To Ensure Sustainability Of Government-Owned Entities, FG Sets Up Committee For Public Sector Governance Code

Two Technical Working Groups (TWGs) for the preparation of the Nigerian Public Sector Governance Code and the Not-For-Profit Governance Code have been established by the Federal Government.

The Minister of Industry, Trade, and Investment, Adeniyi Adebayo, commended the Financial Reporting Council of Nigeria (FRC) for the bold step it has taken to ensure that corporate/good governance practices are enshrined in the public sector space when he inaugurated the two TWGs at the Ministry’s headquarters in Abuja yesterday.

According to him, the current move came after the Council issued the Nigerian Code of Corporate Governance (NCCG) 2018 for the private sector.

He explained that the purpose of the public sector governance code is to ensure that the public sector fulfills its overall mandate, achieves its intended outcomes for citizens and service users, and operates in a highly effective, efficient, transparent, and ethical manner.

Other objectives are to foster public accountability of government resources, and ensure the sustainability of government-owned entities.

The Group is headed by a former Head of Civil Service of the Federation, Barrister Danladi Kifasi, and is comprised of members from the public/civil service, relevant professional bodies and associations, regulatory agencies on ethical conduct/practice, and civil/advocacy organizations.

“Many of you are familiar with the development of Codes of Corporate Governance for the Private Sector, the Public Sector, and Not-For-Profit-Organisations in Nigeria.

“The process had been extremely difficult and contentious, but we are now delighted that the Nigerian Code of Corporate Governance (NCCG) 2018, which was issued on January 15, 2019, has been successfully implemented.

“I am hopeful about the success of the Public Sector Governance Code given the composition of the Technical Working Group that is being inaugurated today.
When developed, the Code will apply to all government ministries, departments, and organizations, as well as all state-owned companies and parastatals” the Minister stated.

Dr. Joe Abah heads the Technical Working Group (TWG) for the preparation of the Not-For-Profit Governance Code, which was also established by the Minister.

The Minister of Industry remarked that this action will boost confidence in corporate governance in Nigeria and in conducting business in the country as well.

The new code would govern the volunteer and civil society sectors by providing the required framework for proper organization and board composition, as well as fostering accountability and agreeable conduct.

Adebayo therefore charged members of both technical working groups to use their wealth of experience to develop a very robust Code that would play a unique role in establishing higher standards of good governance and ethical practices in the public sector, thereby helping to rebuild public and investor confidence in the Nigerian economy.

Responding, both Kifasi and Abah thanked the Federal Government for the invitation to serve and thanked the Minister for his usual support.

They also agreed that the codes will support the rapid growth of the Nigerian economy, which is in line with the essential guide that will assist both the Public Sector Governance and the Not- For -Profit Governance.