Equity in the Boardroom

Equity in the Boardroom

In today’s world, the importance of equity and inclusion cannot be overstated. This is especially true in the corporate world, where decisions made in the boardroom can have an overreaching effect throughout the company and beyond. However, despite the growing recognition of this need, many organisations still struggle to achieve true equity and inclusion, especially when it comes to women’s representation in executive and corporate leadership positions. For instance, in the African corporate landscape, the numbers are particularly alarming: only 5% of CEO positions and 29% of board seats are occupied by women, according to a McKinsey and Company.

 

Based on the reported disappointing figures above, you’ll agree that there is a pressing need for more significant action toward promoting equity in the boardroom. Therefore, in this blog post, we’ll explore why equity and inclusion are crucial in the boardroom, the hurdles that come with them, and actionable steps that businesses can take to promote equity in their boardrooms, with a specific emphasis on including women in leadership positions.

What is Equity in the Boardroom?

Professional and industry leaders have explicitly explained the subject of equity in the boardroom, what it means, and why it matters. Nonetheless, there has been a  major consensus that equity in the boardroom means ensuring that individuals from diverse backgrounds are fairly represented in corporate leadership. It involves fostering an inclusive environment where everyone’s opinions and contributions are respected and valued, and where everyone has an equal chance to succeed. This does not only pose social and moral issues but also a significant business issue.

Challenging the Status Quo

Essentially, the first step in embracing equity in the boardroom is acknowledging that there is a problem and that it needs to be addressed. Based on the Thisday newspaper on NGX company listings revealed that women hold less than 25% of corporate board positions in Nigeria. This lack of representation not only limits the opportunities available to women but also deprives companies of valuable perspectives and insights women tend to bring to an organisational board. Consequently, to celebrate International Women’s Day (IWD) 2023, the Society of Corporate Governance Nigeria (SCGN) is hosting a panel conversation about boardroom equity. The panel conversation will feature a diverse set of speakers, including both male and female professionals with extensive experience in promoting Diversity, Equity, and Inclusion (DEI) in corporate leadership and the workplace. We hope that you join us as we discuss the barriers that promote the underrepresentation of women and how we can embrace boardroom equity. Please click here to register for the event. 

With that out of the way, let us talk more about equity in the boardroom. Here are some of the prevailing challenges of equity in the boardroom and how the glass ceiling can be broken. 

 

  1. Gender Bias: Gender bias is a significant factor contributing to the underrepresentation of women in executive leadership positions. The main reason for this is the existence of pervasive gender bias in many organisations. This bias can manifest in various forms, such as unconscious biases influencing hiring decisions, overt discrimination, and harassment. For example, in Nigeria, Centre for Gender Economics found that unconscious bias is a major factor that affects women’s access to leadership positions. The study found that many board members have implicit biases that favour male candidates over female candidates, even when the female candidates have equal or better qualifications and experience. This bias is often based on stereotypes about women’s leadership styles and priorities, such as assuming that women are less assertive, less competitive,  less committed to their careers, and more emotional than men. 

To address this issue, organisations could provide training for board members to recognize and mitigate unconscious bias, such as implicit bias training, which would raise awareness of the ways in which unconscious biases could affect decision-making. Organisations can also establish diversity targets and quotas to ensure boardroom equity and create a more level playing field for women and other underrepresented groups. It is worth noting that in South Africa, the Johannesburg Stock Exchange has implemented a gender diversity policy that requires all listed companies to have at least 30% of their board composed of women. This has led to increased female representation in leadership positions and this has also set a framework for other corporate organisations in Africa to embrace equity in their boardrooms. This would be a welcome policy for Nigeria to advance DEI. 

2. Reengineering The Recruitment Process: In the past, recruitment for executive roles, including board members, has commonly relied on personal networks and relationships. Although this method may have successfully identified suitable candidates with relevant qualifications and experience,, on many occasions, better-qualified female candidates are ignored as a result. Therefore, to promote equity in the boardroom, companies could implement more equitable recruitment practices that prioritise selecting the right people for the job, rather than solely relying on personal connections.

