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    Expert urges businesses to adopt sound corporate governance for survival

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    Lagos, June 29, 2021(NAN)A don, Prof. Abdul- Hameed Sulaimon, has urged Nigerian businesses to adopt sound corporate governance practices as long term strategies to navigate environmental complexities post COVID-19 pandemic.
    Sulaimon, of the Department of Business Administration, University of Lagos, gave the advice on Tuesday at the NIM Management Lecture themed:” Restructuring Businesses for Sustainability in the Pandemic Era”.
    He noted that the immediate impacts of the pandemic indicated that implementation of the existing business models of most firms were inappropriate.
    The don also urged business enterprises to adopt resource fluidity and leadership unity to cope with the changes associated with the pandemic.
    He said the integration of well-established crisis management techniques and business remodeling would enable businesses deduce valuable insights and create appropriate sustainability model.
    Sulaimon also proffered that businesses must expand on existing human resources, finance, legal, operations and business procedures to accommodate certain vital exceptions.
    He stressed the need to evidently communicate the revised policies, standards and procedures to permit such waivers in an accelerated manner.
    He advised Small and Medium Enterprises (SMEs) to leverage their flexibility and agility in reacting to market requirements and societal demands by quickly adjusting their production base.
    “Likewise, industrial sectors, either manufacturing or services, should react speedily by building on the strength of their own peculiar features by adapting tactics of quality improvement system and lean management.
    “The present crisis may offer manufacturing companies with opportunities to transition to the provision of services in response to the changes in consumer dynamics while capitalizing on the changing aspects of global export markets.
    “It would be vital to revisit and re-think strategy for restructuring opportunities to align their businesses, acquisitions and structures for their survival and resurgence.
    “The adoption of new technology under technological innovation supports companies to upsurge sales and profitability,” he said.
    Sulaimon also urged government to consider tax incentive, increase the infrastructure drive, improve on the security architecture by way of more equipment, more personnel and retraining to meet the exigency of the time.
    In her remarks, Mrs Patience Anabor, NIM President, said since the inception of the pandemic, governments and organisations had retooled their budgets to address the disruptions that come with it.
    According to Anabor, the uncertainties of the pandemic are all the more difficult to manage for many organisations as they have affected the way businesses are conducted.
    “This yearly lecture, which is one of the Institute’s contributions to nation- building, provides a platform for us to brainstorm on a burning and contemporary governance and leadership issue of national importance and proffer ways forward.
    “This includes new technological productivity and value creation tools as well as built-up competencies and capabilities in operations and the NIM is not left behind in this technological shift,” she said.

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