Business Africa
Sound Business Ethics sustenance of viable enterprise Building
The development and sustenance of viable enterprise is no longer dependent on the size of the corporation and related factors but sound ethical practices imbibed by all stakeholders, according to Vice President Yemi Osinbajo, SAN.
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Prof. Osinbajo stated this on Tuesday at the virtual 2020 Conference of the Institute of Directors.
According to him, “The frequent clashes between conscience and wrongful behaviour will eventually create a toxic work environment and destroy corporate objectives and visions. There is also enough history of how cutting corners and dishonesty ultimately bring down the whole enterprise. This we have seen in the facts behind the collapse of many Nigerian financial institutions from the nineties to the more recent occurrences in 2009. Yes, it took a while for the institutions to unravel but the point is made that on the long run, unethical practices are unsustainable.
“Besides for quoted companies, the dangers of unethical behaviour are much graver. Local and international investors have greater access to information and more options than ever before, the slightest whiff of scandal or malfeasance can destroy value built up over the years.
The local and especially the international examples of the collapse of companies thought to be too big to fail and brand names that had even once been associated with integrity and strong business ethics is a strong reminder of just how brittle edifices built on weak business ethics are.
“Today, every company’s stakeholders are far more than investors, management, or employees. They now include customers, clients, trade partners, suppliers, media, the general public, government and now, the environment.”
The event featured presentations personalities including Prof. Marc Le Menestrel, a professor of Decision Sciences; Chairman of Governing Council, Institute of Directors, Chief Chris Okunowo; and Dele Alimi, DG/CEO, Institute of Directors.
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The Nigerian Union of Petroleum and Natural Gas (NUPENG) has issued a two-week strike notice to the federal government, raising the possibility of fuel scarcity across the country in the coming weeks.
This was contained in a statement jointly signed by NUPENG President, Williams Akhoreha, and General Secretary, Olawale Afolabi, Monday.
The union said the notice of strike was one of the decisions reached at its special national delegates conference Thursday.
It listed non-payment of workers’ salaries and benefits, among others, as reasons for its resolution.
One of the issues, NUPENG said, was the outstanding payment of terminal benefits to its members that were declared redundant in 2012 by the management of Chevron Nigeria limited.
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The Lagos Chamber of Commerce and Industry has said it aims to promote intra-African trade at the 35th edition of its annual Lagos International Trade Fair.
The Director-General of the LCCI, Dr. Chinyere Almona, said in a statement on Wednesday that this year’s edition would feature business-to-business meetings simultaneously with the general interest fair.
She said, the focus this year is to encourage intra-African trade and position Africa as the preferred investment destination and an economic powerhouse adding that The exhibition will also facilitate networking amongst exhibitors and between exhibitors and visitors.
She said corporate organisations, including multinational corporations, indigenous conglomerates, financial institutions, and small and medium businesses, had indicated interest in participating at the fair and relevant agencies and departments of government would also be available to exhibit and attend to other exhibitors and visitors.
She said agencies that had confirmed attendance to provide information and educate exhibitors and visitors were the Bank of Industry and Nigerian Export Promotion Council, among others.
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The Nigerian Export Promotion Council has organised a workshop for over 60 operators of Small and Medium-scale Enterprises in Osun State on how to make their products fit for export.
The workshop, which was held in Osogbo, was tagged ‘Facilitating strategic export market access programme in collaboration with the trade support institutions.’
The Assistant Director, Policy and Strategy Department, NEPC, Aliu Saddique, said the participants were SMEs owners with the potential to export to the international market.
He said the council was using the model developed by the Centre for the Promotion of Imports from Developing Countries to train the participants so as to enable them to have a good understanding of the demands of the international market.
While speaking, The Osun State Commissioner for Commerce, Cooperatives, Industries and Empowerment, Dr. Bode Olaonipekun, called for serious planning ahead of the time when crude oil would no longer bring revenue for the country again.
Olaonipeokun, who also blamed the current economic hardship on the neglect of non-oil export, said planning for the era without oil must start immediately to avert economic crises.
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