Vice President Yemi Osinbajo on Tuesday attributed the collapse of many financial institutions and other business outfits in Nigeria in the last two decades to unethical conduct.
Osinbajo, who stated this at the virtual Conference of the Institute of Directors in Abuja, said the development and sustenance of viable enterprises no longer depended on the size of the corporation and related factors but sound ethical practices imbibed by all stakeholders.
He said: “The frequent clashes between conscience and wrongful behaviour will eventually create a toxic work environment and destroy corporate objectives and visions.
“There is also enough history of how cutting corners and dishonesty ultimately bring down the whole enterprise.
“This we have seen in the facts behind the collapse of many Nigerian financial institutions from the nineties to the more recent occurrences in 2009.
“Yes, it took a while for the institutions to unravel but the point is made that on the long-run, unethical practices are unsustainable.
“Besides quoted companies, the dangers of unethical behavior are much graver.
“Local and international investors have greater access to information and more options than ever before, the slightest whiff of scandal or malfeasance can destroy value built up over the years.
“The local and, especially the international examples of the collapse of companies thought to be too big to fail and brand names that had even once been associated with integrity and strong business ethics is a strong reminder of just how brittle edifices built on weak business ethics are.
“Today, every company’s stakeholders are far more than investors, management, or employees.
“They now include customers, clients, trade partners, suppliers, media, the general public, government and now, the environment.”
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