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Abstract

A critical evaluation of modern business trends in Nigeria portrays some spate of 
paradoxes and ethical challenges. Both emerging and new businesses, including 
government public enterprises that are owned by the state, are run without any solid 
ethical principles. The question of the moral value and benefits without any potential 
harm to humans and the environment in the entrepreneurial sphere is almost not 
discussed or given proper attention. The absence of a moral principle guiding a business 
poses great challenges in this contemporary era, especially now that we are faced with 
difficult social and environmental issues such as poverty, unemployment, food scarcity, 
and climate change. The research aims to reveal how critical sound ethical principles are 
needed to serve as the foundation to correct the obvious consequences of unethical 
practices in the business sector in Nigeria. A business manager and employees need to 
constantly make responsible decisions and abide by sound ethical principles that will not 
only lead to business growth or profit maximization but also impact society positively. 
Hence, the application of moral principles to business raises critical questions; how 
should a business conduct itself? How do businesses resolve ethical dilemmas? Are the 
activities of the business detrimental to sustainable living? This research employs the 
philosophical method of analysis to critically assess the application of ethical principles 
for sustainable business operation and proffers solutions to unethical practices in 
business.

Keywords: Moral Principles, Business Ethics, and Entrepreneurship

Introduction

Ethics are moral rules that guide how an individual or a community behaves or conducts 
itself. The emphasis is on correct and incorrect acts, as well as the decision-making 
process involved in assessing the final consequences of such activities. Ethical principles 
are distinct from values in that they are seen as more permanent, universal, and 
unchangeable norms, while values are subjective, even personal, and prone to change 
through time. Meanwhile, moral principles of ethics serve as a foundation for ethical 
ideas and judgments (Schumann, 2001). Several of the concepts discussed here trace back 
to Socrates, Plato and even ancient religious communities. These ideas may and do 
coexist; they are used differently in various contexts. Intentionallyusing one or more of 
these principles and ethical methods might assist one in examining moral choices and 
alternatives before making a decision or resolving an ethical challenge.
Each individual has a unique set of personal ethics and values. Every day in various areas 
of engagement, including in business, humans face ethical dilemma that necessitate 
sound ethical decision-making and an understanding of what it means for an act to be 

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ethically right or wrong. Business ethics are critical because owners, managers, and 
workers must understand business challenges and make sound judgments and choices 
based on their principles while adhering to applicable regulations. Ethical behaviour is a 
component of a business's societal obligation. How company owners and staff see the 
operation of the firm often dictates how they handle consumers (Erondu et al., 2004). 
Employees who believe their firm is "ethical" are more inclined to act ethically 
themselves. 

Due to the widespread application of ethics in all aspects of human engagement and 
endeavour, ethical dilemma and unethical practices occur daily in human life (Rossman 
& Rallis, 2010), and it can be difficult to find a good solution or compromise that respects 
the viewpoints, values, and obligations of each person or institution involved. This is why 
the application of ethics in business is just as important as the entire process of business 
operation. But business ethics, despite the hype it has received over the years, remains a 
debatable topic within the Nigerian business environment.

A distressing but unavoidable fact of organizational life is that employees occasionally 
engage in unethical behaviour that harms their companies, co-workers, or the general 
public. Unethical behaviour in the workplace can take many forms, ranging from 
deception, theft, sabotage, and corruption to the concealment or destruction of official 
documents. As a result, the economic costs of such unethical behaviour in the workplace 
are difficult to quantify; billions of Naira are almost certainly lost annually.

Within the Nigerian business space, there are numerous ethical challenges inherent in 
business operations, particularly in the contemporary era, when technological 
advancements, aggressive competition and capitalism, mineral exploration, and the use 
of social media channels have become the order of the day. These recent developments 
necessitate new approaches to business behaviour between businesses and consumers, as 
well as between businesses and society. While one may argue that the primal concept of 
'do good and avoid evil' is still important in modern business operations, it is no longer 
adequate to handle certain ethical difficulties and unethical practices encountered in 
company operations. Thus, the purpose of this study is to examine the ethical principles of 
morality in light of certain modern business ethical challenges and unethical practices and 
to determine how to resolve these business ethical dilemma and restore sanity to the 
system.

