Governor Babajide Sanwo-Olu of Lagos State has called on the Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, to strengthen governance standards in public institutions and the private sector, particularly in the oversight of artificial intelligence, data management and emerging technologies.
Governor Sanwo-Olu made the call in his goodwill message at the opening ceremony of ICSAN’s 50th Annual Conference and 60th Anniversary celebration.
Sanwo-Olu who spoke through the Secretary to the Lagos State Government, Bimbola Salu-Hundeyin, commended ICSAN’s six decades of contributions to institutional integrity, accountability and excellence in governance.
He noted that the institute’s role has become increasingly critical as Nigeria navigates complex economic and governance challenges.
Sanwo-Olu spoke on the conference theme, “Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies.
He stressed that business success must extend beyond financial returns to include ethical leadership, responsible corporate practices, stakeholder confidence and lasting socioeconomic impact.
Sanwo-Olu stated further that strong governance remains fundamental to sound decision-making, effective risk management, institutional resilience and sustainable economic growth.
He added that innovation must be matched by accountability and profitability by a commitment to the common good.
Governor Sanwo-Olu also disclosed that the State generated ₦1.87 trillion in internally generated revenue in 2025, representing an 18.5 per cent increase over the previous year, while tax collection reached ₦1.44 trillion.
He also noted that debt service was maintained at 19.2 per cent of revenue, below the 30 per cent fiscal responsibility threshold, while tax filing was moved fully online.
Sanwo-Olu attributed the achievements recorded to transparent and accountable systems in strengthening public finance and supporting investments in infrastructure, human capital development and innovation under the State’s THEMES Plus Developmental Agenda.
The Governor emphasised that sustainable success should be measured not only by profits but also by the value created, lives improved and public confidence earned.
He said profitability and purpose were complementary, noting that when aligned with integrity and a commitment to societal progress, they could drive sustainable growth, shared prosperity and national development.
He challenged ICSAN to use its Diamond Jubilee as an opportunity to renew its commitment to shaping the future of governance and nurturing professionals whose integrity and impact would endure across generations.
The Governor expressed the Lagos State Government’s appreciation for the Institute’s contributions to professional excellence and wished it a successful 50th Annual Conference and a memorable 60th Anniversary celebration.
Governor Sanwo-Olu said strong governance is essential for effective decision-making, risk management, accountability and institutional resilience.
Sanwo-Olu urged businesses to balance profitability with integrity, sound corporate governance and sustainability.
He stated that the approach would promote economic growth and support the Federal Government’s ambition of building a one-trillion-dollar economy by 2030.
Sanwo-Olu noted that businesses were increasingly assessed not only by their earnings but also by how they generated profits, treated stakeholders and contributed to society.
According to him, Nigeria needed businesses capable of creating jobs, attracting investment and competing globally while maintaining integrity and a strong sense of responsibility.
He highlighted the growing importance of governance in deploying artificial intelligence, digital finance and data analytics.
In his words, the opportunities offered by emerging technologies required stronger oversight, transparency and accountability.
According to him, Innovation must be matched by governance, and growth must be matched by responsibility.
ICSAN President and Council Chairman, Uto Ukpanah described the diamond jubilee as a massive milestone in the institute’s history of championing corporate governance, administrative excellence, and professional development in Nigeria.
Ukpanah said the 60th-anniversary celebration serves as a vital opportunity to reflect deeply on the achievements of the past while intentionally positioning the institute for greater impact and governance leadership in the future.
She said the institute’s 60th anniversary underscored its responsibility to strengthen professional standards, ethical leadership, corporate administration and good governance.
Ukpanah said the conference theme was particularly relevant as Nigeria pursued its ambition of becoming a one-trillion-dollar economy by 2030.
She commended the Lagos State Government’s support to the Institute and appreciated Governor Sanwo-Olu for the approval of the parcel of land for the Institute.
She said the country needed to consider not only the value businesses created but also who benefited from it and how it could be sustained.
The ICSAN president said organisations had to navigate economic uncertainty, technological disruption, climate concerns, changing regulations and evolving stakeholder expectations while maintaining responsible business practices.
She described the completion of the institute’s new national secretariat as a significant achievement, adding that the project had reached an advanced stage.
Ukpanah expressed hope that the building would be completed and commissioned before the end of her tenure in July 2027.
Ukpanah disclosed that a bill seeking to rename the institute the Chartered Governance Institute of Nigeria and expand its mandate passed second reading in the Senate in June.
She said the institute was working to secure the bill’s passage before the end of the 10th National Assembly.
Ukpanah said the proposed change reflected the global evolution of governance as a professional discipline and would better position the institute to respond to emerging governance demands.
She urged members and stakeholders to support the institute’s development projects and efforts to strengthen Nigeria’s governance profession.
Former Group Chief Executive Officer of Nigerian Exchange Group, Oscar Onyema, commended ICSAN for six decades of promoting professional excellence, ethical leadership and sound corporate governance in Nigeria.
Onyema said businesses must remain profitable while contributing to sustainable development and national prosperity amid economic uncertainty, technological disruption and rising stakeholder expectations.
According to him, profit and purpose should not be competing objectives, Properly aligned, purpose strengthens profitability, while profitability provides the resources to sustain purpose.
Onyema said his experience in capital markets and corporate leadership underscored the increasingly strategic role of company secretaries and governance professionals.
He described them as trusted board advisers and champions of institutional integrity, rather than merely custodians of compliance.
As we deliberate today, I encourage us to focus on three priorities: strengthening governance, aligning commercial success with long-term stakeholder value, and building institutions capable of attracting capital and sustaining public confidence,” he said.
The Chief Consultant, B. Adedipe Associates Ltd., Prof. Biodun Adedipe, said sustainable business practices required organisations to balance the interests of people, the environment and profit.
Adedipe explained that the triple-bottom-line approach placed people, the planet and profit at the centre of business decisions.
He identified economic viability, environmental responsibility, social accountability and effective governance as key pillars of sustainable business practices.
He said organisations needed to manage risks, improve efficiency, conserve energy and water, reduce waste, protect employees and customers, promote ethical conduct and ensure transparent reporting.
Adedipe identified stakeholder expectations, regulatory requirements, climate change, investor interest in environmental, social and governance performance, technological advancement and global sustainability commitments as drivers of responsible business practices.
He said sustainable practices could reduce operating costs, improve resilience, attract domestic and international investment, strengthen customer trust and improve access to global supply chains.
Adedipe urged business leaders to consider their organisations’ long-term legacy and whether their businesses would become stronger, more responsive to stakeholders and more profitable after their departure.
