Is the utmost goal in banking and business in general – profit maximisation? The Managing Director, Union Bank of Nigeria Plc, Mrs. Yetunde Oni, thinks otherwise as she posited that creating value beyond profits is pivotal to driving sustainable organisational growth.
Oni, who said this on Thursday in Lagos, at the Chartered Institute of Directors (CIoD) New Members Induction Dinner, explained that the true worth of an organisation is not only in what it takes, but also what it gives back.
She maintained that at the heart of profitability should be a sound structure of governance, ethics and risks, suggesting continuous learning and the devotion of a percentage of company’s earnings to Corporate Social Responsibility (CSR) initiatives.
“Directors are no longer just custodians of financial success but architects of sustainable growth which translates to looking beyond profit. Sustainable growth requires solid structures and policies that can stand the test of time.
“Investment in continuous learning and corporate social responsibility activities are not expenses but seeds for sustainable growth,” Oni said.
In his remarks, Alhaji Tijjani Borodo, President, CIoD, said that the event celebrated the induction of exceptional individuals that shared the institute’s passion for promoting excellence in leadership and corporate governance.
Borodo said that 2025 was going to be a significant year for the institute as it continues to implement the various changes stipulated in CIoD Nigeria Establishment Act of 2023.
According to him, since the signing into law of the Act in May, 2023 by former President Muhammad Buhari, CIoD has been implementing governance, structural and administrative changes.
He said that in an era marked with shifting societal expectations, the role of directors had become even more critical.
The CIoD President said that as custodians of organisational strategy and governance, directors must navigate complex trade-offs and balance competing interests.
He urged them to always make informed decisions that prioritise both economic viability and social responsibility.
“Directors play a pivotal role in driving sustainable organisational growth by actively integrating Environmental, Social, and Governance (ESG) considerations into strategic decision-making.
“This goes beyond solely maximising profit to creating long-term value for all stakeholders, including employees, customers, communities, and the planet,” he said.
The News Agency of Nigeria (NAN) reports that CIoD inducted 210 new members at the event.