The Concept of Business Ethics

Companies now have more power and obligation to contribute to social ideals and 
sustainable development in the era of global capitalism. From an institutional and ethical 
standpoint, the outcome of businesses' social aspirations has been the creation of norms 
for a global civil society with its laws and standards. Corporate contributions to the 
building of civil society standards aimed at reinforcing the social basis of commercial 
transactions include the development of codes of conduct and policies of moral 
management (Utting, 2005).

By definition, business ethics refers to the principles that govern what constitutes 
ethically acceptable and unacceptable behaviour in business. Company Ethics, according 

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to Twin (2021), is the study of correct business rules and procedures surrounding 
potentially contentious problems such as corporate governance, insider trading, bribery, 
discrimination, corporate social responsibility, and fiduciary obligations.
Desai (2012) described business ethics succinctly as the incorporation of ethical ideals 
into corporate behaviour. Stanwick & Stanwick (2013) define business ethics as the study 
of business circumstances, behaviours, and choices that include concerns of right and 
wrong. According to this definition, business ethics encompasses the whole range of 
relationships between businesses, people, society, and the state. In other words, corporate 
ethics is as intricate as a business.

Business ethics is the study of both the moral judgment of business and the standard by 
which business choices, behaviours, and instructions are judged to be morally correct or 
incorrect (Kotler & Keller, 2006). Business ethics transcends legal concerns by 
demonstrating how ethical business actions build reciprocal trust in relationships. 
Regardless of the legality of the conduct, each time company management or customers 
feel tricked or cheated, an ethical concern occurs. Business ethics entails operating by 
what society and people generally see as acceptable ideals. Interpersonal or business 
interactions, it is characterized by candour, respect, fairness, and equality. A code of 
conduct establishes principles for the whole company, whether it is in the field of doing 
business, managing funds, constructing security, training, research, medicine, or the law 
(Mason, 2011). He highlights the need for moral behaviour to be congruent with honesty 
and confidence, trustworthiness, fairness and clarity, acceptable remuneration, 
dependability, integrity, impartiality, and accountability.

In many respects, the same standards that people employ to behave themselves 
appropriately – both personally and professionally – also apply to corporations. 
Ultimately, acting ethically entails identifying what is "right" and "wrong." Around the 
globe, fundamental norms govern what constitutes unethical or illegal commercial 
conduct. For instance, dangerous working conditions are often seen as immoral since they 
endanger employees. A busy work floor with just one exit is an illustration of this. In the 
case of an emergency, such as fire, employees may get trapped or crushed as everyone 
rushes to the one exit.

Businesses cannot operate effectively in the modern day without incorporating suitable 
ethics into the way they conduct some important business activities. Business ethics has 
evolved into a critical component of a sustainable enterprise. This conclusion is 
consistent with Grace and Cohen's (2005) assertion that "business ethics is not an optional 
component of business life or a philosophical or moralistic zeal; business ethics is how 
people conduct their business affairs, from the most heinous fraud to the highest levels of 
excellence." Essentially, it must be remembered that business ethics is concerned with 
those aspects of business that are not specifically addressed by the law or are left 
unaddressed by the law. Stanwick and Stanwick (2013) puts it succinctly: "discussions 
about the ethics of certain corporate activities may ultimately result in legislation if an 
agreement is established, but for the majority of problems relevant to business ethics, the 
law usually does not give direction at the moment.”

Corporate ethics is concerned with those business challenges, acts, and choices that 
include moral dilemma. However, It deals with those behaviours that are morally right or 

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wrong, not to business actions that are professionally or financially correct or incorrect. 
For example, a firm that chooses to expand its budget for the year cannot be blamed on 
moral judgments; it is a component of the corporation's financial decision, and the 
repercussions cannot be deemed morally acceptable or wrong. However, when a firm 
chooses to invest in an ecologically friendly project to offset environmental damage, this 
choice might be considered ethically correct. While certain unethical business activities 
are self-evident or true for businesses worldwide, they, sadly, continue to exist. 
Determining whether a business technique is ethical or not becomes more challenging 
when it exists in a grey region, like Nigeria with poor regulatory controls, where the 
border between ethical and unethical behaviour may get blurred.

Four Major Ethical Principles in Business Operations
Ethical principles do not give a simple path to ensuring that an ethically sound choice is 
made, nor do they provide direction on how to prioritize principles that seem to clash with 
one another. Rather than that, they emphasize the factors that should be considered while 
making judgments. However, these principles are seen as the bedrock of ethical rules and 
aid in the clarification of concerns in a specific circumstance.

While there are other ethical concepts relevant to the business world, this study will focus 
on four important moral-ethical principles, which include the following:
1. The principle of Autonomy.
2. The principle of Justice.
3. The principle of Beneficence.
4. The principle of Nonmaleficence.

The Principle of Autonomy
Autonomy is derived from the Latin term meaning "self-rule." This requires human 
beings (companies) to respect the autonomy of other individuals (customers or clients), 
that is, to respect the choices made by other individuals for their own lives. This is the 
obligation to accept and support people's self-determination in pursuit of what they feel is 
in their best interests.

Autonomy is a moral empowering concept that lays the responsibility for the 
consequences of action squarely on the shoulders of moral actors. A person operating 
based on autonomy cannot justifiably blame another for unfavourable outcomes.
Individuals seldom act totally free most times. Their behaviours are often conditioned, 
and they may be missing knowledge that would drive them to act differently if it were 
known. Others, on the other hand, may help moral agents maximize their liberty by aiding 
them in meditating on their intended acts and offering pertinent information that enables 
the agent to have a more refined perspective on the expected action. Assisting customers 
and employees in becoming more self-sufficient with adequate information may be one 
of the most critical duties of the business professional and firm. And providing false 
information deliberately to mislead people is a breach of this principle.

Due to the huge diversity of goods and services accessible in today's marketplace, 
customers want substantial knowledge in order to make informed decisions. Additionally, 
they need the chance to articulate the principles that guide their actions. Workers, as 
consumers of labour possibilities, need knowledge about their jobs, all the more so in a 

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turbulent labour market often characterized by "employment-at-will" dynamics.

This obligation extends to the maintenance of confidentiality and privacy, particularly in 
handling client data. Privacy is not only about information; it also refers to the freedom 
from unneeded or unwelcome intrusion by others. Securing customer data is an ethical 
need in a variety of areas, including healthcare and other sectors where consumer data is 
gathered to provide effective services. When personal information is exploited or is 
insufficiently safeguarded, it may result in identity theft, financial fraud, and other issues 
that cumulatively cost individuals, organizations, and governments millions of dollars 
each year. As a result, companies are required to safeguard client data at all times.

The Principle of Justice
This concept is applicable to a wide variety of ethical circumstances, whereas the other 
principles are often utilized in the context of justice. The idea is complex, and its succinct 
presentation needs clarification. They should get what they are due, what they deserve, or 
what they may rightfully claim by a fair distribution of benefits and obligations in which 
equals are treated similarly unless there is a morally significant difference that justifies 
treating individuals unequally.

Justice addresses the following concerns:
·Fairness
·Distribution of Resources
·Access to Services
·Rights to Services
·Fair Opportunity

The Principle of Beneficence
To put it simply, this principle directs the operator to do what is right and good, as well as 
to avoid damage wherever feasible. In other words, it directs the agent to strive for the 
highest possible ratio of good to evil. It is comparable to the concept of autonomy in that a 
good act originates with an autonomous actor and to the principle of utility in that a good 
act helps the greatest number of individuals. Four notions are often discussed in talks 
about beneficence. They are as follows:

1. One should not practice evil or do harm
2. One should prevent evil or harm
3. One should remove evil or harm
4. One should practise good

Treating equals as equals and unequals as unequals is central to the justice principle. In a 
democratic society, we begin with the premise of fundamental equality among all 
members of the population. Equals are to be treated equally, according to the ethical 
imperative based on this concept. Thus, if a right is recognized, such as the right to self-
determination or advancement, each individual should be allowed to exercise that right. 
The right cannot be granted arbitrarily to some while denying it to others. Individuals are 
not, however, equal in every way. They are sometimes uneven. They are unequal because 
they vary in some way that is morally significant. Individuals above the age of sixteen, for 
example, may receive a driver's license; those under the age of sixteen may not. As a 

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result, they are treated unequally as a result of their true inequalities in this regard.

