Governance experts have called for far-reaching institutional and governance reforms across Nigeria’s public and private sectors, saying stronger institutions are essential for sustainable economic growth and improved public confidence.
The call was made on Friday in Lagos during the investiture of Dr Chamberlain Peterside as the fifth Chairman of the South-South/South-East Zone of the Chartered Institute of Directors (CIoD) Nigeria.
Speaking at the event, the Principal Partner of George Etomi and Partners, George Etomi, said the quality of leadership, ethical conduct and governance systems remained critical to Nigeria’s economic development.
According to him, while the private sector has made notable progress in adopting corporate governance principles, similar standards must be institutionalised across public institutions.
He argued that effective corporate governance cannot thrive where public governance is weak, stressing that even well-managed organisations would eventually be affected by a dysfunctional operating environment.
Etomi said governments must create a regulatory environment that encourages businesses to flourish and markets to operate efficiently.
To strengthen governance and tackle systemic inefficiencies, he proposed merit-based appointments to the boards of state-owned enterprises and regulatory agencies, mandatory governance and ethics training for public officials, the appointment of independent non-executive directors to public sector boards, and the introduction of an annual public sector governance scorecard.
He also advocated increased deployment of digital technology to promote transparency, reduce corruption and improve efficiency in the public sector.
“Nigeria cannot build a resilient economy on weak institutional foundations,” Etomi said, adding that national development would only be achieved when public and private sector leaders were held to the same ethical standards.
Also speaking, the President-General of Ohanaeze Ndigbo Worldwide, Senator John Mbata, said the prosperity of nations depends more on strong institutions than on natural resources.
He noted that institutions anchored on the rule of law, accountability and long-term vision create opportunities and sustain development beyond political administrations.
Mbata described competent, ethical and visionary directors as the driving force behind such institutions and commended the CIoD for its role in preparing responsible leaders.
He urged directors to place institutional interests above personal ambition and encouraged members to support the new chairman in advancing the institute’s governance objectives.
“In today’s world, where public confidence in institutions is essential, the work of the institute has become even more important,” he said.
President of the CIoD Nigeria, Mr Adetunji Oyebanji, reaffirmed the institute’s commitment to promoting good governance and strengthening institutional capacity across its branches.
He commended the outgoing executive committee for laying a solid foundation for the branch and urged the new leadership to build on its achievements with integrity, innovation and inclusiveness.
Oyebanji also encouraged members to participate actively in governance advocacy, mentoring initiatives and professional development programmes while calling on corporate organisations and other stakeholders to support the institute’s activities.
In his remarks, the King of Ada Ama, Twon Brass, Bayelsa State, Chief Serena-Dokubo Spiff, described effective leadership as a key driver of national economic development.
He said directors must provide purposeful leadership capable of building stronger institutions, promoting wealth creation and advancing national prosperity.
In his acceptance speech, Peterside pledged to prioritise ethics, professional development and membership engagement during his tenure.
He said the branch would focus on capacity building, youth and women development, social engagement and institutional strengthening.
Peterside thanked members for the confidence reposed in him and assured them that his administration would uphold the institute’s values while contributing to national development.
