Journal of Business Law and Ethics

The Search for an Effective Corporate Governance Model and Management Principles in Nigeria: A Merry-Go-Round or an Economic Imperative
Rufus Akpofurere Mmadu

Abstract
Colossal loss of jobs and revenues in Nigeria as a result of failures of hitherto productive companies including banks showed that Nigeria as an economy was not immune or isolated from the global financial meltdown that sent even some European countries on the path of economic recovery. Thus events worldwide concerning high profile corporate failures necessitated the need to search for efficient corporate governance and management oversight devices. Using both primary and secondary source materials, the paper critically analyses and evaluates the conceptual foundation of corporate governance and management in Nigeria as well as the global trend on the development of modern corporate government and management principles. The paper finds that corporate bureaucrats charged with the onerous task of effective governance and management of companies in Nigeria as well as the various inbuilt monitoring devices have failed to perform their assigned roles thus raising a critical question of the necessity for reforms and a concomitant change of attitude amongst stakeholders. The paper recommends among other things that the legal regime regulating directorial conducts needs to be revisited in the form of amendments to make the obligations more defined, focused and deterrent and a uniform corporate governance code for Nigerian companies enacted.

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