By Michael Eboh
Economic experts and other professionals have called for the introduction of a code of corporate governance and ethics for public officers and government-owned companies to check the excessive and reckless spendings, a factor which has brought about an unnecessary increase in the cost of governance.

This call was made at the annual international conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Lagos State Chapter in Lagos, with the theme: ‘Corporate Governance Best Practices for Public and Private Sector Enterprises’, where participants at the forum noted that the introduction of the Code would help check abuse and curtail unnecessary behaviours in public offices by government officials.

Mr. Segun Osunkeye, Chairman, Nestle Nigeria Plc and Lafarge Cement WAPCO Plc, who also chaired the forum, stated that the cost of running government in Nigeria is ten times more than the cost of doing business in the private sector.
In addition, he explained that governance, generally, should focus on the well-being and welfare of the people at a cost that is very affordable.

He said, “Despite complains by stakeholders in the private sector concerning the huge cost of doing business in the Nigeria, we are aware that the cost of governance in Nigeria is ten times more than that.

“In fact, the proper definition of democracy should be; government of the people, by the people, for the welfare and well-being of the people at an affordable cost.

To address this anomaly, Osunkeye called for an embrace and strengthening of good corporate governance principles in the public sector, noting that this will help bring down the enormous cost of running government and make public officers more accountable, transparent and honest.

According to him, anything that will help bring down in the public sector and also in the private sector is a welcome development and should be encouraged by all.

He said, “Corporate governance best practices can help bring down cost, both in the public and private sector. Good corporate governance should be concerned about how we are being governed and at what cost. Public officers should be made to abide by the tenets of good corporate governance, such as accountability, probity and transparency.”
He tasked ICSAN to kickstart the campaign for the introduction of a code corporate governance and ethics in the public sector.

In going about the campaign, according to Osunkeye, ICSAN can carry along other stakeholders, both in the public and private sectors.