The code of corporate governance in Nigeria: Efficiency gains or social legitimation
This paper is the first study which examines the rationale behind the adoption of corporate governance codes, the requirements of the codes and their operationalisation, and the effectiveness of the codes in addressing corporate governance abuses in the turbulent and endemically corrupt environment of sub Saharan Africa (Nigeria). It examines the extent to which the adopted Codes of Corporate Governance is as a result of international pressures or internally driven by the need for effective accountability to the shareholders, in a way which addresses the peculiar problems of corporate governance in Nigeria. Through the theoretical lens of efficiency gains and social legitmation, the paper found that the Code of Best Practices for Corporate Governance in Nigeria is driven more by social legitimacy pressures while the Code of Corporate Governance for Banks in Nigeria Post Consolidation, developed by the CBN, is predominantly aimed at pursuing efficiency gains.
Citation:Okike, E.N.M. and Adegbite, E. (2012) The Code of Corporate Governance in Nigeria: Efficiency Gains or Social Legitimation. Corporate Ownership and Control, 9 (3-2), pp. 262-275
Research Group:Centre for Research on Organisational Governance