Experts: how women can drive accountability, growth
By Anne Agbi Women have a critical role to play in strengthening accountability and driving sustainable growth across organisations, governance experts have said. They spoke at the fifth Annual International
By Anne Agbi
Women have a critical role to play in strengthening accountability and driving sustainable growth across organisations, governance experts have said.
They spoke at the fifth Annual International Women’s Day Roundtable of the Society for Corporate Governance Nigeria in Lagos, where stakeholders emphasised the need to move beyond symbolic inclusion of women to strategic participation in decision-making.
The roundtable, with the theeme:“Governance for shared values: women as drivers of accountability and growth,” brought together corporate leaders, governance professionals, and policymakers to examine how women can shape institutional culture and long-term value creation.
A recurring theme across presentations was that governance is fundamentally about values rather than mere compliance, and that women’s participation strengthens ethical standards, transparency, and organisational resilience.
SCGN Chief Executive Officer, Chioma Mordi, said the Society had trained over 20,000 directors, executives, and governance professionals in collaboration with regulators such as the Central Bank of Nigeria, Securities and Exchange Commission, Nigerian Exchange, Nigerian Communications Commission, and the Financial Reporting Council, with support from international partners.
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She noted a steady increase in the number of women on corporate boards in Nigeria but stressed the need to recognise and amplify those actively shaping governance practices.
“This is not just about acknowledging progress, but about spotlighting those driving governance across Nigeria’s corporate landscape,” she said.
Mordi added that the roundtable aligned with SCGN’s commitment to promoting integrity, inclusion, and long-term value creation, while also recognising 30 women as Custodians of Corporate Governance.
Delivering the keynote, Olayinka David-West, Dean of Lagos Business School, challenged women to move from passive representation to active influence in leadership spaces.
Using the analogy of “musical chairs,” she said women must stop competing for limited seats and instead create more opportunities.
“Being at the table without influence is a polite cage,” she said, urging women to pursue strategic roles in areas such as finance, audit, and technology, rather than being confined to support functions.
David-West also highlighted the tendency to view women’s contributions as offering a “female perspective” rather than a strategic one, calling for a shift in mindset.
She encouraged women to mentor others, take on challenging roles, and build leadership pipelines that would expand opportunities for future generations.
Founder and Executive Chairman of Phillips Consulting Limited, Foluso Phillips, who was the guest speaker, said governance failures are often rooted in weak values rather than inadequate policies.
Drawing from decades of boardroom experience, he said integrity and trust remain central to effective governance.
“Governance does not fail because of absent policies; it fails because values are weak,” he said.
Phillips observed that women bring distinct advantages to boardrooms, including rigorous debate, independence of thought, and heightened ethical awareness.
He noted that women are less constrained by informal networks that can discourage dissent, making them more likely to challenge assumptions and reduce groupthink.
He urged organisations to expand their talent pipelines, adopt merit-based nomination processes, and create pathways for women to move into leadership positions, including board chairmanship.
“Operating without women in decision-making means operating below optimal capacity,” he added.
President and Founder of Woodhall Capital, Mojisola Hunponu-Wusu, in the keynote address, said institutions often fail due to a lack of integrity rather than intelligence.
She stressed that governance frameworks must translate into everyday decision-making, particularly in difficult situations.
“Shared values transform governance from compliance into culture,” she said.
Hunponu-Wusu also highlighted the importance of confidence and resilience among women leaders, urging them not to shrink from opportunities.
She acknowledged the role of male allies in advancing gender inclusion, noting that progress requires collaboration rather than competition.
Her message to women was clear: secure a place at the table, support others, and aim for leadership and ownership roles.
A panel session moderated by Nwamaka Iloh, Senior Counsel at Seplat Energy Plc, examined practical pathways to strengthening governance.
Panellists included Nneka Okekearu, Adeyemi Adeyinka, Chizor Malize, and Folasade Ibidapo-Obe.
Iloh noted that female representation on boards of Nigeria’s top companies now exceeds 31 per cent, with no all-male boards among leading firms, but said the focus must shift from milestones to sustained impact.
Okekearu said women leaders often take a broader view of accountability, considering not only profitability but also long-term impact on stakeholders.
She urged the integration of governance principles into small and medium-sized enterprises, where future industry leaders are emerging.
Adeyinka called for the inclusion of women in digital governance, technology oversight, and policy development, noting that their skills are essential in an increasingly digital economy.
Malize highlighted the impact of policy interventions in increasing female representation in the banking sector, citing earlier regulatory efforts that set minimum thresholds for women in leadership.
She stressed the need for both structural reforms and cultural change, urging senior women to support the next generation.
Ibidapo-Obe identified key governance risks, including gaps in artificial intelligence oversight, weak third-party risk management, and ineffective whistleblowing systems.
She warned that organisations often overestimate the strength of their governance frameworks, making them vulnerable to fraud and compliance failures.
Responding to a question from an online participant on introducing governance into already successful organisations, panellists said financial performance alone does not equate to sustainable success.
They emphasised the need for regulatory compliance, stakeholder trust, and long-term resilience.
A highlight of the event was the recognition of 30 women as Custodians of Corporate Governance, drawn from organisations across Nigeria’s corporate sector.
The honourees, including company secretaries, compliance professionals, and governance advisers, were recognised for their contributions to strengthening corporate governance practices.
Presenting the awards, David-West described the recipients as critical links between boards, management, and regulatory systems.
SCGN Fellow, Mrs. Rabi Isma, said the discussions underscored the central role of values in governance and the importance of deliberate efforts to build women’s leadership pipelines.
She urged participants to act as “architects of accountability” within their organisations and to mentor others.
The roundtable concluded with a renewed call for organisations to embed shared values in governance systems and to leverage women’s leadership in driving accountability and sustainable growth.
