SUSTAINING CORPORATE GOVERNANCE IN NIGERIA: LEGAL ISSUES AND PROSPECTS

Abstract

Presently, many governments of the world react seriously to corporate failures because much depends on the corporate power of a country. The universality of unrestrained management power encouraged the creation of many company governance rules and guidelines to control the hedonisms of corporate management. Corporate governance is very significant concerns for economic growth and productivity. In Nigeria, corporate governance is not without its challenges. This paper discusses these challenges, legal protection for the corporate sector and the future of corporate governance in Nigeria. The paper employed the doctrinal approach through the use of primary and secondary materials. At the end, it concluded that despite good legal and institutional frameworks to govern the corporate sector in Nigeria, the major challenges lie in the lack of transparency and political influence in the corporate sector. It made certain recommendations which include that every stakeholder must join hands to fight corruption in every sector of the economy and corporation should expand beyond the urban areas to include the rural areas, among other things.