Stakeholders seek institutionalisation of corporate governance in public sector

Stakeholders for good governance in Nigeria are seeking for the institutionalisation of corporate governance standards in the public sector to enable improved efficiency and effectiveness in service delivery.

Speaking at the just concluded Summit on National Corporate Governance in Lagos, the Managing Partner at Compliance Professionals Plc and the former Chairman of the Federal Inland Revenue Service (FIRS), Mrs. Ifueko Okauru emphasized the need for good corporate governance in the country.

She said despite cultural, experiential, and ethnic divides. establishing corporate governance is achievable with dedication, personal sacrifice, and firm commitment.

Okauru stressed that Nigeria must adopt good governance practices to align better with international business standards.

She advocated for a legal framework that would support the institutionalization of Corporate governance in Nigeria.

Furthermore, Okauru said that institutionalizing good governance demands significant investment in time, deep thinking, discipline, urging the development of policies that recognize Nigeria’s diversity and build the trust needed for effective collaboration among governance professionals.

Also speaking, Chairman of the Institute of Directors’ Centre for Corporate Governance (IoDCCD), Mr. U. K. Eke, stressed the importance of integrating the public sector into national development efforts.

He underscored the critical role of corporate governance in achieving high performance across both private and public sectors, advocating for the application of governance principles across all economic sectors.

On his part, Executive Secretary of FRC, Dr. Rabiu Olowo said that good governance is globally recognized as the foundation of economic growth.

He commended the success of the Nigerian Code of Corporate Governance 2018 in enhancing private sector governance and called for similar efforts in the public sector to drive national transformation.

He emphasized the need for higher accountability standards in the public sector, similar to those in the private sector.

The Chief Executive Officer of the Ministry of Finance Incorporated (MOFI) Dr. Armstrong Takang, stated that it was necessary to adopt corporate governance in the public sector.

He explained that the private sector, particularly banking has witnessed significant success from good governance.

The CEO said government institutions often lack transparency and accountability, while expressing optimism that entrenching good governance principles would lead to noticeable economic improvement in Nigeria.

Also leading her voice, the President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Mrs. Funmi Ekundayo, underscored the importance of continuous collaboration between the public and private sectors to enable good governance for national transformation.

She stated that good governance would address key challenges such as corruption, insecurity, and economic instability, thereby promoting national development.

The event, with the theme “Institutionalising Good Governance for National Transformation: The Imperative of Public/Private Sector Collaboration,”was organized by the Institute of Directors’ Centre for Corporate Governance (IoDCCD), the Ministry of Finance Incorporated (MOFI), the Financial Reporting Council (FRC), and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

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