The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Fintech Association of Nigeria have embarked on a collaborative journey aimed at digitalizing the functions of corporate secretaries and administrators throughout the nation. This move was officially announced during the ICSAN’s recent summit in Lagos, which kicked off the preparations for the 2024 Corporate Governance Week under the theme “Governance and Business Innovations in Contemporary Times.” The summit underscored the pressing need for the integration of modern technologies into administrative practices, not only to enhance efficiency but also to align with global best practices.
Dr. Stanley Jacob, President of the Fintech Association of Nigeria, articulated the urgent necessity for transforming the role of corporate secretaries beyond traditional tasks such as minute-taking and bookkeeping. He emphasized that digitalization is reshaping how secretaries operate worldwide, with a clear shift towards harnessing software solutions to streamline operations. Jacob shared experiences of organizations, including those with board members of advanced age, which have successfully transitioned to digital systems – highlighting a trend that defies age-related stereotypes. This transformation aligns with a broader objective of ensuring that corporate secretaries actively participate in corporate governance, compliance, and the overall effectiveness of organizational processes in a digital era.
According to Jacob, the potential of technology enables corporate secretaries to evolve into “digital champions” within their organizations. They are encouraged to drive insightful recommendations and share their expertise in identifying and utilizing the latest technological tools, such as Diligent Boards and Ideal Boards, to facilitate their functions. This proactive approach is touted as instrumental for ensuring compliance with evolving stakeholder expectations and safeguarding sensitive data, replacing outdated methods of document handling. By embracing technological advancements, secretaries can significantly enhance governance standards in Nigeria, creating a more robust operation that meets contemporary demands.
Jacob further expressed his willingness to assist ICSAN in this digital transition, emphasizing the importance of adopting locally developed technologies tailored to the unique needs of Nigerian secretaries. He noted the rising trend of local software solutions being adopted by financial institutions and the potential for similar advancements within the administrative sector. By leveraging the Fintech Association’s extensive network, which consists of over 600 institutions with a substantial number in the fintech space, Jacob extended an invitation for greater collaboration to facilitate training and integration of digital solutions among ICSAN members.
Responding positively to this initiative, Mrs. Funmilayo Ekundayo, President and Chairman of the Council of ICSAN, welcomed the partnership. She underscored the necessity of innovation and effective collaboration to meet the demands of contemporary governance while enhancing the operational framework for members. Ekundayo assured participants that actionable plans would be developed to expedite the digital transformation of ICSAN’s operations. This collaborative effort is viewed as a crucial step toward positioning corporate secretaries as essential contributors to governance frameworks that harness innovation rather than constrain it.
The chapter chairman of ICSAN, Efosa Ewere, further emphasized the timeliness of the summit, stating that innovation is vital for survival in today’s competitive landscape. Ewere advocated for a deliberate exploration of how governance practices can foster creativity while ensuring ethical compliance and protecting the interests of stakeholders. The summit aimed to bring together key stakeholders to discuss the challenges faced by corporate governance in Nigeria and foster a collective exploration of strategies that align governance with innovation, enabling participants to navigate the intricate interplay of governance standards and technological advancements effectively. This discourse sets the stage for future collaborations that are informed, effective, and responsive to the evolving business landscape in Nigeria.
