The Managing Director and Chief Executive Officer of FirstBank Group, Olusegun Alebiosu, has called for stronger ethical standards in Nigeria’s informal sector, saying integrity, transparency and responsible business practices are essential to building sustainable enterprises and a stronger economy.

Alebiosu made the call yesterday at the inaugural public lecture of the FirstBank Samuel Asabia Professorial Chair in Business Ethics, held at the University of Lagos (UNILAG), with the theme, ‘The Paradox of Business Ethics for Sustainable Enterprises in the Informal Sector of Nigeria’s Economy’.

He said the informal sector, which provides livelihoods and entrepreneurial opportunities for millions of Nigerians, operates largely in an environment where access to finance, infrastructure, capacity and formal business structures remains limited.

According to him, the sector contributes about 42.5 per cent to Nigeria’s gross domestic product (GDP), making ethical conduct within it important to the wider economy.

“This brings us to the paradox before us today: How do we promote ethical business practices among enterprises that are often focused primarily on survival, while ensuring that such practices do not become an additional burden to their sustainability?” Alebiosu asked.

He said FirstBank does not see ethics and sustainability as competing priorities, stressing that businesses built on integrity and transparency are more likely to earn the confidence of customers, employees, partners and financial institutions.

Alebiosu said the bank’s commitment to responsible business was reflected in its activities around education, health, diversity, financial inclusion, responsible lending, procurement and climate initiatives.

He said the FirstBank Samuel Asabia Professorial Chair was established to deepen the connection between academic research and practical business ethics, adding that the endowment was one of 10 under the bank’s Education Endowment Programme supporting research in federal universities across Nigeria’s six geopolitical zones.

Alebiosu urged stakeholders to consider practical ways of making ethical practices accessible to informal businesses, particularly through collaboration among financial institutions, government, academia and the private sector.

Speaking at the event, the inaugural occupant of the FirstBank Samuel Asabia Professorial Chair in Business Ethics, Prof. Kenneth Amaeshi, examined the relationship between ethics, small businesses, taxation and accountability.

Amaeshi argued that Nigeria’s tax challenge could not be addressed simply by assuming that citizens were unwilling to pay taxes, saying the willingness of small business owners to comply was closely linked to their perception of government accountability.