Corporate Governance Key to Accountability and Business Prosperity — PSC Chairman

By Iyojo Ameh

The Chairman of the Police Service Commission (PSC), retired Deputy Inspector General (DIG) Hashimu Argungu, has emphasized the importance of strict adherence to corporate governance within Nigeria’s public service, stating that it promotes accountability and drives business success.

He made these remarks during a management meeting of the Commission in Abuja, where he presented a paper titled “An Overview of Salient Features of the Federal Government of Nigeria Corporate Governance Manual for Governing Boards/Councils of Federal Parastatal Agencies and Commissions.

In a statement signed by Ikechukwu Ani, Head of Press and Public Relations, DIG Argungu highlighted that corporate governance plays a pivotal role in both public and private sectors by fostering economic development and enterprise activities.

He further stressed that corporate governance is designed to institutionalize best practices in Nigeria’s public and private sectors, thereby improving the integrity of business and working environments.

“Corporate governance fundamentally concerns the exercise of power over corporate entities,” Argungu said. “It encompasses the activities of the board and its relationship with shareholders or members, as well as interactions with those managing the enterprise, external auditors, regulators, and other stakeholders.”

The PSC Chairman elaborated on the concept, stating that corporate governance is a collection of control mechanisms adopted by organizations to promote fairness, accountability, responsibility, and transparency. These principles are applied consistently and equitably to ensure that every stakeholder feels included and confident that their interests are protected.

He outlined the key benefits of corporate governance, which include transparency, accountability, integrity, fairness, responsibility, consistency, and equitability—attributes essential for achieving an organization’s objectives and building trust among stakeholders.