The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has warned that Nigeria’s ambition to build a $1 trillion economy could be jeopardised if businesses fail to strengthen accountability, ethical leadership and sustainable corporate governance.

The institute said achieving lasting economic growth requires companies to move beyond profit-making and adopt transparent, responsible practices that deliver long-term value for investors, employees and society.

ICSAN President and Chairman of Council, Uto Ukpanah, made the remarks in Lagos during the institute’s 2026 annual conference and diamond jubilee celebration. She called for businesses to strike a stronger balance between commercial success and corporate responsibility.

Ukpanah said companies must generate financial returns while meeting the expectations of employees, investors, regulators, consumers and host communities. She noted that this responsibility has become increasingly important amid economic uncertainty, technological disruption and growing scrutiny of corporate behaviour.

She added that Nigeria needs competitive businesses capable of creating jobs and wealth, stressing that profitability must be underpinned by effective governance, resilience and a clear commitment to responsible business practices.

Former Group Chief Executive Officer of Nigerian Exchange Group, Oscar Onyema, warned that poor governance and weak institutional credibility could undermine investor confidence and limit companies’ access to long-term capital.

Onyema urged company secretaries and corporate governance professionals to take on more strategic responsibilities rather than focus solely on regulatory compliance. He said they should advise boards on maintaining ethical standards and making decisions that support sustainable, long-term value creation.

Lagos State Governor Babajide Sanwo-Olu also urged ICSAN to establish governance standards for the adoption of artificial intelligence, data analytics and other emerging technologies across businesses and public institutions.

The governor, represented by the Secretary to the Lagos State Government, Bimbola Salu-Hundeyin, said technological progress must be accompanied by effective oversight, transparency and accountability to manage emerging risks and safeguard stakeholders.

Speaking on the conference theme, ‘Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies’, business consultant Professor Biodun Adedipe called on organisations to incorporate environmental, social and governance (ESG) principles into their corporate strategies, risk management and decision-making.

Adedipe argued that sustainability should be viewed as more than a compliance obligation, describing it as an important factor in business competitiveness and long-term survival.

The discussions highlighted the role of ethical leadership, sound governance and sustainable business practices in strengthening investor confidence and supporting Nigeria’s broader economic ambitions.

Source: The Guardian