The federal government has inaugurated a Technical Working Group (TWG) for the development of the Nigerian not-for-profit Governance Code, which when ready shall be adopted and complied with by not-for-profit organisations in Nigeria. Inaugurating the TWG at the ministry’s headquarters yesterday in Abuja , minister of industry, trade and investment, Otunba Adeniyi Adebayo, commended the Financial Reporting Council of Nigeria (FRC) for the effort at ensuring that good governance and ethical practices are enshrined in all sectors and operating environments in the Nigerian economic space.
He noted that the latest effort followed a concern that there is no sufficient regulation on the organisational/operating structure, and sustainability of various not-for-profit organisations in Nigeria.
“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.
“The need to enshrine good governance and ethical practices in all organisations whether profit-oriented or not cannot be overemphasised, drawing from the overall positive impacts such developments would have on the national economy in the long run.
“Thus, the development of the Not-For-Profit Governance Code is heart-warming, following the success of similar efforts in the private sector space that led to Nigerian Code of Corporate Governance (NCCG) 2018 and the on-going move to do same for Public Sector Organisations,” he added.
Adebayo said the code when developed would enhance the fulfilment of the overall mandate of not-for-profit entities so they can achieve their intended outcomes for citizens and render better service to users; aid not-for-profit entities to operate in an effective, efficient, transparent and ethical manner; engender public accountability of resources received from donor and donor agencies;
ensure sustainability of these not-for-profit entities amongst others.
He, therefore encouraged members of the TWG to give it all it takes in developing an acceptable Code that will rebuild and reshape perspectives about the Nigerian economic operating environment and ultimately, lead to national growth and development.
The TWG is headed by the country director in Nigeria for DAI Global, an international development company, and former director- general, Bureau for Public Sector Reforms,
Dr Joe Abah
Membership of the Group cuts across organisations such as non-governmental-organisations (NGOs), faith based organisations, civil society groups, professional bodies/associations, all operating as not-for-profit organisations. Making Nasarawa An Investment Hub
