Lagos, Nigeria – March 20, 2025: In a landmark event at the Lagos Business School (LBS), renowned governance expert and Senior Advocate of Nigeria (SAN), Professor Fabian Ajogwu, OFR, recently unveiled the AFG Model, aimed at helping organisations address the realities of modern corporate, institutional and governmental landscapes, at the public lecture themed “Balancing Power, Profit and Purpose.”
AFG Model is an innovative corporate governance framework that integrates fundamental components of good governance including ethics, behavioural governance, conscious capitalism, purpose-driven governance, and outcomes-based corporate governance to achieve sustainable outcomes. By emphasising the interdependence of these components, AFG ensures that organisations establish a governance structure that is both principled and effective. The framework also takes a scientific approach, offering an equation, known as the AFG Equation, to assess and enhance governance to ultimately drive sustainable outcomes.
Emphasizing the need for companies to move beyond profit and power to a more purposeful approach to business, Prof. Ajogwu (SAN), stated, “The third pillar of purpose (power, profit & purpose) is the company’s role beyond financial gains. It balances financial performance with social responsibilities, ethics and sustainability. A purpose driven governance model is increasingly relevant for businesses seeking long-term sustainability and success. Shifting away from a solely profit-focused approach ensures organisations consider their long-term impact and sustainability. With a purpose-driven model, organisations acknowledge how their operations and products affect all stakeholders. The “4 Ps” of corporate sustainability – people, planet, purpose, and profit – come into light in this regard.”
The Learned Silk further added to the framework, the rule of law, which he stated is a positive multiplier and anti-corruption, with corruption being a negative multiplier as critical considerations to the framework, essential to its success when implemented. He noted, “The Rule of Law provides the legal framework that ensures governance operates within established regulations, promoting fairness, justice, and accountability. It underpins ethical decision-making and reinforces confidence in governance structures by ensuring consistency and predictability in legal and corporate affairs. Corruption, on the other hand, remains a significant challenge in governance, undermining ethical leadership, economic stability, and institutional credibility. Effective governance frameworks must proactively address corruption through transparency, internal controls, and stakeholder accountability.”
The public lecture also served as the platform for the presentation of the latest book by the Senior Advocate of Nigeria, titled: “Reflections on Corporate Governance.” The event was well attended by C-suite executives and representatives from multinational and indigenous organisations including MTN Nigeria; Stanbic IBTC; Access Bank, JNC International; Seplat Energy; Mixta Africa; ARM; Integrated Power Technologies; Pension Fund Operations Association of Nigeria; Novare Group; Financial Reporting Council of Nigeria; PZ Cussons; Guiness Nigeria; Nigeria Sovereign Investment Authority; Enugu State Government; Ministry of Finance Incorporated; Central Bank of Nigeria; Wigwe University and the Nigerian Institute of Chartered Arbitrators among others.
In his book review, the former Vice Chancellor of the Pan-Atlantic University and Professor of Professional Ethics, Juan Elegido, commended the holistic nature of the “Reflections on Corporate Governance” by Professor Ajogwu (SAN). He stated that the book not only covers core concepts of governance but also provides practical guidance on navigating the complexities and dynamic nature of effective governance in today’s business world.
Professor Elegido maintained: “One of the book’s greatest strengths lies in its invitation for reflection. Too often, corporate governance is approached as a checklist, with minimal regard for how those principles translate in practice. Ajogwu, however, prompts readers to consider the broader implications of governance on corporate culture and ethical decision-making.”
In his remarks, the Chairman of MTN Nigeria Communications Plc, Dr Ernest Ndukwe, said, “It is a great honour to be part of the unveiling of this book, and my pleasure to unveil it to the glory of God Almighty and also to those who will have the opportunity of reading the book.”
Speaking at the event, the Pro-Chancellor of Wigwe University, Hon. Justice Amina Adamu Augie, JSC (Rtd), remarked, “I consider it a great honour that, now in retirement, I can stand here and gladly say I am part of the unveiling of this book.”
Setting the tone for the proceedings of the day, the Deputy Vice Chancellor of the Pan-Atlantic University, Dr. Peter Bamkole, in his welcome remarks, underscored the importance of corporate governance to both organisations and the society at large.
