By Rukayat Moisemhe
Gov. Babajide Sanwo-Olu of Lagos State and financial specialists have urged companies to prioritise moral governance and sustainability alongside profitability to drive financial progress.
They made the decision on the sixtieth anniversary celebration and fiftieth Annual Conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) on Friday in Lagos.
The convention theme was: “Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies.”
Sanwo-Olu, represented by the Secretary to the State Government, Mrs Bimbola Salu-Hundeyin, mentioned sound company governance was important to accountability, efficient decision-making, threat administration and institutional resilience.
He mentioned companies have been judged not solely by their earnings but additionally by how they generated earnings, handled stakeholders and contributed to society.
He careworn the necessity for companies that might create jobs, appeal to funding and compete globally whereas upholding integrity and social accountability.
Sanwo-Olu additionally highlighted the necessity for stronger governance within the deployment of synthetic intelligence, digital finance and knowledge analytics.
He mentioned rising applied sciences supplied important alternatives however required efficient oversight, transparency and accountability.
“Innovation must be matched by governance, and growth must be matched by responsibility,” he mentioned.
The governor urged ICSAN to assist enterprise leaders and public establishments set up clear requirements for board oversight of synthetic intelligence and knowledge use.
He additionally referred to as for stronger collaboration between the institute, the state authorities and companies to enhance governance in the private and non-private sectors.
Former Group Chief Executive Officer of Nigerian Exchange Group, Mr Oscar Onyema, recommended ICSAN for six a long time of selling skilled excellence, moral management and sound company governance.
Onyema mentioned companies should steadiness profitability with sustainable growth and nationwide prosperity amid financial uncertainty, technological disruption and rising stakeholder expectations.
He mentioned revenue and function ought to complement somewhat than compete with one another.
“Properly aligned, purpose strengthens profitability, while profitability provides the resources to sustain purpose,” he mentioned.
Drawing on his expertise in capital markets and company management, Onyema mentioned firm secretaries and governance professionals had assumed more and more strategic roles.
He mentioned they have been trusted advisers to boards and champions of institutional integrity, somewhat than merely custodians of compliance.
“As we deliberate today, I encourage us to focus on three priorities: strengthening governance, aligning commercial success with long-term stakeholder value, and building institutions capable of attracting capital and sustaining public confidence,” he mentioned.
The Chief Consultant of B. Adedipe Associates Ltd., Prof. Biodun Adedipe, mentioned sustainable enterprise practices required organisations to steadiness folks, the atmosphere and revenue.
He defined that the triple-bottom-line strategy positioned folks, the planet and revenue on the centre of enterprise choices.
Adedipe recognized financial viability, environmental accountability, social accountability and efficient governance as key pillars of sustainable enterprise.
He urged organisations to handle dangers, enhance effectivity, preserve vitality and water, scale back waste, defend workers and clients, promote moral conduct and guarantee clear reporting.
He recognized stakeholder expectations, regulatory necessities, local weather change, investor curiosity in environmental, social and governance (ESG) efficiency, technological advances and world sustainability commitments as drivers of accountable enterprise practices.
According to him, sustainable practices might scale back working prices, strengthen resilience, appeal to funding, construct buyer belief and enhance entry to world provide chains.
Adedipe urged enterprise leaders to contemplate their organisations’ long-term legacy and whether or not their companies would stay stronger, extra responsive and extra worthwhile after their departure.
President of ICSAN, Mrs Uto Ukpanah, mentioned the institute’s sixtieth anniversary bolstered its accountability to advertise skilled requirements, moral management, company administration and good governance.
She mentioned the convention theme was related as Nigeria pursued its ambition of turning into a one-trillion-dollar financial system by 2030.
Ukpanah mentioned the nation wanted to contemplate not solely the worth companies created but additionally who benefited from it and the way the worth might be sustained.
She mentioned organisations should navigate financial uncertainty, technological disruption, local weather issues, regulatory modifications and evolving stakeholder expectations whereas sustaining accountable enterprise practices.
Ukpanah additionally introduced that the institute’s new nationwide secretariat had reached a sophisticated stage of completion.
She expressed hope that the constructing could be accomplished and commissioned earlier than the top of her tenure in July 2027.
“We would not have been able to do this without the support of members in this hall, members online, members across the footprint of ICSAN.
“We would not have been able to do it without the donations from various stakeholders, including the Lagos State Government, and so I use this opportunity to urge everyone in this room, please be in this project,” she mentioned.
Ukpanah disclosed {that a} invoice looking for to rename the institute the Chartered Governance Institute of Nigeria and develop its mandate handed second studying within the Senate in June.
She mentioned ICSAN was working to safe the invoice’s passage earlier than the top of the tenth National Assembly.
According to her, the proposed change displays the worldwide evolution of governance as an expert self-discipline and would higher place the institute to handle rising governance calls for.
She urged members and stakeholders to assist the institute’s growth tasks and efforts to strengthen Nigeria’s governance career. (NAN)
Edited by Chinyere Joel-Nwokeoma
