Ajogwu unveils ‘The Purpose of the Corporation’ at LBS-KENNA public lecture

The 2026 Lagos Business School (LBS)-KENNA Public Lecture has spotlighted the evolving role of corporate purpose in driving governance, accountability, and long-term value creation across Africa’s corporate landscape.

Held at the Lagos Business School, the event brought together leading scholars, board chairmen, corporate executives, legal practitioners, and policymakers to interrogate a central question: what is the true purpose of the corporation?

The highlight of the lecture was the unveiling of The Purpose of the Corporation, a new book by Fabian Ajogwu, Senior Partner at KENNA and Professor of Corporate Governance at LBS.

In his presentation, Ajogwu emphasised the need for organisations to move beyond rhetorical commitments to purpose and embed it into their operational frameworks. He drew a clear distinction between “purpose declared” and “purpose enacted,” arguing that corporate purpose must be reflected in governance structures and decision-making processes, including strategy, capital allocation, risk management, and performance evaluation.

“Purpose would remain a boardroom aspiration if it is not embedded in strategy, capital allocation, and incentive design,” he said, urging organisations to bridge the credibility gap that cannot be addressed through reporting alone.

Stakeholders at the event described the book as timely and practical. The Director-General of the Securities and Exchange Commission, Emomotimi Agama, noted that while regulation can enforce transparency, it cannot instil integrity, adding that purpose-driven organisations are better positioned to achieve sustainable compliance and leadership.

In her welcome address, the Dean of LBS, Olayinka David-West, said the significance of the KENNA Public Lecture lies not only in the ideas shared but also in the conversations and actions they inspire.

Also speaking, the Vice Chancellor of Pan-Atlantic University, Enase Okonedo, underscored that corporate governance goes beyond compliance, describing it as central to building trust in institutions and leadership. She further reviewed the book, highlighting the complexities of corporate purpose, particularly in contexts where governments act as both regulators and shareholders.

In his foreword to the book, Mervyn E. King, Chair Emeritus of the King Committee on Corporate Governance in South Africa, described the corporation as a powerful tool capable of delivering both positive and negative outcomes depending on the governance frameworks guiding it.

Similarly, the Executive Secretary/CEO of the Financial Reporting Council of Nigeria, Rabiu Olowo, said the framework outlined in the book provides investors with a basis for assessing sustainable and enduring companies, noting that corporate purpose contributes to value creation across multiple forms of capital.

The Purpose of the Corporation provides a comprehensive analysis of corporate governance, stakeholder responsibility, and value creation, offering practical guidance for board members, executives, regulators, and governance professionals navigating the changing expectations of modern corporations.