The Federal Government has concluded plans to unveil codes of corporate governance for the public sector and non-governmental organizations.
The Ministry of Industry, Trade and Investment said the initiates would boost public trust and investor confidence in the Nigerian economy.
According to a statement signed by the ministry spokesperson, Adebayo Thomas on Friday, the government is planning to introduce the Nigerian Public Sector Governance Code and the Nigerian Not-For-Profit Governance Code.
Speaking at the twin inauguration of the technical working groups, the Minister for Industry, Trade and Investment, Niyi Adebayo, stated that the regulations would set higher standards of good governance, ethical practices in the public sector and enhance public accountability in interventions from donor, donor agencies as well as ensure the sustainability of not-for-profit entities.
He added that the code would further engender public accountability of government resources and ensure the sustainability of government-owned entities.
He said, “Good Governance and Ethical practices must be enshrined in all Sectors and Operating environments in the Nigerian economic space.
“There is a general notion of insufficient regulation on the organisational/operating structure and sustainability of various Not-For-Profit organisations in Nigeria.
“Therefore, having successfully issued the Private Sector Governance Code called Nigerian Code of Corporate Governance (NCCG) 2018, and now set to issue a Public Governance Code, the council deemed it necessary to concurrently develop that for Not-For-Profit organisations.”
The PUNCH reports that TWG for the development of the public sector governance code is chaired by former Head of Civil Service of the Federation, Danladi Kifasi, while former Director General, Bureau of Public Service Reforms, Dr. Joe Abah heads the committee on the developing the code for Not-For-Profit Governance.
Speaking also at the inaugurations, the Executive Secretary of the Financial Reporting Council, Shuaibu Ahmed, said developing a Code for the Governance of the public sector is critical for the success of Nigeria’s economy due to the strategic role it plays in business facilitation.
He explained that by establishing clear standards for management practices and decision-making processes, public sector organisations would improve efficiency, effectiveness and contribute meaningfully to Nigeria’s economic growth.
“As the regulator of businesses in the economy, it is imperative that the Public Sector is well governed itself which is in line with the belief of the Financial Reporting Council.
SOURCE: THE PUNCH
