Kaizen Academy Advocates Multi-Pronged Approach to Entrenching Corporate Governance in the Public Sector

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 on Thursday in Lagos, said the advice would address the disparity in adoption of sound corporate governance practices between private and public sectors.

Kaizen Academy is a governance and strategy focused consulting firm that offers services capable of revolutionising the operational and governance structures of organisations.

According to her, robust corporate governance is not only crucial for the sustained growth and competitiveness of organizations but also for the overall development of a nation.

To this regard, the governance expert, stated that the public sector, being a critical driver of national progress, could not afford to lag behind.

She recommended that a comprehensive and robust regulatory framework tailored to the specific needs of the public sector must be established.

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 programs 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.

Madueke added 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 can foster transparency, inclusivity, and a sense of collective ownership in public sector decision-making processes.

She also emphasized 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.

“Recognizing 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 minimize 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.