By Milcah Tanimu

Chief Olusegun Osunkeye, Chairman of the Board of Directors at Omnibus Business Solutions Ltd., has underscored the importance of implementing a corporate governance code to address governance deficiencies in the public sector.

Osunkeye made this recommendation during the Investiture Ceremony of Alhaji Tijjani Borodo as the 18th president of the Chartered Institute of Directors (CIoD) in Lagos on Thursday.

He emphasized the urgent need for a Nigerian code of governance to regulate the operations and activities of Ministries, Departments, and Agencies (MDAs) in the public sector. Osunkeye stressed that public institutions should be subject to the same governance regulations as private corporations.

“I request a code of corporate governance for the public sector as a foundation to support the reform agenda of the current administration. The incoming CIoD president should make it a priority to ensure the Nigerian public sector code of corporate governance is established and enforced during his tenure,” he stated.

Mr. Oscar Onyema, Chief Executive Officer of the Nigerian Exchange Group Plc, highlighted the significance of corporate governance and leadership development in sustaining the value and relevance of any organization. He commended CIoD for its substantial impact on the leadership of numerous Nigerian organizations.

Onyema noted that the CIoD had organized approximately 1,100 onshore and offshore courses, training over 19,000 directors over the past 40 years. These directors have played a significant role in fostering strong corporate governance and ethical practices within their organizations.

He acknowledged that the corporate landscape had evolved due to the disruption caused by the COVID-19 pandemic. This transformation led to changes in board composition and operations, expanding the expectations of boards and individual directors beyond traditional roles to accommodate new trends and realities.

In conclusion, Alhaji Tijjani Borodo, the newly elected president of CIoD, outlined his strategic agenda to promote corporate governance excellence, advocate for policies and practices that encourage growth and innovation, and implement the chartership of CIoD Nigeria. His tenure would focus on “Review, Reform, and Reinvigoration” (3Rs) to drive the institute’s strategic plan. He expressed his commitment to working with partners to enhance corporate governance advocacy and achieve higher levels of effectiveness in this regard.