The lecture with the theme, “The Paradox of Business Ethics for Sustainable Enterprises in the Informal Sector of Nigeria’s Economy”, was held in UNILAG, Thursday September 3, 2026.
In his address during the lecture, the Managing Director/CEO, FirstBank Group, Mr. Olusegun Alebiosu who is also the chairman of the occasion said that the theme is very relevant given the significant role of the informal sector in Nigeria.
He said, “The informal sector provides livelihoods, employment and entrepreneurial opportunities for millions of Nigerians. From traders and artisans to farmers and small business owners, these enterprises are an important part of our economic ecosystem. Yet, many operate within challenging environments characterised by limited access to finance, infrastructure, capacity and formal business structures”. Alebiosu said, “Despite this, the sector contributes significantly (approximately 42.5% according to National Bureau of Statistics) to Nigeria’s gross domestic product and remains, for many households, the first and sometimes only source of income. It is a sector built less on regulation than on reputation, where a trader’s word to a customer, or an artisan’s fairness to a supplier, often matters as much as any contract”.
Continuing, he said, “This brings us to the paradox before us today: How do we promote ethical business practices among enterprises that are often focused primarily on survival, while ensuring that such practices do not become an additional burden to their sustainability? This theme will, in fact, be examined in far greater depth by the distinguished Professor Kenneth Amaeshi who occupies this Chair, whose sustained research and teaching over the course of the Chair’s tenure will interrogate this paradox well beyond what any single lecture can achieve”.
“At FirstBank, we believe that ethics and sustainability should not be viewed as competing priorities but rather that ethical business is sustainable business. Integrity builds trust. Transparency strengthens relationships. Responsible practices enhance resilience. And businesses that earn the confidence of their customers, employees, partners and financial institutions are better positioned to grow”.
He further said, “At FirstBank, this commitment is expressed through three strategic pillars: Education, Health; Diversity and Financial Inclusion; and Responsible Lending, Procurement and Climate Initiatives. Under these pillars, we have equipped over a million students with financial literacy skills, screened more than 340 corporate transactions for ESG risk in 2025, and disbursed over N45billion in 2025 in gender-responsive finance to women and women-led enterprises through FirstGem and other products. These efforts are underpinned by clear policies, including our Environmental and Social Management System, our Climate Policy and others, all of which embed ethical considerations directly into how we lend, procure and serve our customers. It is this same foundation of principled practice that the FirstBank Samuel Asabia Professorial Chair in Business Ethics will deepen, ensuring that our policies continue to be shaped by rigorous scholarship and practical insight”.
Guest speaker, Prof. Kenneth Amaeshi, in his lecture during the programme on the them, “Ethical paradoxes, small businesses, and the informal economy; lessons for tax compliance and accountability in Nigeria expatiated numerous benefits of tax compliance to economic growth, and also what happens when governments fail to be accountable on taxation.
