The Chartered Institute of Directors (CIoD) Nigeria has highlighted corruption and regulatory uncertainty as major obstacles to the country’s prosperity.

The institute stressed the urgent need to address these challenges to ensure Nigeria achieves meaningful development.

According to the institute, the future of Nigeria’s governance depends not only on new frameworks and technologies but also on leaders who embody integrity, fairness and accountability. These principles, it said, should not be mere slogans but genuine values.

In his keynote address at the investiture of Tunji Oyebanji as the 19th President and Chairman of the Governing Council of CIoD, Founding Director of Kenna Partners, Fabian Ajogwu, said there is nothing fundamentally wrong with the Nigerian character.

He argued that Nigeria’s challenge lies in the unwillingness of leaders to embrace the responsibilities imposed by their positions.

Ajogwu emphasised the need for a radical shift towards purpose-driven, ethical and adaptive leadership in governance.

To lead with genuine principles, he urged leaders to act transparently, take responsibility for outcomes and foster integrity within institutions.

He maintained that the root of Nigeria’s problems lies in leadership failure. While acknowledging this, he also stressed the responsibility of citizens to demand better governance.

Ajogwu noted that though the saying “people get the leadership they deserve” may be an exaggeration, it highlights the importance of active and visionary followership in strengthening democratic institutions and preventing complacency.

In his acceptance speech, the new CIoD President outlined a three-point agenda—Implementation, Collaboration and Engagement (I.C.E.).

Oyebanji highlighted challenges posed by constant change, shifting economic landscapes and the rapid pace of technological development. He urged directors to be purpose-driven, dynamic and proactive in addressing them.

He described directors as powerful catalysts for innovation, growth and renewed purpose, stressing the need for greater commitment, sharper focus and a more inclusive approach to achieving set goals.