Category: Business

 

 

The Financial Reporting Council of Nigeria, the Securities and Exchange Commission, and other stakeholders have called for ethical governance at board levels as the nation faces multiple disruptions.

 

The call was made at the 20th anniversary corporate governance conference of the Society for Corporate Governance Nigeria on Thursday, themed ‘Strengthening Ethical Governance in a Disrupted World: Reflection on Governance’s Journey for a Sustainable Future.’

 

The SCGN conference marked two decades of promoting integrity, transparency, and responsible leadership. It provided a platform for regulators, board leaders, and governance professionals to explore practical strategies for building resilient, ethical, and future-ready institutions.

 

The Executive Secretary and Chief Executive Officer of the FRC, represented by the Coordinating Director, Directorates of Corporate Governance and Inspections & Monitoring, Titus Osawe, highlighted several emerging challenges threatening ethical governance in Nigeria.

 

He identified issues such as knowledge gaps, greenwashing, data manipulation, digital disruption, artificial intelligence, and digital assets. He stressed that organisations must demonstrate their commitment to ethics and integrity through strong ethical leadership and sound governance.

 

“Strengthening ethical governance is a collective responsibility. I call on all stakeholders, organisations, institutions, and individuals to prioritise ethics and integrity.

 

We must drive ethical governance intentionally by working together to build a more sustainable future for our country,” he said.

 

“We at the FRC are committed to promoting ethical governance. We will continue to set standards, provide guidance, monitor and enforce compliance, and where breaches occur, impose applicable sanctions. Together, we can create a culture of transparency, accountability, and integrity that benefits us all. We remain steadfast and resolute in strengthening ethical governance.”

 

In his remarks, the Director-General of the SEC, Dr. Emomotimi Agama, represented by the Head of the Lagos Zonal Office, John Briggs, underscored the urgency of addressing governance and sustainability challenges.

 

“The world is grappling with the interconnected challenges of climate change, social inequality, technological disruption, and evolving investor expectations,” he said.

 

“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, this imperative carries particular weight. We face the dual challenge of stimulating economic growth and attracting investment while ensuring that such growth is inclusive, equitable, and responsible. Corporate governance provides the essential framework for meeting these challenges.”

 

Commending the SCGN for its role in promoting governance standards, Agama said, “Through its unwavering commitment to advocacy, capacity building, and research, the Society has consistently advanced awareness and best practices. Its focus on reviewing and highlighting governance and sustainability trends has provided an invaluable benchmark for boards, regulators, investors, and the public alike.

“This work has enriched national discourse, encouraged high standards, and prepared Nigerian businesses to engage confidently on the international stage. Therefore, this 20th anniversary is more than a milestone; it is a testament to the indispensable role institutions play in shaping a nation’s corporate character.”

 

He also called for the incorporation of good governance and sustainability principles into the “very DNA of institutions,” adding that transparency, accountability, and inclusiveness must not be treated as optional add-ons but as “fundamental, non-negotiable components” of doing business in Nigeria.

The keynote speaker, Dr Omobola Johnson, Board Chair of Guinness Nigeria Plc, emphasised that diversity on boards is key to achieving ethical governance.

 

“In a world without a rule book, no single demographic has a monopoly on the knowledge and expertise required for effective governance,” she said. “Diverse boards with different lived experiences bring richness and depth to discussions and decision-making. They also foster integrity and ethics by ensuring that boards are not monolithic but truly representative, essential for making ethically sound decisions that consider a broad range of stakeholders.”

 

She added, “Integrity and ethical governance go hand in hand. They are not merely top-down mandates but shared values that boards must champion. This requires a long-term view of enterprise success defined by broader metrics such as resilience, trust, and strategic clarity, all vital for navigating uncertainty in a constantly changing world.”

 

In his opening speech, the President of SCGN, Muhammed Ahmad, acknowledged the disruptive nature of today’s operating environment and the resulting need for stronger ethical grounding.

 

“In an environment that is highly challenging and disruptive, where AI is constantly reshaping our world, we must ask: what is the role of ethics? How can we ensure that ethical behaviour remains part of our DNA?” he asked.

 

“Ethics is not just about compliance or ticking boxes. It’s about living, acting, and relating with others based on the highest ethical standards. Governance, therefore, is about guiding our organisations to make the right choices, not taking shortcuts. The easy path is not always the right one. We must remain transparent, fair, and accountable to all stakeholders.”

