ANALYSIS OF THE EFFECT OF THE NIGERIAN CODE OF CORPORATE GOVERNANCE ON PUBLIC COMPANIES IN NIGERIA

Abstract

Corporate governance is an area which has enjoyed periodic regulation over the years in order to assure public confidence in growing the economy. This paper examined the legal effect of the Nigerian Code of Corporate Governance (NCCG) 2018 and examined the statutory and common law principles, the extent of its enforceability. The paper analysed the challenges, levels of compliance and prospect of the Code of Corporate Governance in Nigeria. The paper found that persistent governance weaknesses to the residual influence of authoritarian governance legacies and the transplantation of Anglo-Saxon governance models into Nigeria’s post-colonial legal context. In aligning Nigerian corporate governance with global best practices, the study underscored the imperative for cohesive legal reforms. It recommended the harmonization of governance codes, strengthening of audit and compliance mechanisms, enhancement of regulatory oversight, promotion of ethical corporate conduct, and the modernization of the Companies and Allied Matters Act (CAMA) and other relevant statutes to reflect international standards. The study concluded that the establishment of a unified, transparent, and enforceable governance framework is essential for sustainable corporate development and the economic advancement of Nigeria.