There can be no constraints on the implementation of the notion of justice strictly 
speaking. However, certain adjustments may be necessary. One may transcend the 
concept of justice. Compassion may motivate someone to offer services to another even if 
it is not required by law. A firm that is downsizing may take further measures to re-employ 
or retrain laid-off employees to offer them a competitive edge in the job market. An 
institution may have additional purpose concerns that extend beyond the basic standards 
of justice, such as the practice of going above and beyond minimum needs to safeguard 
the environment when it is threatened by a corporation's behaviour.

The Principle of Nonmaleficence
Nonmaleficence is defined as "an ethical concept requiring one to refrain from inflicting 
purposeful damage" (Loue & Pike, 2007; Stahl, 1997). It is the principle of avoiding 
harming others, sometimes summarized as "above all, do no harm." It is often regarded as 
the most crucial of all the principles since it specifically prohibits the agent from wilfully 
harming others or engaging in behaviours that may hurt others. Additionally, others 
define this concept as causing the least amount of damage to the fewest possible 
individuals in a scenario when there is no other option. It is comparable to the principle of 
beneficence. The notion of nonmaleficence is founded on four pillars, which include the 
following:

1. An act is not intrinsically wrong
2. A good effect is intended
3. The good effect isn't a by-product of a bad effect
4. The good outweighs the bad

The notion of nonmaleficence in business has been codified in a variety of business-
related texts. Sirgy& Lee (2008) wrote a work on this that stands out. Their approach was 
appropriately dubbed "well-being marketing," since it was founded on notions of 
obligation ethics, notably the duty of beneficence and non-maleficence. They 
demonstrated in their article how the idea of well-being influences marketing choices 
made by consumer products corporations.

Ethical Issues and Unethical Business Practices in Nigeria 
Unethical business practices,when viewed through the prism of the four major ethical 
principles discussed above, are directly opposite; there are practices that are deceitful, 
exploitative, and potentially hazardous to society. They are those activities that do not 
adhere to the accepted norm of company operation, which is to always do the right thing 
(Drucker, 1973). Nigerian culture is defined by a plethora of unethical commercial 
practices that have permeated the country's corporate climate (Nwaizigbo & 
Ogbunankwor, 2013). Numerous cases exist in which firms operate within the law, yet 
their activities harm society and are often seen as immoral. For instance, there are several 
ways in which organizations engage in unethical behaviour, abusing their employees, 
customers, and even the general public.

In certain circumstances, a person leading an operation in a corporation may be unethical 
in the pursuit of his or her profession, while in others, we are discussing corporate culture, 

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in which the whole organization is corrupt from the top-down, with terrible consequences 
for society. A typical example is the now-defunctChinmark Group run by Marksman 
Ijiomah, a microfinance platform that deceived thousands of investors with false 
information into putting in huge sums of money, and eventually absconding with their 
money. Consider the following unethical business practices and ethical challenges that 
corporations face:

Unethical Business Practices 

Bribery for Contracts.
Bribery and corruption are embedded within many Nigerian operations, including private 
and public businesses. Numerous business entities compete for government contracts for 
which they are ineligible because they have alternative ways of obtaining the contract 
other than presenting a competitive offer. In many government institutions, authorities 
will accept a contract application but delay it until they are provided a bribe to transfer the 
file from one table to the next.Certain unqualified firms get significant contracts as a 
result of their capacity to bribe senior government officials, only to quit the project 
midway. This explains why there are several abandoned projects strewn around the 
nation. This goes against the principle of justice and beneficence. 

Deceptive marketing.
When a business produces a marketing effort that distributes falsehoods, this is referred to 
as misleading marketing. They would assert that their goods or services do what they are 
incapable of, and the buyer would remain unaware of the reality until they purchased the 
service or product. The customers part with their hard-earned money with little guarantee 
of reimbursement, since Nigerians seldom sue these unscrupulous firms for retribution. 
Sometimes, in the end, the customer may suffer severe harm or damage from using the 
product or services. This practice violates the principle of autonomy, beneficence, and 
nonmaleficence. 

Inadequate working conditions and safety standards.
The majority of businesses in Nigeria are guilty of this specific dishonest business 
activity. Small and medium-sized businesses are the worst offenders. Numerous 
organizations operate in substandard work conditions that do not adhere to safety 
regulations. Some of these expatriate-owned businesses mistreat their employees, who 
are unwilling to report the abuse to civil rights groups due to their lack of union affiliation 
and fear of losing their employment. Their industrial machinery has severed employees' 
hands, and others have died as a result of accidents at these workplaces, all of which 
occurred in the absence of meaningful punishments against these firms. This practice 
violates the principle of beneficence and nonmaleficence.

