Nigeria’s ambition to build a $1 trillion economy could be undermined if businesses fail to entrench accountability, ethical leadership and sustainable corporate governance, the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has warned.

The institute said sustainable economic growth required businesses to look beyond profits and embrace transparency, responsible decision-making and practices that create lasting value for investors, workers and society.

The President and Chairman of Council, ICSAN, Uto Ukpanah, stated this at the institute’s 2026 yearly conference and diamond jubilee celebration in Lagos, where she called for a stronger balance between commercial interests and corporate responsibility.

Ukpanah said businesses must deliver financial returns while responding to the expectations of employees, investors, regulators, consumers and host communities, particularly amid economic uncertainty, technological disruption and growing scrutiny of corporate conduct.

She stressed that Nigeria needed competitive businesses capable of generating employment and wealth, but warned that profitability must be supported by sound governance, resilience and a clear sense of responsibility.

Former Group Chief Executive Officer of Nigerian Exchange Group, Oscar Onyema, said weak governance and a lack of institutional credibility could erode investor confidence and restrict businesses’ access to long-term capital.

Onyema urged company secretaries and governance professionals to move beyond compliance functions and become strategic advisers to boards, helping organisations to uphold ethical standards and make decisions that support long-term value creation.

Lagos State Governor, Babajide Sanwo-Olu, also called on ICSAN to develop governance standards for the use of artificial intelligence, data analytics and other emerging technologies by businesses and public institutions.

Represented by the Secretary to the Lagos State Government, Bimbola Salu-Hundeyin, the governor said technological innovation must be matched by effective oversight, transparency and accountability to manage emerging risks and protect stakeholders.

Speaking on the theme of the conference ‘Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies’, business consultant, Prof. Biodun Adedipe, said organisations must integrate environmental, social and governance (ESG) principles into their corporate strategies, risk management and decision-making processes.

Adedipe said sustainability should not be treated merely as a compliance requirement but as a driver of competitiveness and long-term business survival.