Nigeria: FRC, SEC Champion Ethical Governance at SCGN’s 20th Anniversary Conference

The Financial Reporting Council of Nigeria (FRC), the Securities and Exchange Commission (SEC), and other key stakeholders have reiterated the need to strengthen ethical governance across corporate boards as Nigeria navigates growing economic and technological disruptions.

The call was made during the 20th Anniversary Corporate Governance Conference of the Society for Corporate Governance Nigeria (SCGN), themed “Strengthening Ethical Governance in a Disrupted World: Reflection on Governance’s Journey for a Sustainable Future.”

Marking two decades of advancing integrity, transparency, and responsible leadership, the conference brought together regulators, corporate leaders, and governance experts to chart a sustainable path for ethical leadership in an increasingly complex global environment.

Representing the FRC Executive Secretary and CEO, the Coordinating Director of Corporate Governance and Inspections & Monitoring, Titus Osawe, identified key challenges undermining ethical governance in Nigeria, including digital disruption, artificial intelligence, greenwashing, data manipulation, and knowledge gaps.

He emphasized that fostering ethical governance requires collective effort, noting that the FRC remains committed to setting standards, providing regulatory guidance, monitoring compliance, and enforcing sanctions where necessary.

“Ethical governance is a shared responsibility,” Osawe stated. “Together, we can build a culture of transparency, accountability, and integrity that strengthens our institutions and supports national development.”

In his remarks, the SEC Director-General, Dr. Emomotimi Agama, represented by John Briggs, Head of the Lagos Zonal Office, underscored the need for governance frameworks that can withstand global pressures such as climate change, social inequality, and technological disruption.

“Good governance and transparent sustainability reporting are no longer mere compliance requirements,” Agama said. “They are fundamental pillars for long-term value creation, resilience, and sustainable economic growth.”

He commended the SCGN for two decades of thought leadership in corporate governance, noting that its contributions through advocacy, capacity building, and research have positioned Nigerian institutions for greater credibility on the global stage.

“This milestone is a testament to how institutional integrity can shape a nation’s corporate character,” he added.

Delivering the keynote address, Dr. Omobola Johnson, Chair of Guinness Nigeria Plc, highlighted board diversity as a crucial element in advancing ethical governance.

“Diverse boards bring varied experiences that enrich discussions and decision-making,” she said. “Integrity and ethics must be lived values, embedded in how boards operate and how decisions are made.”

In his opening remarks, SCGN President Muhammed Ahmad emphasized that ethics must remain central in a rapidly changing business environment dominated by artificial intelligence and digital transformation.

“Ethics is not about ticking boxes—it’s about making the right choices even when they’re not the easiest,” Ahmad noted.

One of SCGN’s founding directors, Professor Pat Utomi, offered a reflective perspective, urging leaders to cultivate moral courage and conscience in governance.

“Sometimes emotion overtakes reason,” he said, referencing historian Carlo Cipolla’s Five Laws of Human Stupidity. “We must speak truth to power and remain guided by conscience.”

A high-level panel discussion featured insights from Taiwo Oyedele (Chairman, Presidential Committee on Fiscal Policy and Tax Reforms), Kim Anderson (CEO, LeadRight Consultant, South Africa), Yeside Kazeem (Director, NCGC), and Suzanne Iroche (Chairperson, Coronation Life Assurance Limited). The session was moderated by Adedayo Amzat, Group Managing Director of Zedcrest Group.

To mark the anniversary, SCGN unveiled three new publications:

• Corporate Governance and Sustainability Reporting in Nigeria

• Governance in Motion: 20 Years of Corporate Governance Influence and Impact

• The 28th Edition of the Journal of Corporate Governance

The event reaffirmed SCGN’s enduring commitment to building a culture of ethical leadership and sustainable governance as a cornerstone for Nigeria’s future economic stability and institutional growth.