An expert in business ethics and Secretary of Ondo State Public Complaints, Financial Crimes, Prof. Adewole Adeyeye, has urged Nigerians to consciously imbibe and integrate morality and other ethical values into their businesses if they are to thrive and remain in business.

He gave the admonition while delivering the third inaugural lecture at Olusegun Agagu University of Science and Technology (OAUSTECH), Okitipupa, Ondo State.

Adeyeye, who expressed concerns over the trend of short-lived and not prosperous businesses in the country, attributed the phenomenon to a prevalent mindset among the Nigerian business community “characterised by a willingness to cut corners and disregard both legal requirements and ethical principles.”

The don, in the lecture titled, “Morality in Business: That Our Business May Truly Prosper,” stressed the urgent need for a cultural shift within the Nigerian business space, adding that the integration of morality and ethical values into business operations is crucial for the long-term success and sustainability of enterprises.

Adeyeye, who said the detrimental consequences of unethical practices not only tarnish the reputation of businesses but also undermine the overall economic and social fabric of the nation, urged Nigerian entrepreneurs to be mindful of their actions, advocating for a conscious effort to align business practices with the principles of integrity, honesty, and respect for the law.

He said: “Consumers and stakeholders relate to businesses’ positive brand and image for enhanced patronage. When the integrity capital of a business enterprise is high, such businesses enjoy optimal patronage, and more profits come in. With a very strong positive brand, business opens doors and opportunities for expansion.”

“Efficient ethical practices require infrastructure such as a strong legal framework, corporate governance mechanisms, and a strong enforcement regime. When there is no strong ethical infrastructure to support ethical practices, the urge to practise ethics in business is drastically reduced and weakened.”

In his remarks, Vice Chancellor of the institution, Prof. Temi Emmanuel Ologunorisa, said Adeyeye’s research had been able to unravel the causes of business mortality in Nigeria.

“We should not cut corners, we should not run afoul of the law and we should always take ethical issues into consideration when conducting our businesses both at the micro and macro levels.”