The Financial Reporting Council of Nigeria, the Securities and Exchange Commission, and other stakeholders have called for ethical governance across boards as the nation faces multiple disruptions.
The call was made at the 20th anniversary corporate governance conference of the Society for Corporate Governance Nigeria on Thursday, themed ‘Strengthening Ethical Governance in a Disrupted World: Reflection on Governance’s Journey for a Sustainable Future.’
Titus Osawe, Coordinating Director, Directorates of Corporate Governance and Inspections and Monitoring of FRC who represented Rabiu Olowo, executive secretary and chief executive officer of the FRC, highlighted several emerging challenges threatening ethical governance in Nigeria.
Osawe identified issues including knowledge gaps, greenwashing, data manipulation, digital disruption, artificial intelligence, and digital assets, noting that organisations must demonstrate their commitment to ethics and integrity through strong ethical leadership and sound governance.
“Strengthening ethical governance is a collective responsibility. I call on all stakeholders, organisations, institutions, and individuals to prioritise ethics and integrity. We must drive ethical governance intentionally by working together to build a more sustainable future for our country
“We at the FRC are committed to promoting ethical governance. We will continue to set standards, provide guidance, monitor and enforce compliance, and where breaches occur, impose applicable sanctions. Together, we can create a culture of transparency, accountability, and integrity that benefits us all. We remain steadfast and resolute in strengthening ethical governance,” Osawe said.
The SCGN conference marked two decades of promoting integrity, transparency, and responsible leadership. It provided a platform for regulators, Board leaders, and governance professionals to explore practical strategies for building resilient, ethical, and future-ready institutions.
Emomotimi Agama, Director-General of the SEC, represented by the head of the Lagos Zonal Office, John Briggs, underscored the urgency of addressing governance and sustainability challenges.
According to him, the world is grappling with the interconnected challenges of climate change, social inequality, technological disruption, and evolving investor expectations.
“In this era of profound transformation, the principles of sound governance and transparent sustainability reporting have transcended mere compliance. They are now fundamental pillars of long-term value creation, competitive resilience, and sustainable national development.
“For emerging economies like Nigeria, this imperative carries particular weight. We face the dual challenge of stimulating economic growth and attracting investment while ensuring that such growth is inclusive, equitable, and responsible. Corporate governance provides the essential framework for meeting these challenges,” Briggs said.
Omobola Johnson, Board Chair of Guinness Nigeria PLC, in her keynote address emphasised that diversity on boards is key to achieving ethical governance.
“In a world without a rule book, no single demographic has a monopoly on the knowledge and expertise required for effective governance,” she said. “Diverse boards with different lived experiences bring richness and depth to discussions and decision-making. They also foster integrity and ethics by ensuring that boards are not monolithic but truly representative, essential for making ethically sound decisions that consider a broad range of stakeholders.”
Johnson added that integrity and ethical governance go hand in hand, insisting that they are not merely top-down mandates but shared values that boards must champion.
She said, “This requires a long-term view of enterprise success defined by broader metrics such as resilience, trust, and strategic clarity, all vital for navigating uncertainty in a constantly changing world.”
Meanwhile, the event featured the launch of three new publications including 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.
