The Financial Reporting Council of Nigeria and the Securities and Exchange Commission (SEC) have called for ethical governance at board levels as the country faces multiple disruptions.
Speaking 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 ustainable Future’, the Director-General of the SEC, Dr. Emomotimi Agama, underscored the urgency of addressing governance and sustainability challenges.
“The world is grappling with the interconnected challenges of climate change, social inequality, technological disruption, and evolving investor expectations,” Dr. Agama who was represented by the Head of the Lagos Zonal Office, John Briggs, said.
“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,” he said.
Commending the SCGN for its role in promoting governance standards, Agama said, “Through its unwavering commitment to advocacy, capacity building, and research, the Society has consistently advanced awareness and best practices. Its focus on reviewing and highlighting governance and sustainability trends has provided an invaluable benchmark for boards, regulators, investors, and the public alike.
In his remarks, the Executive Secretary and Chief Executive Officer of the FRC, represented by the Coordinating Director, Directorates of Corporate Governance and Inspections & Monitoring, Titus Osawe, highlighted several emerging challenges threatening ethical governance in Nigeria.
He identified issues such as knowledge gaps, greenwashing, data manipulation, digital disruption, artificial intelligence, and digital assets. He stressed 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,” he said.
“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.”
“This work has enriched national discourse, encouraged high standards, and prepared Nigerian businesses to engage confidently on the international stage. Therefore, this 20th anniversary is more than a milestone; it is a testament to the indispensable role institutions play in shaping a nation’s corporate character.”
He also called for the incorporation of good governance and sustainability principles into the “very DNA of institutions,” adding that transparency, accountability, and inclusiveness must not be treated as optional add-ons but as “fundamental, non-negotiable components” of doing business in Nigeria.
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.
GIK/APA