Employee Abuse and Low Salary.
This is a common occurrence in a large number of businesses around the country. The 
proprietors of these businesses abuse their employees and get away with it. This abuse 
continues unabated daily. They treat the employee as though the labour they provide has 
no value to the organization. These businesses act with impunity, owing employees the 
standard low wage, and deferring payment for as long as they choose. Occasionally, they 
owe to pay for months yet require each employee to maintain an exceptional level of 

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output. This practice violates the principle of beneficence and nonmaleficence.

Producing Low-Quality Goods.
Producing inferior goods or selling expired items is one of Nigeria's most infamous 
unethical business practices. Certain quack firms manufacture poor items and sell them to 
gullible customers. Frequently, the items would have the seal of the government ministry, 
directorate, or agency that regulates them. Examples abound in the manufacturing of 
water and pharmaceuticals. For instance, some producers produce sachet water (clean 
water) arbitrarily. They do so as a result of NAFDAC's failure to apprehend and punish 
these dishonest company operators to act as deterrence to others. This practice violates 
the principle of beneficence and nonmaleficence.

Ethical Challenges 
Issues with Social Media.
Social media use is one of the major ethical challenges confronting corporate operations 
in modern times. Numerous ethical concerns occur when firms and workers use and 
utilize social media platforms, including the disclosure of sensitive information, 
conflicts, private information, and workplace discrimination. In other words, this raises 
certain ethical concerns, such as "Is it OK to discipline workers for specific sorts of social 
media posts?" Are you compelled to retain an employee who espouses objectionable 
ideas online? Should a corporation act as a mediator when workers dispute on social 
media?
If these difficulties are not remedied, they may have a detrimental effect on the company's 
image and trustworthiness. Thus, how the firm manages these ethical dilemmas is critical 
to the company's image. To summarize, resolving ethical concerns in the business 
including social media may be challenging because the majority of instances are not 
always apparent. For example, using social media during business hours may be 
considered a waste of time and money. However, when corporations impose limits on 
employee usage of social media during work hours, this may be seen as an infringement 
of the workers' privacy rights. The idea of autonomy is at work here.
Thus, how can a corporation support individual liberty while still ensuring that workers 
adhere to the organization's mission? Generally, a firm should solve this difficulty by 
specifically expressing it in the employment contract so that each employee is informed 
of the restrictions upon contract acceptance. On the other side, the firm should send 
frequent reminders on appropriate social media behaviour.

Nepotism.
Nepotism is one of the organizational practices that might result in workers being treated 
unfairly. The word "nepotism" originated with Catholic bishops bequeathing riches, land, 
and the priesthood to their "nephews" Typically, the nephews were their illicit children, 
and it functioned as a means for church officials to acquire land and keep authority within 
their families (Bellow, 2003).
Wheatley (2016) defines nepotism as the practice of persons in positions of authority 
(such as your employer or manager) exhibiting favouritism toward friends or family 
members; often via the provision of employment or perks. According to her, nepotism 
traditionally implied favouritism toward family members, but it now encompasses a far 
larger range of behaviours. In the workplace, this may include favouring employees 

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because they are friends, family, or just like their personality; as a consequence, they are 
granted greater prospects.

Abun (2014) distinguishes between two types of nepotism: relative nepotism and friend 
nepotism. According to him, relative nepotism is a widespread practice in which relatives 
are hired, saved, prioritized, and promoted ahead of others, while friend nepotism is a 
managerial style that places a premium on friendship. He referred to it as the 
management's "inner circle of influence," and they are the management's top priority. He 
described link nepotism as the practice of favouring those who have a connection to the 
management, whether it is a political connection, a sports activity/hobby connection, or 
any other kind of relationship. He said that although it may seem insignificant, such 
connections often persuade management to provide preferential treatment. Nepotism is a 
kind of favouritism in which a corporate leader prefers to hire a family member over an 
outside candidate. While it is undoubtedly a contentious issue in corporate ethics, 
employing family members is not intrinsically immoral.

