The Financial Reporting Council of Nigeria (FRC) and the Securities and Exchange Commission (SEC) have reaffirmed their joint commitment to advancing ethical governance and accountability in Nigeria’s corporate sector, amid growing global and domestic disruptions reshaping business practices.
This position was articulated during the 20th anniversary corporate governance conference of the Society for Corporate Governance Nigeria (SCGN) held in Lagos, themed “Strengthening Ethical Governance in a Disrupted World: Reflection on Governance’s Journey for a Sustainable Future.”
The event marked two decades of SCGN’s advocacy for integrity, transparency, and responsible leadership, bringing together regulators, board leaders, and governance professionals to examine how Nigerian institutions can strengthen ethics and resilience in a rapidly evolving business environment.
FRC Emphasises Need for Collective Ethical Responsibility
Speaking at the conference, the Executive Secretary and CEO of the FRC, represented by the Coordinating Director of Corporate Governance, Titus Osawe, underscored the growing threats to ethical governance posed by emerging challenges such as digital disruption, artificial intelligence, data manipulation, and greenwashing.
Osawe said that organisations must embed ethical leadership into their culture and operational frameworks, noting that “strengthening ethical governance is a collective responsibility.”
He stated, “We must prioritise ethics and integrity in our institutions. The FRC remains committed to setting standards, enforcing compliance, and imposing sanctions where breaches occur.
Through collaboration, we can create a culture of transparency, accountability, and ethical governance that ensures sustainable national development.”
Osawe added that the FRC was stepping up its monitoring and inspection functions to ensure boards and corporate leaders adhere strictly to governance principles that promote trust and credibility in the Nigerian business environment.
SEC Calls for Governance-Driven Sustainability
In his remarks, SEC Director-General, Dr. Emomotimi Agama, represented by John Briggs, Head of the Lagos Zonal Office, stressed that the growing global crises—ranging from climate change to social inequality and technological disruption—require institutions to prioritise ethical governance as a foundation for sustainable progress.
According to Agama, “Sound governance and transparent sustainability reporting have moved beyond compliance; they now define competitiveness and long-term value creation.”
He argued that ethical governance frameworks are critical for emerging economies like Nigeria, which must balance the pursuit of economic growth with social inclusivity and environmental responsibility.
“Corporate governance provides the essential framework for meeting these challenges.
It’s not just about profit but about building resilient institutions that can withstand disruptions and attract long-term investment,” Agama said.
He commended the SCGN for its two-decade contribution to advancing governance standards through research, advocacy, and capacity building.
“This milestone reflects the indispensable role that governance institutions play in shaping our national corporate identity,” he added.
Ethical Governance Requires Diversity and Integrity
Delivering the keynote address, Dr. Omobola Johnson, Board Chair of Guinness Nigeria Plc, highlighted the importance of diversity in achieving effective ethical governance.
According to her, diverse boards—comprising professionals with different experiences and perspectives—foster richer discussions and ethical decision-making that serve a broader spectrum of stakeholders.
“In a world without a rulebook, no single demographic has a monopoly on knowledge. Diversity ensures ethical governance by introducing checks, balance, and representation,” she noted.
Dr. Johnson added that ethical leadership must be built on integrity, transparency, and a long-term vision of success.
“Integrity is not a slogan; it’s a culture that boards must model and enforce. True governance isn’t about shortcuts but about decisions that preserve trust and sustainability.”
Ethical Governance Amid Disruption: SCGN President Speaks
In his opening remarks, SCGN President, Muhammed Ahmad, urged organisations to anchor their operations on strong ethical values as artificial intelligence and automation transform the corporate landscape.
“Ethics is not just about compliance; it’s about how we live and make decisions,” he said. “Governance guides organisations to do what is right, even when it’s not easy.
Ethical governance ensures we remain fair, transparent, and accountable to all stakeholders.”
Ahmad emphasised that in a world increasingly driven by technology, ethical governance provides the compass that keeps institutions human-centred, values-driven, and socially responsible.
Thought Leaders Advocate Conscience and Accountability
One of SCGN’s founding directors, Professor Pat Utomi, offered a philosophical take on the subject, referencing Carlo Cipolla’s “Five Laws of Human Stupidity” to illustrate how irrationality can undermine governance.
Utomi warned that emotion often overtakes reason in governance, calling for stronger personal and institutional conscience among leaders to “speak truth to power” and make morally sound choices in the public interest.
The conference also hosted a panel of thought leaders, including Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms; Ms. Kim Anderson, CEO of LeadRight Consultant (South Africa); Mrs. Yeside Kazeem, Director of the NCGC; and Mrs. Suzanne Iroche, Chairperson of Coronation Life Assurance Limited. The session, moderated by Mr. Adedayo Amzat, GMD of Zedcrest Group, examined practical pathways to embed ethics in leadership and business strategy.
SCGN Launches New Governance Publications
To commemorate the event, SCGN launched three new publications: Corporate Governance and Sustainability Reporting in Nigeria, Governance in Motion: 20 Years of Corporate Governance Influence and Impact, and the 28th Edition of the Journal of Corporate Governance.
The documents are expected to serve as policy and academic resources for promoting ethical governance and transparency in Nigeria’s corporate space.
Stakeholders agreed that the path to sustainable business success lies in rebuilding trust through transparent practices, accountability, and inclusive decision-making.
As Nigeria continues to attract global attention for investment and reform, the renewed call for ethical governance underscores the nation’s drive to strengthen institutional credibility and restore public confidence in leadership—both in the boardroom and beyond.
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