One way to achieve this is to prioritise a more diverse candidate pool by utilising online job boards, recruiting firms, and targeted outreach to underrepresented groups especially their female counterparts. This strategy can ensure that the candidate pool reflects the diversity of the population and promote a more equitable and inclusive selection process. Another approach is emphasising skills and qualifications over personal connections when evaluating candidates. This could be accomplished by establishing an objective set of criteria for board members and using it as a guide when assessing candidates. Companies can identify the most qualified and capable candidates by focusing on specific skills and experience, regardless of their gender, background or connections.

 

3. Increased Female Mentorship and Sponsorship: While many organisations have implemented mentorship and sponsorship programs for female employees to reach higher levels of leadership, there is often a lack of focus on applying these initiatives to include the board/executive levels. It is important to recognize that mentorship and sponsorship are critical to career advancement, and without these opportunities, women may struggle to reach executive positions. Overall, organisations must go beyond simply creating mentorship and sponsorship programs and work to ensure that these programs are effective in advancing the careers of their diverse staff, including women. By tailoring these programs to the specific needs and experiences of women, ensuring their visibility and accessibility, and establishing accountability measures, organisations can create a more equitable and inclusive boardroom where women are represented at all levels of leadership. In addition to these programs, attending panel roundtables would provide practical insights from experienced professionals on how to advance DEI initiatives in the workplace.

The Benefits of Representation of Women in leadership Positions

Just to remind ourselves of the value of increased equity in the boardroom as women bring a different perspective and set of skills to the table. These skills lead to better decision-making and a more holistic approach to addressing business challenges. The benefits include:

  • Enhanced Organisational performance: Companies with more women directors tend to perform better in various aspects such as corporate social responsibility, firm reputation, financial metrics, and auditing and risk management.
  • Increased Financial Metrics: Organisations with more women in the boardroom tend to perform better financially. Specifically, they outperform their peers on financial metrics such as Return on Equity, Return on Sales, and Return on Invested Capital.
  • Increased Innovation and Creativity: Female directors bring a unique set of skills, experiences, and values to the boardroom that can impact both the content and process of decision-making. For example, research has found that women tend to be more focused on long-term sustainability and are more likely to consider the interests of multiple stakeholders when making decisions.
  • Groupthink Prevention: Having gender equity in the boardroom is important because it can prevent groupthink, which leads to poor decision-making. By including various perspectives, a diverse board composition can help prevent tight group cohesiveness and promote effective decision-making. Assigning a Devil’s advocate, creating subgroups, and soliciting opinions broadly are strategies that can help mitigate groupthink and ensure everyone’s voice is heard in the boardroom.

Embracing equity in the boardroom is an essential step for companies seeking to enhance their social responsibility and long-term success. Organisations that prioritise boardroom equity and inclusiveness would continue to benefit from a broader range of perspectives, ideas, and experiences that can help drive innovation, growth, and success.

 

Join us on March 9th, 2023, for the 2nd Annual International Women’s Day Roundtable hosted by the Society for Corporate Governance Nigeria (SCGN).

The theme for this year’s global celebration is “Embrace Equity,” and we are excited to discuss “The Board-Ready Female: Modelling Ethical Leadership and Driving Transformation.” This event provides a unique opportunity to network, connect, and learn from inspiring men and women leaders who have made a difference in their respective industries. 

Don’t miss out on this empowering and thought-provoking roundtable. 

Click here to Register now!!!!

 

Chioma Mordi

CEO

About The Society for Corporate Governance Nigeria

SCGN is a registered not-for-profit organisation committed to the development of corporate governance best practices in Nigeria. Today, the Society is the foremost institution committed to the development and promotion of corporate governance best practices in Nigeria.

situs judi bola

https://estheticsadvancedclasses.com/

slot bet 200 perak

https://pigamingshop.com/

gadunslot

GADUNSLOT

GADUNSLOT

slot depo 10k

mahjong wins

Stanbic IBTC Bank Limited

Comprehensive Banking Solutions
Prominent commercial bank offering wide array of personal, business, and commercial banking solutions including savings, current accounts, cards, mortgages, and SME lending.

Digital Innovation
Operates through nationwide branch network supported by digital channels: internet banking, mobile banking, and *909# mobile money service.

