Adeeko, Eaton, Ponnle Support Strong Organisational Culture

Image

The importance of strong corporate governance practices in building organisational culture amongst issuers has been stressed by the Head of Shared Services Division at the Nigerian Stock Exchange (NSE), Mr Bola Adeeko.

“In today’s accelerating world of work, organisational culture has been identified as critical to the success of a corporate entity. This is as a result of the need to adapt to evolving external forces, achieve internal integration and deliver on a company’s strategic objectives.

“In our experience, maintaining this intricate balance between internal and external forces in any organization can only be achieved through strong corporate governance practices.

“The NSE in its role as regulator and thought leader, therefore, provides various directives and initiatives that help drive the adoption of these practices among issuers,” Mr Adeeko said at a recently held culture training organized by SmithsWorks Limited tagged A Live Session with David Eaton at the Stock Exchange House, Lagos.

He explained that one of such initiatives was the NSE’s partnership with the Convention on Business Integrity (CBi) to launch Nigeria’s foremost framework for ranking companies on issues related to corporate governance, the Corporate Governance Rating System (CGRS), in 2014.

This rating system, according to him, was designed to rate companies listed on the NSE based on their corporate governance and anti-corruption posture, thereby improving the overall level of confidence and trust in Nigeria’s capital markets and business practices.

Defined as a set of basic values, perceptions, wants and behaviours learnt by a group of people within an ecosystem, organisational culture is of utmost importance in enhancing performance, promoting teamwork and achieving the organisation’s strategic aspirations.

With benefits ranging from greater share-price increases, lower employee turnover, more employment applications, less absenteeism, greater employee productivity and greater customer satisfaction levels, it has been proven that culture can improve and sustain corporate performance, he stated.

Highlighting the critical role of inclusion and strong corporate governance in framing, cascading and aligning the corporate culture with the business objectives of an organisation, Mr Dave Eaton, globally recognized culture transformation expert, engaged participants through a series of case studies and practical exercises. Participants were asked to identify the position and aspirations of their organisations across these 7 dimensions: power, perspective, creativity, time, independence, communications and inclusion. Mr. Eaton went on to highlight the importance of the exercise saying, “The Lucky 7 Culture Survey is expected to amplify the collective voice of those within the organisation in the journey to achieving higher operational excellence.”

The event had Commissioner for Establishments, Training and Pensions in Lagos, Mrs Ajibola Ponnle, as the Special Guest of Honour.

She expressed delight over the event and highlighted the importance of positive corporate culture saying, “Among the many factors that affect an organisation’s ability to innovate, compete and engage employees and customers is corporate culture. Organisations should, therefore, focus on the unification of values, vision, mission, and the day-to-day aspects of communication, interaction, and operational goals that create the atmosphere that affects the way people work.”

Share
Related Stories
Image
22-February-2024

FG to Resume Direct Cash Transfers to Poor Nigerians as Hunger Spreads

By Adedapo Adesanya Amid current realities, the federal government intends to restart direct cash transfers to the poorest and most vulnerable Nigerians, after a scandal led to the suspension of the programme last month. The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, revealed this during the Ministry’s retreat held in Uyo, Akwa-Ibom State. He said approximately three million people are recipients of the scheme but due to the escalating cost of living, the government anticipates that an additional 12 million households could qualify for these direct payments. The Finance Minister said, “The presidential panel on

Image
27-February-2024

FG Insists Power Sector Remains Key Priority

By Adedapo Adesanya The Vice President of Nigeria, Mr Kashim Shettima, has reiterated that the Light Up Nigeria Project, remains a part of the priorities set by President Bola Tinubu to revamp the nation’s economy and ensure rapid industrialization. Mr Shettima said the Project heralds renewed hope for industrialists, investors and Nigerians who had to bear the brunt of the country’s power challenges for so long. The Vice President spoke as he officially launched the Light Up Nigeria, Southeast Initiative in Enugu, describing it as the much-expected solution to the power supply deficit that has undermined the nation’s economy and

