emc3, Guardian, Five Others Launch Transparency Forum

The Transparency Forum Initiative (TFI), a series of targeted roundtables is due for launch on Tuesday 17 November.

TFI consists of committee member firms working in Nigeria. These are emc3, The Guardian Newspaper Nigeria, Control Risks, africapractice, Olisa Agbakoba Legal, The Business Year Publication and The Financial Times Group.

Their goal is to “Identify, Introduce, Engage, Promote and Re-ignite Investments for Sustainable Partnerships”.

The initiative will focus on highlighting the importance of transparency in all aspects of the political and commercial economy, advocating for regulatory reforms around transparency and encouraging public-private collaboration on new approaches and actions required to embed transparency into the business landscape of Nigeria.

The objectives of the initiative are 4 fold including to enable dialogue -   To create a platform to enable dialogue between the private and public sectors with a view to identifying opportunities for collaborations centred on the aim of achieving transparency in key sectors of the economy and to build capacity –To educate stakeholders on how to develop and deliver transparency initiatives within their own organisations.

Others are to advocate for solutions – To advocate for changes in policies, laws and regulations that govern data transparency, regulatory reporting and transparency in decision making and to protect the national interest – To increase awareness on the role of transparency in economic development and attracting Foreign Direct Investment (FDI).

The initiative aims to redefine the term “Transparency” by paving a practical platform for the use of improved business training courses and tools i.e. open data, communication, credibility, visibility, data, reporting, corporate governance, ethics, compliance, tax and audit, best practice and  that are essential to succeeding in business as well as attracting investment. The medium to long term outcome is to develop private sector Transparency Baseline Index that reports credible data and information on Nigerian companies in all sectors.

The Government welcomes the move by the partners to set up the initiative as President Muhammadu Buhari of the Federal Republic of Nigeria recently stated that “Government business is being conducted with transparency and cynicism is waning as a result”.

Commenting on TFI, Mrs Uju Hassan Baba, executive secretary of the Nigerian Investment Promotion Commission, stated “A strong culture of transparency and corporate governance is imperative if Nigeria is to attract both foreign and local direct investment required to build sustainable economic development. It can be done- through policy, collaboration and determination. This is what the Transparency Forum is about and why we are a part of it. We stand ready to apply our technical expertise and know-how to this critical agenda. We call on the broader private sector community to join us, making transparency a centrepiece of the development drive of the nation.”

Baba-Jallah Epega, emc3 Spokesman for TFI further commented that “With acknowledgement from the Presidency on this private sector’s Transparency Initiative – membered by stalwarts like Dr. Olisa Agbakoba (SAN) – as we launch, gives an indication of the emphasis that needs to be placed on the subject matter. The prospect of increased transparency heralds an exciting prospect for the future of doing business in Nigeria”.
 

The Transparency Forum Initiative Members
The Transparency Forum Initiative is founded by the following firms;

emc3 is a leading events management and brand marketing firm that are specialists dedicated to building unique and memorable stories and experiences by producing events platforms that inspire, motivate and evolve.

The Guardian is a leading independent newspaper, established in 1983 for the purpose of presenting balanced coverage of events, and of promoting the best interests of Nigeria. It owes allegiance to no political party, ethnic community, religious or other interest group.

Its primary commitment is to the integrity and sovereignty of the Federation of Nigeria, and beyond that to the unity and sovereignty of Africa.

Olisa Agbakoba Legal (OAL), is a multi-service law firm based in Nigeria and offering cutting edge legal services to clients in diverse areas of business.

With state of the art offices in three states, they provide legal solutions to numerous corporate clients including multi-national companies, international and domestic banks, the government, its agencies and parastatals.

africapractice is the leading provider of strategic advisory and stakeholder relationship management services on the continent, it advises industry and governments; helping them to identify opportunity, manage risk and overcome critical communications challenges.

Control Risks is an independent, global risk consultancy specialising in political, integrity and security risk. We help some of the most influential organisations in the world to understand and manage the risks and opportunities of operating in complex or hostile environments.

The Business Year is a leading research firm and publisher of annual economic resources on national economies. Present in over 25 countries, TBY provides first-hand access to the people and ideas shaping business and policy throughout the world.

Financial Times is one of the world’s leading news organisations, recognised globally for its authority, integrity and accuracy. The FT provides a broad range of essential services, including news, comment, data and analysis, to a growing audience of internationally minded professionals.