Day: June 14, 2023

Experts have emphasised the need for young directors to adopt diversity, mentorship and inclusion as innovative strategies to drive organisational sustainability in Nigeria.

They spoke at the Institute of Directors (IoD) Young Directors Forum and Appreciation Cocktail with the theme: “Inclusion: A Pathway to Organisational Sustainability,” on Tuesday in Lagos.

Mrs Naomi Nwokolo, the Executive Director, United Nations Global Compact Network, Nigeria, said it was important for young directors to align with and embrace the interplay between diversity and inclusion to achieve the Sustainable Development Goals.

Nwokolo said the network’s recent survey showed participant’s resolve to preserve and protect diversity and inclusion was clear with 92 per cent of companies surveyed revealing ongoing diversity and inclusion initiatives.

She charged leaders to be catalysts of change by embracing inclusive leadership.

Nwokolo said that this would foster trust and empower teams, resulting in higher levels of employee engagement and satisfaction.

The director quoted a study by Catalyst (2020), which found that companies with a higher representation of women in executive positions experienced a 53 per cent higher return on equity.

Nwokolo also said that organisations that implement inclusive practices and policies such as flexibility, mentorship, diversity training, and inclusive recruitment created an environment where all employees could thrive.

“There are numerous positive impacts of inclusive policies within organisations which extend beyond the realms of financial performance, innovation, customer satisfaction, and employee engagement, further emphasising the strategic value of inclusion.

“For companies ready to go from talking the talk to walking the walk, they must set targets for women on boards and senior management and then choose timelines for meeting those goals.

“Businesses must also build capacity to accelerate gender equality as women’s business leadership is linked to better Environmental, Sustainability and Governance performance.

“This includes reduced greenhouse gas emissions, stronger worker relations and reduced incidence of fraud, insider trading, and other unethical practices,” she said.

Also, Dr Ije Jidenma, the President, IoD, emphasised the importance of sustainability, saying it centred on futuristic potential, giving back to society and putting in place governance structures that engendered organisational success.

Jidenma charged directors to continue to sharpen their mindset, knowledge and skills to deliver on organisational goals and objectives.

She stated that the IoD created the young directors forum to serve as a network for talented and upcoming board leaders serving in firms across the economy to make them more versatile and competent through well thought out programs and event.

“We are proud to give back to society and this forum provides the opportunity to ensure young directors are well equipped to face the challenges of the future.

“Research shows that one of five start-ups tend to collapse within the first five years due to inadequate power supply, seed money and other challenges.

“In fairness, I laud Nigerian businesses for being untiring, strong and resilience in this environment.

“They must, however, leverage technology, blockchain, artificial intelligence and the institute’s platform to network and adopt regulatory and good governance practices,” she said.

Similarly, Dr Grant Akata, Chairman, Director Development Committee, IoD, said that the case for innovative strategies included backing up businesses with robust practices hinged on transparent leadership tend to post superior results.

Akata noted that while the current business environment was fraught with risks occasioned by flip-flop policy regime, survival and growth of organisations demanded innovation and prompt adaptation.

The chairman stated that besides robust training offerings, mentoring and coaching were some other areas where the institute could positively impact members competence by and large corporate Nigeria.

He tasked the institute to use the pool member-directors to drive the development of upcoming directors by equipping and building their confidence for their roles.

“The institute must foster amongst young directors a culture of best governance practices, help them focus on their succession plans and encourage them to experiment with and deploy innovative strategies.

“Directors, in particular chief executives, have the responsibility to balance competing priorities and provide insights for organisation sustainability and performance,” he said.

Source: News Agency of Nigeria

The Nigerian Navy is set to unveil seven additional navigational charts as part of activities to mark the 2023 World Hydrography Day.

The Chief of Policy and Plans (Navy), Rear Adm. Seidu Garba, made this known at a news conference on the occasion of the 2023 World Hydrography Day celebration on Wednesday in Abuja.

A navigational or hydrographic chart is a graphic representation of a sea region or water body and adjacent coasts or banks.

Depending on the scale of the chart, it may show depths of water and heights of land, natural features of the seabed, details of the coastline, navigational hazards, locations of natural and human-made aids to navigation.

It may also show information on tides and currents, local details of the Earth’s magnetic field, and human-made structures such as harbours, buildings, and bridges.

