$1trn Economy: IoDCGG, FRC, ICSAN Issue Code of Corporate Governance for Public Sector

Kayode Tokede

In a bid to boost the federal government’s aim to achieve a N1 trillion economy by 2026, the Institute of Directors Center for Corporate Governance (IoDCCG) has joined force with Financial Reporting Council (FRC), Ministry of Finance Incorporated (MOFI) and Institute Of Chartered Secretaries And Administrators Of Nigeria (ICSAN) to issued new Code of Corporate Governance guidelines for the public sector in Nigeria.

Speaking at a press conference ahead of 2024 summit tagged, “Institutionalizing Corporate Governance for National Transformation: The Imperative for Public-Private Sector Collaboration,” the Chairman, IoDCCG, Mr. Urum Kalu Eke acknowledged that the organisation established 2006 has impacted the Nigeria’s corporate space with extensive workshops, training, to advance the course of corporate governance.  

He noted that IoDCCG over the years has witnessed reforms in the nation’s economy and beginning to see the public sector play more significant roles, stressing that it is important to highlight the changes that occurred and give initiatives.

Speaking the FRC Chief Executive, Dr. Rabiu Olowo, noted that the theme is apt due to the importance of the public sector, stressing that corporate governance is important to the sustenance of public and private economy.

According to him, “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.

“The National Corporate Governance Summit is designed to be a distinguished and impressive gathering of minds examining changes, trends, challenges, and best practices in corporate governance in Nigeria, with a focus on the impact on national transformation.”

The Managing Director, MOFI, Dr. Armstrong Takang stated that the Corporation holds the commonwealth of the nation as its was recently restructured to manage the FG’s investments and assets.

He stated that there is a direct correlation between the success of managing the commonwealth of the country and corporate governance.

He said, “At the moment, we have over 40 companies, and by the end of this year, we would have incorporated no less than seven-eight new companies and have perhaps more than N2-3 trillion in terms of assets under management. We know that at the heart of making that work and delivering that value is ensuring that we design these institutions with the right corporate governance from day one.”