As FRC, IoDCCG, and ICSANin fresh awareness drive
By Habibat Aliu
The public sector alongside Small and Medium-Scale Enterprises (SMEs) and not-for-profit entities operating in Nigeria may get dedicated codes of corporate governance shortly.
Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Amb. Shuaibu Ahmed disclosed this at the media unveiling of the maiden edition of the National Corporate Governance Summit scheduled to hold November 17 and 18 in Lagos.
Ahmed said the expected codes would help to address corporate governance issues in the public sector environment while introducing the practice to not-for-profit entities, including religious bodies, and SMEs. He noted that accountability is lacking in these areas.
The codes will serve as a follow-up to the Nigerian Code of Corporate Governance, which took off about four years ago. The FRC boss said modest achievements have been recorded in entrenching corporate governance best practices in the private sector in the past few years.
“But there are still a lot of accountability issues in the public sector and not-for-profit organisations, which need to be addressed with the expected codes. We are at the consultative stage, and I believe the codes will bring some sanity to the public sector. In the not-for-profit organisation space, people collect money for projects and decide what to do with it without accounting for anybody. That has to change,” the chief executive of the primary regulator said.
Ahmed said the forthcoming National Corporate Governance Summit is part of the consensus-building platform, adding that it would bring different stakeholders together for knowledge-sharing on the important subject.
The summit is a joint project of FRC, the Institute of Directors Centre for Corporate Governance (IoDCCG), and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), who were all represented at the media unveiling.
Speaking for the National Organising Committee, co-chairs, Dr. Seye Awojobi and Dr. Iheanyi Anyahara said the summit would create awareness and enhance the knowledge of both private and public sector participants on the practical application of the principles and practices of corporate governance as well as its link with creating a path for sustainable for economic growth.
“The Summit is expected to expose leaders in the various sectors of the Nigerian economy to critical connections between strong corporate governance and outstanding performance in areas as wide-ranging as revenue enhancement, operational efficiency, image protection and reputation, brand attraction, sustainability, and economic development,” Awojobi, who is also the Registrar/CEO of the Chartered Institute of Bankers of Nigeria (CIBN), said.
The two-day event, which will be graced by Vice President Yemi Osinbajo as the Special Guest of Honour, is expected to feature high-level conversations on relevant thematic areas, case study and scenario analyses, group discussions, and networking opportunities.
The organising committee said the Lagos State Governor, Babajide Sanwo-Olu; his Ogun State counterpart, Dapo Abiodun; the Minister of Industry, Trade and Investment, Richard Adebayo and his colleague at the Ministry of Education, Adamu Adamu have confirmed attendance.
