MOMAN educates members on corporate governance
The Major Oil Marketers Association of Nigeria (MOMAN) at the 2019 Chief Executive Officers strategy retreat, has agreed to educate its members on improving industry reputation, Health Safety Environment & Quality (HSEQ), corporate governance, customer satisfaction at the station forecourts and accurate dispensing of product.
Speaking at the one day workshop for its members on Corporate Governance, with emphasis on the new Nigerian Code of Corporate Governance (2018), the Chief Executive Officer, MOMAN, Mr. Clement Isong said, good corporate governance practices lies at the core of good business performance, thereby impacting all stakeholders including shareholders, employees, service providers, transporters, dealers and ultimately, the Nigerian customer.
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Isong revealed that, the image of the downstream sector of the oil and gas industry over the years had suffered considerable damage as a result of some underhand practices, particularly the penchant of some petrol station dealers cheating at the pumps, as well as the unwillingness of some oil product transporters to present proper vehicles and trained drivers for the movement of hazardous cargo such as petroleum products.
He disclosed to the participants of their CEOs desire for a serious and sustainable relaunch of corporate governance mechanisms so as to adequately tackle challenges in the industry and boost stakeholder returns.
The Chairman, Junios Consulting, Mr Osifo Akpata, stated that, the speedy adoption of the code would birth best governance practices in the industry as well as imperative progress.
He welcomed the launch of the new code and was of the opinion that if compliance with the code’s provisions by companies operating in Nigeria is rigorously enforced by the relevant authorities, the corporate space in the country will in a few years, become very different.
He reiterated that, beyond improving productivity and reducing reputational risks, well-run organizations would receive an irresistible attraction of foreign and domestic capital.
Participants at one day workshop were of the unanimous view that good corporate governance practices should be fully embraced at the level of boards who would drive the message downwards in the organization.
While committing themselves to work for the entrenchment of the code’s principles in their respective companies.
