Diagrammatically explain the structure of a Nigerian public enterprise of your choice. ii. State the functions of the board of directors of such an enterprise.

A Nigerian public enterprise, such as the Nigerian National Petroleum Corporation (NNPC), typically has the following structure:

1. Board of Directors: The highest governing body responsible for overseeing the management and operations of the enterprise.

2. Managing Director/CEO: The top executive responsible for the day-to-day operations and strategic direction of the enterprise.

3. Executive Management Team: Senior executives responsible for overseeing various departments and functions within the enterprise.

4. Departments/Divisions: Various departments and divisions responsible for carrying out specific functions such as exploration, production, refining, marketing, and finance.

5. Employees: The workforce responsible for carrying out the day-to-day operations of the enterprise.

Functions of the Board of Directors of a Nigerian public enterprise:

1. Setting strategic direction: The board is responsible for setting the overall strategic direction and goals of the enterprise.

2. Oversight: The board oversees the management and operations of the enterprise to ensure that it is being run effectively and in accordance with relevant laws and regulations.

3. Risk management: The board is responsible for identifying and managing risks that could impact the enterprise's operations and financial performance.

4. Financial oversight: The board reviews and approves the enterprise's financial statements, budgets, and major financial decisions.

5. Appointment and evaluation of senior executives: The board is responsible for appointing and evaluating the performance of the managing director/CEO and other senior executives.

6. Stakeholder engagement: The board represents the interests of various stakeholders, including shareholders, employees, customers, and the government.

Overall, the board of directors plays a crucial role in ensuring the success and sustainability of a Nigerian public enterprise.

Diagram of the Structure of a Nigerian Public Enterprise

Board of Directors

- Chairman
- Managing Director
- Executive Directors
- Non-Executive Directors

Management

- Managing Director
- Executive Directors

Departments

- Finance
- Human Resources
- Operations
- Marketing
- Legal

Support Units

- Internal Audit
- Risk Management
- External Relations

II. Functions of the Board of Directors of a Nigerian Public Enterprise

- Strategic leadership: Setting the overall direction and strategy of the enterprise.
- Governance: Ensuring compliance with laws, regulations, and ethical standards.
- Financial oversight: Approving budgets, reviewing financial performance, and ensuring financial accountability.
- Risk management: Identifying, assessing, and mitigating potential risks to the enterprise.
- Performance evaluation: Setting performance targets and evaluating the performance of management.
- Stakeholder management: Representing the interests of shareholders, employees, customers, and the public.
- Appointment and removal of key executives: Appointing and removing the Managing Director and other key executives.
- Ethical conduct: Setting and enforcing policies on corporate governance, ethics, and compliance.
- Communication with shareholders: Disclosing financial and operational information to shareholders and other stakeholders.
- Policy development: Developing and implementing policies that guide the enterprise's operations.