L-R: Chairman, Presidential Committee on Fiscal Policy & Tax Reforms, Taiwo Oyedele; Chairperson, Coronation Life Assurance Limited, Susanne Iroche; President & Board Chairman SCGN, Muhammad K. Ahmad, OON, GMD Zedcrest Group, Adedayo Amzat, CFA. Top L-R: Director, Nigeria Credit Guarantee Company (NCGC), Yeside Kazeem; and CEO, LeadRight Consultant, South Africa, Kim Andersen.
As Nigeria continues to navigate the novelty and uncertainty of an increasingly disrupted world, businesses, regulators, and other key stakeholders have been charged to adopt and prioritize ethical leadership and governance systems within their organizations to ensure long-term success.
The Group Managing Director, Zedcrest Group, Adedayo Amzat, CFA, made this call while fielding questions from journalists at the 20th Anniversary Corporate Governance Conference of the Society for Corporate Governance Nigeria (SCGN), held in Lagos.
At the conference, Amzat moderated a high-level panel session on the theme: “Strengthening Ethical Governance in a Disrupted World: Reflections of Governance Journey for a Sustainable Future,” featuring distinguished speakers including the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele; Director, Nigeria Credit Guarantee Company (NCGC), Yeside Kazeem; Chairperson, Coronation Life Assurance Limited, Susanne Iroche; and CEO, LeadRight Consultant, South Africa, Kim Andersen.
Group Managing Director, Zedcrest Group, Adedayo Amzat, CFA
According to Amzat, to guarantee longevity, profitability, and overall success, ethical governance must serve as the beacon that guides decision-making at all levels of a business or organization. “When it comes to choosing between ethical governance and the immediate profit objectives of companies, the balance should tilt towards the former, because ethical governance is about purpose, and purpose guarantees profit in the long term. When a company focuses solely on profit, it is usually short-term. If you pursue profit without governance, you risk collapse in the long term.”
The Zedcrest boss further emphasized that boards and businesses must move beyond viewing ethical governance as a mere checklist item and instead, take proactive steps to ensure it is deeply embedded in the conscience of their organizations.
In her keynote address, former Minister of Communication Technology, Dr. Omobola Johnson, highlighted the sustained impact of the COVID-19 pandemic, climate change, the abrupt end of the country’s fuel subsidy regime, foreign exchange fluctuations, and the increasing adoption of artificial intelligence (AI) as some key indicators of a rapidly evolving and disrupted world.
“The definition of success has now evolved and boards are challenged to find a wider-range of factors that indicate their companies resilience, and ability to thrive which means going beyond traditional financial metrics like profitability and shareholder value, to include sustainability and ESG, employee engagement and retention, ethical deployment of technology and cyber resilience.” She said.
Former Minister of Communication Technology, Dr. Omobola Johnson
Dr. Johnson also stressed that with the growing adoption of Artificial Intelligence, boards must ensure that the company’s pursuit of productivity does not come at the expense of its people. “With the advent of AI, Large Language Models (LLMs) and Agentic AI, which are reducing the need for human involvement in many tasks, the drive for productivity and better financial performance through a reduction of humans in the workforce is very compelling. As AI drives the quest for efficiency, the board’s role shifts from merely monitoring financial performance targets to being the ethical compass of the organization. Clear, ethical and appropriate guardrails must be established for AI deployment.”
While delivering his welcome address, the President and Board Chairman of the Society for Corporate Governance Nigeria (SCGN), Muhammad K. Ahmad, OON, described the conference as a platform for the Society’s fellows, members, partners, and the general public to reflect on the governance journey so far and to chart a course for the future. He described the theme of the conference as particularly significant as it highlights the ethical dimensions of the roles of directors, members, and chairpersons of various boards in building enduring institutions in an ever-changing, disruptive world.
Mr. Ahmad further urged decision-makers to uphold the values of transparency, integrity, fairness, and accountability by consistently choosing to do what is right rather than taking the easy way out.