Strong Asset Growth
Substantial growth in asset base and customer deposits

Improved Efficiency Better cost-to-income ratio and risk management

Focus Inclusion Financial inclusion and sustainable banking practices
As core part of Stanbic IBTC Holdings, the bank works closely with group subsidiaries to offer integrated financial services, serving diverse client segments from individuals to large corporations with tailored solutions.

Excellence in Corporate Governance
These award beneficiaries represent the pinnacle of corporate governance excellence in Nigeria. Through their leadership, innovation, and unwavering commitment to best practices, they continue to shape the future of business in Africa.

  • Leadership Visionary leaders driving transformation and sustainable growth across sectors
  • Transparency Commitment to openness, accountability, and ethical business practices
  • Innovation Pioneering new approaches to governance, compliance, and stakeholder value

Impact Creating lasting positive change in Nigeria’s corporate landscape

Seplat Energy Plc

Seplat Energy Plc A leading Nigerian independent energy company established in 2009, dual-listed on Nigerian Exchange (NGX) and London Stock Exchange (LSE). Formed through partnership between Shebah Petroleum and Platform Petroleum Joint Ventures.

Core Operations
Oil and gas exploration, development, and production with strategic interests in Niger Delta oil mining leases.

Midstream Business
Integrated gas processing facilities at Oben, ANOH, and Sapele supplying Nigeria’s power and industrial sectors.

Future Focus
Balancing traditional operations with cleaner energy solutions for sustainable energy transition

Strategic Growth: Recent major acquisitions from international oil companies have significantly boosted production capacity and reserves, positioning Seplat as a key player in Nigeria’s energy future

Stanbic IBTC Holdings Plc

A leading Nigerian financial services group offering integrated solutions across banking, investment, pension, insurance, and fintech. Member of Standard Bank Group, Africa’s largest financial services organization by assets.

Investment; Corporate and investment banking services

Banking; Comprehensive personal and business banking solutions

Fintech; Digital financial services and innovation

Pension; Retirement planning and pension management

Insurance; Comprehensive insurance and risk management

Ayokunle Ayoko

Ayokunle Ayoko is a Lawyer, Chartered Secretary, HR expert, Certified Management Consultant, Certified Compliance Analyst, Certified Independent Non-Executive Director, and Notary Public. He worked with FirstBank and FBN Holdco PLC where he served as Company Secretary for FBN Insurance Limited (now SanlamAllianz Insurance Limited), FBN General Insurance Limited (now SanlamAllianz General Insurance Limited), and FBN Insurance Brokers Limited, all subsidiaries of FBN Holdco PLC.

He served as Company Secretary/Legal Adviser to Berger Paints Plc and Company Secretary/General Counsel for International Breweries Plc (AB Inbev) between 2018 to 2023. He is currently the Group Company Secretary/Head of Legal and Chief Compliance Officer at the CFAO Nigeria Group – a French Multinational. He is also co-founder and Non-Executive Director with Kaizen Academy (Nigeria) Limited, a leading multinational consulting firm.

Ayokunle’s holds a 2nd Class Upper L.L.B (Hons) degree from the University of Ibadan, an LLM from the University of South Wales (UK), and an MBA from the Liverpool John Moores University (UK). He also holds an Executive Diploma in International Law & Diplomacy from Kingsland Foundation, and a Certificate in Global Governance & Diplomacy from the European School for Leadership Development.

His work has earned global recognition, including the fast rising star award by ESQ Magazine, Modern Governance 100 Global & Ethics Leader Award (2019 & 2022, Diligent Corporation, New York) and listings in the Legal 500 General Counsel Powerlist Nigeria for 2024 and 2025. He was also honored recently as ‘Finest General Counsel – West Africa’ by Legal Era Awards and 2025 Corporate Governance Award by the Society For Corporate Governance Nigeria.

Ayokunle holds Fellowships from the Institute of Management Consultants, Nigeria (FIMC) and the Global Academy of Finance and Management, USA. He is a member of the Nigerian Bar Association (NBA), International Bar Association, Institute of Chartered Secretaries and Administrators (ICSAN), Society for Corporate Governance Nigeria (SCGN), and the Chartered Institute of Directors (CIoD), Nigeria.

