Poor governance reason Nigeria can’t create wealth, prosper its citizens, says Moghalu 

 

A former Central Bank of Nigeria Governor and President, African School of Governance, Kingsley Moghalu has received the prestigious Chartered Institute of Directors Award for Good Governance.

 

 

Moghalu, the president of Africa School of Governance, received the institute’s award at the 2024 Annual Directors Dinner.

 

 

The Annual Diner which is an occasion for celebrating achievers, also honoured Emir of Kano, Khalifa Muhammadu Sanusi II, President and Chief Executive Officer of Coscharis Group, Dr Cosmas Maduabuchukwu Maduka and Chairman of Ecobank, Bola Adesola.

 

 

Seplat Energy PLC received the Corporate Governance Award at the event for its role in supporting Nigeria’s economy through the creation of value for all stakeholders.

 

 

Moghalu, who was chairman of the event, commended the Chartered Institute of Directors for playing a leading role in promoting corporate governance in Nigeria.

 

 

Speaking on the place of governance in delivery of services to the public, he said politics without governance is a Merry go round of poverty and insecurity.

 

Moghalu said the difference between a civilized society and an uncivilized society is governance.

 

He said: “The difference between civilised societies and uncivilized societies is that the civilised societies have governance. Uncivilized societies have laws of the jungle. There is no order, there is no law.”

 

 

He lamented that governance in Africa is absent, with leaders looking up to investors and aid from rich countries as the solution to the underdevelopment of the continent.

 

 

He said if a country has functional governance that is about taking its people from midrange to global completion, Africa won’t be facing the challenges of poverty besetting it.

 

 

He said without good governance, there would be no wealth and prosperity for the people.

 

 

“What means a lot to me is the wealth of nation, not that you have one single man or woman who has all the money. Good governance means efficiency, inclusiveness.”

 

 

 

He recalled his appointment in 2009 as Deputy Governor of the CBN when tasked with reforming the financial system and bringing about a new form of corporate governance. He said the successes recorded in the assignment was largely with the contribution of the Chartered Institute of Directors.