TLDR: The Financial Reporting Council of Nigeria (FRC), alongside the Securities and Exchange Commission (SEC), has called for a collective and deliberate approach to bolster ethical governance. This appeal was made at the 20th-anniversary celebration of the Society for Corporate Governance Nigeria (SCGN) in Lagos, emphasizing the need for robust ethical frameworks to navigate a ‘disrupted world’ characterized by economic uncertainties, digital advancements, social inequalities, and climate change. The FRC highlighted that ethical governance is crucial for building trust, enhancing reputation, and ensuring long-term sustainability for institutions and nations.
Lagos, Nigeria – The Financial Reporting Council of Nigeria (FRC) has issued a strong call to action, advocating for a concerted and deliberate effort from both public and private sector stakeholders to fortify ethical governance. This significant appeal was made during the 20th-anniversary celebration of the Society for Corporate Governance Nigeria (SCGN) in Lagos on October 10-11, 2025, where the FRC underscored the increasing imperative for robust ethical frameworks in a world grappling with profound challenges.
Dr. Rabiu Olowo, the Executive Secretary and Chief Executive Officer of the FRC, represented by Titus Osawe, the Coordinating Director of Corporate Governance and Inspection & Monitoring, highlighted the multifaceted disruptions facing the global landscape. These include persistent economic and security uncertainties, widening social inequalities, the escalating impact of climate change, and rapid technological and scientific innovations. According to Olowo, these factors have created a ‘disrupted world’ where complexity, uncertainty, and intense scrutiny have become the norm. He stressed that organizations must demonstrate an unwavering commitment to ethics and integrity through sound leadership and responsible governance, asserting that this is not merely a moral obligation but a critical business imperative for fostering trust, enhancing reputation, and promoting long-term sustainability for institutions and nations alike.
Echoing this sentiment, the Securities and Exchange Commission (SEC), represented by Dr. Emomotimi Agama, its Director-General, also emphasized the urgency of addressing governance and sustainability challenges. Dr. Agama noted that the world is contending with interconnected issues such as climate change, social inequality, technological disruption, and evolving investor expectations. He stated, “In this era of profound transformation, the principles of sound governance and transparent sustainability reporting have transcended mere compliance. They are now fundamental pillars of long-term value creation, competitive resilience, and sustainable national development.” For emerging economies like Nigeria, he added, this imperative carries particular weight, necessitating a balance between stimulating economic growth and ensuring it is inclusive, equitable, and responsible.
The FRC outlined that strengthening ethical governance demands the establishment of robust systems and processes that champion transparency, accountability, and integrity. It also requires cultivating a culture that deeply values ethics and encourages responsible decision-making. The FRC affirmed its commitment to promoting ethical governance by setting standards, providing guidance, monitoring and enforcing compliance, and imposing applicable sanctions when breaches occur.
Among the emerging challenges identified by FRC and SEC officials were knowledge gaps, greenwashing, data manipulation, digital disruption, the rise of artificial intelligence, and digital assets. These elements further complicate the ethical landscape, making the call for collective action more critical than ever. Former Minister of Communication and Technology, Dr. Omobola Johnson, also observed that major disruptions are reshaping corporate governance and leadership, reinforcing the need for adaptive and ethical strategies.
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The collective message from the conference was clear: all stakeholders—organizations, institutions, and individuals—must prioritize ethics and integrity. By intentionally driving ethical governance and working collaboratively, a more sustainable future can be built for the nation.
