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By Jumoke Oluwaseun
In a nation striving to reposition its economy for global competitiveness, the question of corporate governance has never been more urgent. Nigeria’s boardrooms are under increasing scrutiny. Investors demand accountability, regulators tighten compliance requirements, and stakeholders insist on transparency.
At the center of this evolving landscape stands Akachukwu Okechukwu, a seasoned legal practitioner, Chartered Secretary, Certified Management Consultant and Company Secretary/Legal Adviser of a leading financial institution, whose voice has become synonymous with integrity and reform in Nigeria’s corporate sector.
For nearly two decades, Okechukwu has been a driving force behind transformative governance practices in banking and finance, championing ethical leadership, investor confidence, and regulatory innovation. His track record; spanning complex legal advisory, shareholder engagement, and strategic corporate reforms; places him among the nation’s most credible authorities on how good governance can unlock economic prosperity.
In this exclusive interview with Sun Newspaper, Okechukwu speaks candidly about the state of corporate governance in Nigeria, the urgent reforms needed, and why he believes ethical leadership and technology-driven oversight will define the country’s corporate future. His insights are not only a call to action but also a blueprint for sustainable growth in one of Africa’s most dynamic economies.
“Good governance is not a regulatory burden; it is a competitive advantage.”
Q: Can you simplify the concept of corporate governance and why you believe it is so vital to Nigeria’s corporate and economic landscape today?
A: Corporate governance is simply how companies are directed and controlled. It is about ensuring that the people who run businesses (i.e. directors, managers, and decision-makers) act responsibly, transparently, and in the best interest of all stakeholders, including shareholders, employees, customers, and the wider society. It sets out the rules, processes, and practices that keep organizations accountable and ethical.
Strong corporate governance builds trust. Thus, in a country working to attract investment and grow its economy, investors want assurance that their funds will be managed properly, free from mismanagement or corruption. Good governance reduces corporate scandals, improves efficiency, and creates an environment where businesses can thrive sustainably. For Nigeria, it is not just about compliance; it is about building a stable, competitive economy that benefits everyone.
Q: From your experience, how would you assess Nigeria’s progress in corporate governance over the last decade?
Over the last decade, Nigeria has made significant progress in strengthening corporate governance, although the journey is still evolving. We have seen significant reforms, particularly with the enactment of the Companies and Allied Matters Act (CAMA) 2020, which modernized the legal framework for corporate operations, as well as the issuance and periodic review of the Nigerian Code of Corporate Governance (NCCG) by the Financial Reporting Council of Nigeria (FRC). These frameworks have helped institutionalize transparency, accountability, and board effectiveness across both public and private sector organizations.
Importantly, there is now greater awareness among boards and executives about the link between good governance and sustainable business performance. Sectors like banking, insurance, and capital markets have become more compliant due to strong regulatory oversight, while many leading corporates are voluntarily adopting global best practices to enhance investor confidence.
That said, challenges remain. Compliance in some sectors is still treated as a “box-ticking exercise” rather than a value-driven culture, and enforcement is uneven. Issues of board independence, ethical lapses, and weak succession planning continue to test the resilience of governance structures.
Looking ahead, Nigeria’s progress will depend on embedding governance beyond compliance — making it a culture that drives performance, risk management, and stakeholder trust. If we sustain reforms, strengthen enforcement, and deepen boardroom professionalism, corporate governance will not only enhance firm-level competitiveness but also play a transformative role in Nigeria’s economic development.
Q: What key challenges still undermine good corporate governance in Nigeria?
A: Weak enforcement, boardroom politics, and inadequate capacity building are persistent issues. Corruption, lack of independence among directors, and inadequate shareholder activism also pose challenges. Addressing these requires stronger regulatory oversight, continuous professional education, and a cultural shift towards ethical business practices.
Q: You have served as Company Secretary/Legal Adviser in the mortgage banking sector for several years. How does this role contribute to corporate governance?
A: The Company Secretary is the custodian of governance. In my role, I ensure board decisions align with regulatory requirements, facilitate effective board meetings, manage investor relations, and maintain statutory compliance. More importantly, I act as a bridge between management, the board, and stakeholders; ensuring decisions are informed, ethical, and sustainable.
Q: What reforms would you like to see to strengthen governance in Nigeria’s financial services sector?
A: I would recommend stricter enforcement of term limits for directors, mandatory independent board evaluations, and full integration of technology-driven oversight tools like AI-driven compliance monitoring. These reforms will improve accountability and reduce human bias in governance processes.
“Technology is no longer optional in governance; it’s essential for accountability.”
Q: How significant is ESG (Environmental, Social, and Governance) to Nigeria’s corporate future?
A: ESG is no longer optional; it’s the future of business. Investors now demand proof of sustainability, social responsibility, and ethical governance. Nigeria’s adoption of IFRS Sustainability Standards is a game-changer. Companies that embrace ESG early will lead in competitiveness, while laggards risk obsolescence.
Q: What role can technology play in transforming governance practices?
A: Technology can revolutionize governance through data-driven decision-making, real-time compliance tracking, and fraud detection. Tools like blockchain for record-keeping and AI for risk assessment enhance transparency and efficiency. Nigerian boards must leverage these innovations to remain globally competitive.
Q: Many argue that corporate governance in state-owned enterprises (SOEs) is weak. What’s your take?
A: Governance in SOEs has historically been poor due to political interference and lack of accountability. Recent reforms like the MOFI Corporate Governance Scorecard and sectoral unbundling in the power sector are positive steps. To succeed, these reforms must be insulated from politics and driven by performance metrics.
Q: What advice do you have for young professionals aspiring to excel in corporate governance?
A: Invest in knowledge, integrity, and adaptability. Pursue professional qualifications like ICSAN, stay updated on global governance trends, and never compromise on ethics. The future belongs to those who can merge technical expertise with moral courage.
“The future of governance belongs to those who combine expertise with integrity.”
Q: Finally, what is your vision for corporate governance in Nigeria by 2030?
A: I envision a landscape where Nigerian companies are globally recognized for ethical leadership, where regulators enforce without fear or favor, and where technology ensures transparency. By 2030, I want Nigeria to be a benchmark for governance excellence in Africa, a nation where businesses thrive because governance is not a burden but a competitive advantage.
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With thought leaders like Akachukwu Okechukwu at the forefront, Nigeria’s journey towards robust corporate governance is on a promising path. His insights remind us that good governance is more than compliance—it is the foundation of sustainable corporate success and national prosperity.
“The views expressed here are personal to the interviewee and do not represent the position of any institution with which he is affiliated.”
Akachukwu Okechukwu is a recognized corporate governance practitioner with contributions to board reforms, regulatory compliance, and thought leadership in financial services and other sectors. He is passionate about driving governance as a catalyst for sustainable economic growth.
