Osunkeye advocates corporate governance in Public Sector
The Chairman, Board of Directors, Omnibus Business Solutions Ltd. and former Chairman, Nestle Nigeria PLC., Chief Olusegun Osunkeye has proposed the compelling need to introduce corporate governance to the Nigerian public sector for enhanced regulation of the structure, operations, and activities of the Ministries, Departments and Agencies (MDAS).
Osunkeye, who was the Chairman of the 18th Investiture of the Chartered Institute of Directors, Nigeria (CIoD) when Alhaji Tijani Borodo was inaugurated as the Institute’s 18th President, explained that both the private and public sector should imbibe the key pillars of corporate governance for accelerated growth and development of the economy.
“It is my view that the Nigerian Code of Governance in the Public Sector is urgently needed to regulate the structure, operations and activities of the Ministries, Departments and Agencies (MDAS). This is because both the private and public sectors should incorporate the pillars of governance – transparency, responsibility, accountability, and fairness in all ramifications to have a prosperous country,” Osunkeye said
The renowned Director ascribed the failure of the Central Bank of Nigeria (CBN) to refuse to publish its financial statements for seven years (2016 to 2022) to weak corporate governance structure in the public sector.
According to him, the apex Bank failed to publish its financial statements despite the provision of section 50 of CBN Act 2007 that the Audited Account shall be transmitted to the National Assembly and the President within two months after each financial year, and be published in the Gazette.
The keynote speaker at the Investiture and Group Chief Executive Officer, Nigerian Exchange Group PLC, Mr Oscar Onyema, noted that the institute which was founded 40 years ago, stood out as the premier corporate governance and leadership development body due to the huge impact it had brought to the leadership of many organizations in Nigeria.
Onyema who also spoke on the need for organizations to embrace Economic, Social and Governance (ESG) trends said, “As sustainability standards become more prevalent, the CIoD Nigeria can help companies adapt and meet disclosure requirements. With its established reputation, the institute can advocate for policies and practices that foster growth and innovation, aligning with broader national and global governance trends.”
The newly sworn-in President of CIoD, Alhaji Borodo, pledged to uphold the ideals of the Institute’s corporate governance policy.
