Forum canvasses ethical practice for business growth
Stakeholders at the 2018 Corporate Members’ Forum of the Nigerian Institute of Management (NIM) resolved that right ethics when put in the proper perspective were more important than the right infrastructure.
They submitted that businesses could survive with good ethics even if available infrastructure were not good enough, stating that no business could survive without the right ethics even if all infrastructure were provided.
In a presentation by the Founder and Chairman of NOSAK Group, Dr. Toni Ogunbor, he described ethics as a very complicated subject in business, stressing that its practice was more entrenched in developed markets.
Ogunbor, who spoke on Ethical Imperatives Required In The Development Of New Business Frontiers In Nigeria, defined ethics as a philosophical concept that deals with the application of moral principles in everyday conduct either by individuals or organisations.
Represented by Lead Consultant, Smartnomics Consulting, Dr. Agu Onwuzuruoha, Ogunbor noted that organisations in emerging and frontier markets rarely think of ethics, as they believe that it is a western mantra designed to keep them uncompetitive and low performing.
He stressed that corporate governance standards were low in most markets and this reflects on how organisations are structured and how they function, adding that it ultimately reflects in poor product quality, weak customer service structure, absence of effective communication channels, limited markets, low productivity and eventually, organisational failure.
In his welcome address, President and Chairman of Council, NIM, Professor Olukunle Iyanda, who said that the theme was apt particularly in preparatory years of future governance, explained that ethics should not be treated with kid gloves if the country desires to achieve its socio-economic aspirations.