Although nepotism is not a new occurrence in business and politics, this unethical 
conduct by a prominent individual of awarding employment and other favours to the 
family may harm the firm or mistreat workers. The fundamental difficulty with nepotism 
in business is that it runs counter to traditional employment practices of hiring and 
promoting the best competent applicant for a position. While a son, daughter, or nephew 
may be the most skilled employee, nepotism often results in relatives being hired over 
people with a higher level of education and experience. Even if a relative is the most 
qualified candidate, choosing him may create an image of favouritism.

However, when viewed objectively, nepotism is not always a terrible thing, particularly 
when the family member or close friend is suitable or qualified for the position. However, 
it gets troublesome when they are not qualified and were chosen over competent 
individuals. In Nigeria, public office holders in top positions like NNPC, INEC, PPPA, 
CBN, NAFDAC,TETFund, etc., are often accused of reserving juicy positions for their 
children and relatives even though they do not meet the requirements. 

Nepotism violates the ethical concept of justice since fairness is a necessary component 
of commercial operations. Given the interconnected nature of business environments, the 
total effectiveness of a firm is contingent on the combined efforts of all employees. As a 
result, a company structure that rewards or provides advantages based on familial or 
friend relationships is destructive to the firm. Nepotism may demotivate industrious and 
competent staff, affecting the organization's overall performance. 

Environmental Sustainability Issues
Mazurkiewicz (2004) defined environmental sustainability as "the most efficient and 
effective use of natural resources in order to minimize environmental consequences and 
financial costs." It has been widely accepted that modern business has a considerable 
impact on the environment. Businesses use an excessive number of natural resources and 
release toxic substances into the environment, resulting in environmental deterioration 
and biodiversity loss. As a result, companies must consider strategies to mitigate 
environmental damage. The firm must safeguard the environment and ensure that its 
operations do not have a detrimental impact on it. When such negative outcomes are 

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unavoidable, the firm should take steps to mitigate them.

Developing environmentally conscious corporate ethics is consistent with the 
beneficence principle, which states that one should avoid damage at all costs. Given that 
the objective of any organization is to achieve financial outcomes and enhance value to 
assure profitability, severe environmental destruction is immoral.

The Repercussions of Unethical Business Practices
Surprisingly, despite the crucial relevance of ethical standards for sustainable growth and 
development, ethics is not taken seriously in the Nigerian corporate landscape. Business 
and ethics are seen as an oxymoron by the ordinary Nigerian business. According to a 
survey on business ethics in Nigeria, 98 percent of Nigerian businesspeople admitted to 
engaging in one or more unethical behaviours (Asolo, 2000). Another study suggests that 
Nigerian firms are ranked worse in terms of ethical behaviour (Asolo, 2008). Quality 
monitoring and control agencies have been accused of collecting bribes from companies 
that produce substandard products that harm people's lives.

Consequently, this decay has caused many ugly outcomes. According to Akinyemi 
(2002), one of the most serious social and economic problems confronting Nigeria and 
indeed Africa is the breakdown of morals, work ethics, discipline, social responsibility, 
and general civility among its citizens. Nigeria has lost several billions of naira as a result 
of contractors colluding with officials of government Ministries, Departments, Agencies, 
and Commissions (MDA'S) to siphon funds into private pockets, resulting in substandard 
project execution or complete abandonment of projects after mobilization; in violation of 
the procurements Act (Ribadu,2003).The Nigerian business environment is harmed not 
just by contractors' unethical behaviour, but also by the many operations of marketers in 
all sectors of the Nigerian economy. This category comprises the manufacturing, 
banking, construction, telecommunications, automobile, transportation, and health care 
industries, as well as the oil and gas sector where marketers inflate the price of fuel which 
further raises the cost of goods and services. These industries have been defined by a 
plethora of unethical business activities that are misleading, exploitative, and harmful to 
human life, all of which have a detrimental effect on the company, consumer satisfaction, 
and, ultimately, the economy as a whole. A lack of ethical behaviour in business has 
resulted in the downfall and collapse of multimillion-naira corporate businesses and 
contracts (Ameh &Odusami, 2010). This also reflects poorly on Nigeria's worldwide 
transparency score for ease of doing business. Unethical business practices may wreak 
havoc on a company's image and even result in legal issues (Jalil et al., 2010).Several 
bank failures in the early 2000s in Nigeria were caused by unethical behaviour on the part 
of workers, management, and other stakeholders. Equally, enterprises such as Niger 
Steel, AVOP, Oghe cashew industry, Ikenga Hotels, and the Presidential Hotel Enugu 
have all collapsed as a result of unethical actions in private sector organizations in 
Nigeria. For instance, some unscrupulous sellers in Enugu's Ogbette market defraud their 
consumers by measuring rice, beans, and other consumable food products using defective 
scales. Concerning banks, there have been instances when some bank staff collaborated 
with certain directors to steal money entrusted to their care by clients.

