Ikeazor charges directors to strengthen institutions through ethical leadership

Philip Ikeazor, deputy governor of the Central Bank of Nigeria (CBN), has charged directors to strengthen the institutions they lead through ethical leadership, sound judgment and a clear sense of responsibility.

Ikeazor gave the charge at the 2026 Fellows’ Night and Investiture of the Chartered Institute of Directors Nigeria (CIoD), where he said professional recognition should come with greater responsibility to uphold the principles of good governance and responsible directorship.

Represented by Musa Jimoh, director, Payments System Policy Department, he said Fellowship was not the end of a professional journey but placed a greater responsibility on recipients to demonstrate, through their conduct and decisions, the values represented by the Institute.

“Leadership is ultimately measured not only by the results we achieve, but by how those results are achieved,” Ikeazor said, stressing that the decisions leaders take, the standards they set, the people they influence and the institutions they leave behind form part of their leadership legacy.

He said good governance was particularly important as institutions and businesses increasingly navigate complex economic, technological and social challenges, adding that governance should go beyond compliance with rules.

According to him, good governance should create institutions that are accountable, transparent and resilient and capable of delivering sustainable value to their stakeholders.

His position was echoed by Otunba Adetunji Oyebanji, president and chairman of the Governing Council of CIoD, who said the changing business environment had made trust and reputation increasingly important to institutional sustainability.

Oyebanji, whose remarks centred on the theme, “The Trust Economy: Why Reputation Has Become Everyone’s Greatest Asset,” said financial capital alone was no longer sufficient to guarantee institutional sustainability.

He said organisations must also earn and preserve the confidence of investors, customers, employees, regulators, business partners and the wider society, noting that trust influences investor confidence, customer loyalty, regulatory confidence and employee commitment.

The CIoD president said reputation should no longer be treated merely as a communication tool, but as a strategic component of institutional resilience, adding that the confidence placed in an institution depends on the quality of its decisions, integrity of its oversight, transparency of its processes and effectiveness of its risk-management systems.

He said the culture demonstrated by boards was equally important, as integrity, transparency and ethical leadership at board level could cascade throughout an organisation, while weak governance could result in financial, regulatory, operational and reputational consequences.

Oyebanji therefore urged directors to consider not only the commercial implications of their decisions but also whether those decisions were ethical, responsible, transparent and effective for stakeholders.

He said directors must also prepare for emerging challenges including technological changes, cybersecurity, sustainability, changing business models and rising stakeholder expectations.

Ikeazor said the newly inducted Fellows would endeavour to uphold the highest standards of professionalism and integrity and use the knowledge and experience gained through their engagement with CIoD to contribute positively to their organisations, professions and the wider society.

He also acknowledged the role of the Institute in providing programmes and training that equip leaders with perspectives on leadership, corporate governance and responsible directorship.

The CBN deputy governor said the Fellows accepted the recognition with humility but also with a strong sense of responsibility, pledging to uphold the values of the Institute and contribute to its continued growth and impact.

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.