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

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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.”

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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.

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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.”

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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.

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Pentagon restores name of US Pacific Command

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The Pentagon is set to restore the name of the US Indo-Pacific Command to the US Pacific Command, it said on Tuesday, reversing a 2018 decision.

The renaming will not change the command’s area of responsibility, which stretches from the western part of India to America’s Pacific coastline, the Department of War said in a statement.

Its “fundamental mission and its unwavering commitment to maintaining a free and open theatre alongside regional allies and partners” also remain unchanged, it added.

The name change “honours the command’s deep historical roots, fostering a sense of pride and collective spirit among all who serve in the Pacific,” the department said, without giving additional details.

The US Pacific Command was established by former President Harry Truman after World War II.

It operated under that name for over 70 years before being renamed as the US Indo-Pacific Command in 2018, in a nod to the growing importance of the Indian Ocean in US strategic thinking.

The 2018 name change also came as part of broader efforts by Washington to counter China’s growing influence across the Asia-Pacific domain.

AFP

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Labour to engage FG on minimum wage review

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The Nigeria Labour Congress and the Trade Union Congress said they will restart negotiations with the Federal Government over a new national minimum wage, warning that workers can no longer cope with rising living costs as inflation continues to erode real incomes.

The unions are pushing for what they described as a “genuine living wage” to replace the current framework, which they said no longer reflects Nigeria’s economic realities, particularly sharp increases in food, transport, housing, and healthcare costs.

The position was contained in a joint address delivered at the 114th International Labour Conference in Geneva on Monday, where the unions also rejected any proposal to tax the minimum wage or impose additional fiscal burdens on low-income earners.

Nigeria’s current minimum wage of N70,000 was signed into law on 18 July 2024, in an agreement between organised labour and the federal government. President Bola Tinubu formally announced the wage on 19 July 2024, and it took effect on 29 July 2024.

The agreement originally set a three-year review cycle, shifting from the previous five-year arrangement. However, in January 2025, the Federal Government adjusted the framework, announcing that the minimum wage would now be reviewed every two years, effectively setting 2026 as the next review point.

In light of this, labour leaders said they intend to formally open discussions with the federal government ahead of the July 2026 wage renegotiation deadline, in a bid to prevent the delays that have often hindered previous minimum wage reviews.

“The current Act expires early next year, and we have announced that renegotiation will commence by July 2026 to avoid the painful delays of the past. As soon as we leave here, we shall write again to the government demanding the commencement of the process for renegotiating the national minimum wage,” the unions said.

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The labour leaders said workers are already under severe pressure from inflation, currency depreciation, and rising costs across essential services, arguing that official economic indicators do not reflect the daily realities of most households.

They warned that taxing the minimum wage would worsen poverty and deepen economic hardship at a time when many citizens are struggling to meet basic needs.

“We demand nothing less than a genuine living wage that reflects today’s harsh economic realities. We also demand immediate relief measures by governments at all levels until a new minimum wage is signed into law. We reject outright any attempt to tax the minimum wage or impose further burdens on the poor,” the unions said in their communiqué.

The unions stressed that the upcoming negotiations must go beyond nominal wage adjustments and instead focus on protecting real incomes, which they said have been steadily eroded by inflation.

They also urged federal and state governments to introduce short-term relief measures pending the conclusion of negotiations, warning that delays could heighten industrial tensions across the country.

Beyond wage concerns, the labour movement used the Geneva platform to highlight broader economic and social challenges, including insecurity, unemployment, and rising poverty levels.

They said insecurity in several parts of the country has made commuting increasingly dangerous for workers, with killings, abductions, and displacement affecting productivity and livelihoods.

According to the unions, nearly 2,000 people were killed in the first quarter of the year, while millions have been displaced, with entire communities and economic activities disrupted by violence.

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They warned that worsening insecurity could force workers to remain at home as a survival response, escalating tensions beyond traditional labour action if not urgently addressed.

The labour leaders also said about 65 per cent of Nigerians, estimated at roughly 150 million people, are currently living in multidimensional poverty, driven by inflation, job losses, and declining purchasing power.

They argued that while macroeconomic reforms are aimed at stabilisation, they have yet to translate into improved living standards for ordinary citizens.

As the 2027 general elections approach, the unions said they are developing a charter of demands to shape their engagement with political actors and inform their support for candidates, noting that  only political actors who commit to improved security, functional public services, wage reforms, and protection of labour rights would receive their backing.

The labour movement also raised concerns over alleged interference in union affairs in some states, accusing certain governments of undermining democratically elected labour leadership structures.

They emphasised that organised labour would resist any attempt to weaken union independence or impose external control on labour organisations.

As the current wage regime approaches its 2026 review window, the unions said their priority remains securing a wage structure that reflects economic realities and protects workers from further erosion of income.

They maintained that the outcome of the upcoming negotiations would determine whether Nigerian workers receive what they termed a “living wage” or continue to endure worsening economic hardship.

