The charter law for the Institution of Directors of Nigeria was previously approved by the National Assembly, and according to the institution, the Federal Government has also approved.
According to the organization, former President Muhammadu Buhari signed the Bill into law on Friday while he was still president.
The corporate governance institute in Nigeria, which also advocates for high ethical standards, announced that it would henceforth be called and referred to as the Chartered Institute of Directors Nigeria.
“This has confirmed the leading status of the institute as the apex body upholding sound corporate governance practices and ethical standards in Nigeria,” stated Dr. Ije Jidenma, President and Chairman of the Governing Council of the Institute of Directors Nigeria.
“And with this one action, the institute has achieved chartered status, giving it the authority to plan and carry out director development programs, capacity building initiatives, and corporate governance standards in Nigeria” he continued.
“We are truly appreciative of the National Assembly and President Muhammadu Buhari for painstakingly carrying out the process that has resulted in this,” he stated.
“We are happy that it has finally materialized as a present worthy of the institute’s 40th anniversary after a protracted trip”.
Jidenma further stated that the institute was appreciative of both its former and current leaders for their contributions to the accomplishment.
“They have worked tirelessly to promote the fundamentals of good corporate governance and have assisted in establishing the institute as a respected and influential organization in Nigeria and beyond,” he said.
“As an institute, we will continue to be dedicated to enhancing director capacity, professionalization, and providing our fair share of support for the expansion and development of the Nigerian economy”.