The President of the Nigerian Institute of Management, Prof. Olukunle Iyanda, has advocated the introduction of ethical studies in institutions of higher learning in Nigeria.
Iyanda made the call at the Corporate Members Forum of the institute in Lagos on Tuesday.
He argued that business entities should be guided by corporate governance, ethical values and best practices in their day to day activities.
Iyanda also stressed the need for religious ethics and values to be fused into the corporate code of business organisations.
He said that high ethical values were responsible for the glaring successes recorded by some establishments in the country.
He said: “If the noble tenets of different religions and the stipulation of the law are put into practice in the way businesses are conducted, there will be little or no need to worry about unethical practices.”
Speaking on “the Ethical Imperatives Required in the Development of New Business Frontiers in Nigeria”, the guest speaker, Agu Onwuzuruoha, said that enforcement of the rule of law was crucial to ensuring good corporate governance.
Onwuzuruoha said: “This is what is obtainable in advanced climes with mature markets, whose mode of operation is standardised with clear rules of engagement.
“In mature markets, in a breach of contract, there is high probability that money will be refunded or restitution provided but that is not so in in Nigeria.
“I am calling for a re-orientation and mental rebirth of the basic ethics of a person as the government cannot be everywhere.
“Issues such as corruption, poor infrastructure and policy flaws, significantly have to do with lack of ethics in our public and private sectors.”
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