FG To Unveil Corporate Governance Codes

Plans have been concluded by the Federal Government to unveil codes of corporate governance for the public sector and non-governmental organisations.
The initiates, according to the Ministry of Industry, Trade and Investment, would boost public trust and investor confidence in the Nigerian economy.
A press release from the ministry, which was signed by the ministry’s spokesperson, Adebayo Thomas, on Friday, explained that the government was planning to introduce the Nigerian Public Sector Governance Code and the Nigerian Not-For-Profit Governance Code.
The release, explained that the Minister for Industry, Trade and Investment, Niyi Adebayo, stated that the regulations would set higher standards of good governance, ethical practices in the public sector and enhance public accountability in interventions from donor, donor agencies as well as ensure the sustainability of not-for-profit entities.
He added that the code would further engender public accountability of government resources and ensure the sustainability of government-owned entities.
”Good Governance and Ethical practices must be enshrined in all Sectors and Operating environments in the Nigerian economic and business space.
“There is a general notion of insufficient regulation on the organisational/operating structure and sustainability of various Not-For-Profit organisations in Nigeria.
“Therefore, having successfully issued the Private Sector Governance Code called Nigerian Code of Corporate Governance (NCCG) 2018, and now set to issue a Public Governance Code, the council deemed it necessary to concurrently develop that for Not-For-Profit organisations”, he stated.
According to the statement, by establishing clear standards for management practices and decision-making processes, public sector organisations would improve efficiency, effectiveness and contribute meaningfully to Nigeria’s economic growth.
“As the regulator of businesses in the economy, it is imperative that the Public Sector is well governed itself,  which is in line with the belief of the Financial Reporting Council”, it concluded.

By; Corlins Walter