The Nigerian Financial Reporting Council (FRC) urged public and private sector stakeholders to make deliberate Anoop collective efforts to promote ethical governance amid growing economic uncertainty in the world, digital disruption, and environmental decline.
Addressing the 20th anniversary of the Society for Corporate Governance Nigeria (SCGN) in Lagos, Executive Secretary and Chief Executive Officer, FRC, Dr. Rabiu Olowo clarified that the appeal was necessitated by the fact that institutions and nations are still grappling with emerging issues in governance.
Spokesman John Briggs, Coordinating Director of the Directorate of Inspection and Monitoring and the Directorate of Corporate Governance, Olowo referred to the rising complexities in the modern governance environment, including economic uncertainty, insecurity, social inequality, and the changing rate of technological innovation.
In today’s world, we face numerous challenges which are certainly disruptive,” he explained. “The world is still plagued by economic and security uncertainties, social inequalities, climate change, and rapid technological advancements. These occurrences have created a ‘disrupted world’ where complexity, uncertainty, and scrutiny are the new standards.”.
He laid stress on the fact that organizations must be proofs of strong commitments to ethics and integrity through good leadership and sound governance. “It is not only a moral imperative but a business one,” Olowo said. “Ethical governance fosters trust, helps build reputation, and results in long-term sustainability for nations and institutions.
Olowo also identified emerging threats such as rapid digitalization, artificial intelligence, greenwashing of sustainability reporting, and political interference as posing significant threats to ethical governance. He urged organisations and individuals to adopt ethics, transparency, and accountability, and noted that leadership requires being intentional and shared.
In her keynote address, former Minister of Communication and Technology Dr. Omobola Johnson noted that global shocks geopolitical tensions, to artificial intelligence-fueled transformations in the workforce are reshaping corporate leadership and governance. She warned that automation, offshoring, and the evolution of workplace culture, especially among the younger population, are reshaping organisational ethics and trust.
During a panel session, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms Taiwo Oyedele noted the need for Nigeria’s regulatory authorities to have effective corporate governance codes in place to protect against risk and promote transparency, especially in the public sector. He called for adopting best practices from the private sector to better ensure accountability and fiscal management.
Also in attendance, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, described corporate governance as a veritable instrument for spurring economic growth, foreign investment, and business accountability. Representing the SEC Lagos Zonal Head, John Bricks, Agama commended SCGN for spearheading governance excellence and enhancing the embedding of companies within Environmental, Social, and Governance (ESG) values over the last twenty years.
SCGN, in its statement, reasserted the need for Nigeria’s corporate and government institutions to infuse ethical conduct, transparency, and trust in their operations and reiterated that good governance is the pillar upon which a stable and sustainable future would be built.
