Nigeria has a fair share of corporate governance crises prompting her continuing efforts to develop corporate governance codes to regulate and instill responsible behaviour in industry operators. Poor corporate governance and corporate failure lpc solicitors. Deparment of political science emmanuel alayande college of education oyo, oyo state, nigeria abstract there is a cordial relationship between good governance and the existence of peace and stability in the society. The paper seeks to present a critical analysis of the corporate governance regulatory framework in nigeria and examine the offerings of the industry. Jim obazee disclosed this while addressing the press at of the 12th annual corporate financial reporting summit held. Voice and accountabilitypolitical stability and absence of violencegovernment effectivenessregulatory qualityrule of lawcontrol of corruption the worldwide governance indicators.
The au and its accompanying development paradigm, the new partnership for african development nepad, are premised among other things on good governance now recognised as an essential precondition for development. As good as all these may sound, to the so called ordinary nigerian, it would be free and fair elections, effective public service delivery rooted in public financial management, creation of employment opportunities, access to basic infrastructure, security of lives and property and timely dispensation of justice. Many nigerians are of the opinion that good governance is the only assurance to peace, progress, stability, free and fair elections. In conclusion, the research offers education and human capital development as the key remedies to the challenges of good governance and sustainable development in a democratic nigeria.
Abstractafter 55 years of political independence, nigeria continues to grapple with the challenges of democratic transformation and good governance. The use of icts can connect all three parties and support processes and activities. February 15, 2011 sometimes, i wonder aloud if the devil himself is not a nigerian because this is one trade that nigerians, irrespective of heir religious, political or societal status, are so gifted and good at. It is exploratory because the paper attempts the nature of legislative proceeding and law making to address good governance by espousing the investigative stance of exploratory research neuman, 2003.
Democracy, intraparty struggle and good governance in. The history of nigerian public sector is traceable to the colonial epoch through independence era, military interregnum and towards the restoration of democracy in nigeria in what came to be known. Corporate governance in nigeria1 nigerian law guru. Challenges of good governance and leadership in nigeria under. Ademola oyejide and adedoyin soyibo development policy centre ibadan, nigeria. In other words, in e governance electronic means support and stimulate good governance. Rightly, good governance has become a highly soughtafter commodity as well as the dominant factor in development discourse. To provide an expository on the peculiar dimension of the corporate governance and responsibility phenomenon in developing market economies, we employ a mix of qualitative methods to provide research evidencebased insights into the nature, practice, complexity and environment of governance and accountability in corporate nigeria. Secretary of state hillary clinton in nigeria on august 12, 2009. Challenges of governance in nigeria focus on presidency by abdulrahman agboola lekan paul jul 25, 2017 9. Nigerian electricity regulatory commission the nigerian electricity regulatory commission was established in 2005 as an independent regulator to drive the.
Many government institutions do not adequately engage with citizens or the private sector and lack the capacity to. This paper examines the issues and challenges around. In simple terms, the objective of the paper is to identify and discuss the challenges to democracy and good governance. The worldwide governance indicators wgi project reports aggregate and individual governance indicators for over 200 countries and territories over the period 19962018, for six dimensions of governance. Part six, seven and eight contain challenges of accountability and good governance at the grassroots level, suggestions for the improvement of accountability and good governance in rural nigerian then the conclusion. Part six, seven and eight contain challenges of accountability and good governance at the grassroots level, suggestions for the improvement of accountability and good governance in. Enhances sustainability a company committed to good governance is able to quickly identify and resolve any systemic issues thus reducing the.
Looking at leadership and good governance as defined above, it will therefore means that fostering positive change for the good of the whole, based on inherently acceptable values as outlined in the characteristics of good governance presents us with the desired leadership for attaining governance that is participatory, accountable, transparent, responsive, equitable, effective and efficient. Conflicttriggered by political competition and communal, ethnic, religious or resource allocation rivalriesposes a major threat to democracy. Research summary promoting good governance in nigeria. Good governance theory develops from a set of principles or policies first introduced by the world bank. These units were amalgamated under a single british administration in 1914, and from then until 1954 nigeria was governed as a unitary state. An analysis of obasanjo and jonathans administration 1ewuim n.
