Lagos:Governor Babajide Sanwo-Olu of Lagos State, alongside economic experts, has encouraged businesses to prioritize ethical governance and sustainability alongside profitability to foster economic growth. This call was made during the 60th anniversary celebration and 50th Annual Conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) in Lagos.
According to News Agency of Nigeria, Sanwo-Olu, represented by the Secretary to the State Government, Mrs. Bimbola Salu-Hundeyin, emphasized the critical role of sound corporate governance in accountability, decision-making, risk management, and resilience. He pointed out that businesses are assessed not only by their profits but also by their approach to generating earnings, stakeholder treatment, and societal contributions. The governor highlighted the importance of job creation, investment attraction, and global competitiveness while maintaining integrity and social responsibility.
Sanwo-Olu also stressed the necessity for stronger governance concerning artificial intelligence, digital finance, and data analytics, noting the opportunities these technologies present alongside the need for oversight and accountability. He urged ICSAN to assist business leaders and public institutions in setting clear standards for board oversight of such technologies and called for collaboration between the institute, the state government, and businesses to enhance governance.
Former Group CEO of the Nigerian Exchange Group, Mr. Oscar Onyema, praised ICSAN’s six-decade commitment to professional excellence and ethical leadership. He emphasized the need for businesses to balance profitability with sustainable development to ensure national prosperity. Onyema advocated for aligning profit with purpose, suggesting that they should complement rather than compete with each other.
Prof. Biodun Adedipe, Chief Consultant of B. Adedipe Associates Ltd., discussed the necessity for businesses to balance people, the environment, and profit through sustainable practices. He outlined key pillars such as economic viability, environmental responsibility, and social accountability as essential for sustainable business operations.
ICSAN President, Mrs. Uto Ukpanah, highlighted the institute’s ongoing commitment to promoting professional standards and good governance as Nigeria aims to become a one-trillion-dollar economy by 2030. She noted the importance of considering who benefits from business value and how it can be sustained, amidst challenges like economic uncertainty and regulatory changes.
Ukpanah also announced the nearing completion of the institute’s new national secretariat and shared developments on a bill to rename the institute and expand its mandate, reflecting the global evolution of governance. She urged support from members and stakeholders for the institute’s development projects.