Lagos State governor Babajide Sanwo-Olu has called for stronger collaboration with the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) to improve governance in public institutions and businesses, as the institute marked its 60th anniversary.
Sanwo-Olu made the call at ICSAN’s anniversary conference in Lagos, where stakeholders stressed the need for greater accountability, sustainable business practices and institutional credibility to support investment and economic growth.
The governor was represented by the Secretary to the State Government (SSG), Barrister Bimbola Salu-Hundeyin, said effective governance was essential to building resilient businesses and public institutions, urging corporate leaders to consider the long-term impact of their decisions on employees, communities and the wider economy.
He also challenged businesses to balance profitability with responsibility, arguing that commercial success should contribute to shared prosperity and national development.
The conference, themed “Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies,” examined how businesses could remain competitive while meeting growing expectations on environmental protection, social inclusion and corporate accountability.
While delivering the keynote paper, financial expert Professor Biodun Adedipe said Nigerian businesses must move beyond measuring success solely by profits and adopt practices that generate lasting economic and social value.
“Sustainability should go beyond ‘doing less harm.’ It should also mean creating development impact,” Adedipe said.
The Professor of Practice at James Hope University and founder of B. Adedipe Associates Limited said sustainability had evolved from the traditional focus on people, planet and profit to the environmental, social and governance (ESG) framework.
He stressed that businesses could remain profitable while reducing environmental damage and improving social outcomes, urging companies to consider the interests of employees, customers, communities, investors and other stakeholders alongside shareholders.
According to Adedipe, sustainable practices can reduce operating costs, strengthen resilience against economic and climate-related shocks, improve corporate reputation and attract domestic and international investment, as he outlined a progression from basic compliance with ESG requirements to integrating sustainability into corporate strategy, risk management, management accountability and long-term value creation.
Adedipe illustrated the approach with a hypothetical Nigerian manufacturing company investing in solar energy, developing local suppliers, training young workers and reducing production waste while remaining profitable.
He urged business leaders to focus on the legacy their organisations would leave rather than concentrate exclusively on quarterly results.
“Keep your eyes on the future. Legacy! What can your organisation become after your exit? Better or worse? Stronger, more responsive to stakeholders, more engaged and more profitable? Your choice!” he said.
Meanwhile, ICSAN President and Chairman of its Governing Council, Uto Ukpanah, said the institute’s 60 years of existence reflected its commitment to professional excellence, transparency and sound governance.
Ukpanah said ICSAN was established in 1966 by professionals who recognised that effective institutions required accountability and strong governance structures.
She said the anniversary was not only an opportunity to celebrate the institute’s history but also to prepare a new generation of governance professionals for Nigeria’s changing economic and institutional needs.
Ukpanah added that the institute would continue to promote responsible leadership across public and private institutions, particularly as Nigeria pursues its ambition of building a $1 trillion economy by 2030.
She also highlighted ICSAN’s professional development role and international relationships, noting that governance practice now covers areas such as risk management, compliance and investor relations, in addition to company secretarial duties.
Similarly, conference chairman and former chief executive of the Nigerian Stock Exchange, Oscar Onyema, said profitability and purpose should reinforce each other rather than be treated as competing objectives.
Onyema said sustainable value creation depended on sound governance, transparency, institutional credibility and stakeholder confidence, which are important for attracting long-term investment.
He urged companies to strengthen governance structures, align commercial performance with long-term stakeholder value and build institutions capable of sustaining public confidence.
Meanwhile, the conference formed part of activities marking ICSAN’s six decades of promoting professional standards in corporate governance, administration and accountability. Its members work across company secretarial practice, risk management, compliance, investor relations and other governance-related fields.