 

One of SCGN’s founding directors, Professor Pat Utomi, brought a philosophical perspective to the discussions. Referencing economic historian Carlo Cipolla’s Five Laws of Human Stupidity, Utomi observed that “sometimes emotion overtakes reason,” and called for the development of conscience “so that we can always speak truth to power and help those who might otherwise be carried away.”

 

The conference also featured a panel discussion with prominent speakers, including the Chairman, Presidential Committee on Fiscal Policy and Tax Reforms, Mr. Taiwo Oyedele; CEO, LeadRight Consultant (South Africa), Ms. Kim Anderson; Director, NCGC, Mrs Yeside Kazeem; and Chairperson, Coronation Life Assurance Limited, Mrs Suzanne Iroche. The session was moderated by the Group Managing Director, Zedcrest Group, Mr. Adedayo Amzat.

 

Three new publications were launched 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.

 

 

The Central Bank of Nigeria has reaffirmed its commitment to expanding financial inclusion and driving economic growth by promoting the adoption of alternative payment systems.

 

The apex bank expressed this commitment at a sensitisation exercise known as the ‘CBN Fair,’ held at the Dome Event Centre in Calabar on Thursday.

 

The event’s theme was “Promoting Alternative Payment Channels as Tools for Financial Inclusion, Growth and Accelerated Economic Development.”

 

The fair brought together manufacturers, traders, microfinance banks, commercial banks, merchant banks, students, artisans, members of the National Youth Service Corps, and other stakeholders.

Speaking at the event, an Assistant Director in the Corporate Communications Department, Uche Tobias, highlighted policies undertaken by the Olayemi Cardoso-led management since assuming office.

 

He noted that the Central Bank is championing technologies that empower individuals, boost productivity, and connect communities to the nation’s economic opportunities.

 

He said, “Under the leadership of Olayemi Cardoso, the management of the Bank remains firmly committed to fostering productivity, enhancing financial inclusion, and maintaining monetary and price stability. These efforts are already yielding positive results, as evidenced by the steady reduction in inflation and current stability in the foreign exchange market.

 

“Since assuming office, the Governor has spearheaded several key policies to strengthen the financial system. These include: exchange rate unification; the launch of the non-resident Bank Verification Number (BVN) to connect Nigerians abroad with home banking facilities; the BMatch System for forex trading; and the unveiling of the Nigeria Payments System Vision 2028 (PSV 2028) to accelerate digital transformation, broaden financial inclusion, and minimise downtime for faster and safer transactions,” he said.

 

He also noted the introduction of a 75 per cent Cash Reserve Ratio on non-Treasury Single Account public sector deposits, stressing that this policy aims to enhance liquidity management and mitigate potential inflationary pressures.

 

He explained that the sensitisation exercise was primarily to educate the public on how the bank’s policies enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy. He urged them to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria.

 

“This engagement is primarily to sensitise members of the public on how the Bank’s policies enhance their lives and livelihoods and contribute to the growth and development of the Nigerian economy. We urge you to rely only on information disseminated through the verifiable official channels of the Central Bank of Nigeria,” he explained.

In his welcome address, the Calabar Branch Controller, Jibunoh Tolefe-Nwanneamaka, represented by the Head of Research, Jude Nwafor, stated that the fair was designed to promote financial inclusion by showcasing alternative payment channels and highlighting key reforms geared towards building a resilient and inclusive financial system.

 

According to him, the fair facilitates constructive dialogue between the Bank and the public, adding that it is a space where questions, concerns, and feedback are not only welcomed but valued, with the aim of building trust, enhancing consumer protection, and ensuring that every Nigerian feels empowered to participate in the financial ecosystem.

 

Cross River State Governor, Bassey Otu, represented by his Special Assistant on Agriculture, John Shiyam, commended the CBN for the initiative.

He noted that the Otu-led administration has prioritised agriculture as a strategy for rapid economic development to promote food security and the well-being of farmers in the state.

 

He concluded that the CBN Fair is beneficial for creating awareness of alternative payment systems.

 

“Cross River State is a very vast state with different topographical features, and most areas are remote. As I speak with you, not every local government in the state has a commercial bank.

 

“So it has been a very big challenge for farmers and even business people in such areas to access banking services. This initiative and this exercise are going to be very beneficial to people in such areas, to be aware of the alternative payment systems that they can leverage for their financial transactions,” he added.