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

More Stories
Image
20-June-2017

Hepatitis E Outbreak in Niger Leaves 34 Pregnant Women Dead

By Dipo Olowookere In south-eastern Niger, the hepatitis E outbreak declared two months ago is particularly affecting pregnant women. Of the 186 women admitted to the main maternal and paediatric health centre in the town of Diffa, 34 died of severe complications related to the disease. Of the 876 cases of hepatitis E reported on June 11, the majority are displaced people and refugees, 247,900 according to the authorities. As the disease spreads mainly through contaminated water, the current outbreak highlights poor water and sanitation conditions and the lack of adequate sanitation facilities among these people, already affected by the

Image
07-December-2016

Sokoto Plant To Generate Power At N178/KW

By Dipo Olowookere Sokoto State power plant will generate electricity at N178 per kilowatt, more than three times its current price in the region, Daily Trust investigations have shown. The 38-megawatt Independent Power Plant (IPP) was built by the state at the cost of N3.8 billion and will consume 33, 000 diesel daily. Data from the Nigerian Electricity Regulatory Commission shows that the highest approved price for residential customers under the Kaduna Distribution Company (Kedco), where Sokoto belongs, is N45 per kilowatt. The plant “consumes 33,000 litres” of diesel daily, the director-general of the project, Mr Umar Bande, said during

Image
18-September-2020

Oil Cut Violation: Nigeria Gets December Deadline

By Adedapo Adesanya Nigeria and other oil-producing countries that exceeded their crude production quotas in recent months have been given till December 2020 to compensate, rather than having to conform by the end of September. This decision was taken at the Joint Ministerial Monitoring Committee (JMMC) meeting of a coalition of oil producers on Thursday. The team agreed to extend the deadline by three months. “The JMMC supported, and recommended, to the OPEC and non-OPEC Ministerial Meeting, the request of several underperforming participating countries in the Declaration of Cooperation to extend the compensation period till the end of December 2020,

Image
21-November-2021

Pension Practitioners Beg FG, States to Settle N400bn CPS Debt

By Adedapo Adesanya   The Association of Pension Desk Practitioners of Nigeria (ASSOPEP) has appealed to federal and state governments to pay over N400 billion owed to pensioners under the Contributory Pensions Scheme (CPS). The pension practitioners made the call at the end of its 6th annual pensions conference held in Abuja over the weekend. Speaking at the event, Mr Chris Egbu, Registrar of ASSOPEP, said that the payment would ensure full implementation of the Pension Reform Act 2014. According to Mr Egbu, the association frowns at states’ and Federal Capital Territory’s partial compliance with the Act. He noted that

Image
27-March-2020

British PM Boris Johnson Tests Positive to Coronavirus

By Adedapo Adesanya The Prime Minister of the United Kingdom, Mr Boris Johnson, has tested positive for coronavirus. This was announced by Downing Street on Friday, as it revealed that the United Kingdom leader has mild symptoms and will self-isolate at the residence. “He was tested for coronavirus on the personal advice of England’s chief medical officer, Professor Chris Whitty,” a statement said. He will still be in charge of the government’s handling of the crisis, the statement added. The test was carried out at Number 10 by National Health Scheme (NHS) staff. In a tweet, Mr Johnson said: “Over

Image
18-October-2021

Sendbox Raises $1.8m to Digitise Deliveries for African SMEs

By Adedapo Adesanya Nigerian-based e-commerce merchant platform, Sendbox, has raised a $1.8 million seed round from investors comprising 4DX Ventures, Enza Capital, FJLabs and Golden Palm Investments. With participation from Flexport and YC Combinator as part of its 2021 winter cohort, Sendbox’s total investment raised has now reached $2 million following a pre-seed round from Microtraction and 4DX Ventures in 2018. The injection of the new fund will allow the platform to further digitise deliveries for African small and medium-scale enterprises (SMEs) through its delivery management platform, which aggregates logistics providers and enables tracking. The next stage of the company’s

