Business

Investments: Don restates need for sound corporate governance

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. Sulaimon, of the Department of Business Administration, University of Lagos, gave the advice on 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.”

 

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