Participants at the 7th Investigations, Compliance and Ethics (ICE) Summit have emphasised the need for companies to embrace compliance and ethics, which they said foster a culture of excellence.

They also harped on Environmental, Social and Governance (ESG) compliance, and how companies can apply global standards to local realities, while keeping integrity at the heart of their operations.

The summit, organised by Udo Udoma & Belo-Osagie (UUBO) in collaboration with Deloitte, was themed, ‘Compliance, Culture and Consequence: The Blueprint for Corporate Integrity.’

In her speech, Managing Partner at Udo Udoma & Belo-Osagie, Jumoke Lambo, highlighted the firm’s commitment to “creating platforms where knowledge could be shared, ideas exchanged, and integrity strengthened across our business and professional communities”.

She noted that the ICE Summit has grown into a trusted forum for dialogue, learning and collaboration.

According to her, UUBO is driven by the belief that investigation, compliance, and ethics are the foundation for sustainable business and public trust.

Lagos State Commissioner for Commerce, Cooperative Trade and Investment, Folashade Ambrose-Medebem, underscored the relevance of a blueprint for corporate integrity in an age defined by rapid technological, economic, and political shifts.

She stressed the importance of rebuilding stakeholders’ trust and creating systems that build trust between the government and the business sector.

A partner at Barnes & Thornburg, Adetayo Osuntogun, spoke about the U.S sanctions, export controls, tariffs and how they affect Nigerian businesses.

With the ongoing war in Russia and Ukraine, he cautioned that Nigerian companies cannot send certain goods to Russia without the permission of the U.S government, as the sanctions and export controls apply to U.S.-origin goods, technology, and certain foreign-made items that contain U.S components.

He explained that because Nigeria buys weapons from the U.S, anything bought from the U.S cannot be shared with countries under U.S sanctions.

Osuntogun added that the US government could impose sanctions on Nigerian entities for violating these laws.