August 10, 2024
Good governance is fundamental for the prosperity of every nation, and this principle extends to the corporate sphere, where ‘Corporate Governance’ holds significant importance. Effective governance practices ensure transparency, accountability, and ethical decision-making, which are essential for sustainable growth and success in both public and private sectors.
In the corporate world, adhering to sound principles of corporate governance helps in fostering investor confidence, mitigating risks, and enhancing overall performance. By upholding the principles of good governance, organizations can build trust with stakeholders, maintain a competitive edge, and contribute to long-term success and sustainability.
The call for good governance has been put on the front burner in Nigeria with the hunger protest by citizens tagged #EndBadGovernance. Although the protest turned bloody in some parts of the country, resulting in the looting of supermarkets and shops and vandal of public facilities, it has shown the disconnection between the government and the citizens. The violent turn of events highlights the deep-seated frustrations and grievances of the people towards the authorities. It serves as a stark reminder of the urgent need for transparency, accountability, and responsiveness from the government to address the issues that have led to such drastic actions by the populace. The unrest underscores the critical importance of heeding the calls for reform and ensuring that the concerns of the citizens are heard and addressed to prevent further escalation of tensions.
Sadly, the situation has further dirtied the reputation of the country among the League of Nations. However, after several calls by citizens, President Bola Tinubu had to address the nation calling for calm and understanding and urging citizens to end the protest. In his address, he reeled out some of the initiatives his administration is doing to stabilize the economy and reduce hunger, poverty, and others. As commendable as this is, it shows how the government has not been proactive and not even deliberate about strategically communicating with the citizens and stakeholders. Successive governments have also followed this path; they wait until there is an outburst from the citizens before they address the nation. Then they start reeling out the interventions they are doing and how citizens can access them.
This is not just peculiar to the federal government and its agencies, states, and local government; the other organs of government are not left out. They claim to disburse huge amounts of funds for citizens, but the expected beneficiaries are not aware of it. The effort is like ‘winking in the dark’ and it has always been counterproductive for the country.
Citizens don’t trust the government and the government doesn’t engage citizens appropriately. Town hall meetings met to boost the government-citizen relationship have become a gathering of politicians.
