Connect with us

News

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

Published

on

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.”

See also  VIDEO: Lagos begins probe as ambulance hits woman during Lagos marathon

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.

See also  BREAKING: NNPC rules out sale of Port Harcourt refinery

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.”

See also  Gombe Commissioner seeks protection of northern water resources

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.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

South Korean judge who hiked ex-first lady’s jail sentence found dead

Published

on

A South Korean judge who more than doubled the former first lady’s prison sentence last month was found dead on Wednesday, police said.

Shin Jong-o was “found unconscious around 1:00 am (1600 GMT on Tuesday)… at the Seoul High Court building”, an investigator at Seocho district police station told AFP.

Shin was taken to the hospital and pronounced dead, he said, adding: “There is no sign of foul play in the death.”

Local media reported that Shin had left a suicide note, but the investigator said there was none.

Last month, Shin presided over 53-year-old Kim Keon Hee’s appeal trial, finding her guilty of stock manipulation and bribery, and increasing her sentence to four years from 20 months.

The heavier sentence came after her acquittal by a lower court on the stock manipulation charge was overturned.

Shin said at the time that Kim had “failed to acknowledge her culpability and has instead consistently resorted to excuses”.

The police investigator said on Wednesday that the judge’s “bereaved family is stricken by the incident” and requests privacy.

AFP

See also  Tinubu elevates Odumegwu-Ojukwu, appoints Enikanolaiye new minister
Continue Reading

News

Court frees ex-HOS Oyo-Ita in N570m money laundering case

Published

on

The Federal High Court in Abuja on Tuesday discharged and acquitted former Head of Service of the Federation, Winifred Oyo-Ita, of alleged N570m money laundering charges filed against her by the Economic and Financial Crimes Commission.

The trial judge, Justice James Omotosho, upheld the no-case submissions filed by Oyo-Ita and eight co-defendants, holding that the EFCC failed to establish a prima facie case against them after about six years of trial.

“The case presented by the prosecution has no weight whatsoever,” the judge ruled.

Justice Omotosho described the anti-graft agency’s case as one “built on the quicksand of speculations, suspicions and shoddy investigation.”

He added that the prosecution failed to establish the predicate offences required to prove money laundering allegations.

“Crucial elements of money laundering offences, which are the establishment of a predicate offence, were glaringly absent in this case presented by the prosecution,” he said.

The judge held that the prosecution failed to prove that funds allegedly traced to Oyo-Ita were proceeds of unlawful activities.

According to him, evidence before the court showed that contracts linked to the allegations were duly approved and executed.

He also held that estacodes, duty tour allowances and air tickets allegedly received by Oyo-Ita were properly approved.

“There is no proof before the court that estacodes or duty allowances were approved and subsequently collected without the corresponding trips being undertaken,” the judge said.

He faulted the prosecution for failing to tender travel approvals, official memos, audit queries or other documentary evidence to support its allegations.

“The prosecution has, in effect, invited the court to engage in speculation,” he added.

See also  Tinubu elevates Odumegwu-Ojukwu, appoints Enikanolaiye new minister

Justice Omotosho further held that Oyo-Ita was neither a director nor shareholder in the companies allegedly linked to the transactions under investigation.

“The prosecution did not provide any shred of evidence to show that the monies are tainted with illegality,” the judge ruled.

He subsequently upheld the no-case submissions filed by all the defendants and discharged and acquitted them on the 18-count charge.

The EFCC had arraigned Oyo-Ita and others in March 2020 over allegations bordering on fraud involving duty tour allowances, estacodes and contract kickbacks amounting to about N570m.

During the trial, the commission called eight witnesses and tendered documentary exhibits.

However, the defendants argued that the prosecution failed to establish any ingredient of the offences to warrant them entering a defence.

Justice Omotosho also rejected confessional statements allegedly obtained from Oyo-Ita and some co-defendants, ruling that they were not obtained in compliance with provisions of the Administration of Criminal Justice Act.

He held that the prosecution failed to produce video recordings of the statement-taking sessions as required by law and consequently expunged the statements from evidence.

Oyo-Ita was removed from office by the administration of the late President Muhammadu Buhari in September 2019, amid corruption allegations.

Continue Reading

News

Missing Ebonyi engineers’ families demand fresh probe

Published

on

Wives of five engineers linked to NELAN Consulting have rejected recent comments by the Minister of Works, David Umahi, accusing him of attempting to “sweep the truth under the carpet” over the disappearance and presumed killing of their husbands in 2021.

In a strongly worded rejoinder signed by the wives of the engineers, namely Mrs Patricia Onyemeh, Mrs Lovette Edeani, Mrs Ifeoma Ejiofor, Mrs Esther Aneke, and Mrs Nwazulum, the women said Umahi’s response failed to address “grave factual and moral concerns that have persisted for nearly five years.”

The statement follows Umahi’s March 16, 2026, response in which he reportedly linked the engineers’ disappearance to communal unrest.

But the families disputed this, insisting that “the characterisation of the disappearance of the five engineers… as a general consequence of communal crisis is completely outrageous, misconceived, misrepresented, and flawed.”

The engineers, who were supervising an African Development Bank-backed ring road project in Ebonyi State, went missing on November 3, 2021, during Umahi’s tenure as governor.

According to the families, their husbands had travelled for an official meeting arranged by the state government, and were last seen in connection with the project.

“Credible accounts indicate that the victims were last seen in connection with official engagements linked to the Ebonyi Ring Road project,” the statement read, raising “legitimate questions” about attempts to attribute the incident to communal violence.

The wives alleged irregularities in the handling of the case by security agencies, particularly the Department of State Services and the Nigeria Police Force.

See also  Gombe Commissioner seeks protection of northern water resources

They questioned why a DSS investigator, identified as Victor Chijioke Onyesom, was “suddenly sacked at the peak of his investigation,” alleging that he had been tracking communications linked to the case.

“Who influenced the conspiracy to terminate the investigation at DSS?” they asked.

The families also faulted the police for presenting skeletal remains without conducting DNA verification.

“The police presented them to the family as remains of the victims, but refused to do a DNA test.

“The test further showed that one of the five skeletal remains belonged to a female, whereas the five missing engineers are all men,” the statement said.

It further accused authorities of rushing to file charges against six suspects without concluding investigations or producing bodies.

“Without a doubt, the conspiracy in hurriedly filing the purported charge… was to tactically close the investigation… and shield the real culprits,” the wives said.

They added: “Where are the bodies of our husbands? You arrested their killers.”

The families also alleged intimidation after petitioning top government officials, including President Bola Tinubu, Senate President Godswill Akpabio, and House Speaker Tajudeen Abbas.

According to them, “an undisclosed person… threatened us not to push further for the reinvestigation of the case.”

Rejecting Umahi’s position outright, the wives said: “We totally reject David Umahi’s responses as misconceived and unfounded,” citing “interference in the investigative process, the sudden termination of the investigation, the removal of key investigators, and the suppression of critical evidence.”

They described the case as a “whitewash, cover-up, mischief, conspiracy, and plot to use the court to foreclose investigation.”

See also  Tinubu elevates Odumegwu-Ojukwu, appoints Enikanolaiye new minister

The families called on the President, National Assembly leadership, and civil society groups to compel security agencies to reopen the case.

“We will have no option but to embark on another protest if the investigation is not reopened.

“The blood of our dear husbands will never go in vain,” the wives said.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending