CORPORATE GOVERNANCE CHALLENGE AND SHAREHOLDER PROTECTION IN NIGERIA: A CONTEMPORARY OVERVIEW

Abstract

The quest for a wholesome shareholder protection has given rise to the frenetic
recourse to the institutionalization of regulatory frameworks, codes and rules of corporate
practice in Nigeria in recent times. Drawing from over a decade long string of corporation
failure, this paper undertakes an overview of the corporate governance challenges and draws
a nexus between these and the spate of company failure in Nigeria. Overall, the finding is that
the observance of corporate governance statutes, regulations and codes of best practice by
companies in Nigeria has been inconsistent with the requirement of the companies and
investment statutes; this coupled with a weak supervisory/regulatory regime. This paper
recommends that all corporate governance laws and rules in operation in Nigeria be codified
as a single instrument which would apply to all corporations.