Although the consolidation and regulatory reforms were initiated in the nigerian banking industry in 2004, the expected improvement in the operational performance and efficiency in the banking system has not been reflected in the overall health of the economy. This country governance profile cgp was carried out and structured in accordance with the five elements of good governance emphasized in the bank groups policy on good governance, namely. This is a story familiar to students of european imperialism. Corporate governance issues in the nigerian banking industry.
Challenges and prospects is a descriptive analysis that has relied on the use of secondary data as its source of information. Good governance in africa 4 about the land that supports them. Good governance ensures that political, social and economic priorities are based on broad. The citizenry must be carried along in the various stages of policy planning, decisionmaking and implementation processes. Pdf the challenges of good governance, accountability of. The challenges to good governance in nigeria is covered in section four and in five, the prospects of good governance in a democratic nigeria is discussed. D abstract corruption is the major vice militating against good governance and societal development in nigeria. It is in the light of the above, that this research examined the relationships between corporate governance mechanisms and performance.
The impact of good governance on a firms reputation cannot be over emphasized. A situational analysis of abia, ebonyi, imo and kaduna states 3 acknowledgement understanding the context and issues for any intended voice and accountability program that contributes to good governance reforms remain critical to any sort of planned intervention, and we are thankful to th ose that have made. The particular value of good governance can be seen by the fact that its terminology is programmatic and that the concept has proved to be practical and expedient in relation to the function of society and its political system. Challenges and prospects 3 volume xv issue iii version i 2 global journal of human social science 2015 global journals inc.
The implication of this position is that where good governance is absent, accountability of governmental agencies and development in such a society is likely to be affected negatively. In the banking sector good corporate governance practices are regarded as important in reducing risk for investors, attracting investment capital and improving the performance of companies. National code of corporate governance effective 2016. A theoretical and philosophical exposition adeleke, g. There are roadblocks to a strong democracy in nigeria at all levels of government.
Norad was requested to undertake the study by the norwegian embassy in nigeria. In international development, good governance is a way of measuring how public institutions conduct public affairs and manage public resources in a preferred way. Id rather reference a paper by lai osu and bello seminu on corporate governance. Oct 18, 2015 failure of good governance in nigeria. Many government institutions do not adequately engage with citizens or the private sector and lack the. The 2003 code of corporate governance is a very intimidating book and so i will not reference it here. Issues and challenges of governance in nigeria by professor. Challenges of governance in nigeria focus on presidency.
Accepted 26 june,20 this paper seeks to examine studies on participation of women in governance as applicable to the local government levels in nigeria. Research summary promoting good governance in nigeria summary in nigeria, bbc media action has provided ongoing technical training to local radio partner stations over a fouryear period, as part of the usaidfunded media support for strengthening advocacy, good governance and empowerment message project. A good example of this close association, for some actors, between western democratic governance and the concept of good governance is the following statement made by u. Pdf corruption and the challenges of good governance in. Impact of corporate governance on banks performance in. Corporate governance and responsibility in nigeria. Nigerias national code of corporate governance ethical. Conceptual and actual challenges this article takes seriously. The good governance theory is associated with governing methods and structures in developing countries and it is particularly relevant to governance in nigeria because nigeria is a developing country.
Part five discusses accountability and good governance for poverty free rural government in nigeria. With the analysis of secondary data, the paper examines the challenges of good governance, accountability of governmental agencies and development in nigeria. The study makes recommendations for norways strategic approach to governance in nigeria based on a political economy analysis. Whose licenses were revoked by the central bank of nigeria cbn in 2006 and the recent failures of intercontinental bank plc, oceanic bank ltd, bank phb in 2011. In nigeria, corporate governance challenges influencing business practices are.
