Federal Govt Set Up C’ttee To Develop Not-for-profit Governance Code Business
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 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 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 2018 and the on-going move to do same for Public Sector Organisations,” he added.
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