The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has urged companies not to let economic hardship weaken their corporate governance.
ICSAN Vice President, Francis Olawale, spoke to journalists in Lagos. He represented the institute’s President, Uto Ukpanah.
Olawale said inflation, costly loans, higher taxes and growing regulation are making life harder for businesses. As a result, many firms struggle to stay profitable while meeting compliance and governance rules.
However, he said tough times are no excuse to drop ethical standards. “You can run by the rules and still pursue your profits,” he said.
He added that companies must control their costs without falling into compliance failures. Otherwise, they risk damage to their reputation and other business setbacks.
Olawale also stressed why business survival matters. Companies create jobs, attract investment, generate government revenue and support household incomes.
On taxes, he urged firms to study their obligations under the ongoing tax reforms. He also called on them to separate legitimate tax planning from tax evasion. According to him, the goal is not to dodge taxes but to build strategies that keep businesses going.
In addition, he said governance professionals now carry more responsibility than before. Their work covers regulatory compliance, risk management, board evaluation and corporate accountability.
The remarks were made at ICSAN’s 60th anniversary event. Discussions there focus on how tax reforms, transparency and governance affect business sustainability as companies adapt to new economic and regulatory conditions.
