The Institute of Directors Center for Corporate Governance (IoDCCG) has collaborated with the Financial Reporting Council (FRC), the Ministry of Finance Incorporated (MOFI), and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) to introduce a new Code of Corporate Governance guidelines for the public sector in Nigeria.
Speaking at a press conference ahead of the 2024 summit titled “Institutionalizing Corporate Governance for National Transformation: The Imperative for Public-Private Sector Collaboration,” IoDCCG Chairman, Mr. Urum Kalu Eke, highlighted the organization’s impactful role since its establishment in 2006.
He noted that IoDCCG has significantly influenced Nigeria’s corporate landscape through extensive workshops and training programs to advance corporate governance.
Mr. Eke emphasized the importance of the reforms, acknowledging the increasing significance of the public sector in Nigeria’s economic framework.
“We have witnessed significant reforms in the nation’s economy, and it is crucial to recognize these changes and initiate further improvements,” he stated.
On his part, FRC Chief Executive, Dr. Rabiu Olowo, reiterated the relevance of the summit’s theme, pointing out the vital role of corporate governance in both public and private sectors.
“It is high time that corporate governance also looks into the public space.
“We have enjoyed the success of corporate governance in the private sector, and that’s why the summit will expose the public to the work that the Financial Reporting Council is doing to develop a code of corporate governance for public institutions,” Dr Olowo explained.
The National Corporate Governance Summit is set to be a prestigious gathering, examining changes, trends, challenges, and best practices in corporate governance in Nigeria, with a focus on its impact on national transformation.
Dr. Armstrong Takang, Managing Director of MOFI, brought to light the corporation’s role in managing the nation’s commonwealth following its recent restructuring.
“There is a direct correlation between the success of managing the commonwealth of the country and corporate governance,” Dr. Takang said.
He revealed that MOFI currently oversees over 40 companies and aims to incorporate seven to eight new companies by the end of the year, managing assets valued at over N2-3 trillion.
Dr Takang stressed the importance of integrating robust corporate governance from the onset to ensure the effectiveness and value of these institutions.
“At the heart of making that work and delivering value is ensuring that we design these institutions with the right corporate governance from day one.
“This collaborative effort marks a crucial step towards strengthening corporate governance in Nigeria’s public sector, fostering economic growth, and enhancing national transformation,” he concluded.
Recall that President Bola Tinubu recently reaffirmed Nigeria’s commitment to adopting globally recognized sustainability reporting standards to attract capital investments, reshape business models, and protect the environment.
The declaration came during a meeting with Emmanuel Faber, chairman of the International Sustainability Standards Board (ISSB), held in Abuja.
The President’s endorsement coincided with the unveiling of Nigeria’s Adoption Readiness Roadmap by the FRC, in collaboration with ISSB.
