Olusegun Osunkeye, chairman, Board of Directors, Omnibus Business Solutions Limited and former chairman, Nestle Nigeria Plc has proposed the compelling need to introduce corporate governance to the Nigerian public sector for enhanced regulation of the structure, operations, and activities of the Ministries, Departments and Agencies (MDAS).
Osunkeye, chairman of the 18th investiture of the Chartered Institute of Directors, Nigeria (CIoD) said when Tijani Borodo was inaugurated as the Institute’s 18th president that both the private and public sector should imbibe the key pillars of corporate governance for accelerated growth and development of the economy.
“It is my view that the Nigerian Code of Governance in the Public Sector is urgently needed to regulate the structure, operations and activities of the Ministries, Departments and Agencies (MDAS). This is because both the private and public sectors should incorporate the pillars of governance – transparency, responsibility, accountability, and fairness in all ramifications to have a prosperous country,” Osunkeye said.
The renowned Corporate Governance expert ascribed the failure of the Central Bank of Nigeria (CBN) to publish its financial statements for seven years (2016 to 2022) to weak corporate governance structure in the public sector.
Read also: How corporate governance gaps made Emefiele ‘emperor’
According to him, the apex Bank failed to publish its financial statements despite the provision of section 50 of CBN Act 2007 that the Audited Account shall be transmitted to the National Assembly and the President within two months after each financial year, and be published in the Gazette.
Oscar Onyema, group chief executive officer, Nigerian Exchange Group Plc who was keynote speaker at the Investiture noted that the institute which was founded 40 years ago, stood out as the premier corporate governance and leadership development body due to the huge impact it had brought to the leadership of many organisations in Nigeria.
Onyema who also spoke on the need for organizations to embrace Economic, Social and Governance (ESG) trends said: “As sustainability standards become more prevalent, the CIoD Nigeria can help companies adapt and meet disclosure requirements. With its established reputation, the institute can advocate for policies and practices that foster growth and innovation, aligning with broader national and global governance trends”.
Tijani Borodo, the newly sworn-in president of CIoD pledged to uphold the ideals of the Institute’s corporate governance policy and procedures.