 

The CBN, in a publication on its website, stated that it has long prioritised financial inclusion, ensuring that more Nigerians have access to banking and financial services. The CBN’s NFIS, first launched in 2012, created a framework for widening access, especially for underserved populations.

 

The apex bank explained that a challenge to financial inclusion in Nigeria persistently arises from low financial literacy, weak infrastructure, digital divide, and limited reach of formal banking services in rural and remote areas.

 

PUNCH Online reports that more recently, the CBN unveiled Payments System Vision 2028 (PSV 2028) to succeed PSV 2025, signalling its commitment to expanding, modernising, and securing Nigeria’s digital payments infrastructure.

 

 

The Central Bank of Nigeria has assured Nigerians that its ongoing policies and reforms are targeted at restoring price and monetary stability amid rising inflation and economic hardship.

 

Speaking at the CBN Fair in Uyo, Akwa Ibom State, on Tuesday, the CBN governor, Olayemi Cardoso, said some of the apex bank’s monetary measures were already yielding results, citing the easing of inflationary pressures and relative stability in the foreign exchange market.

 

Cardoso, represented by the acting Director of Corporate Communications, Hakama Ali, noted that the exchange rate unification policy had reduced volatility and cleared more than $7 billion in verified forex backlogs.

 

He added that the B-Match forex trading system had strengthened market integrity and improved price discovery.

 

The governor highlighted other initiatives, including bank recapitalisation to strengthen the sector’s resilience, the introduction of non-resident BVN to link Nigerians abroad with local banking services, and the Nigeria Payments System Vision 2028 to accelerate digital transformation and deepen financial inclusion.

He also mentioned the 75 per cent CRR on non-TSA public sector deposits, aimed at improving liquidity management and curbing inflationary pressures.

 

“Some of our monetary policies have started yielding positive results. This can be seen in the steady ease of inflation and current stability in the foreign exchange market,” Cardoso said.

 

He further urged Nigerians to respect the national currency, cautioning against spraying, mutilating, or counterfeiting the Naira.

 

Earlier, CBN Uyo Branch Controller, Njideka Nwabukwu, said the fair was designed to sensitise the public on the bank’s policies while creating a feedback platform to improve service delivery.

 

She pledged the branch’s commitment to supporting Akwa Ibom’s economic aspirations through financial literacy campaigns and stakeholder engagement.

 

On Monday, the PUNCH reports that naira maintained its upward momentum last week, closing at ₦1,465/$ at the official market.

 

The rally was driven by weaker U.S. economic data that softened the dollar, alongside stronger foreign exchange inflows that eased demand pressure.

At the parallel market, the currency also appreciated by 3.8 per cent week-on-week to ₦1,460/$.

 

This narrowed the gap between the official and parallel market rates to ₦5.68/$1, compared with ₦34.34/$1 the previous week.

The Nigerian Railway Corporation generated N1.95 billion from transporting 929,553 passengers through the rail system in the first quarter of 2025, the National Bureau of Statistics has reported.

 

The figure is disclosed in the Rail Transportation Data Q1 2025, published by NBS on October 5 and announced via its X handle on Tuesday.

 

The report indicates a significant boost in NRS’s passenger and revenue figures for the first quarter of 2025.

 

“In Q1 2025, a total of 929,553 passengers travelled through the rail system, relative to 675,293 reported in the corresponding quarter of 2024, indicating a growth rate of 37.65%.

 

“The volume of goods/cargoes transported stood at 181,520 tons compared to 160,650 tons recorded in Q1 2024,” the report read.

 

In terms of revenue generation, NBS said, “N1.95 billion was received from passengers during the reference period, showing an increase of 37.36% from the N1.42 billion recorded in the same quarter of the previous year.”

 

It added that N657.03 million was received from goods and cargoes conveyed, up by 8.19% from N607.32 million in Q1 2024.

 

“In addition, Other receipts amounted to N115.68 million, indicating an increase of 355.39% in Q1 2025 from the N25.40 million received in Q1 2024.”

PUNCH Online reports the growth may be attributed to ongoing infrastructure investments, including the operational Lagos-Ibadan rail line, which has been a key driver of the sector’s expansion since its launch in 2021.

 

Recall that the rail sector’s contribution to Nigeria’s GDP rose by 18.65% in Q1 2025, underscoring its growing economic significance.