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Summary
Funmilayo Ekundayo, the outgoing President and Chairperson of the Governing Council of ICSAN, has called on entrepreneurs to adopt strong governance practices from the start of their business journey. She highlights the role of internal structures, legal compliance, and financial accountability in attracting investor confidence and ensuring long-term survival.
The outgoing President and Chairperson of the Governing Council of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Funmilayo Ekundayo, has advised entrepreneurs and small business owners to prioritise governance from the very beginning of their business journey.
Speaking during her valedictory media parley in Lagos, Funmilayo described governance not as a bureaucratic weight, but as a strategic enabler for long-term business growth. According to her, clear structures such as decision-making processes, internal accountability, and strong financial documentation can help businesses build investor trust and navigate regulatory demands.
“No matter how small you start, it is important to have these structures in place,” she said. “As you continue to grow the business, you will see that investors will have the confidence to put their money in your business.”
Funmilayo also noted the importance of compliance with legal and tax obligations from the onset, noting that it strengthens an organisation’s credibility and ability to defend itself in the face of regulatory scrutiny.
Looking ahead, she expressed optimism about Nigeria’s economic future, citing the government’s ongoing macroeconomic reforms. However, she maintained that the success of such reforms depends heavily on consistency, political will, and improved execution across sectors.
“The Nigerian economy has shown remarkable resilience despite numerous challenges. With sustained support, current policy efforts can deliver long-term impact,” she said.
While acknowledging issues such as inflation, high living costs, unemployment, and infrastructure deficits, Ekundayo stressed the need to diversify Nigeria’s economy. She called for improved investment in mechanised agriculture, MSMEs, and manufacturing, and urged greater focus on human capital development and innovation to unlock new growth opportunities.
Reflecting on her two-year tenure at ICSAN, Funmilayo highlighted the institute’s contributions to governance advocacy and national development.
“We’ve positioned ICSAN as a thought leader, consistently contributing to national discourse through strategic engagement and capacity building,” she said.
She concluded by encouraging Nigerians to remain resilient and to view governance as a necessary tool for achieving stability and prosperity.
