•Demola Igbalajobi, Managing Director, SystemSpecs Technology Services Limited during a Plenary Session at the 2nd National Corporate Governance Summit recently in Lagos
In a compelling address at the second National Corporate Governance Summit in Lagos, Demola Igbalajobi, Managing Director of SystemSpecs Technology Services Limited, underscored the indispensable role of robust corporate governance in achieving lasting success within the rapidly evolving fintech sector.
During a plenary session focused on “Fintech Evolution and Corporate Governance Imperatives for Sustainable Impact,” Igbalajobi shared his expertise alongside other industry luminaries. The panel, which included Babatunde Obrimah of the Fintech Association of Nigeria, Femi Williams from NewWaves Ecosystem, Patrick Akinwuntan, formerly of Ecobank Nigeria PLC, and Agada Apochi of Unified Payment Services Limited, delved into the challenges and opportunities facing the fintech landscape in relation to corporate governance.
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”, he 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.”
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.
SystemSpecs Technology Services Limited (STSL) is a leading provider of innovative financial and non-financial solutions. The company is the developer of Pouchii, an API infrastructure platform and digital communities solution; and FundACause social fundraising solution. With a relentless commitment to advancing technology, STSL continues to lead the way in shaping the future of the industry.