The Chartered Institute of Directors (CIoD) Nigeria has issued a fresh admonition to both federal and state governments, warning that the lack of sound corporate governance in public institutions remains a fundamental threat to national economic stability.
​Speaking at the investiture of Chamberlain S. Peterside as the 5th Chairman of the CIoD Nigeria Port Harcourt Branch, commercial law expert George Etomi delivered a keynote address urging policymakers to treat corporate governance as an urgent strategic necessity rather than a private-sector formality.
Etomi cited notorious institutional collapses, noting that the defunct Nigeria Airways consumed $528 million before its liquidation, while the Ajaokuta Steel project absorbed an estimated $10 billion over four decades without commercial output due to governance failures.
Presenters stressed that well-governed private enterprises cannot thrive sustainably if surrounded by dysfunctional public institutions.
The institute urged government leaders to fast-track a mandatory public sector governance code equipped with strict compliance mandates and real-time budget reporting.
​Addressing regional directors, incoming branch chairman Chamberlain S. Peterside highlighted that public trust and sustainable economic expansion depend on aligning ethical leadership with institutional oversight across all tiers of government.
​”These historic losses are not stories of bad luck; they are direct outcomes of governance failure. The same oversight failures private sector codes aim to prevent are being paid for by every Nigerian citizen when public institutions lack structural accountability.” George Etomi stated.
​Supporting this stance, CIoD leadership reiterated its push for an annual Public Sector Governance Scorecard, emphasizing that implementing robust internal controls across state-owned enterprises is essential to supporting Nigeria’s target of building a $1 trillion economy.
