REPUTATION AND INTEGRITY AS MAJOR COMPONENTS FOR A SUCCESSFUL PUBLIC ENTERPRISE

Abstract

Any business owned and run exclusively by thegovernment or the state is called a public enterprise. Public enterprises in Nigeria are sometimes called corporations, parastatals, agencies, authority boards, state monopolies or commissions. The risk bearers in the public enterprises are the tax payerswho are the citizens of the country. One of the main reasons for the establishment of public enterprises in Nigeria is to facilitate and enhance social and economic developments in sectors that are not considered expedient for private investment. This expectation has however not been met as a result the lackadaisical approaches of both the employers and employees in the public enterprises which hinges on reputation, integrity, honesty etc in the discharge of their duties. In this paper, the reasons for theestablishment of public enterprises, as well as the importance of reputation and integrity as major components for a successful business enterprise were highlighted and discussed. If the employers and employees in these enterprises can live up to expectations, there is bound to be a better public image perception and increased survival/growth rate of the enterprises while the risks of business failure will be at the barest minimum. One of the recommendations made is that government should make sure that competent boards are appointed to oversee the affairs of the enterprises. This entails the appointment of those with cognate experience and skills related to the missions and visions of such establishments. These, when properly adhered to, will restore the reputation, dignity, integrity, honesty and trust in business enterprises