RETHINKING CORPORATE GOVERNANCE IN NIGERIA

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Abstract

Corporate governance is generally seen as a critical determinant of corporation’s growth and development, most especially for low income countries. Corporate governance laws have evolved in developed economies often in response to corporate failures or systemic crises. The recent focus on corporate governance has accentuated due to corporate failure in different parts of the world. Most countries developed corporate governance codes that address their institutional specifics. However, corporate laws in Nigeria draw extensive inspiration from British laws maybe, because of the colonial legacy. This study documents extensive evidence to show that existing laws in the country are grossly inadequate to promote good corporate governance. The author advocates for total overhaul of company laws in Nigeria. Such policy prescription must recognize the peculiar challenges of the Nigerian corporate environment, and also establish proactive mechanism for enforcement and compliance.

Keywords: Board of Directors, Corporate Governance, Company Laws

How to cite this paper: Ujunwa, A. (2011). Rethinking corporate governance in Nigeria. Corporate Ownership & Control, 9(1-5), 514-523. https://doi.org/10.22495/cocv9i1c5art3