By Ediri Ejoh & Ikenna Asomba

Ongoing moves by the Federal Government to develop a harmonised national corporate governance code for both private and public sectors will go a long way to curtail corrupt practices in Nigeria’s public service.

This was the view of some experts on corporate governance, who spoke to Vanguard at the 13th Induction ceremony of members of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) in Lagos.

Speaking at the event where 114 students, 10 Fellows and 33 Associates were inducted, Mr. Dele Togunde, Registrar/Chief Executive Officer, ICSAN, said: “The Foreign Direct Investment that we are craving for in this country could only come if there is effective practice of corporate governance. And this involves a situation where people are doing things they should do in the right way. That is, doing things according to international best practices.”

Speaking further, Togunde said: “The federal government has currently set up a committee to harmonise all the codes of corporate governance in Nigeria. We have four codes currently guiding our operations in Nigeria. But the federal government has come out with the idea of having one code guiding both the private and public sector.

”You will discover that corporate governance has been thriving for long in the private sector. The government has now decided to extend it to the public sector. So, I want to believe that by the time the harmonised code is out, at least it will create some changes in our lifestyle in the public sector.

The public sector happens to be the largest spender in our system and that is where we have challenges in terms of spending. So, I want to believe that by the time the harmonised code is ready with the change of orientation and not forgetting prayers, we will get there.”

On his part, Vice President, ICSAN, Dr. Nat Ofo, said: “Corruption is a major problem in our environment. ICSAN is an institute that preaches and practices corporate governance. We don’t condone corruption. We are against corruption in all its ramifications. And we also urge Nigerians in the private and public sectors to fight against corruption, ensuring it is eliminated in Nigeria.

”If corruption is eliminated in this country, I tell you, Nigeria will be a paradise. This is just a matter of having a culture of doing the right thing at the right time for the right people. Let the person who is qualified to get a thing get it. Let those in authority serve the people and be concerned about their welfare. Ensure that things are done properly, that flouting of the rules is not tolerated, and this must come from the top.”