Garba said the newly produced Navigational charts by the Nigerian Navy linking Ondo to Lagos State through River Alape, would be unveiled on June 21.

He said the new charts in addition to the earlier 20 produced for the lower-Niger River would bring the number to 27.

According to him, the Nigerian navy has the most sophisticated hydrographic survey vessel in the whole of Africa.

He said that the vessel, NNS LANA, which came into the country in 2021, is being used extensively to do chart the nation’s coastal areas and inland waterways.

Garba said the theme of the day which is “Hydrography – Underpinning the Digital Twin of the Ocean”, would focus on the application of hydrographic datasets for sustainable management and use of the ocean.

According to him, digital twin of the ocean is a near real-time future digital representation of the physical, chemical, biological, and socio-economical dimensions of the ocean, to facilitate well-informed decisions for effective ocean governance.

He said the ocean was everything to man, adding that it sustains life, provides food, energy, recreation and jobs.

Garba however observed that marine litters, indiscriminate marine resource exploitation, and inadequate tools for ocean management were threatening sustainable use of the ocean in Nigeria.

“Therefore, developing the digital twin of Nigeria’s waters in particular, and the entire Gulf of Guinea in general will provide the needed interface between policy makers, coastal communities, maritime security agencies, researchers, marine exploration and exploitation companies, as well as other maritime users.

“This will foster the right action for sustainable ocean governance and uses in Nigeria.

“Development of digital twin of the ocean requires the integration of a wide range of real-time and historic data sources like ocean observatory data, static data from geology and human activities, as well as hydrographic datasets.

“Currently, there are several historic and real-time datasets domiciled in many Ministries, Departments and Agencies of Nigerian Governments, as well as private oil companies, that could be integrated into the digital twin of the ocean for Nigeria,” he said.

The naval chief said that conversations during the 2023 celebration in Nigeria would awaken collective consciousness towards pooling marine datasets together to develop an infrastructure that would serve the collective good of all stakeholders for sustainable ocean development.

Garba said the event would include awareness lectures aimed at arousing the interest of young minds to consider picking up career in hydrography.

This, according to him, is to raise enough human capacity to provide quality hydrographic services to Nigeria’s policy makers and mariners.

On his part, Hydrographer of the Nigerian Navy, Rear Adm. Chukwuemeka Okafor, said that the navy had done a lot in the area of hydrographic survey in Nigeria.

According to him, there are over 3000 creeks and coastal area of about 420 nautical miles already surveyed n the country.

Okafor said that survey was a continuous process, adding that the navy had not surveyed up to half of Nigeria’s waters because of its vastness.

He said that about 20 charts have been made covering River Niger from Lokoja to the Atlantic Ocean through River Ramos and Forcados River.

Okafor said that while additional seven charts would be unveiled in coming days, the surveying of Uguta Lake through Orassi River down to the Atlantic Ocean, up to Sombrero River and New Calaba River had reached 95 per cent.

According to him, the survey team will soon round that up and the charting team will commence the production of that chart.

“That axis will also be open and most states will be able to have access to the sea when that is completed, and navy will also be able to deploy its capital ships to provide maritime security along that axis,” he said.

Okafor said that the navy was expecting delivery of additional survey vessel that would be deployed to cover more grounds.

He said the World Hydrography Day was meant to sensitise more people of what hydrography is and the values it brings to every nation.

Source: News Agency of Nigeria

President Bola Tinubu has signed the Nigeria Data Protection Bill, 2023 into law.

The Nigeria Data Protection Act, 2023 provides a legal framework for the protection of personal information and the practice of data protection in Nigeria.

Dr Vincent Olatunji, the National Commissioner, Nigeria Data Protection Bureau (NDPB), said this at the NDPD Strategic Roadmap and Action Plan(SRAP) validation workshop in Abuja.

The bill was sent to the Senate and House of Representatives for consideration and passage on Tuesday, April 4 2023 via a letter from former President Muhammadu Buhari.

“Now an Act, the new law establishes the Nigeria Data Protection Commission and replaces the NDPB established by former President Buhari in February 2022.”

The Commission will be led by a National Commissioner with the responsibility of regulating the processing of personal information.

Source: News Agency of Nigeria