FirstBank, UNILAG champion business ethics, SME support

FirstBank Nigeria Limited and the University of Lagos reaffirmed their joint commitment to fostering academic research, ethical leadership, and support for small and medium-sized enterprises (SMEs) across the country during the FirstBank Samuel Asabia Professorial Chair in Business Ethics Public Lecture. The event, held at the George Ade Ajayi Auditorium, UNILAG, brought together industry leaders and scholars to discuss the importance of business ethics in corporate settings and among micro-enterprises.

Olusegun Alebiosu, CEO of FirstBank Group, emphasised that the informal sector contributes around 42.5% to Nigeria's GDP. Prof. Kenneth Amaeshi, Chair in Business Ethics at UNILAG, called for greater government recognition of the informal sector as the primary driver of job creation and economic growth. He pointed out that while large corporations receive attention and government support, they only account for a small fraction of direct employment compared to the millions employed in small businesses.

Amaeshi highlighted that while formalising the informal economy could help small enterprises access finance and support systems, rigid taxation creates friction. He stressed the importance of tax accountability and transparency in encouraging small business owners to contribute to national development.

FirstBank CEO Alebiosu noted that the sector relies on trust and reputation rather than formal regulatory frameworks, calling for ethical conduct without placing undue burdens on small enterprises. He emphasised that FirstBank's Samuel Asabia Chair endowment drives academic research and builds ethical leadership, with the goal of benefiting informal businesses and markets.

The Vice Chancellor of UNILAG, Prof. Folasade Ogunsola, assured continued support for the chair, confident that its research would generate actionable solutions for both formal and informal sectors of the Nigerian economy.