FRC, SEC urge stronger ethical governance at SCGN’s 20th anniversary

By Deborah Oladapo

The Financial Reporting Council of Nigeria (FRC) and the Securities and Exchange Commission (SEC) have called for stronger ethical governance and accountability at board and management levels as organisations navigate rapid economic and technological disruptions.

The call was made on Thursday in Lagos 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.”

The event, which marked two decades of SCGN’s advocacy for transparency and responsible leadership, brought together regulators, board members, and governance experts to deliberate on ways to embed ethics and sustainability in corporate practice.

Representing the Executive Secretary of the FRC, Titus Osawe, the Coordinating Director of the Directorates of Corporate Governance and Inspection & Monitoring, said emerging risks such as artificial intelligence, data manipulation, and greenwashing pose fresh challenges to corporate integrity.

“Strengthening ethical governance is a collective responsibility. We must intentionally promote ethics and integrity to build a more sustainable future,” Osawe said. “The FRC remains committed to setting standards, monitoring compliance, and enforcing sanctions where necessary.”

Also speaking, the Director-General of the SEC, Dr. Emomotimi Agama, represented by John Briggs, Head of the Commission’s Lagos Zonal Office, emphasised that sound governance and transparent sustainability reporting have become vital pillars of long-term value creation.

He said the global challenges of climate change, social inequality, and digital disruption demand that businesses integrate transparency and inclusiveness into their operations.
“For emerging economies like Nigeria, corporate governance provides the essential framework to drive equitable and responsible growth,” Agama noted.

In her keynote address, Dr. Omobola Johnson, Chair of Guinness Nigeria Plc, highlighted board diversity as critical to maintaining ethical decision-making.
“No single demographic has a monopoly on good judgment,” she said. “Diverse boards bring broader perspectives that strengthen integrity and accountability.”

Earlier, SCGN President Muhammed Ahmad said the organisation’s mission over the past 20 years has been to embed ethical behaviour as a core part of business leadership.
“Ethics is not just about ticking compliance boxes; it’s about making the right choices even when the easy path looks tempting,” Ahmad said.

One of SCGN’s founding directors, Professor Pat Utomi, added that governance must be guided by conscience and reason. He urged leaders to “speak truth to power” and resist decisions driven by emotion or expediency.

The conference featured a high-level panel with speakers including Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms; Kim Anderson, CEO of LeadRight Consultant (South Africa); Yeside Kazeem, Director of the Nigerian Code of Corporate Governance; and Suzanne Iroche, Chairperson of Coronation Life Assurance Limited.

Three publications were unveiled at the event: Corporate Governance and Sustainability Reporting in Nigeria, Governance in Motion: 20 Years of Corporate Governance Influence and Impact, and the 28th edition of the Journal of Corporate Governance.