Adeolu Adewumi-Zer

BEST-SELLING AUTHOR OF AFRO-OPTIMISM UNLEASHED
CHAMPION OF AFRICAN EXCELLENCE FOR SMES & BEYOND

Adeolu Adewumi-Zer is a global Nigerian, lifelong Afro-optimist, and international best-selling author dedicated to shaping a brighter future for Africa. With dual honors degrees from The Pennsylvania State University in the USA, her stellar academic foundation fueled a transformative 20+ year career across four continents within two multinationals. Adeolu culminated this experience as the CEO of Allianz Nigeria and, prior to that, as Regional Head of Mergers, Acquisitions, and Transformation Africa, where she spearheaded strategic growth initiatives that increased Allianz’s African portfolio to nearly half a billion Euros within four years.

Now, as the founder of ZER Consulting Africa (ZER), Adeolu leverages her global expertise in leadership development and strategic planning to empower SMEs, including startups, scale-ups, and social ventures across the continent. ZER partners with development agencies, investment funds, and social ventures to provide strategic guidance critical for growth via their SCALE framework. Adeolu’s strategic insights and unwavering commitment to excellence have earned her numerous accolades.

Adeolu’s strategic insights and unwavering commitment to excellence have earned her numerous accolades, including East Africa Deal of the Year in 2020 and Top 100 Women Impacting Africa in 2023. Her recent book, Afro-Optimism Unleashed, reached international best seller status on Amazon.

Beyond ZER:
Adeolu’s passion for Africa extends beyond her consulting work. She is the author of Afro-Optimism Unleashed: Scaling African Excellence to the Global Stage, a groundbreaking book that offers a roadmap for African leaders and businesses to achieve sustainable growth and global impact. Drawing from her decades of experience, Adeolu shares strategic insights and practical tools to unlock Africa’s potential on the world stage.

Adeolu’s commitment to Africa’s progress is reflected in her advocacy for financial inclusion, gender equality, and quality education, as well as her influential board positions and advisory roles focused on social impact across the continent.

Beyond her professional achievements, Adeolu is a mother of two global Africans and an avid runner, reader, and cultural explorer. Her Afro-optimism is not just a philosophy but a way of life, driving her to inspire and empower others to build a new Africa.

Connect with Adeolu on LinkedIn to learn more about her work and insights on scaling African excellence.

Gbeminiyi Shoda

A Visionary Solutionist in Corporate Governance and Legal Innovation

Gbeminiyi Shoda is a distinguished legal practitioner, transformative leader, and strategic advisor with a proven track record of delivering exceptional results in corporate governance, legal services, and innovative business solutions. She is the Managing Director of Structure HQ and Principal Partner of SHQ Legal, where she leads a team dedicated to providing customised corporate and commercial services for innovative individuals, businesses and family offices.

In her illustrious career, Gbeminiyi has served across the Legal, Compliance, and Secretariat functions of a Group structure with over 30 companies within its investment portfolio in diverse sectors. She played a pivotal role in securing regulatory licenses for industry-defining financial institutions and supporting the establishment of key players in Nigeria’s financial ecosystem. Her initiatives have directly contributed to enhancing sustainable wealth inclusion and driving innovation in regulated markets.

In 2021, she founded Structure HQ, a female-led firm that delivers tailored corporate and commercial solutions to businesses and family offices. Under her leadership, the company has become synonymous with excellence, providing innovative governance systems that empower startups, regulated institutions, and forward-thinking businesses.

As a sought-after solutionist, Gbeminiyi serves on the Board of notable organizations, including VFD Tech, Inspired by Glory, Template, and Canary Point Holding, where she provides strategic support and brings her governance expertise to bear.

Mr. Oscar Onyema

Board Member

Mr. Onyema is an accomplished board director and capital markets executive with over 25 years of experience leading institutional transformation, market infrastructure development, and strategic growth across financial services, energy, and technology sectors. As former CEO of the Nigerian Stock Exchange and founding Group CEO of NGX Group, led historic demutualization and listing, launched multi-asset platforms, and delivered a 200%+ surge in profitability.

