Emmanuel OchayiThe President, African School of Governance and former Deputy Governor of the Central Bank of Nigeria, Prof. Kingsley Moghalu, has called on African leaders to prioritise good governance as the key to the continent’s development. He made this statement while accepting the Good Governance Award at the Chartered Institute of Directors (CIoD) 2024 Annual Directors’ Dinner & Awards Night held on December 12, 2024, at the Civic Centre, Victoria Island.
In an interview with Prime Business Africa, Prof. Moghalu expressed his deep gratitude for the recognition, reflecting on his long-standing commitment to good governance in Nigeria and across Africa. “I have always been an advocate for good governance in Nigeria and in Africa, so I am humbled to be recognised with this Good Governance Award by the Chartered Institute of Directors Nigeria,” Moghalu said.
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Prof. Moghalu, who is well-known for his insights on governance and policy issues, emphasised that the principles of good governance are crucial for societal progress. He stressed that these principles should not be confined to the private sector alone but must be extended to the public sector, where their absence has led to inefficiencies and corruption.
“The principles of good governance are key for a society to make progress,” Moghalu explained. “It ought to be applied, not only in the private sector, as we see many in the private sector trying to do, but also in the public sector, where we find it lacking in Nigeria and many African countries.”
According to Prof. Moghalu, governance is fundamentally about value creation, a principle that should govern both public and private sectors. “It is the governance concerned with value creation. Even government agencies, which are not commercialised, are meant to create value and contribute to public good,” he said.
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However, he noted that in the absence of good governance, societies face numerous challenges, including corruption, inefficiency, lack of transparency, and poorly planned public projects. These problems lead to high poverty rates and hinder national development.
The Role of Governance in Public Sector Efficiency
Moghalu also pointed out the critical role of governance in ensuring the effectiveness of public institutions. He criticized the way many Nigerian parastatals are run, arguing that they often serve as political tools rather than organisations that deliver value. “A lot of parastatals in Nigeria are serving simply as watering bowls for partisan political parties, rather than corporations that should be efficient and effective in delivering on their mandates,” he remarked.
The former deputy governor of the Central Bank of Nigeria (CBN) stressed that such inefficiencies in the public sector are a direct result of poor governance. “This is something we cannot continue to ignore,” he said firmly. “Nigeria and African countries cannot continue to worship politics without governance. Politics without governance is simply running around in circles. What it does is grant some people access to public office, but they do not look into the affairs of the citizens.”
Moghalu’s Call for Action
Moghalu’s call for Africa to embrace good governance resonated throughout the evening. He urged both private and public sectors to adopt the core principles of transparency, accountability, inclusiveness, and the rule of law. These principles, he said, are the foundation for sustainable development and must be fully integrated into governance practices to ensure the creation of public value.
As he accepted his award, Prof. Moghalu’s remarks underscored the importance of leadership that is committed to these principles. “Without good governance, we will continue to face setbacks,” he concluded. “Governance must be at the heart of all our efforts if we want Africa to thrive.”
Prof. Kingsley Moghalu’s recognition at the CION 2024 Annual Dinner was not only a personal achievement but a powerful reminder of the importance of governance in Africa’s development. His remarks will undoubtedly influence the ongoing conversation about the need for transparency, accountability, and efficiency in both the public and private sectors. His message was clear: Africa’s future depends on its commitment to good governance.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
