The Special Adviser to the Governor on Parastatals Monitoring Office, Mr. Afolabi Ayantayo, has revealed that Ministries, Agencies and Parastatals of the government must establish a structure that promotes corporate governance.
Speaking at a virtual seminar organised for CEOs of the State’s Parastatals with the theme ‘Digging Deep into the T.H.E.M.E.S. Agenda’, the Special Adviser explained that the principle of corporate governance improves the potential of an organisation to standardise its operations
He described the concept as a global approach that creates a corporate culture of transparency, accountability and disclosure, which enhances the long-term prosperity of an institution.
Ayantayo said the governance structure in Lagos State identifies the distribution of rights and responsibilities among different participants in the corporation but noted that there is a need to improve the knowledge of government officials on the ideals of corporate governance.
The Special Adviser submitted that the model promotes transparency which ensures strong economic development, adding that incorporating the principle into daily operational management of government’s institutions will encourage equitable service delivery. He revealed that the seminar will bring to the fore the relevance of the phenomenon in promoting inclusive society and establish a suitable model that will sustain its practice in all MDAs, which according to him, will help accounting officers to influence strategic decisions.
The Permanent Secretary, Parastatals Monitoring Office, Mrs. K.A.O Ajenifuja, pointed out that government policy directives encourage decisive and consistent decision-making, implementing corporate governance principles into the working environment to further advance efficiency.She posited that while Ministries are saddled with the formulation of developmental policies, the implementation is carried out by Parastatals and Agencies, hence, it is imperative that the Head of Agencies have a clear understanding of the focus of the present administration.