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Corporate Governance in Nigeria

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Corporate Governance in Africa

Abstract

The post-economic reform programme in the 1990s ushered in a new business environment as well as challenges associated with effective corporate governance, especially for financial institutions such as banks. Analysis of governance occurrences based on several reports indicated that existing codes and government regulations failed to resolve significantly the fundamental causes of corporate governance failures. More so, due to the complex interactions between internal and external factors in the business environment attempts to produce a corporate governance framework that met certain international standard still proved difficult. Although previous studies on corporate governance in Nigeria have reasserted thinking about alternative governance mechanisms (Okike 2007), limited research exists on understanding the underlying social/cultural phenomena and relationships with governance. That said, certain academics have argued for the evolution and refinement of alternative corporate governance frameworks to reflect issues peculiar to specific environments or organisations (Daily et al. 2003; Sonnenfeld 2002), especially for banks in developing countries (Arun and Turner 2004).

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Notes

  1. 1.

    The indigenisation policy was introduced through the Nigerian Enterprises Promotion Act (NEPD) of 1972 and revised in 1977. The main aim was the diffusion of shareholdings through the disinvestment of foreign ownership of corporations to Nigerians.

  2. 2.

    ROSC (<CitationRef CitationID="CR47" >2011</Citation Ref>) was produced under the remit of the World Bank. In collaboration with the country’s stakeholders, it assessed the implementation of Nigeria’s accounting and auditing practices, and identified ways of strengthening the institutional framework.

  3. 3.

    Under CAMA (<CitationRef CitationID="CR11" >1990</Citation Ref>), a company is defined as including all banks and any other corporations registered and practising in Nigeria.

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Authors and Affiliations

  1. A Management Consultant, London, UK

    Umar Abbas Ibrahim

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  1. Umar Abbas Ibrahim
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Editors and Affiliations

  1. Plymouth Business School, Plymouth University, Plymouth, United Kingdom

    Kerry E. Howell

  2. Newcastle Business School, Northumbria University, Newcastle Upon Tyne, United Kingdom

    M. Karim Sorour

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Ibrahim, U.A. (2016). Corporate Governance in Nigeria. In: Howell, K., Sorour, M. (eds) Corporate Governance in Africa. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-56700-0_6

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