Economy
THE Financial Reporting Council of Nigeria (FRC) and the Chartered Institute of Directors (CIoD) have underscored the significance of the public sector governance code.
The code ia to enhance ethical and effective leadership across all levels of authority.
The two organisations gave the advice at the CIoD Fellows’ Investiture Ceremony and Awards Night on Thursday night in Lagos.
The News Agency of Nigeria (NAN) reports that the theme of the event was “Public Sector Code – The Route to Public Sector Excellence and National Development”.
They said that the governance code would support the achievement of ethical culture, good performance, effective control, and legitimacy leading to all round economic growth and stability.
Dr Rabiu Olowo, Executive Secretary, FRC, said that steering Nigeria to greater prosperity and stability hinged predominantly on ensuring that good governance structures and practices were set up in public institutions.
Olowo was represented by Head, Directorate of Corporate Governance, FRC, Mrs Comfort Osondu.
According to him, good governance of public sector entities is essential to their effectiveness, particularly as the public sector is the engine room of national development.
He said that the effectiveness of Nigeria’s public institutions was a critical factor in determining whether the aspirations of the people are met, remain stagnated or fall short of collective potentials.
Olowo said that over the last decade, starting from 2013, the FRC had made significant strides in developing comprehensive codes of governance for the private, public, and Non-For-Profit Sectors.
He said that a draft code was currently in the exposure and stakeholder engagement phase, preparatory for the final release of the code.
“The draft code is based on the principles of good governance, which include legitimacy, direction, performance, accountability, fairness, and integrity.
“It also adopts a holistic approach to public sector governance, recognising the interdependence and interrelatedness of the various elements and actors involved.
“Some of the key features of the draft code include promotion of transparency and accountability, risk based governance, emphasis on ethical conduct, values and culture, inclusiveness within government institutions.
“When public sector officials adhere to a code of conduct that prioritises the nation’s welfare above personal or sectional interests, it paves the way for sustainable development,” he said.
Olowo said that achieving public sector excellence was not without challenges of bureaucracy, inadequate resources, and, in some cases, a culture of complacency.
He, however, said that the challenges were surmountable as with the right leadership, adequate training, and strict enforcement of the public sector code, Nigeria could begin to reverse these trends.
He called on directors and newly inducted fellows of the institute to embrace the role of leadership by advocating for the proper implementation of the public sector code and holding officials accountable to it.
Alhaji Tijjani Borodo, President, Chartered Institute of Directors of Nigeria, said that the CIoD was always been at the forefront of promoting good governance and ethical leadership.
He urged the newly inducted fellows to foster a culture of excellence in the boardroom and beyond by championing good corporate governance, sound business ethics and exemplary leadership qualities.
Borodo said that as the nation navigated the complex challenges of the 21st century, the effectiveness of the public sector governance was paramount.
He said that a well-governed public sector was the cornerstone of sustainable economic growth, social development, and overall national prosperity.
“The introduction of this public sector governance code is long overdue and I commend Dr Olowo’s commitment to its development and introduction to guide and support global best practice in our public sector.
“Today’s ceremony is not only a celebration of individual achievement but also a testament to the collective pursuit of excellence in the profession.
“I encourage our new fellows to continue to uphold the highest standards of professionalism, integrity, and accountability.
“I am confident that your contributions will be invaluable in driving positive change and ensuring the success of our public and private sector,” he said.(NAN)
11th October, 2024.
C.E.
Tags: CIoD Financial Reporting Council of Nigeria
