Ajogwu unveils corporate governance model

In a landmark event at the Lagos Business School (LBS), renowned corporate governance expert and Senior Advocate of Nigeria (SAN), Prof Fabian Ajogwu, has unveiled the AFG model of corporate governance.

The model is aimed at helping organisations address the realities of modern corporate, institutional and governmental landscapes.

It was unveiled at a public lecture themed, “Balancing Power, Profit and Purpose” in Lagos.

AFG model is an innovative corporate governance framework that integrates fundamental components of good governance, including ethics, behavioural governance, conscious capitalism, purpose-driven governance, and outcomes-based corporate governance to achieve sustainable outcomes.

By emphasising the interdependence of these components, AFG ensures that organisations establish a governance structure that is both principled and effective.

The framework also takes a scientific approach, offering an equation, known as the AFG Equation, to assess and enhance governance to ultimately drive sustainable outcomes.

In the lecture, Prof Ajogwu emphasised the need for companies to move beyond profit and power to a more purposeful approach to business, presenting case studies of local and international organisations that have adopted this approach to great effect.

He stated: “The third pillar of purpose (power, profit & purpose) is the company’s role beyond financial gains. It balances financial performance with social responsibilities, ethics and sustainability.

“A purpose-driven governance model is increasingly relevant for businesses seeking long-term sustainability and success. Shifting away from a solely profit-focused approach ensures organisations consider their long-term impact and sustainability.

“With a purpose-driven model, organisations acknowledge how their operations and products affect all stakeholders. The ‘4 Ps’ of corporate sustainability – people, planet, purpose, and profit – come into light in this regard.”

The learned silk went further by adding to the framework the critical considerations essential for it to be a success when implemented.

The considerations, he stated, are the rule of law, which he stated is a positive multiplier, and anti-corruption, with corruption being a negative multiplier.

The public lecture also served as a platform for the presentation of Ajogwu’s latest book, titled: “Reflections on Corporate Governance.”

The event was well attended by executives and representatives from multinational and indigenous organisations, including MTN Nigeria; Stanbic IBTC; Access Bank, JNC International; Seplat Energy; Mixta Africa; ARM; Integrated Power Technologies; Pension Fund Operations Association of Nigeria; Novare Group; Financial Reporting Council of Nigeria; PZ Cussons; Guinness Nigeria; Nigeria Sovereign Investment Authority; Enugu State Government; Ministry of Finance Incorporated; Central Bank of Nigeria; Wigwe University and the Nigerian Institute of Chartered Arbitrators among others.

In his book review, the former Vice Chancellor of the Pan-Atlantic University and Professor of Professional Ethics, Juan Elegido, commended the holistic nature of the Reflections on Corporate Governance by Prof Ajogwu.

He stated that the book not only covers core concepts of governance but also provides practical guidance on navigating the complexities and dynamic nature of effective governance in today’s business world.

Prof Elegido maintained: “One of the book’s greatest strengths lies in its invitation for reflection.

“Too often, corporate governance is approached as a checklist, with minimal regard for how those principles translate in practice.

Ajogwu, however, urged readers to consider the broader implications of governance on corporate culture and ethical decision-making.

This calls attention to the fact that governance is not just about compliance or avoiding legal pitfalls; it is about creating a culture of accountability, transparency, and trust.”

In his remarks, the chairman of MTN Nigeria Communications Plc, Dr Ernest Ndukwe, said: “It is a great honour to be part of the unveiling of this book, and my pleasure to unveil it to the glory of God Almighty and also to those who will have the opportunity of reading the book.”

Speaking at the event, the Pro-Chancellor of Wigwe University, retired justice of the Supreme Court, Amina Adamu Augie, remarked: “I consider it a great honour that, now in retirement, I can stand here and gladly say I am part of the unveiling of this book.”

Setting the tone for the proceedings of the day, the Deputy Vice Chancellor of the Pan-Atlantic University, Dr. Peter Bamkole, in his welcome remarks, underscored the importance of corporate governance to both organisations and the society at large.

“Corporate governance, as we all know, is the bedrock of responsible leadership, organisational success, and economic sustainability.

“It provides a framework for transparency, accountability, and ethical decision-making, ensuring that businesses are not only profitable but also trustworthy and resilient.

“This work, by Prof Ajogwu, is a timely and practical guide that distills decades of experience into real-world insights, case studies, and strategic lessons for professionals in business, law, and finance.

“The book is an indispensable resource that will equip you with the knowledge to navigate governance complexities with confidence and integrity,” he said.

The unveiling of the AFG and its equation is expected to spark a global conversation on governance reform, with the nation positioned as a hub for governance innovation.

The book, Reflections on Corporate Governance, is published by CLDS Publishing in Lagos.