Consulting firm wants sound corporate governance entrenched in Nigeria’s public sector
By Rukayat Moisemhe
Mrs Lilian Madueke, Chief Operating Officer, Kaizen Academy (Nigeria) Ltd., has called for a multi-pronged approach to fostering a culture of sound corporate governance within public sector institutions in Nigeria.
Madueke, in an interview with the News Agency of Nigeria (NAN) on Thursday in Lagos, said the advice would address the disparity in adoption of sound corporate governance practices between private and public sectors.
“Robust corporate governance is not only crucial for the sustained growth and competitiveness of organisations, but also for the overall development of a nation.
“In this regard, the public sector, being a critical driver of national progress, can not afford to lag behind.
“A comprehensive and robust regulatory framework tailored to the specific needs of the public sector must be established,” she said.
Madueke said this framework should encompass guidelines, standards and codes of conduct explicitly outlining the responsibilities and obligations of public sector leaders, ensuring transparency, accountability and ethical behavior.
She added that to build capacity, public-sector officials and leaders should undergo rigorous training programmes on corporate governance principles.
“Workshops, seminars, and certifications should be offered to enhance their understanding of governance mechanisms and best practices.
“This will empower them to make informed decisions that align with national interests,” she said.
The Kaizen boss noted that effective governance required engagement with stakeholders, including citizens, civil society organizations and the private sector.
She said mechanisms for regular consultations and feedback loops could foster transparency, inclusivity and a sense of collective ownership in public sector decision-making processes.
She also emphasised the need for independent bodies tasked with monitoring and assessing governance practices within public sector institutions.
These bodies, Madueke said, should possess the authority to conduct audits, investigations and evaluations to ensure compliance with governance standards.
“Performance-based incentives for public sector officials should be introduced to motivate them to uphold governance principles.
“Recognising and rewarding individuals and teams that exhibit outstanding governance practices can create positive competition and drive continuous improvement.
“Nigeria must also leverage technology for transparency and accountability by implementing digital platforms for procurement, financial management, and public service delivery to minimise opportunities for corruption and enhance efficiency.
“A sustained public awareness campaign can educate citizens about the importance of sound corporate governance in the public sector.
“Informed citizens can demand greater accountability from their leaders, creating a demand-driven impetus for governance reform,” she said. (NAN)(www.nannews.ng)
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Edited by Christiana Fadare
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