FG inaugurates technical working group for not-for-profit governance code

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo on Thursday in Abuja inaugurated the Technical Working Group (TWG) for the development of the Not-For-Profit Governance Code.

The minister said that the code would enshrine good governance and ethical practices in all sectors and operating environments of Nigeria’s economic space.

According to him, the code when ready shall be adopted and complied with by not-for-profit organisations in Nigeria.

“This is coming against the general notion of insufficient regulation on the organisational/ operating structure and sustainability of various not-for-profit organisations in Nigeria.

“Therefore, having successfully issued the Private Sector Governance Code called Nigerian Code of Corporate Governance (NCCG) 2018, and now set to issue a Public Sector Governance Code, council deemed it necessary to concurrently develop that for not-for-profit organisations,’’ he said.

The minister expressed optimism about the success of the group in carrying out the assigned task.

He said that there was the need to enshrine good governance and ethical practices in all organisations whether profit oriented or not could not be overemphasised.

Adebayo said that it would enhance the fulfilment of the overall mandate of not-for-profit entities so they could achieve their intended outcomes for citizens and render better service to users.

“It will also aid not-for-profit entities to operate in an effective, efficient, transparent and ethical manner while engendering public accountability of resources received from donor agencies.

“More so, it will ensure sustainability of these not-for-profit entities among others,’’ he said.

The minister encouraged members of the TWG to employ their wealth of knowledge, expertise and professionalism in developing an acceptable code that would rebuild and reshape perspectives about Nigeria’s economic operating environment.

The Chairman of the Group, Dr Joe Abah, described it an honour and privilege to find the members worthy to serve.

“On behalf of my colleagues, the members of the technical working group will like to appreciate the ministry and the Financial Reporting Council (FRC) for deeming us worthy to work on this very important assignment.

Abah, who was a former DirectorGeneral, Bureau for Public Sector Reforms, described the code for the not-for-profit organisations as the most contentious among others.

“I need not to say that of all the codes that are being developed, the one for the not for profit organisations is probably the most contentious.

“We are aware of the previous attempt that was made in 2016 and the fact that some of the issues raised then was an issue of inadequate consultation of the key stakeholders

“I am, therefore, particularly pleased at the broad range of interest that has been nominated to be part of