 
Brings boardroom depth from global institutions including the World Federation of Exchanges, Green Impact Exchange, and CSCS Plc, with a strong track record in navigating complex regulatory environments, scaling platforms, and unlocking capital for innovation and growth. Combines financial acumen with proven execution in ESG, digital transformation, and risk governance. National honoree (OON), published author, and recognized voice shaping the intersection of capital markets, energy transition, and frontier economies.

Mr. Haruna Jalo-Waziri

Board Member

Mr. Haruna Jalo-Waziri is the Managing Director and Chief Executive Officer of Central Securities Clearing System Plc (CSCS), a position he assumed in November 2017. He has overall responsibility for delivering on the company’s vision and mission. Since taking over at the helm, he has driven a number of strategic initiatives, leading to notable efficiency gains and repositioning the company for sustainable growth.

Mr. Jalo-Waziri has three decades hands-on experience across multiple financial disciplines, with a career spanning Investment Banking, Securities Trading, Pension Funds Administration and conventional Asset Management, Business development and Regulation. He is an award-winning Executive, with reputable track record in leading successful start-ups and business transformations.

Prior to being appointed Chief Executive Officer of CSCS Plc, he was Executive Director, Capital Markets at the Nigerian Stock Exchange, with primary responsibility for deepening the market through products, market structure innovation and new listings, as well as generating order flow across all asset classes. Under his stewardship, the partnership between the NSE and the London Stock Exchange was established, an alliance which has birthed a number of dual listings on these Bourses. He led the launch of the Premium Board on the NSE, distinguishing value companies with strong governance practices and creating enhanced liquidity flow for the counters. He also led the introduction of the Nigerian Sovereign Green Bond as well as the Federal Government Retail Savings Bonds. Mr. Jalo-Waziri previously served as Managing Director/Chief Executive at both UBA Stockbrokers Limited and UBA Asset Management Limited, transforming the businesses to becoming top- 5 in their respective segments. He also pioneered the asset management business of Kakawa Discount House Limited (now FBN Merchant Bank) and previously worked at the Securities and Exchange Commission.

Mr. Jalo-Waziri is a Director on the Board of NG Clearing Limited and the Board of Special Olympics Nigeria. He is on the Advisory Board of Business Day and currently serves as Vice President of the AIFA Reading Society, an NGO, which focuses on promotion of a reading culture and sustainable development of the educational system in Africa. He has served on the Boards of several companies, including FSDH Merchant Bank Limited, Nigeria-German Chemicals Plc, Protea Oakwood Hotel Limited, Coral Properties Limited, UBA Stockbrokers Limited and UBA Asset Management Limited to mention a few. He is a life member of the Institute of Directors.

Mr. Jalo-Waziri is an economist, and an alumnus of reputable institutions, including the Lagos Business School and Venture Capital Institute of America. He holds a first degree and MBA from the University of Maiduguri and the Abubakar Tafawa Balewa University respectively. He is a member of the Chartered Institute for Securities and Investment UK, Chartered Institute of Stockbrokers and Institute of Capital Market Registrars.

Mr. Tajudeen Ahmed

Board Member

Mr. Tajudeen is a highly experienced strategic leader with three decades of executive management expertise combining of business leadership with deep functional expertise across Treasury Management, Portfolio Management, Credit Management, Manufacturing, Agro-allied, Construction and Transportation sectors, among others.

Mr Tajudeen has held various managerial positions in the Asset Management Corporation of Nigeria (AMCON), which includes Head Strategic Portfolio & Loans AMCON, Executive Director, at the Resolution & Restructuring Company Limited (A wholly owned subsidiary of AMCON that managed Portfolios in other entities) and Group Head, Asset Management AMCON. He held the positions of General manager and Group Head Treasury at Dangote Group and Chief Financial Officer at the Greenview International Co. Ltd, Ghana (A division of the Dangote Group of Companies).

Mr Tajudeen Ahmed also held the position of Principal Manager & Group Head Treasury, Inland Bank Nigeria PLC (Now FCMB Group PLC), Lagos.

With a solid career history in management, Mr Tajudeen possesses extensive global expertise, including High Performance Leadership, Corporate Policy, Development Strategy, Portfolio Management, Fiscal Responsibility, International Banking, Treasury Management, Investment Risk Management and Environmental Management.