Stakeholders have called for the institutionalization of corporate governance in Nigeria’s public sector to foster transformation and support the government’s goal of achieving a trillion-dollar economy.
This call was made at the second edition of the National Corporate Governance Summit, held on Thursday in Lagos.
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).The summit emphasized the need for robust governance practices.
Managing Partner at Compliance Professionals Plc, who was also the former chairman of the Federal Inland Revenue Service, Mrs. Ifueko Okauru, highlighted the necessity of good corporate governance despite cultural, experiential, and ethnic divides. Drawing from her public sector experience, she asserted that 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 also called for a legal framework to support this institutionalization and structures to drive national transformation.
Okauru further emphasized the symbolic importance of national elements like the anthem and flag in fostering unity and driving transformation. She noted that institutionalizing good governance demands significant investment in time, deep thinking, discipline, and sincerity to harness the nation’s diverse population. Additionally, she urged the development of policies that recognize Nigeria’s diversity and build the trust needed for effective collaboration among governance professionals.
Chairman of IoD CCG, 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.
Executive Secretary of FRC, Dr. Rabiu Olowo, pointed out 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.
CEO of MOFI, Dr. Armstrong Takang, stressed the necessity of adopting and institutionalizing corporate governance in the public sector. He noted that while the private sector, particularly banking, has seen significant success from good governance, government institutions often lack transparency and accountability. Takang expressed optimism that entrenching good governance principles would lead to noticeable improvements.
President of ICSAN, Mrs. Funmi Ekundayo, underscored the importance of continuous collaboration between the public and private sectors to embed 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.
Ekundayo added that institutionalizing good governance would enhance accountability, transparency, and resource management, fostering a stable environment for economic growth and public service effectiveness.
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