Introduction Succession planning is like planting seeds for the future growth of your business. In Nigeria, where family-owned entities dominate the business environment, it’s essential to ensure a smooth transition of leadership to sustain growth and preserve legacies. Understanding Succession Planning Succession planning involves preparing for the transfer of leadership and ownership within a business. […]
Introduction In Nigeria, family-owned businesses are vital drivers of economic growth and entrepreneurship. According to a recent report by Moniepoint, nearly 50% of all businesses in Nigeria are family-owned. However, these businesses often face unique challenges related to corporate governance. This blog post explores the importance of strengthening corporate governance in family-owned businesses and […]
On February 27, 2024, the Federal Government of Nigeria introduced the Expatriate Employment Levy (“the levy”), a significant policy aimed at regulating the employment of foreign workers within the country. This mandatory contribution is designed to strike a balance between the benefits of expatriate employment and safeguarding local labour markets and resources. How Does the […]
African startups have risen to prominence in the last few years, driven by an unprecedented level of innovation and investor funding. There have been wins for the industry, but there have also been scandals relating to financial misappropriations and other infractions. As entrepreneurs embark on their journey to redefine industries, the importance of a robust […]
The 2024 budget by the Federal Government of Nigeria is a crucial document with the ability to share the country’s economic trajectory. With a 10.8% increase versus the 2023 budget, it suggests a focus on the part of the government to steer the country towards infrastructure development, human capital investment, and economic diversification. Positive Signals […]
A Board is said to be dysfunctional when it fails to effectively fulfil its responsibilities and provide proper leadership and strategic direction to the Company. Dysfunctionality on the Board may exist when the Board’s performance is suboptimal. According to Principle 1 of the Nigerian Code of Corporate Governance (NCCG), “A successful Company is headed by […]
Board diversity reinforces the breadth and robustness of experience, skill, knowledge, background, and heterogeneity of members of the Board. Board effectiveness is hinged to a large extent on its diversity across these broad areas. Conversely, a diverse Board as a collection of individuals, each with his or her perspectives, interests, and concerns, could also imply […]
Corporate culture has been defined as the shared values, attitudes, standards, and beliefs that characterize members of an organization and define its nature. An organization’s corporate culture is a major driver of performance as it defines the way things are done within the enterprise. Maintaining cultural coherence across the organization ties into the success or […]
The Board is to a large extent responsible for corporate success and as such it is essential for aspiring Board members to be well equipped to deliver on this onerous responsibility. The role of the Board is to review and evaluate present and future opportunities, consider risks, reinforce strengths, identify weaknesses and generally provide direction […]
Many businesses take out insurance to mitigate potential risk exposures and uncertainties – such as flood, hurricane, fire, burglary, etc. They install security systems to safeguard against theft and other threats, and back up data to protect proprietary information. There is a tendency to get too busy with the day-to-day operations to the detriment of making […]