Image
21-July-2022

JAMB Fixes 140 as Cut-off Mark for Universities, 100 for Polytechnics

By Adedapo Adesanya Amid a five-month university strike that has millions of Nigerian students at home, the Joint Admissions and Matriculation Board (JAMB) and heads of tertiary institutions in the country have fixed the cut-off mark for admissions in the 2022/2023 academic session. At the 2022 Policy meeting on admissions presided over by the Minister of Education in Abuja, Mr Adamu Adamu, the minimum cut-off marks for universities was pegged at 140 while polytechnics and colleges of education have 100 as the minimum score. Speaking on this, the Registrar of JAMB, Mr Ishaq Oloyede, who announced the cut-off after votes

Image
18-July-2020

Oil Prices Fall as Fresh Lockdown Threatens Recovery

By Adedapo Adesanya Oil prices fell on Friday as concerns about the recovery in fuel demand in the face of coronavirus cases surge continued following fresh lockdown just as major crude-producing nations set to increase output continue to reflect. The international benchmark, Brent crude, dropped 23 cents or 0.53 per cent to sell at $43.14 per barrel, while the US West Texas Intermediate (WTI) crude lost 16 cents or 0.39 per cent to settle at $40.59 per barrel. The largest oil-consuming nation, United States, recorded a record 77,000 new coronavirus cases in the last 24 hours, with Florida and Texas

Ad
Ad
Recent Stories
Image
28-February-2024

Dangote Cement Wins Environmental Sustainability Award

By Aduragbemi Omiyale NatureNews has announced Dangote Cement Plc as the winner of the 2023 NatureNews Environmental Sustainability Award at its 3rd anniversary themed Climate Change and Energy Transition in Nigeria. At the Anniversary Lecture and Presentation of the Hero of Environmental Actions for Development (HEAD) held on Tuesday at the Shehu Musa Yar’Adua Centre, Abuja, the news platform said Dangote Cement was nominated for the category following a thorough screening by eminent professionals. The Publisher and Editor-in-Chief of NatureNews, Mr Aliyu Akoshile, disclosed that during the screening, it was discovered that the cement maker had deployed cutting-edge technology to

Image
28-February-2024

Nigeria’s Stock Market Stands Still to Honour Ogunbanjo’s Legacy

By Aduragbemi Omiyale The stock market in Nigeria stood still for the late former chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbanjo, on Tuesday, February 27, 2024. The day was set aside to pay homage to the enduring legacy of the esteemed luminary, who died in a helicopter crash in the United States a few weeks ago along with the group chief executive of Access Holdings, Mr Herbert Wigwe, his wife and son. The NGX Group held an Afternoon of Tributes and Closing Gong Ceremony yesterday for him in collaboration with the Coronation Group. In a poignant

Image
28-February-2024

Fans Anticipate ‘Return of Maleeka (Atupa)’ by Mobolaji Samuel

By Modupe Gbadeyanka Some movie lovers are already calling on a movie producer in Nigeria, Ms Mobolaji Samuel, to release the sequel to her captivating film, Maleeka, Return of Meleeka (Atupa). The quest to see the second part of the flick is due to the exploits of the Nollywood filmmaker in the first part. However, she has called for calm, assuring her fans that the release date of her latest work of art would be announced very soon. Speaking recently on the Return of Maleeka (Atupa), the charming movie maker described the film as a story of faith and resilience,

Image
28-February-2024

FG Selects Learning Community Managers for 3MTT Initiative

By Modupe Gbadeyanka The federal government has selected Learning Community Managers for the 3MTT Initiative for all 36 states of the federation and the Federal Capital Territory (FCT). The managers were picked for the programme by the Federal Ministry of Communications, Innovation & Digital Economy, which is handling the initiative. Recall that the government secured N1 billion in partnership with IHS Nigeria to support the 3MTT Learning Community. The selection of Learning Community Managers marks a significant milestone in the government’s efforts to empower Nigeria’s tech talents. These individuals will play a crucial role in managing and assisting participants in

