Experts canvass institutionalisation of corporate governance in public sector

Experts have called for the institutionalisation of corporate governance in Nigeria's public sector to drive transformation and support government's goal of achieving a trillion dollar economy.They made the call at the second edition of the National Corporate Governance Summit on Thursday in Lagos.The event was organised by the Institute of Directors' Centre for Corporate Governance (IoDCCD), the Ministry of Finance Incorporated (MOFI), the Financial Reporting Council (FRC) and Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).The event had as its theme: 'Institutionalising Good Governance for National Transformation: The Imperative of Public/Private Sector Collaboration.'Mrs Ifueko Okauru, the Managing Partner, Compliance Professionals Plc, stressed the need for good corporate governance in spite of the many divides of culture, experience and ethnic groups.Okauru, also a former Chairman, Federal Inland Revenue Service, said her experience in the public sector showed that inst itutionalising good corporate governance in the public sector was doable.This, she said, could be achieved with hard work, personal sacrifice and firm commitment.She, however, said Nigeria must begin to imbibe good corporate governance to enable align better in doing business with other countries.She also called for a legal framework to support its institutionalisation in the public sector and structure to drive national transformation.'A form of institutionalisation for Nigeria to be in the soul of every Nigerian; we must begin to share the good experiences of the country and show the right stand when we take the National Anthem, see the National Flag and other national symbols.'Institutionalisation of good governance requires huge amount of investment in time, deep thinking, discipline, sincerity to galvanise the nation's diverse population.'We must design policies that work for us while recognising the diversity of the country and build trust needed to collaborate among governance professionals ,' she said.Mr U. K. Eke, Chairman, IOD Centre for Corporate Governance, stated the importance of bringing in the public sector to take their pride of place, in building the nation.Eke stressed that the need to embed corporate governance in all public entities had become increasingly imperative.He described good corporate governance as the root of corporate performance.Eke said to get the nation's institutions to perform at the highest level, the adoption of corporate governance in private and public sector was critical.'Beyond listening, let us be committed to applying the tenets of corporate governance across all sectors of the economy,' he said.Dr Rabiu Olowo, the Executive Secretary, FRC, said globally, good governance had proven to be the bedrock of economic growth.Olowo noted that the Nigerian Code of Corporate Governance 2018, had been very successful in deepening corporate governance in the private sector.He stressedc the need to replicate same in the public sector for national transfo rmation.He said the FRC was working with stakeholders to produce a governance code of not-for-profit and government institutions.'We must not hold them to lesser expectations on accountability, transparency as their private sector counterparts and can demand greater levels of accountability instead,' he said.For Dr Armstrong Takang, Chief Executive Officer, MOFI, the acculturation, adoption and institutionalisation of corporate governance in the public sector, must be done.Takang noted that placing priority on corporate governance in the banking sector and other private sector entities had led to great success and sustainability.'Meanwhile, people are constantly crying for evidence of transparency, accountability in many government institutions and we know that we can do better once corporate governance is institutionalised.'It is our expectations that by entrenching good corporate governance principles, it would give Nigeria the opportunity to say that things are different,' he said.Mrs Funmi E kundayo, President, ICSAN, emphasised the importance of public and private sectors to continually collaborate to entrenching good governance for national transformation.Ekundayo said that good governance would address critical challenges in the country such as corruption, insecurity, and economic instability.She added that it would promote national transformation and development.She also said that institutionalising good governance would promote accountability and transparency, foster a stable environment for economic growth, ensure effective management of resources and public services among others.Source: News Agency of Nigeria