Towards Promoting Ethical Business Practices in Nigeria
Having critically assessed the current situation, one can conclude that applying these 

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ethical principles as outlined in this paper to business operations in Nigeria can remedy 
the situation. But it has to follow a bottom-top approach. In a world beset by various risks 
– human, environmental, and social – business has a critical role to play in resolving these 
concerns. The world has evolved as a result of technological advancements and new ways 
of doing things, which has invariably resulted in the emergence of new ethical discourses 
in business relationships. Thus, it becomes vital to understand and apply acceptable ethics 
while dealing with ethical concerns and preventing unethical corporate activities. The 
government, businesses, executives, and workers all have a role to play.

Business regulatory authorities are ineffective and inefficient in carrying out their 
supervisory responsibilities; this is due to their laxity and corrupt inclinations. This is 
consistent with the results of Oyewobi et al. (2011), who concluded that Nigeria's 
outbreak of unethical business practices is a consequence of a lack of oversight by key 
regulatory bodies and corrupt activities plaguing the country's economic sector.
The government is responsible for enacting and enforcing rules against unethical 
business activities in corporations. Employers and workers are guided by the regulations 
to adhere to generally recognized ethical standards. Governments also monitor 
organizations to ensure they are not engaging in unethical behaviour. While governments 
must guarantee that individuals who break laws intended to prohibit unethical business 
conduct face consistent enforcement action, governments may also take proactive 
initiatives to promote ethical business behaviour before the occurrence of unethical 
activities.

Corporations should do background checks on prospective workers, foster a culture of 
transparency and open communication, and implement performance audits to help limit 
unethical behaviour. While ethical behaviour should be encouraged, unethical behaviour 
should be dealt with immediately and sternly in an unbiased way. There should be a 
formal written code of ethics for the company, and such formal standards should be 
examined, updated, and strictly enforced. Corporations should designate an Ombudsman 
to allow workers to confidentially express their concerns or denounce unethical 
behaviour. Additionally, businesses should teach and reinforce ethical behaviour via 
refresher courses to ensure that employees can walk the talk and that executives can lead 
by example. Businesses that uphold integrity, openness, and accountability may use their 
reputation and ethics to attract investors and stimulate economic growth. Nigeria's 
economy can reclaim investors' faith and reclaim its tarnished brand if fundamental 
principles are adhered to.

Issoufou (2015) observed that contemporary corporations are mostly focused on profit 
maximization, even when ethical principles in business are disregarded. He underlined 
the need for firms to adhere to laws and regulations to have a stable and sustainable 
financial system. These ethics should be based on these fourfundamental ethical 
principles to provide answers to ethical challenges encountered throughout corporate 
operations. Although several recent advancements and improvements in corporate 
management have happened, ethical concerns have become greater as nature changes, 
technology advances, human needs become more insatiable, and social crises like 
poverty and unemployment rise.

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Conclusion.
We have shown in this reflective philosophical research that unethical business practices 
have infiltrated Nigerian society, wreaking havoc on customers and the economy as a 
whole, necessitating urgent attention of the government and corporate executives. The 
study concludes that with effective oversight by business regulatory agencies, stricter 
enforcement of legal requirements for doing business in Nigeria, and corporate adoption 
of an ethical culture, ethical business practices can be restored in the Nigerian business 
environment, resulting in economic growth and development for the country.

Chryssides and Kaler (1993) argued that incorporating moral considerations into 
commercial ventures benefits the organization, as it is widely believed that "good ethics is 
good business." Businesses must recognize that an ethically sound enterprise is a 
lucrative one. Applying ethics to company operations creates a favourable brand image in 
the eyes of customers or consumers, resulting in increased profit for the firm. 
Nonetheless, business ethics should not be viewed as a tool for ensuring profitability; 
rather, business ethics should be viewed as a moral obligation to conduct business in the 
most favourable manner possible at any given time. 

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