The need for business owners in the country to embrace corporate governance as a desirable option to grow their enterprises, improve shareholders’ funds and profitability on a sustainable basis has again been restated.

This is because experiences globally have demonstrated that enterprises that showed commitment to corporate governance principles perform better and have continued to enjoy investors and other stakeholders’ confidence in building their brands.

President and Chairman of the governing council of Institute of Chartered Secretaries and Administrators of Nigeria,ICSAN, Bode Ayeku who x-rayed the country’s current socio-political and economic woes and blamed the lack of corporate governance for its consistent failure in policy implementation.

According to Ayeku, should Nigerians adhere to the basic principles of corporate governance, it will be easy to change the country, saying instilling the rules of corporate governance in the private and public sectors is the only way to fight corruption.

ICSAN president scored the private sector high but said there is still room for improvement, saying corporate governance is important not only for the companies but the stakeholders, government and the economy.

Speaking on the need for Ministries, Departments, Agencies to appoint compliance officers, Ayeku believes that the appointment of compliance officers, who shall be senior management staff with duties and functions well spelt out and who shall be protected from immediate sack on the whims of the head of agencies or commissioners has become significant in the present day economy.

According to him, the compliance officers are expected to give independent advice and assist in driving the agencies and the parastatals along the path of best practice, transparency and accountability.

He said in the private sector, it is mandatory that companies shall appoint compliance officers who are usually company secretaries whose duties include ensuring the integrity of the governance framework, ensuring compliance with statutory and regulatory requirements and implementing board decisions.

In his words; in absence of corporate governance code for the public sector as it is in the private sector, MDAs should incorporate compliance officers in their management structure who will ensure rules and ethical standard procedures are followed for effective performance of the MDAs and growth of the economy.

Ayeku recounted that a compliance officer in the private sector is able to advise the chairman of the board and the managing director professionally without any fear or favour and he/she cannot be removed easily or without due process.

He warned that the appointment of secretaries without clear qualification, mandate, functions or appropriate placement in the management structure as obtainable in the public sector does not equate to compliance officers whose functions involve governance, direction by ensuring institution’s activities comply with legal and ethical requirements.

On lack of governance code for the public sector, Ayeku said what the reporting council attempted to do in 2016 was to have a three- in-one code of corporate governance, To have part One dealing with the private sector, Part Two dealing with the Public sector and Part Three dealing with Non Profit sector.