How Still Earth is Redefining Governance as Competitive Edge

Kunle Somorin

In today’s global marketplace, the “Integrity Dividend” is becoming as measurable as any financial return on investment. For Still Earth Holdings, a conglomerate with deep roots in Nigeria’s infrastructure, energy, and financial sectors, transparency is no longer a back-office compliance task—it has been elevated to the cornerstone of corporate strategy.

Watershed Moment

The recent Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) training, conducted by the Economic and Financial Crimes Commission (EFCC) through its Special Control Unit against Money Laundering (SCUML), marked a turning point for the group. It signaled a decisive move away from “passive compliance” towards a proactive, board-led culture of ethical governance.

This shift reflects broader national trends. By 2025, more than 70 per cent of listed Nigerian companies were filing annual governance evaluation reports, compared with fewer than 50 per cent in 2020. ESG adoption has surged, with reporting increasing by 35 per cent year-on-year among public companies. Sector-specific reforms in telecoms and pensions have further accelerated compliance, underscoring that governance is no longer peripheral—it is central to corporate survival.

Integrity as an Asset

At the heart of this transformation is Ms. Oyindamola Lami Adeyemi, Executive Chairperson of Still Earth Holdings. For her, business integrity is not a regulatory burden but the group’s most vital currency.

“Our partnership with the EFCC and SCUML is a testament to our belief that sustainable growth can only be achieved through the lens of transparency,” she affirms. For Adeyemi, the “Still Earth Standard” is about institutionalising ethics across the group’s diverse portfolio—from Tirex Petroleum to Still Earth Construction and Still Earth Capital Finance.

Her philosophy is uncompromising: “No single transaction is worth the soul of the company.” This high-level commitment sets the tone for the entire organisation, moving compliance from a perfunctory exercise to a survival mechanism for the modern executive.

Governance as Legacy

Mr. Mutiu Sunmonu, Chairman of Still Earth Holdings, reinforces the board’s collective vision by framing governance as both a moral compass and a competitive differentiator. “Our responsibility as leaders is not only to deliver profits but to safeguard the reputation and resilience of the institutions we steward,” he notes. For Sunmonu, the group’s embrace of transparency is about building a legacy that outlives quarterly earnings.

He emphasizes that the board’s role is to ensure that every subsidiary — whether in construction, energy, or finance — operates under the same uncompromising ethical framework. “Governance is not a department; it is the DNA of Still Earth,” he asserts, highlighting that the company’s credibility in international markets rests on its ability to harmonize compliance with innovation.

By aligning with Ms. Adeyemi’s philosophy of integrity as currency, Sunmonu positions the board as guardians of both shareholder value and societal trust. His remarks underscore that governance is not simply about avoiding penalties, but about cultivating a brand synonymous with probity, resilience, and excellence across Africa’s corporate landscape.

From Passive to Active Inquiry

This vision is operationalised through rigorous training and a shift in mindset. Kingsley Inyama, Head of Credit Risk, highlights a fundamental conceptual change: the transition from merely monitoring volumes to verifying legitimacy.

“The critical question is: where is the money coming from? If someone claims to be selling household items, does the volume of funds correspond with the business activity?” he explains. This brand of “active inquiry” is essential in a world of shell companies and offshore payments. By training management to identify beneficial owners—the actual human beings behind legal entities—Still Earth is closing the loopholes that facilitate financial crime.

New Regulatory Reality

The training, led by Ibinabo Mary Amachree, Head of SCUML Lagos, underscored the thinning of the “corporate veil.” Under the Money Laundering (Prevention and Prohibition) Act 2022, directors now face both personal and corporate liabilities for systemic failures.

By addressing sector-specific risks—such as contract splitting in construction, over-invoicing in energy, and rapid fund movements in finance—the EFCC has equipped Still Earth’s leadership to navigate the grey areas of Nigerian commerce with precision.

Harmonising Ethics

The “Integrity Dividend” at Still Earth lies in its unified approach. Whether dealing with politically exposed persons (PEPs) or conducting targeted financial sanctions screening, the group is building a cohesive culture of probity.

The training concluded with a series of high-level board resolutions:

•           Adoption of a zero-tolerance policy, rejecting any transaction tied to illicit flows.

•           Establishment of compliance committees, ensuring oversight is constant rather than annual.

•           Introduction of independent audits, inviting external scrutiny to validate internal claims of integrity.

Blueprint for African Excellence

For those invested in anti-corruption and governance, the Still Earth model offers a compelling case study. It demonstrates that in a high-growth market, ethical governance is not a constraint but a strategic advantage—one that attracts international partnerships and ensures long-term sustainability.

As Ms. Adeyemi concludes: “We are proving that you don’t have to cut corners to build a skyscraper or run a successful finance firm. Ethics and profit are not adversaries; in the long run, they are partners.”

.Kunle Somorin is  veteran journalist