Governance professionals have stated the need for governance to continually evolve into a living, dynamic, and responsive framework that adapts, anticipates, and leads from merely a compliance checklist to a compass for strategic direction.
They said this at the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) Lagos Chapter 2025 Annual Summit on Thursday in Lagos.
The event’s theme was : “Governance Redefined in a Business Environment: A Continuum or New Paradigms.”
Prof. Yinka Omoregbe, Founder, Etin Power Ltd., said governance framework must evolve from a culture of compliance to one that embodied ethical foresight, accountability, and strategic decision-making.
This, Omoregbe, also a Senior Advocate of Nigeria (SAN), would attract investments and sustain national renewal.
She noted that governance today had become multidimensional, extending beyond financial accountability to environmental stewardship, digital responsibility, and social impact.
The Prof stated that modern governance systems must balance continuity of core values with adaptation to new realities.
“So we find that, generally speaking, governance is attempting to shift from being a matter of compliance to a strategic discipline and in Nigeria, governance has followed a similar arc.
“What makes governance a continuum comes from the persistence of values that remain the same even as there is change that is occurring to accommodate whatever is happening presently,” she said.
Omoregbe urged boards and executives to expand their accountability beyond profits to purpose and to integrate Environmental, Social and Governance (ESG) principles and ethics into decisions.
She said the next phase for Nigeria required professionalising boards, ensuring diversity of expertise.
She urged institutions like ICSAN to continue to play a catalytic role by training governance professionals and also by having continued educational programmes.
“Governance is both legacy and living practice. It is the legacy of centuries of striving to use power responsibly for the benefit of the people, and it is the living practice of adapting those lessons to an ever-changing world.
“So is governance a continuum or a new paradigm? In truth, it’s both. It’s a continuum in its unwavering principles, which we have mentioned, integrity, fairness, accountability, and transparency.
“At the same time, it is a new paradigm in its reach and responsibilities, one that demands digital literacy, ethical foresight, climate consciousness, and stakeholder empathy,” she said.
Mrs Uto Ukpanah, President, ICSAN, said the event’s theme would examine the trajectory of governance practice to determine whether the evolution was a logical continuation of existing norms or a paradigm shift that demanded new mindsets and methodologies.
Ukpanah said in today’s business landscape, shaped by technological disruptions, regulatory innovations, and socio-economic complexities, governance cannot be viewed through a static lens.
She noted that while the core principles of accountability, fairness, responsibility, and transparency remained immutable, their expression and application are being reshaped by emerging realities.
“We are experiencing a redefinition—a dynamic transformation—in the way organisations are directed, controlled, and held accountable.
“The governance professional is now expected not only to comply but also to strategically interpret and apply governance principles to enhance organisational resilience, stakeholder confidence, and sustainable value creation,” she said.
Ms Efosa Ewere, Chairperson, ICSAN Lagos chapter, urged governance professionals to ponder whether to sustain ethical leadership in a time of disruption, bridge traditional governance principles with emerging technologies, ESG imperatives, and new business realities.
She emphasised need to focus on how to redefine governance so it remains the bedrock of accountability, transparency, and sustainable growth.
“Gone are the days when governance simply meant having the right policies filed neatly in a cabinet and hoping no one ever needed to open them.
“Today, governance must be living, dynamic, and responsive — not just a compliance checklist, but a compass for strategic direction,” she said.
Dr Dayo Mobereola, Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), noted that corporate governance was evolving in response to modern business realities, particularly digital transformation and ESG imperatives.
Mobereola said governance must move beyond traditional compliance to become dynamic, transparent, and technology-driven, aligning with changing stakeholder expectations and regulatory requirements.
