The Nigerian Bar Association (NBA) has started plans to institutionalize corporate governance principles in its constitution to ensure transparency, prudence and accountability with the management of it finances.
To this end, NBA president, Paul Usoro (SAN) has selected a renowned corporate governance teacher, Professor Fabian Ajogwu (SAN) to chair its constitutional and electoral review committee.
Other members of the 14-member review committee include, Solomon Umoh (SAN), alternate chair, Titi Akinlawon (SAN), Seye Opasanya (SAN), Aliyu Nassarawa, Henry Chidi Onyuike, Ekpenyong Nteki, Yusuf Asamah Kadiri, David Karshim, Nkoyo Amah, Aji Bubakari Kamale, Dele Oloke, Sule Shuaibu and Adamu Aliyu Umar.
The NBA president in a letter obtained by The Guardian yesterday described corporate governance principles as one of the cornerstone legacies his administration hopes to bequeath to succeeding NBA administrations.
He stressed that the practice of preparing and publishing the NBA’s Quarterly Financial Statement (FS), which has been applauded by most well-meaning members of the association has come to stay.
According to him, although, the NBA Constitution does not mandate that practice, his administration has institutionalized the practice merely because ‘we know and believe it to be good practice, particularly in a circumstance that we are managing the Association’s funds in trust for the members’.
“However, given the lacunae in our constitution, there is the distinct if not imminent possibility and likelihood of that practice departing the NBA House with the effluxion of our administration’s tenure except the constitution is amended to institutionalize it, with prescribed sanctions in the event of default, the preparation of the Quarterly FS by the elected executive, presentation of the FS to NEC at its quarterly meetings and publication of same to all members”, he said.
Usoro said he has used the preparation and publication of the NBA’s Quarterly FS to illustratively make the point for the review of NBA Constitution in a manner that, amongst others, would entrench the principles of corporate governance in the administration of our Association’s affairs.
SOURCE: The Guardian, 11 June, 2019