Minister Inaugurates Technical Working Group Not-for-profit Governance Code

Afonne Emmanuel
Feb, Fri, 2023

General News

Minister inaugurates technical working group not-for-profit governance code

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Minister inaugurates technical working group not-for-profit governance code
February 9, 2023 by ikenna.uwadileke

By Ikenna Uwadileke and Lucy Ogalue

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo on Thursday in Abuja inaugurated the Technical Working Group (TWG) for the development of the Not-For-Profit Governance Code.

The minister said that the code would enshrine good governance and ethical practices in all sectors and operating environments of Nigeria’s economic space.

According to him, the code when ready shall be adopted and complied with by not-for-profit organisations in Nigeria.

“This is coming against the 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 Sector Governance Code, council deemed it necessary to concurrently develop that for not-for-profit organisations,” he said.

The minister expressed optimism about the success of the group in carrying out the assigned task.

He said that there was the need to enshrine good governance and ethical practices in all organisations whether profit oriented or not could not be overemphasised.

Adebayo said that it would enhance the fulfilment of the overall mandate of not-for-profit entities so they could achieve their intended outcomes for citizens and render better service to users.

“It will also aid not-for-profit entities to operate in an effective, efficient, transparent and ethical manner while engendering public accountability of resources received from donor agencies.

“More so, it will ensure sustainability of these not-for-profit entities among others,” he said.

The minister encouraged members of the TWG to employ their wealth of knowledge, expertise and professionalism in developing an acceptable code that would rebuild and reshape perspectives about Nigeria’s economic operating environment.

The Chairman of the Group, Dr Joe Abah, described it an honour and privilege to find the members worthy to serve.

“On behalf of my colleagues, the members of the technical working group will like to appreciate the ministry and the Financial Reporting Council (FRC) for deeming us worthy to work on this very important assignment.

Abah, who was a former Director-General, Bureau for Public Sector Reforms, described the code for the not-for-profit organisations as the most contentious among others.

“I need not to say that of all the codes that are being developed, the one for the not for profit organisations is probably the most contentious.

“We are aware of the previous attempt that was made in 2016 and the fact that some of the issues raised then was an issue of inadequate consultation of the key stakeholders

“I am, therefore, particularly pleased at the broad range of interest that has been nominated to be part of this technical working group.

“And the fact that the expectation is that we are working together from the beginning to develop the code jointly rather than one person developing it and then consulting others about it.

“I sense that perhaps it is one of the most contentious in quote because the public sector is used to taking directions from government, so is the private sector,” he said.

Abah said that there were debates as to how much oversight and regulation non-profit organisations should get from government.

“But at the same time there is the responsibility of government to ensure that people that occupy positions of trust and positions of interest behave in an ethical and appropriate way.

“So, the task for us as technical working group is to find the right kind of balance where government and the people are able to have comfort that this no profit organisations are operating the way that they are.

“And the non-profit organisations at the same time do not feel that government has come to take over their space.

“That is what we have to work toward and I am very pleased with the level of experience around the table.

“And I have no doubt that we will produce good work for the ministry and the council to consider presenting more widely to Nigerians,” Abah said. (NAN)(www.nannews.ng)

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Edited by Ese E. Eniola Williams

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