The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) said there is a huge deficit in Nigeria that makes its services necessary.

L-R: Chairman Membership and Branch Liaison Committee, Dele Togunde, FCIS, Guest Speaker, Prof. Bayo Adaralegbe, FCIS, President of ICSAN, Funmi Ekundayo, FCIS, Hon. Treasurer of Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Francis Olawale, FCIS, Registrar/CEO of ICSAN, Babatunde Oladipo Okuneye, ACIS, Vice Chairman Membership and Branch Liaison Committee, Nkechi Onyenso, FCIS at the Members’ Summit held recently in Lagos

The institute pointed out that Nigeria, as an oil-rich country, is grappling with environmental devastation in its oil-bearing communities.

According to the body, there is a wide spread of human rights abuses, social inequality, corrupt practices, gender imbalance and systematic discrimination against physically challenged persons, which calls for its members’ intervention.

Its President and Council Chairman, Funmi Ekundayo, said this at the ICSAN members’ summit in Lagos, where he spoke on ‘Unlocking Opportunities for Governance Professionals’.

Ekundayo enthused that with the institute’s advocacy groups, members were making waves across boards and in different sectors of the economy.

In the corporate governance space, she said there are many opportunities inherent for members to latch on to, urging them to continue to upgrade their skills even in emerging areas, especially as the institute is on the verge of changing its name to offer more fields of practices and product offerings for members.

The ICSAN boss said the summit, among other programmes, has continued to sustain the institute’s reputation as a beacon of light on governance matters, pledging the institute’s commitment to continue to engage members on quality value propositions through symbiotic gestures.

Adjunct Professor, University of Ibadan, Bayo Adaralegbe, recalled the global developments that influenced corporate governance practices and the emergence of the governance professional, emphasizing corporate sustainability.

Still on the opportunities, the don said with more foreign direct investment (FDI) that is needed in the country, institutional investors are attentive to the ESG compliance of companies they propose to invest in.

Adaralegbe, who is also a partner of Babalakin and Co., said the challenges present huge opportunities for the institute because the area is new, evolving and essential even as companies want to be seen to be compliant not only for the optics and perception but also it is a requirement for reporting.

He noted that the idea of governance was not originally part of the company secretary’s job description until 1902 when their roles became legally recognised.

He added that in Nigeria, the Company and Allied Matters Act (CAMA) of 1990, Section 298 persisted in describing the duties of the company secretary.

According to him, they include attending company, board and committee meetings, maintaining registers and other records of the company, rendering returns, and carrying out administrative and other secretarial duties.

He also noted that for the first time, CAMA 2020 in Section 335(1), included corporate governance as one of the duties of the company secretary.

He said the expanded job description moved secretaries from purely administrative tasks to active engagement in corporate governance and to their being referred to as governance professionals.

Adaralegbe said the combined influence of sustainable development, corporate governance, corporate sustainability and others led to the need for a new skills set to help with the implementation of these concepts in companies.

“The developments that motivated corporate governance practices that caused the emergence of the governance professional is global.

“Nigeria is an oil rich country grappling with environmental devastation in its oil bearing communities,” he said.

Adaralegbe said opportunities for governance professionals also existed in wide-spread human rights abuses, business failure, social inequality, corrupt practices, gender imbalance, and systemic discrimination.

“Therefore the opportunities are huge for governance professional as the area is new, evolving and essential and companies want to be seen to be compliant,” he said.

Chairman, Membership Committee, ICSAN, Oyedele Togunde, said the event was an opportunity for governance professionals to rub minds as they climbed ladders of advancement, innovations and millennium developmental goals.

Togunde said in-depth knowledge about the profession as secretaries and administrators was very crucial, noting that the word secretary was fashioned after secretary bird which symbolises protection of a nation.

He noted that some characteristics of the bird included alertness, ability to prey on dangerous and difficult terrains, vigilance and its fierce protection of its territory.

“If you refer to yourself and does not possess these characteristics, you may not be worthy of being referred to as a chartered secretary and administrator.

“It is strongly advised that as chartered secretaries and administrators and as governance professionals, that you expose and market yourself, embrace artificial intelligence, create value and solve problems,” he said