The Chartered Institute of Directors (CIoD) Nigeria has advised entrepreneurs to imbibe the culture of sustainability in their application to businesses.
The institute stated that it was not enough to be an entrepreneur, but an entrepreneur par excellence that can build a sustainable business.

Chairman, Mutual Benefits Assurance Plc, Dr. Akin Ogunbiyi, said this during the maiden Young Directors’ Forum (YDF) yearly conference of the CIoD.
Noting that most Nigerian entrepreneurs are hardworking, however, he said they flounder, once the founder dies, leaving no room for reliable succession.

Particularly pointing at some southwest entrepreneurs, he mentioned some top businesses that made waves when the founders were alive but had faltered since their founders died.

He said the missing link not being put into consideration was sustainability, which he described as creating a long-term goal and prosperity for businesses.

Speaking on the theme, ‘Building a Sustainable Business – The Place of Sustainability Reporting’, Head, Group Sustainability, Access Holding Plc, Omobolanle Victor-Laniyan, said sustainable businesses are committed to harmonising economic prosperity with environmental protection, social inclusivity and transparent governance.

She said the journey towards building a sustainable business is not a mere trend but a profound commitment to a better, more equitable and ecologically sound future.

To help organisations chart a path to building sustainable businesses, she said there was a need to define a clear purpose, invest in sustainability reporting and set ambitious sustainability goals, among others.

Victor-Laniyan added that navigating the intricate landscape of sustainability reporting helps businesses emerge stronger, more responsible and better prepared for what lies ahead.

The institute’s President and Chairman of the Governing Council, Tijjani Borodo, said the theme of the maiden conference was apt, considering the ongoing global response to building a sustainable business.

Noting that the place of sustainability reporting has become crucial to tracking and communicating the environmental, social and governance (ESG) performance of organisations, he said it helps organisations identify and manage ESG risks, enhances transparency and accountability and aligns stakeholders with the company’s sustainability goals.

According to him, by adopting recognised frameworks and standards, businesses can effectively measure, report and communicate their progress toward a more sustainable future.

Similarly, Chairperson, YDF, CIoD, Folasade Akinmusire, said that since the inauguration of the first executive committee in Dec 2022, it has explored the attributes of millennium directors to lead and grow businesses that are not just successful for a season but are sustainable and transgenerational.