Former Nigerian High Commissioner to the United Kingdom, Christopher Kolade, has stressed the need to uphold ethical behaviour and best business practices by stakeholders in the Nigeria’s insurance industry, in order to win the confidence of the general public.
“If you practice ethics consistently, the reward far outweighs the cost,” Kolade told top executives of one of Nigeria’s leading financial institutions, Cornerstone Insurance Plc, in Nigeria’s economic capital city of Lagos.
A statement from the organisation said the former envoy, while underlining the place of ethics in corporate business, said the rewards that go with good ethical practices were long lasting.
“Living ethically attracts cost. However, consistent ethical practice attracts respect which impact on your reputation and at the end generates continuous and lasting reputation,” he said.
The former Chief Executive of Cadbury Nigeria Plc also said to win in the global arena and build an enduring reputation, business organisations must be high on the ethical index, adding that they must not only live and act ethically, but must be seen to have done so by all stakeholders.
He commended the management of Cornerstone Insurance Plc for its professionalism and leadership in upholding ethical standards in the practice of Insurance business in Nigeria.
Kolade, who was instrumental to the establishment of the Convention on Business Integrity with other business leaders in Nigeria, said stemmed from the fact that those who run business must live and act ethically.