Image
28-February-2024

Renowned Embryologist Dr Marta Jansa Perez Visits Bridge Clinic Nigeria

By Modupe Gbadeyanka A renowned embryologist, Dr Marta Jansa Perez, has visited the Bridge Clinic Nigeria in Lagos, reinforcing its commitment to excellence in reproductive healthcare. Ms Perez is the Director of Embryology at Bridge Clinic London. Her visit to the Nigerian affiliate of the foremost healthcare organisation is a testament to the partnership between the two clinics, opening new avenues for the exchange of expertise and resources. The health practitioner arrived at Bridge Clinic Nigeria on Monday, February 19, 2024. Her week-long visit was meticulously structured around training, process and quality improvement, research and development, and guidance on best

Image
28-February-2024

Zero Routine Gas Flares and Delta Communities

By Jerome-Mario Utomi It is common knowledge that in pursuit of meeting the targets of 20 per cent (unconditional) and 47 per cent (conditional) greenhouse gas emission reduction as contained in the Nationally Determined Contribution under the Paris Accord reportedly signed by the President Bola Tinubu administration, the Nigerian National Petroleum Company Limited/TotalEnergies joint venture recently achieved zero routine gas flare in all its assets. While it is obvious that “the significance of this achievement is that the last routine flare volume of about 12MMscf/d (12 million standard cubic feet per day) of gas has now been eliminated giving rise

Image
28-February-2024

70 Active Stanbic IBTC Bank Customers Grab N7m in January Draws

By Aduragbemi Omiyale The sum of N7 million has been won by 70 active customers of Stanbic IBTC Bank in its ongoing Reward4Saving Promo. The money was won in the January 2024 draw, bringing the total number of beneficiaries since the inception of the promo in 2021 to 1,424 valued at N234 million, a statement from the company said. The Reward4Saving Promo was created to foster disciplined saving habits among Nigerians, offering them rewards for achieving specified savings targets. In the January draw, 10 winners were selected from each of the seven business regions operated by the bank in Nigeria,

Image
28-February-2024

Firms in Nigeria to Pay Annual Levy for Hiring Foreigners

By Aduragbemi Omiyale A new tax known as Expatriate Employment Levy (EEL) has been introduced by the federal government and it is to be paid by companies, which hire foreigners to work in Nigeria. The scheme was launched on Tuesday in Abuja by President Bola Tinubu and it is to close wage gaps between expatriates and Nigerian workers. The government explained that the policy aims to find a balance between leveraging foreign expertise and fostering local talent in Nigeria’s job market through the EEL, emphasising that it is not to discourage foreign investments. It was stressed that the level would

Image
28-February-2024

Senate Advocates Introduction of Food Stamps in Nigeria

By Adedapo Adesanya The Senate has urged the federal government to introduce the Nigerian version of the “food stamps programme” as an interim intervention to cushion the effects of food shortages in the country. This followed the adoption of a motion on the Introduction of Food Stamps in Nigeria as an Interim Measure to Address Imminent Food Insecurity in the country, by Mr Ali Ndume, the Senate Chief Whip at plenary on Tuesday. Presenting the motion, Mr Ndume said that in other countries, like the United States, food stamps were government-issued coupons that had been in use since 1939. “This is

Image
28-February-2024

Trucks Transit Parks Reflects Industry Impact, Future Opportunities

By Modupe Gbadeyanka A leading technology company specializing in mobility solutions, Trucks Transit Parks (TTP) Limited, is marking its third year of operations. As part of this, the firm is reflecting on the significant impact it has made in the maritime and logistics industry. TTP, since its inception to revolutionize the maritime and logistics sector in Nigeria through truck mobility solutions powered by technology, has emerged as a key player in driving port terminal efficiency, reducing traffic congestion, and creating new business opportunities within the Apapa port economic zone. “Our third anniversary of operations provides us an opportunity to reflect