NIGERIAN NOT-FOR-PROFITGOVERNANCE CODE-2023
This Code, to be referred to as the Not-For-Profit Governance Code 2023, is the outcome of deliberations of the Technical Working Group (“TWG”) for the development of the Nigerian Not-For-Profit Governance Code (“NFPGC” or the “Code”) constituted by the Honourable Minister of Industry, Trade and Investment on Thursday, February 9, 2023, which may be adopted and complied with by Not-For-Profit Organisations (“NFPOs” or “Organisations”) in Nigeria.
The Not-For-Profit sector in Nigeria has been actively engaged in charitable causes and philanthropy through corporate social responsibility programs. Through the years, charity has progressed from individual charitable acts of helping the poor to more organized philanthropic and charitable activities.
NFPOs are increasingly used by individuals and notable personalities and families, religious leaders, and philanthropists who primarily use foundations and other non-profit forms to contribute their resources to addressing social problems. These problems include alleviating
poverty, provision of free education and healthcare, as well as philanthropic activities among others. These organisations are significant tools for enhancing the growth and development of the economy through leveraging financial and human resources and fostering leadership
values in the citizenry.
Urged on by humanitarian concerns over either glaring poverty and neglect, or economic mismanagement by the leaders of some countries, certain donors (through individual and philanthropic activities, multilateral grants and aid) have made significant donations directly
to relevant organisations in the hope that it would engender greater mission fulfilment, donor value, beneficiary satisfaction and trust. A Code of Corporate Governance will elevate public trust and confidence in the not-for-profit sector, particularly among citizens, beneficiaries of
these organisations, donors, volunteers and other key stakeholders, particularly among donors, volunteers, and other key stakeholders.