Towards A Reformed Governance In Nigeria: A critique of the shortcomings of the current corporate governance regime and proposals for its reform, drawing from the UK and the US corporate governance models and the OECD Principles.
This thesis argues that whilst there have been encouraging improvements in the regulation and practice of Corporate Governance in Nigeria, as evident with the release of the Nigerian Code of Corporate Governance (NCCG) in 2016, Nigeria still requires significant improvement to be in line with international best practice. This thesis, therefore, recommends far-reaching reforms to key components of any corporate governance system, such as the structure and composition of the board, executive remuneration, disclosure, transparency as well as shareholders’ rights and interests, and enforcement of regulations. To this end, the thesis adopts a comparative analysis of the main regulatory framework and instruments for corporate governance in Nigeria and the United Kingdom, the OECD principles, and the USA legal instrument that deals with the subject of corporate governance. More importantly, the thesis argues that it is of paramount importance that CG structures are developed in the context of the firm while taking cognizance of local peculiarities to achieve desired organisational outcomes A detailed analysis of the distinguishing features in various corporate governance models adopted in different jurisdiction was done in order to identify an approach or a combination of approaches that are most suited to Nigeria. Models such as the stakeholder model and the German concessionary model were analysed and as a result, the stakeholder model is considered most suited to Nigeria.
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