Nigeria’s corporate governance model is facing a major test of relevance as experts warned that compliance-based practices can no longer sustain investor trust or business resilience in the age of digital transformation and sustainability demands.
While the concern was raised at the yearly summit of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Lagos Chapter, the forum noted that while governance frameworks exist on paper, many organisations still treat them as procedural requirements rather than strategic tools for accountability and long-term value creation.
This gap, the institute said, continued to expose Nigerian companies to governance weaknesses and eroding stakeholder confidence, as investors, regulators, and the public increasingly demand transparency, accountability, and sustainability in corporate practices.
President and Chairman of the Governing Council, ICSAN, Uto Ukpanah, said the current business environment, shaped by technological disruptions and socio-economic complexities, demands a redefinition of governance beyond routine compliance to one that enhances resilience, trust, and sustainable value.
“The governance professional is now expected not only to comply but also to strategically interpret and apply governance principles to enhance organisational resilience, stakeholder confidence, and sustainable value creation,” she said.
Speaking on the summit’s theme, ‘Governance Redefined in a Business Environment: A Continuum or New Paradigms’, Ukpanah explained that while the core principles of accountability, fairness, responsibility, and transparency remained constant, their application is being reshaped by emerging realities such as digital transformation, Environmental, social, and governance (ESG) imperatives, and shifting socio-economic values.
Chief Executive Officer of Etin Power Limited, Prof. Yinka Omorogbe, in her keynote address, described governance as an evolving continuum rooted in history but transformed by technology, sustainability imperatives, and global crises such as COVID-19.
She said modern governance has moved beyond compliance to become a strategic discipline anchored on accountability, transparency and integrity.
“Governance now is multidimensional. It extends beyond financial accountability. It includes environmental stewardship, digital responsibility, and social impact,” she said.
Omorogbe noted that while the fundamental tenets of governance remain intact, they are continually reinterpreted to meet changing realities, from corporate reforms to stakeholder inclusion and digital accountability. She explained that the pandemic accelerated new norms such as virtual meetings, data oversight, and stakeholder welfare as integral parts of governance practice.
Chairperson of ICSAN, Lagos State Chapter, Efosa Ewere, who emphasised that governance must evolve into a living, adaptive framework that anticipates change and leads organisations through disruption, noted that as digital transformation, sustainability imperatives, and shifting stakeholder expectations redefine business realities, governance should serve as a compass for ethical leadership and confidence rather than a static checklist.
She urged professionals to view governance as people-centred, anticipatory, and adaptable to modern business and socio-economic realities.
“Governance, after all, is not about control; it is about confidence. It is about creating the environment in which good decisions can flourish, even when uncertainty reigns,” she said.
