CONTEMPORARY REGIME OF CODES OF CORPORATE GOVERNANCE IN NIGERIA: A REBIRTH THROUGH ETHICAL FRAMEWORK

Abstract

There are two categories of laws applicable to corporate law practice, to wit: general laws/principal enactment and sector-specific laws. The regime of code of corporate governance is typically an avenue to circumvent issues, which had fallen against corporate entities, which the provisions of the principal laws do not adequately provide for. The codes are however, seen as advisory templates to be adopted by corporate bodies, hence, this article looks into selected codes of corporate governance as they relate to corporate establishments in Nigeria. Thus, the revival of corporate governance in Nigeria via the application of ethical framework is the subject of this article. It is impossible to exaggerate the significance of corporate governance in Nigeria given its profound effects on both the national economy and society at large. The article explores the Nigerian ethical foundation for corporate governance and how it has changed through time. The role of different stakeholders, including the board of directors, shareholders, regulators, and the general public, in maintaining successful corporate governance is further explored in the article. The article identifies the difficulties that remain in implementing the ethical framework and suggests solutions. The article maintains that a strong ethical framework is required to fulfil the aim of reviving corporate governance in Nigeria, which is essential for long-term economic growth and development.