Lagos:Governor Babajide Sanwo-Olu of Lagos State, along with economic experts, has encouraged businesses to balance ethical governance and sustainability with 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) held in Lagos.
According to News Agency of Nigeria, Governor Sanwo-Olu, represented by Secretary to the State Government, Mrs. Bimbola Salu-Hundeyin, emphasized the importance of sound corporate governance for accountability, effective decision-making, risk management, and institutional resilience. He highlighted that businesses should be evaluated not just by their earnings but also by their methods of profit generation, stakeholder treatment, and societal contributions. He also stressed the need for companies to create jobs, attract investments, and compete globally, all while maintaining integrity and social responsibility.
Sanwo-Olu pointed out the necessity for robust governance in the use of artificial intelligence, digital finance, and data analytics. He noted that while emerging technologies offer significant opportunities, they require effective oversight, transparency, and accountability. He urged ICSAN to aid business leaders and public institutions in establishing clear standards for board oversight of AI and data use, advocating for collaboration between the institute, the state government, and businesses to improve governance in both the public and private sectors.
Oscar Onyema, former Group CEO of Nigerian Exchange Group, praised ICSAN for its six decades of promoting professional excellence and corporate governance. He stated that businesses must balance profitability with sustainable development amidst economic uncertainty and technological disruption. Onyema suggested that aligning purpose with profitability strengthens each, providing resources to sustain purpose. He encouraged a focus on strengthening governance, aligning commercial success with stakeholder value, and building institutions capable of attracting capital and sustaining public confidence.
Prof. Biodun Adedipe, Chief Consultant of B. Adedipe Associates Ltd., discussed the necessity of balancing people, the environment, and profit through sustainable business practices. He identified economic viability, environmental responsibility, social accountability, and effective governance as essential pillars and urged organizations to manage risks, improve efficiency, and ensure transparent reporting. Adedipe highlighted the benefits of sustainable practices, including reducing costs, attracting investment, and improving access to global supply chains.
Mrs. Uto Ukpanah, President of ICSAN, reflected on the institute’s 60th anniversary as a reinforcement of its responsibility to promote professional standards and good governance. She noted the relevance of the conference theme as Nigeria aims to become a one-trillion-dollar economy by 2030, stressing the importance of considering who benefits from business value and how it can be sustained. Ukpanah also announced the near completion of the institute’s new national secretariat and urged member support for the project. Additionally, she mentioned a bill to rename the institute to the Chartered Governance Institute of Nigeria, which has passed the second reading in the Senate, and she called for support in securing its passage.