Why Integrity and Ethics Are Paramount in Business: A Personal Story By Oluyomi Martins
In today's competitive landscape, integrity and ethics are not just buzzwords—they are the foundation of a successful business. A recent experience I had underscores the importance of these principles and their profound impact on credibility and relationships.
A Personal Experience: The Case of Mr. John
Not long ago, I was approached by a former colleague and friend, Mr. John (a pseudonym for privacy), who is also a Pastor. He sought my expertise in conducting a bank statement forensic audit due to concerns that a bank in Nigeria was unfairly exploiting him financially through an inflated mortgage. He felt overwhelmed, his financial future hanging in the balance, and he turned to me, knowing I am one of the leading experts in this field.
After discussing the matter, we entered into a Memorandum of Understanding (MOU), which stipulated that I would receive 15% of any amount recovered from the bank. My team and I diligently reviewed his accounts, engaged the bank, and when they failed to act, we escalated the issue to the Chartered Institute of Bankers of Nigeria (CIBN) for arbitration.
After two long years of persistence, we successfully secured a refund of 100 million naira for Mr. John, which included the principal amount and accrued interest. However, the bank first debited his outstanding loan obligation of 20 million naira before crediting the recovered amount, leaving him with 80 million naira.
The Dispute Over Payment
Following this recovery, we issued an invoice for our agreed fee of 15 million naira, based on the total amount recovered. To my shock, Mr. John contested the payment, arguing that he would only compensate us based on the remaining 80 million naira in his account. Despite our reminders and reference to our signed agreement, he refused to honor our contractual terms.
When Mr. John continued to deny payment after a final demand notice, we had no choice but to initiate legal action for breach of contract and recovery of our legal fees. This situation illustrated a critical lesson about integrity in business—when agreements are not honored, relationships deteriorate, and trust is eroded.
The Importance of Integrity and Ethics in Business
1. Credibility and Trustworthiness: Businesses that prioritize integrity build credibility. When clients know they can rely on your word and ethical standards, they are more likely to engage in long-term partnerships. Trust is a cornerstone of any successful business relationship.
2. Reputation Management: In today's digital age, a company’s reputation can be easily damaged by unethical behavior. Negative reviews and word-of-mouth can significantly impact future business. Upholding ethical standards protects your reputation and encourages client loyalty.
3. Sustainable Success: Integrity leads to sustainable success. Businesses that focus on ethical practices often outperform competitors in the long run. Clients are more inclined to support companies that align with their values, resulting in repeat business and referrals.
4. Positive Work Environment: Ethical practices create a positive workplace culture. Employees are more engaged and productive when they feel they are part of an organization that values integrity. This fosters loyalty and reduces turnover.
5. Legal and Financial Protection: Engaging in unethical practices can lead to legal disputes, fines, and financial loss. By adhering to ethical standards, businesses can protect themselves from potential legal issues and financial instability.
The experience with Mr. John serves as a reminder that integrity and ethics are not optional in business—they are essential. Upholding these principles is crucial not only for maintaining credibility but also for fostering positive relationships that can lead to long-term success. As I reflect on this situation, I am reminded of the words of Mahatma Gandhi: “The true measure of any society can be found in how it treats its most vulnerable members.” This principle holds true in business; treating all parties with respect and integrity ultimately leads to a thriving and sustainable enterprise. By sharing my story and emphasizing the significance of ethics in business, I hope to inspire others to prioritize integrity in their professional endeavours.
AG. GCEO, ACCESS CORPORATION PLC
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