Companies must prioritise sustainability, good governance as survival strategies, say experts

Experts in the corporate sector have said that companies operating in the country must prioritise sustainability and good governance as part of their survival strategies.

The experts spoke recently at the annual corporate governance conference (ACGC) organised by the Society for Corporate Governance Nigeria (SCGN) in Lagos.

‘Corporate survival and sustainability: The new face of governance’, was the theme of the conference.

Speaking at the event, Bola Adesola, the chairperson of the board of Ecobank Nigeria Limited, said the world is at a stage where corporate sustainability is no longer an option but a necessity.

“Long-term survival demands that governance frameworks embed sustainability as an integral element,” Adesola said.

“It is not about CSR anymore; it is about ensuring business continuity today without compromising tomorrow.”

Omolola Oloworanran, the acting director-general of the Nigerian Pension Commission (PENCOM), who spoke on pressing issues shaping the future of corporate governance, emphasised the increasing importance of environmental, social, and governance (ESG) factors.

Oloworanran highlighted that companies with a strong ESG focus are more resilient and able to achieve better financial outcomes.

“Sustainability is no longer optional for companies; it is now a critical factor for survival. Companies that prioritise ESG tend to perform better financially and maintain stronger reputations in the long run,” she said.

Also speaking, Armstrong Takang, the managing director of the ministry of finance incorporated (MOFI), said there is a growing need for collaboration between the public and private sectors in achieving corporate governance excellence.

Takang noted that corporate governance must be at the heart of both private and state-owned enterprises, adding that it is essential for driving impactful change and ensuring long-term sustainability.

Chioma Mordi, the chief executive officer (CEO) of SCGN, said the new face of governance demands a shift toward transparency, inclusivity, and purpose.

“By embracing ethical leadership, we can inspire a ripple effect of positive change across the corporate sector, she said.

She said effective governance is not just a regulatory obligation but a strategic imperative for businesses aiming to survive and thrive in today’s complex and rapidly evolving environment.