FirstBank, UNILAG champion business ethics, SME support

FirstBank Nigeria Limited and the University of Lagos reaffirmed their partnership at the FirstBank Samuel Asabia Professorial Chair in Business Ethics Public Lecture. The event, held at UNILAG's George Ade Ajayi Auditorium, served to promote business ethics for small and medium-sized enterprises (SMEs) across Nigeria. The theme was 'Ethical Paradoxes, Small Businesses, and the Informal Economy: Lessons for Tax Compliance and Accountability.'

Olusegun Alebiosu, Group Managing Director and CEO of FirstBank, pointed out that the informal sector contributes around 42.5% to Nigeria's Gross Domestic Product (GDP). UNILAG's Deputy Vice Chancellor, Prof. Mathew Ilori, praised FirstBank's endowment initiative, stating the university's commitment to supporting both formal and informal business sectors.

Prof. Kenneth Amaeshi, Chair in Business Ethics at UNILAG, urged policymakers to recognize the informal sector as a primary driver of job creation and economic growth. He emphasized that small businesses are the true backbone of Nigeria's economy, with many Nigerians earning their livelihoods through micro-enterprises.

Amaeshi explained that although large corporations dominate public attention and receive government support during crises, their direct employment opportunities are significantly lower than those of small businesses. He highlighted that while banks like FirstBank have around 30,000 employees directly, or between 50,000 and 60,000, a total of 600,000 jobs could be created if all 30 banks had the same workforce size. However, Nigeria has approximately 200 million people, and banks only employ about 600,000 people.

The Don noted that the formalization of the informal economy, which could help small enterprises access finance and support systems, should be approached with care. Rigid taxation measures that homogenize the sector often create friction, as small business owners are often discouraged by perceived lack of transparency and accountability regarding tax revenues' usage.

Alebiosu emphasized that the informal sector plays a crucial role in Nigeria's economic ecosystem, providing livelihoods, employment, and entrepreneurial opportunities. He stressed that ethical business practices can be sustainable, as integrity, transparency, and responsible practices build trust and enhance resilience.

FirstBank's investment of N6 billion annually against cyber threats was also mentioned. At the end of the lecture, the Vice Chancellor of UNILAG reaffirmed the university's support for the FirstBank Samuel Asabia Professorial Chair in Business Ethics, ensuring the endowment would have a significant impact on ethical standards across both formal and informal sectors of the Nigerian economy.