The 2026 LBS-KENNA Public Lecture held on March 31, 2026, convened a cross-section of Africa’s corporate leaders. Bringing together preeminent scholars, board chairmen, executives, legal practitioners, and policymakers, the event centred on a powerful question: what is the true purpose of the corporation?
At the heart of the Public Lecture was the presentation of “The Purpose of the Corporation”, the latest work by Professor Fabian Ajogwu, OFR, SAN, Senior Partner at KENNA and Professor of Corporate Governance at Lagos Business School. What followed was a masterclass in moving corporate purpose from aspiration to operational reality.
In his lecture, Professor Ajogwu drew a sharp distinction between purpose declared and purpose enacted. He argued that corporate purpose must be operationalised through governance structures, serving as a guiding framework for strategy, capital allocation, risk management, and performance measurement. “Purpose would remain a boardroom aspiration if it is not embedded in strategy, capital allocation, and incentive design,” he warned, challenging organisations to close the credibility gap that mere reporting cannot fix. He further noted that there were different layers of corporate purpose, each layer being held simultaneously as corporate purpose could not be assessed by reference to any single layer alone. He also emphasised that Boards needed to evolve to custodians of corporate purpose, adding that “formal compliance is not governance.”
The resonance of his framework was reflected in the voices of distinguished leaders who lauded the book for its timeliness and practical force. Dr Emomotimi Agama, Director-General of the Securities and Exchange Commission, captured the essence of purpose-driven integrity: “Regulation can mandate transparency, but it cannot manufacture integrity. Professor Ajogwu demonstrates that when a corporation’s purpose is its pulse, compliance ceases to be a burden and becomes a byproduct. This is the definitive guide for boards ready to stop managing for the regulator and start leading from within.”
The event was framed by powerful calls from institutional leaders. In her welcome address, Professor Olayinka David-West, Dean of Lagos Business School, noted that Prof. Ajogwu’s book challenged leaders to re-think value creation beyond profit to include sustainability and long-term impact. She emphasized that the strength of forums such as the KENNA Public Lecture lies not only in the knowledge shared but also in the conversations sparked and the actions that follow.
Professor Enase Okonedo, Vice Chancellor of Pan-Atlantic University, set the tone in her opening remarks, highlighting that corporate governance extends beyond technical compliance, describing it as fundamental to trust in institutions, leadership, and society. Sharing her reflections on the book, she described Professor Ajogwu’s book as thoughtful and a significant contribution to the on-going conversation on the purpose of the corporation. She also explored the complex dynamics of corporate purpose, particularly where states act simultaneously as regulators and shareholders, requiring clarity, transparency, and accountability.
Professor Mervyn E. King, SC, Chair Emeritus of the King Committee on Corporate Governance in South Africa, offered a timeless reflection in the book’s Foreword: “The corporation is one of humanity’s most powerful inventions. It can serve as a force for great good or serious harm. Its outcome depends on the purposes we assign to it and the governance we establish to pursue those aims. This book illuminates the way.” Dr Rabiu Olowo, Executive Secretary/CEO of the Financial Reporting Council of Nigeria, underscored the investor’s perspective: “Professor Ajogwu’s framework helps us assess which companies are built to endure. The insight that purpose creates value for shareholders, people, and planet, through multiple forms of capital, is one every investor must internalise.”
The Purpose of the Corporation offers a comprehensive examination of corporate purpose, governance, and stakeholder responsibility. It provides practical insights for board members, executives, regulators, governance professionals, scholars, and all who are invested in the evolving expectations of corporate governance.
The book is published by CLDS Publishing and is available for orders via [email protected] or +234 912 047 1457.