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Ribadu, Akpabio advocate tech-driven border control over Insecurity

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The National Security Adviser, Nuhu Ribadu, and President of the Senate, Godswill Akpabio, on Tuesday called for the deployment of modern technology and stronger regional cooperation to strengthen Nigeria’s border security architecture and address growing security threats across the country.

FILE: Akpabio

They made the call at the opening of the 15th National Security Seminar organised by the Alumni Association of the National Defence College in Abuja.

Represented by the Director of Policy and Strategy at the Office of the National Security Adviser, Yazid Gbemudu, the NSA said Nigeria’s territorial integrity and national stability were closely tied to the effectiveness of its border security framework.

He noted that while Nigeria’s extensive land and maritime borders facilitated trade, regional integration and socio-economic development, they also exposed the country to threats including terrorism, arms trafficking, smuggling, human trafficking, irregular migration and other forms of transnational organised crime.

According to him, weak border governance creates vulnerabilities that can be exploited by criminal and terrorist networks, thereby undermining national security and development efforts.

“A major pillar of Nigeria’s contemporary border security framework is the National Border Management Strategy, which promotes an integrated border management approach.

“The strategy seeks to enhance intelligence collaboration, strengthen border infrastructure, improve surveillance capabilities and modernise border management processes,” he said.

Ribadu said the deployment of Border Management Information Systems and other technological solutions at key entry and exit points had improved data collection, traveller screening and migration monitoring.

“These initiatives demonstrate Nigeria’s commitment to aligning its border management practices with international standards,” he added.

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The NSA stressed the need for the full implementation of an integrated border management system to improve coordination among security, intelligence and law enforcement agencies.

“Effective intelligence sharing, joint operations and harmonised border procedures are essential for addressing contemporary security threats,” he said.

He also advocated increased investment in technology-driven border security solutions.

“Expanding surveillance systems across land, maritime and coastal borders will significantly improve monitoring capabilities and reduce illegal cross-border activities.

“Modern challenges require modern solutions, including biometric identification systems, advanced border monitoring technologies and data-driven security frameworks,” Ribadu stated.

The NSA further emphasised the importance of regional and bilateral cooperation, noting that many of the security challenges confronting Nigeria’s borders were transnational in nature and required coordinated responses among neighbouring countries.

He also called for greater investment in border communities through sustainable development, improved infrastructure and economic opportunities to reduce their vulnerability to criminal exploitation.

“Strengthening Nigeria’s border security architecture is fundamental to ensuring national stability, protecting territorial integrity and promoting socio-economic development,” he said.

Ribadu, however, acknowledged challenges such as porous borders, inadequate infrastructure, limited technological capabilities and gaps in inter-agency coordination, saying they required urgent attention.

“Border security is a shared responsibility that requires the collective efforts of security agencies, government institutions, border communities and international partners,” he added.

Speaking at the event, Akpabio, who was represented by the Chairman of the Senate Committee on Defence, Ahmad Lawan, said Nigeria’s extensive land and maritime boundaries posed significant security challenges.

“As a country with extensive land and maritime boundaries, Nigeria faces significant challenges relating to border control, illegal migration, arms trafficking, smuggling and the infiltration of criminal and extremist elements.

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“It is, therefore, imperative that Nigeria prioritises the strengthening of its border security architecture through improved surveillance, enhanced infrastructure, better inter-agency coordination, technological innovation and stronger regional cooperation,” he said.

Akpabio noted that many of the security threats confronting Nigeria had transnational dimensions, making coordinated responses essential.

He stressed that peace and security remained prerequisites for meaningful national development.

“There can be no meaningful development without peace and security. Porous and poorly managed borders can become vulnerabilities that undermine national security efforts and national stability,” he said.

The Senate President also advocated a whole-of-government and whole-of-society approach to addressing insecurity.

According to him, government institutions, security agencies, civil society organisations, the private sector, traditional institutions, the media and academia all have critical roles to play in safeguarding the country.

Earlier, the Acting President of AANDEC, Commodore Amatare Kpou (retd.), described the seminar as a key platform for promoting informed discourse on national security challenges and opportunities.

Kpou said the theme of the seminar, “Strengthening Nigeria’s Border Security Architecture for National Stability,” was timely, given the growing threats of irregular migration, smuggling, trafficking and other cross-border crimes.

He expressed confidence that the deliberations would generate useful recommendations for policymakers and contribute to efforts aimed at building a safer and more secure Nigeria.

Nigeria shares over 4,000 kilometres of land borders with neighbouring countries and an extensive coastline, making border security a critical component of national security.

Authorities have repeatedly identified porous borders as channels for terrorism, arms smuggling, human trafficking and other transnational crimes.

The Federal Government has in recent years intensified efforts to strengthen border management through technology, intelligence sharing and regional cooperation.

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