1.0 Introduction

The Chartered Institute of Directors Nigeria (CIoD) and the Financial Reporting Council (FRC) successfully hosted a webinar on July 16, 2024, focusing on the Nigeria Public Sector and Not-for-Profit Governance Codes Draft Exposure and its implications. This event featured distinguished speakers, including Alhaji Tijani Borodo, LLM, F.CIoD, President of the Governing Council of the CIoD, and Dr. Rabiu Olowo, FCA, AM.CIoD, Executive Secretary and CEO of the FRC.

The webinar aimed at enhancing stakeholders’ understanding of the new governance codes and sought participants’ input to improve corporate governance in Nigeria's public and not-for-profit sectors. Participants deliberated on the implications of the draft codes, especially in improving governance across Nigeria’s public and not-for-profit sectors, while considering global standards.

2.0 The Opening Session

2.1 Welcome Address
Alhaji Tijani Borodo highlighted the importance of the CIoD and FRC’s partnership in promoting excellence in governance. He stressed the need for stakeholders to engage in meaningful discussions to clarify any ambiguities in the draft codes and ensure their alignment with current governance needs.

2.2 Goodwill Message
Barr. Danladi Kifasi, Chairman of the Nigeria Public Sector Governance Code (NPSGC) Technical Working Group, commended the CIoD and FRC for organising the webinar and reiterated the code's role in promoting efficient governance in the public sector.

2.3 Keynote Address
Mr. M.K Ahmad, F.CIoD, emphasised the role of corporate governance in increasing transparency, accountability, and reducing corruption, fostering an environment that attracts foreign investments.

2.4 Governance in the Not-for-Profit Sector
Ms. Ayotola Jagun, F.CIoD, highlighted the need for stronger governance in the Not-for-Profit Sector Code, pointing out how the code can prevent conflicts of interest and ensure consistent standards.

3.0 Highlights of Discussions

3.1 Nigeria Public Sector Governance Code (NPSGC) Panel Discussion

• The importance of promoting selflessness, transparency, integrity, and accountability was highlighted.

• The "apply and explain" approach was underscored as crucial for ensuring compliance and flexibility in implementation.

• Discussions focused on developing a robust code of conduct to strengthen internal governance and empower the public to report misconduct.

3.2 Not-for-Profit Governance Code Panel Discussion

• The Corporate Affairs Commission’s (CAC) role in ensuring compliance was discussed.

• Emphasis was placed on tenure limits, board composition, and better communication and education on the code.

• The significance of a whistleblowing policy in improving best practices and accountability was highlighted.

4.0 Recommendations

4.1 Security and Governance
Government, regulatory institutions, and stakeholders should strengthen security and governance mechanisms to promote transparency in public and not-for-profit sectors.

4.2 Monitoring and Enforcement
The government should ensure collaboration among institutions to effectively monitor and enforce the governance codes.

4.3 Public Sector Compliance
Ministries, Departments, and Agencies (MDAs) should implement systems for evaluating performance and rewarding good governance practices within the public sector.

4.4 Capacity Building
Stakeholders in drafting the codes should intensify awareness and advocacy to ensure widespread understanding and compliance, especially in the not-for-profit sector.

4.5 Whistleblower Protection
The Financial Reporting Council of Nigeria should increase awareness campaigns to promote whistleblowing policies as mechanisms to enhance accountability and foster best practices in governance.

5.0 Conclusion

The CIoD/FRC webinar on the Public Sector and Not-for-Profit Governance Codes Exposure Draft provided a comprehensive platform for critical discussions on the future of governance in Nigeria. The insights shared underscored the significance of robust governance frameworks in promoting transparency, accountability, and integrity across both sectors.

The commitment to fostering better governance practices promises to enhance public trust, attract foreign investments, and improve the overall performance and sustainability of public and not-for-profit organisations.

The CIoD and FRC remain dedicated to guiding this transformative journey towards a more transparent, accountable, and prosperous future.

Bamidele Alimi, FNIM, F.CIoD

Director General/CEO
Monday, July 22, 2024