The Nigerian Corporate Governance Challenge: Inadequacy of Laws or Question of Enforcement?
The Gravitas Review of Business and Property Law
18 Pages Posted: 18 Feb 2021
Date Written: December 2020
Abstract
The unexpected collapse of prominent companies like WorldCom and Enron led many countries to pay attention to corporate governance. In a bid to forestall future collapses, regulators across the world often take steps to review extant laws. In particular, developing economies like Nigeria are now cognizant of the importance of corporate governance and are making efforts to develop a framework that will stand the test of time. Despite this staunch resolution, Nigeria is not making substantial economic progress. Critics have argued that Nigeria's corporate laws and governance codes are inadequate and cannot produce the desired results. There is, therefore, a need to further explore this concern, and this article seeks to do so by undertaking an appraisal of Nigeria's corporate governance framework through a comparative analysis with that of Canada. The aim is to ascertain if the main challenge is one of inadequacy of laws or of implementation and enforcement.
Keywords: Corporate Governance, Canada, Nigeria, Comparative Analysis
Suggested Citation: Suggested Citation