PSC Chairman Advocates for Corporate Governance as Key to Accountability and Business Growth

Maryam Aminu

In a recent management meeting of the Police Service Commission (PSC), retired Deputy Inspector General (DIG) Hashimu Argungu made a compelling case for the critical role of corporate governance in Nigeria’s public service.

He emphasized that adherence to corporate governance principles fosters accountability and drives business prosperity.

Speaking in Abuja, DIG Argungu delivered a paper titled “An Overview of Salient Features of the Federal Government of Nigeria’s Corporate Governance Manual for Governing Boards/Councils of Federal Parastatal Agencies and Commissions.”

In his address, he underscored the importance of corporate governance as a pillar for both public and private sectors in driving economic and enterprise activities.

The PSC Chairman highlighted the transformative power of corporate governance in institutionalizing best practices in Nigerian organizations.

He stressed that it not only ensures the integrity of business operations but also promotes a healthy working environment for all stakeholders.

“Corporate governance is fundamentally about how power is exercised over corporate entities. It encompasses the activities of the board and its relationship with shareholders or members, as well as those managing public or private enterprises,” DIG Argungu explained.

“It also includes interactions with external auditors, regulators, and other legitimate stakeholders.”

He further elaborated that corporate governance is a “collection of control mechanisms” that promotes fairness, accountability, responsibility, and transparency within organizations.

“When these principles are upheld consistently and equitably, every stakeholder will have a sense of belonging, confident that their interests, whatever they may be, are protected,” he added.

DIG Argungu outlined the core benefits of corporate governance, listing transparency, accountability, integrity, fairness, and responsibility as key advantages.

He also emphasized the importance of consistency and equitability in fostering trust within organizations.

The PSC Chairman’s remarks signal a strong commitment to advancing corporate governance within Nigeria’s public institutions, setting a benchmark for ethical practices in both the public and private sectors.