The Chattered Institute of Directors of Nigeria is on the verge of being backed up by Law, as the Senate on Tuesday passed for second reading, a bill seeking to establish the 34 year old institute.
The Senate Leader, Yahaya Abdullahi, who sponsored the bill, explained that the Institute of Directors of Nigeria which was established 34 years ago, was incorporated by the Corporate Affairs Commission, CAC, as a non-profit making public company limited by guarantee.
According to him, ”the Institute’s major objective is to provide professional training to Directors in the Public and Private Sectors to facilitate effective governance, public accountability and professional efficiency in administering the Public and Private Sectors in Nigeria.”
The lawmaker, however, explained that in discharging this enormous role, the Institute needs to secure membership of Global Network of Directors Institute (GNDI), the umbrella body of Institute of Directors in the world with headquarters in Canada and European Federation of Directors.
He said; “The Institute requires to be affiliated with these and other related international organisations with specialty or mandate in provision of capacity development services to Directors worldwide.
“The Institute is currently not a member of the two world most famous bodies in this sector on the ground that is not established by law in Nigeria to qualify as chartered and that is what this Bill seeks to do, to ensure that it is established by law to enable it affiliate with the world organisations in this sector. ”
Senator Yahaya further explained that the Chartered Institute of Directors of Nigeria bill, when passed and signed into law, would serve as a Regulatory Body for Persons serving as Directors in both Public and Private Sectors.
He added that the body would also be tasked with determining the standards of knowledge and skills to be attained by persons seeking to become Directors; making provision for continuous training and development of the Directors; and ensuring professionalism and the promotion of corporate governance values.
Thereafter, the Bill was referred to the Committee on Establishment and Public Service which is chaired by Senator Ibrahim Shekarau for further legislative work and to report back within two weeks.