Demola Igbalajobi, the managing director of SystemSpecs Technology Services Limited, has underscored the critical role of corporate governance in ensuring sustainable business success, especially in the dynamic fintech landscape.
Speaking at the 2nd National Corporate Governance Summit in Lagos, Igbalajobi offered invaluable insights into the challenges and opportunities facing the industry during a plenary session on “Fintech Evolution and Corporate Governance Imperatives for Sustainable Impact”.
The STSL Managing Director was joined by industry leaders such as Babatunde Obrimah, Chief Operating Officer, Fintech Association of Nigeria; Femi Williams, CEO, NewWaves Ecosystem; Patrick Akinwuntan, Former Managing Director, Ecobank Nigeria PLC; and Agada Apochi, CEO, Unified Payment Services Limited.
In response to a question on SystemSpecs’ journey with the Federal Government’s Treasury Single Account (TSA) project, Igbalajobi highlighted the importance of strong corporate governance, a sense of responsibility and adherence to best practices in delivering such projects.
“Corporate governance is not a luxury – it is a necessity. Our experience with the TSA project has shown that strong and demonstrable corporate governance culture that runs from the organisation’s Board right through to its operational and business practices can be a lifeline when such projects are challenged or questioned, and you need to show evidence of what had been done. Without this, the fundamentals of the organisation, and potentially its existence, can become questionable”, Demola Igbalajobi remarked, pointing out the long-term repercussions of short-sighted decisions.
The 2nd National Corporate Governance Summit brought together over 500 industry leaders, policymakers, and experts to discuss and advocate for stronger corporate governance frameworks in Nigeria.
According to recent data from the Nigerian Stock Exchange, companies with robust governance practices have seen a 40% increase in investor confidence and a corresponding rise in market capitalisation.
Other speakers at the summit echoed Igbalajobi’s sentiments: Dr. Olusegun Aina, President of the Fintech Association of Nigeria, emphasised, “Corporate governance is the backbone of sustainable fintech growth. Without it, we risk undermining the very foundations of our technological advancements.”
Professor Oluseyi Oduyemi, a renowned expert in corporate governance, also added, “The statistics are clear: companies with strong governance frameworks outperform their peers by 30% in terms of long-term profitability.”
Demola Igbalajobi also noted the importance of combining technical expertise with a deep understanding of the business environment. He emphasized the need for companies to advocate for Nigerian interests, particularly when dealing with foreign partners.
