FRC leads discuss on Nigeria public sector governance code

The Financial Reporting Council (FRC) of Nigeria is leading other stakeholders to brainstorm on Nigeria Public Sector Governance Code (NPSGC), aimed at enhancing governance standards across the public sector.

According to a statement from the FRC, effective public sector governance is crucial for Nigeria’s development as it promotes transparency, accountability, and efficient service delivery.

The NPSGC is a key initiative designed to improve governance standards across the public sector, ensuring that government institutions are more responsive to the needs of citizens.

“The stakeholder engagement will provide a platform for stakeholders to discuss the draft Code, share valuable insights, and contribute to shaping a governance framework that meets the needs and aspirations of the public sector.

“The Council has developed this draft Code through a Technical Working Group (TWG), chaired by Barr. Danladi I. Kifasi, former head of service of the Federation, and comprised of renowned corporate governance practitioners and subject matter experts from the public, private, and non-profit sectors,” the statement noted.

The FRC will on Tuesday, March 4, 2025, organise a stakeholders’ engagement on the Nigeria Public Sector Governance Code.

The event which holds at the Ladi Kwali Hall, Abuja, aims to foster collaboration and dialogue among stakeholders to enhance governance practices in Nigeria’s public sector.

The event, which is to be hosted by Rabiu Olowo, executive secretary/CEO, FRC, is free but participants are required to register via the Council’s website.

Some distinguished guests expected at the event are the head of the civil service of the Federation; auditor-general for the Federation; accountant-general of the Federation; director-general, Nigerian governors’ forum; director-general, bureau of public service reforms; director-general, Bureau of Public Procurement (BPP); executive secretary/CEO, Nigerian Shippers’ Council; chairman/CEO, Nigerian Electrical Regulatory Agency (NERA); director general, Nigerian Content Development and Management Board; director general, Small and Medium Enterprises Development Agency of Nigeria; managing director, Ministry of Finance Incorporated, amongst others.

The keynote speaker is M. K. Ahmad, a member, Technical Working Group (TWG) of the NPSGC and chairman of the technical committee on the Nigerian Code of Corporate Governance 2018.

The NPSGC adopts a broad definition of corporate governance that embraces the rights and responsibilities of all parties with a stake in a public sector enterprise (PSE), including the environment in which the entity operates.

The code emphasises the exercise of ethical and effective leadership by the governing body towards the achievement of ethical culture, good performance, effective control, and legitimacy.

Good public sector governance is central to the effective operation of all PSEs. It encourages global investors to invest in various sectors of the economy. Global investment will enhance foreign direct investment into Nigeria and improve our balance of trade.

Also, by establishing clear standards for management practices and decision-making processes, PSEs can operate more efficiently and effectively, which ultimately benefits the public by providing better services and outcomes, and among other benefits, assure stakeholders that those who mismanage or abuse the trust reposed in them shall be sanctioned under relevant laws, rules, and regulations.