Opinion
FRC; Pioneering Governance Code for Public Institutions
BY ABUBAKAR YUSUF
The Financial Reporting Council (FRC), under the indefatigable leadership of the new Executive Secretary, Chief Executive Officer, Dr Rabiu Onaolapo Olowo has perfected plans to introduce a new governance code that will cover public institutions in the country, a move that was not prevalent in the old order.
This was coming after the launch of similar code in the private sector to galvanize businesses across the country in collaboration with corporate bodies six years down the line.
The code and framework for both public and private sector governance will synergise not only to ensure good governance across the sectors, but robust policies and programs.
The new leadership aside setting the ball rolling through the introduction of innovative ideas and programs, along with digitization and automation of its activities in line with best practices, is ensuring a code of practice going forward.
This will be in line with increasing business confidence, guarantee access to capital and trade , as well as promote good corporate governance across all sectors.
While expressing worries on the absence and code or framework that is nationally acceptable to trigger good governance and ethics, particularly when transacting businesses desiring wide coverage, the introduction of governance code for public institutions will address all unforseen circumstances.
Governance Code for public institutions has become sacrosanct to protect the image of the country, legitimize it’s activities and restore confidence in the international communities.
To adhere strictly to the new order , the leadership under Dr Rabiu Onaolapo Olowo has perfected double edged arrangements to approach the new template using advocacies to reach out to concerned stakeholders, with a view to addressing the dearth of corporate governance in the public institutions.
Efforts has also been redoubled through grand launch of awareness campaign and presentation of concepts to the general public, capable of acquainting Nigerians of the nitty gritty of the new global order .
The new approach will be driven through seminars, talkshops, workshops and orientation across all strata of public businesses and engagement to ensure adequate information are passed to the appropriate bodies.
Having developed a code of governance for public institutions, the need to also prioritise concerted efforts towards inserting a general acceptable code for- not – for -profit sector will be reenacted , going by the national and international dimensions and the importance in our society.
The launch of the two governance code both for the public and private sectors will not only galvanize the country’s socioeconomic and political development, but give a direction towards mass participation in the global community and programs.
With the new efforts and drive by the leadership of the Financial Reporting Council FRC, under the new helmsman, Rabiu Onaolapo Olowo, codes and framework for businesses will be streamlined towards producing sane environment for businesses to thrive at both the public and private sector.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
It was the famous American former President, Abraham Lincoln who noted that the people when rightly and fully trusted will return the trust.
Thus, when the trust level gets high enough, people exceed apparent limits, discovering new and awesome abilities of which they were formerly unaware.
When trust is placed on those who occupy public office, they need to work had to continue to justify the trust in the people they preside over.Appointment into office is premised on the facts that the appointee is capable and will be of immense values to the realization of the aspirations of the government in power.
Thus, with the coming of President Bola Ahmed Tinubu into office, series of strategic appointment of respected and credible niger9ians were made thereafter.
President Bola Ahmed Tinubu had the qualities of appointing the right people in the right position, having judged their qualification and capabilities. This is a unique ability which good leaders to possess in abundance.
It was this sense of judgement that made him to appoint Chief Adegboyega Isiaka Oyetola CON as the current minister of Marine and Blue Economy.He was the former chief of Staff to the former Governor of Osun State and later became the governor of the state.
Whereby he displayed integrity, self-awareness, courage, respect, compassion, and resilience. This role allowed him to exhibit his administrative shrewdness and dedication to the advancement of the state.
During this time, he played a critical role in implementing policies and initiatives aimed at improving education, healthcare, and infrastructure.He was later appointed minister of transportation by President Bola Tinubu on 16 August 2023, but redeployed four days later to the newly created Ministry of Marine and Blue Economy.
Despite the newness of the ministry, his leadership abilities and acumen as well as his professional qualification eminently qualifies him for the arduous job, for he pursued his education with diligence, earning a degree in Applied Accounting from the prestigious University of Lagos.
With a passion for learning and a keen eye for effective management, he embarked on a career that would see him excel in various sectors.
According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.”
European Commission defines it as “All economic activities related to oceans, seas and coasts, the realization that Nigeria has vast ocean ecosystem justifies the creation of the ministry.
The ministry’s four action pillars for its first four years (2023–2027) are: promoting sustainable blue economy investments; transforming port operations; enhancing port infrastructure; and strengthening blue governance.
