As part of efforts to align Nigeria’s governance structures with global best practices, the Financial Reporting Council of Nigeria (FRC) has expressed preparedness for the final release of the code of governance for the public sector.
 
Executive Secretary/Chief Executive Officer, FRC, Dr Rabiu Olowo, disclosed this in Lagos, where he spoke as a guest speaker on ‘Public Sector Code – The Route to Public Sector Excellence and National Development’ at the Chartered Institute of Directors (CIoD) Nigeria Fellows’ Investiture Ceremony and Awards Night.
  
He said the Technical Working Group (TWG) inaugurated in Feb 2023 to develop a code of governance for the public sector has completed the task of producing a document and sending it to the Council. He said a draft code is currently in the exposure and stakeholder engagement phase while the Council was preparatory for the final release of the code.
  
The FRC boss said the draft code is based on the principles of good governance, which include legitimacy, direction, performance, accountability, fairness and integrity, stating that it also adopts a holistic approach to public sector governance, recognising the interdependence and interrelatedness of the various elements and actors involved.
 
 Olowo recalled how, over the last decade, starting from 2013, the FRC made significant strides by initiating reforms in developing comprehensive codes of governance for the private, public, and not-for-profit sectors, all aimed at enhancing transparency, accountability, and good governance in Nigeria’s institutions.
  
However, with success recorded in the private sector space through the release of the Nigerian Code of Corporate Governance (NCCG) 2018 for private sector entities, he said there were consistent calls to develop other specialized codes, one of which was the code for public sector entities.
  
Olowo emphasised that the draft public sector code was not just a document but a vision for the future of governance in Nigeria, having a roadmap for excellence, a foundation for trust, and a path to national development.
  
Admitting that achieving public sector excellence was not without challenges, following public institutions often bogged down by bureaucracy, inadequate resources and, in some cases, a culture of complacency.
  
“However, these challenges are not insurmountable. With the right leadership, adequate training, and strict enforcement of the public sector code, we can begin to reverse these trends.”

The FRC intends to help ensure that public officials adhere to higher standards of integrity and professionalism. These reforms shall contribute to greater accountability and transparency, setting the stage for improved national development outcomes and fostering public trust in Nigeria’s governance system,” he said.
  
In his welcome address, President and Chairman of the Governing Council, CIoD Nigeria, Tijjani Borodo, said as the nation navigates the complex challenges of the 21st century, the effectiveness of the public sector governance was paramount, stating that a well-governed public sector was the cornerstone of sustainable economic growth, social development, and overall national prosperity.
 
The CIoD chief charged the new fellows to continue to uphold the highest standards of professionalism, integrity and accountability. He charged them to be worthy ambassadors of CIoD Nigeria as champions of good corporate governance, sound business ethics, and exemplary leadership qualities.
  
At the event, the institute honoured five fellows with its highest award of Distinguished Fellowship. According to Borodo, they have not only served the country at the topmost echelon of their corporate organisations, but they have also made themselves available for the service of the institute in various capacities.