Administrative offices

• Training and conference halls

• A digital resource center

• Certification and testing facilities

According to ICSAN President, Mrs. Funmi Ekundayo, the secretariat will not only serve as the Institute’s operational base but also as a “center of excellence for professional governance training.”

She emphasized:

“The support from CBN sends a strong signal that Nigeria is serious about good governance. This facility will help us strengthen our ability to train, advocate, and enforce standards that elevate national development.”

Why Corporate Governance Matters

Corporate governance is not just a buzzword—it’s the backbone of sustainable development, ensuring that institutions operate with accountability, fairness, and transparency. In recent years, Nigeria has witnessed multiple corporate failures due to weak governance, poor oversight, and regulatory non-compliance.

CBN’s endorsement of ICSAN reinforces the need to:

• Standardize boardroom practices

• Combat corruption

• Improve investor confidence

• Professionalize corporate administration

As Nigeria pushes forward with economic diversification, strong governance frameworks are essential for creating a stable and transparent business environment that attracts both local and foreign investors.

A Call for Broader Stakeholder Participation

This development is also a call to action for other regulatory agencies, private companies, and academic institutions to invest in governance-related training and partnerships. Stakeholders across banking, oil & gas, public service, and SMEs can benefit significantly from ICSAN’s expanding educational programs.

Final Thoughts

The partnership between CBN and ICSAN is a progressive step toward institutional reform and sustainable development. By backing the construction of a state-of-the-art governance hub, the Central Bank is not only championing best practices but also empowering a generation of professionals to build a better Nigeria.

As the country confronts economic, administrative, and regulatory challenges, strengthening corporate governance will remain a key pillar in ensuring long-term stability and growth.

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Last Updated on May 1, 2025 by kingstar