Under Oyetola’s leadership, the ministry targets attracting $2 billion in investments in offshore renewable energy by 2025; establishing at least five new fish processing plants by 2025 and at least two new coastal tourism sites by 2026; and creating three million marine and blue economy-related jobs by 2027.
The importance of this ministry lies in the fact that the life of the planet and correct functioning of ecosystem services are sustained by marine ecosystems.
The blue economy thus has the potential to achieve a sustainable development which does not compromise life on Earth tomorrow.
Thus, his appointment eminently justifies and in line with the aspiration s to make Nigeria a great nation.His achievements in office are attributed to maritime security and safety, port operational efficiency, infrastructure rehabilitation, connectivity and blue economy development.
The Minister, who unfolds the strategic plans of the Ministry and the Agencies which would focus on maritime security, safety, ship building & maintenance, maritime governance, port infrastructure rehabilitation, capacity building, among others.
Under his leadership, the Nigeria’s territorial waters became safer especially in the Gulf of Guinea (GoG) in the past one year, with the maritime sector recorded zero incidence of piracy and maritime terrorism for more than one year.
Ports were upgraded and his ministry worked assiduously to actualize the implementation of the National Single Window at the nation’s ports to facilitate trade and competitiveness of country’s port system.
The value his outstanding leadership will also impact on the acceptability and reelection of the present administration in 2027.
We Commend President Bola Ahmed Tinubu on the confidence reposed in and the subsequent Appointment of Chief Gboyega Oyetola as the Minister of the Marine and Blue Economy.
He is honest and transparent in his stronger determination to reposition the sector as the leading source of revenue to the country and will surely do more based on his past robust antecedents. We thus call on all Nigerians to support his vision and pragmatic leadership in the office, so as to enable impact the lives of many more citizens of the country.
Dr K.M.Tugga is an Abuja resident and public affairs commentator
By Rinret Jennifer Mwarap
The unrelenting massacre of citizens in Plateau State has reached an alarming level. While the government claims to be taking steps to restore order, the reality on the ground tells a different story one that feels like nothing meaningful is being done.
It is heartbreaking to see our loved ones butchered without cause. The questions torment us: What have we done wrong? Who have we offended? Where did we go astray? Must we continue to endure this suffering for no justifiable reason?
The killing of innocent people in Plateau must come to an end. The government and security forces cannot afford to look away. Their responsibility is clear they must act swiftly and decisively to bring the perpetrators to justice, for the sake of the innocent victims and the children left behind.
I call on the Governor of Plateau State to rise to this challenge. Take bold and immediate action against those who seek to destroy our land and shed innocent blood. Let them face the full weight of the law.
This feels like a nightmare—how did we get to the point where the same Plateau where I once slept peacefully with both eyes closed is now a place where even sleeping with one eye open feels unsafe?
Where is the peace in our “Home of Peace and Tourism”?
When will our tears dry? When will justice prevail?
If we truly seek peace, then justice must be non-negotiable.
Ken Nnamani, a former president of the senate, says he did not beg Elisha Abbo, a former senator representing Adamawa north, on behalf of any judge after the ex-lawmaker lost his election case in court.
In October 2023, the court of appeal sacked Abbo and declared Amos Yohanna, candidate of the Peoples Democratic Party (PDP), as the winner of the Adamawa north senatorial election.
Appearing on Channels Television on Wednesday, Abbo said he was a victim of “miscarriage of justice”.
The former senator said Nnamani pleaded with him on behalf of a judge after he lost his election case in 2023.
Reacting in a statement, the former senate president described Abbo’s claim as “blatant lies”.
“My greatest surprise was to hear him state that Senator Ken Nnamani visited him to plead with him on behalf of a judge for the miscarriage of justice. This statement is a blatant lie. I do not know how Senator Abbo can boldly fabricate an event that never happened to buttress his allegation of judicial miscarriage against him,” he said.
“For the avoidance of doubt, I have never visited Senator Elisha Abbo at his house or anywhere. Up to this moment, I do not know where he lives. I have never discussed with him about his case, or any case pending or decided by any court of law in Nigeria.
“The only time I met with him was when he visited me in my house. It was more of a social visit by him. At this meeting, we never discussed his case or any case. I recall that when the matter of his political career came up, I advised him to avoid controversies as a young politician.
“The statements Senator Abbo made regarding me and his case are all fabrications. I believe I have had a sterling and distinguished public service career. I am determined to maintain my integrity and commitment to excellence till the end of my life.”