FirstBank has called for stronger ethical business practices across Nigeria’s informal sector to support sustainable economic growth.
The bank made the call during the inaugural lecture of the Samuel Asabia Professorial Chair in Business Ethics at the University of Lagos.
The lecture was held on Thursday, September 3, 2026.
It focused on “The Paradox of Business Ethics for Sustainable Enterprises in the Informal Sector of Nigeria’s Economy.”
Speaking at the event, FirstBank Group Managing Director and Chief Executive Officer, Olusegun Alebiosu, said the topic was important because of the informal sector’s economic contribution.
Alebiosu, who chaired the occasion, noted that millions of Nigerians depend on the sector for livelihoods, employment and entrepreneurship.
He identified traders, artisans, farmers and small business owners among those operating within the sector.
“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”.
According to Alebiosu, the sector contributes approximately 42.5 per cent to Nigeria’s gross domestic product, citing National Bureau of Statistics figures.
He noted that many businesses rely heavily on reputation because they operate with limited formal structures.
Alebiosu said businesses should not view ethics and sustainability as competing objectives.
“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.”
He said businesses that earn the confidence of customers, employees, partners and financial institutions were better positioned for growth.
The FirstBank CEO also highlighted the bank’s initiatives around financial literacy, inclusion, responsible lending and sustainability.
He said more than one million students had received financial literacy training.
He added that over 340 corporate transactions were screened for environmental, social and governance risks in 2025.
The bank also disbursed more than N45 billion in gender-responsive finance during the year.
Guest speaker, Professor Kenneth Amaeshi, delivered a lecture titled “Ethical Paradoxes, Small Businesses, and the Informal Economy; Lessons for Tax Compliance and Accountability in Nigeria.”
Amaeshi examined the relationship between ethical conduct, taxation and economic development.
He highlighted the benefits of tax compliance to economic growth.
The professor also discussed the consequences of government failure to maintain accountability in taxation.
Alebiosu said the Samuel Asabia Professorial Chair would provide an opportunity for deeper research into these challenges.
He said Professor Amaeshi’s research and teaching would help examine the ethical difficulties confronting informal businesses beyond the inaugural lecture.
The ethical business practices debate therefore remains closely connected to sustainability, trust, taxation and accountability within Nigeria’s informal economy.
