By Muhammad Dalhatu
The Nigerian Media Innovation Program (NAMIP) concluded its final Training Suite of the year with a focused workshop on Finance and Corporate Governance for Independent Media held at the Pearl Hotel in Abuja from November 11-12, 2024. The workshop invited 37 participants from 21 media organizations to address key operational and financial challenges independent media organizations face. Designed for finance and administrative leaders, the workshop equipped participants with the tools and skills needed to enhance transparency, compliance, and operational efficiency.
Workshop Highlights
The first day featured Adebowale Oluwaseun of MAPS Adebowale Firm as he led a workshop on corporate financial management, covering essential topics such as financial control, planning, cash flow management, and internal controls.
The second day delved into governance and intellectual property topics. This was led by Emmanuel Effiong from ACIOE Associates with a workshop on corporate governance, providing insights into effective board leadership, regulatory compliance, and international best practices tailored to media organizations.
Kofoworola Eze from Hightower Solicitors concluded the event with a session on intellectual property, emphasizing the importance of protecting journalistic content in the digital age. Participants learned how to navigate licensing agreements, safeguard digital materials, and implement IP-related policies within their organizations.
Workshop Impact
The two-day training delivered a measurable impact across three critical areas:
- Enhanced Understanding of Corporate Governance
Participants gained a comprehensive understanding of the legal and administrative foundations required for running compliant and efficient media organizations. The workshops provided actionable insights on national and international best practices in corporate governance, fostering growth-focused strategies tailored to media contexts. - Improved Financial Planning and Forecasting
Attendees were equipped with practical techniques for financial planning, budgeting, and cash flow management. Through scenario planning and forecasting exercises, participants learned how to prepare for financial uncertainties while ensuring sustainable operations. - Strengthened Bookkeeping and Financial Reporting
Best practices in bookkeeping, financial reporting, and compliance were shared, providing participants with the knowledge to establish accurate and transparent financial systems. These tools are expected to enhance financial accountability and foster trust among stakeholders.
A Step Toward Sustainability
Participants valued the practical insights and supportive environment provided during the workshop. As a result, they are contemplating changes to their business models and expanding their board structures to promote sustainable growth and transparency. NAMIP’s Finance and Corporate Governance workshop represents a crucial step in empowering Nigerian media organizations. By equipping leaders with financial and governance skills, NAMIP is reinforcing its commitment to fostering sustainability and innovation in independent media.
For a comprehensive summary of lessons learned during the event, visit NAMIP’s website.