Speaking on the importance of corporate governance, the former central bank governor, sanusi lamido sanusi once stated that good corporate governance is an important step in building market confidence and encouraging stable, longterm international investment flows into the country. This study, democracy and good governance in nigeria. In the words of ayodele adelaja adekoya, the challenges of good corporate governance in nigeria are more external than internal to corporations, and effort to address these challenges must come. The paper public sector restructuring and governance in nigeria. Promoting good governance in nigeria download pdf research about a project providing training to local radio stations to strengthen advocacy and good governance in nigeria. Request pdf governance, good governance and global governance. Governance in this context can apply to corporate, international, national, or local governance as well as the. Good governance encourages inclusion in all aspects and bridges the gap between the leaders and the led. Challenges of good governance and leadership in nigeria under the current democracy 2 on december 5, 2012 12. Going beyond transparency and good governance openedition. Mar 10, 2011 to provide an expository on the peculiar dimension of the corporate governance and responsibility phenomenon in developing market economies, we employ a mix of qualitative methods to provide research evidencebased insights into the nature, practice, complexity and environment of governance and accountability in corporate nigeria. Good governance theory and the quest for good governance. Nov 24, 2016 enhances sustainability a company committed to good governance is able to quickly identify and resolve any systemic issues thus reducing the likelihood of costly corporate crises and scandals.
Corporate governance and the performance of nigerian banks. Although humans make millions of decisions in many ways, if stripped to the core, like peeling the layers off an onion, underlying even the most sophisticated decision making lies a basic framework. A weapon for the fight against corruption in nigeria by john danfulani ph. Following a federal high court ruling on 17 october 2016 that the financial reporting council of nigeria frc has the powers to issue codes and, in accordance with section 50 of the frc act 2011, the frc released the national code of corporate governance 2016 on the same day almost three years later than the.
Public sector restructuring and governance in nigeria. Nigerias development programmes through the provision of demographic data and the coordination of population intervention activities. A study 1 on corporate governance and bank failure in nigeria was carried out to investigate issues, challenges and opportunities associated with corporate governance and bank failure in nigeria, and to ascertain if a significant relationship exists between corporate governance and banks failure. Good governance has been perceived as the most significant factor in eradicating poverty, inequality, as well as promoting development khan 2007. Dec 29, 2015 the financial reporting council of nigeria frc has said that the much deliberated national code of corporate governance nccg for the country would take effect in the first quarter of 2016. Voice and accountabilitypolitical stability and absence of violencegovernment effectivenessregulatory qualityrule of lawcontrol of corruption the worldwide governance.
Embracing good corporate governance practices in nigeria keynote address by dr joseph o sanusi, governor of the central bank of nigeria, at the 19th annual directors seminar organised by the financial institutions training centre fitc, abuja, 1719 june 2003. The vision 2020 trumpet has been rising to a deafening pitch as nigeria is aspiring to joining the league of the first 20 industrialized economies in the world by the year 2020. Awareness of the significance of good governance is also growing in partner countries. Against this background high expectations are placed on the african union au, the successor of the oau. In that paper, the basic principles for corporate governance are outlined as. The basic purpose of this study is to xray the relationship between good governance and democracy and to identify those factors that militate against good.
The paper therefore focuses on the education sector and human capital development, using secondary sources of data. There are critical challenges militating against the enthronement of democracy and good governance in nigeria, which demand attention. Corporate governance regulatory framework in nigeria. A country whose political leaders cannot assure or ensure, or be seen as trying to ensure the basic needs of the citizenry especially food, security, job and education etc, is a nation that does not ensure her citizens survival and therefore cannot attract any positive admiration nor promote or foster national pride.
Accountability, transparency, stakeholder participation, legal and judicial systems, and combating corruption and money laundering. Governance is good when it is able to achieve the desired end of the state defined. In need of good governance ignatius akaayar ayua nigeria came into existence in 1900, in the form of the british protectorates of northern and southern nigeria and the colony of lagos. It is a situation in which people have the opportunity of. Governance and poverty alleviation in the fourth republic in nigeria richard iyere oghuma 627 37. The financial reporting council of nigeriafrc has said that the much deliberated national code of corporate governance nccg for the country would take effect in the first quarter of 2016. December 7, 2007, federal government merged the federal. Democracy, political participation and good governance in.
Challenges of good governance and leadership in nigeria. Challenges of good governance and sustainable development. By victor banjo corporate governance and board effectiveness coach. D abstract corruption is the major vice militating against. The au, nepad and the promotion of good governance in africa. Paper presented at the conference on corporate governance, accra, ghana, 29 30 january, 2001. The need for participation of women in local governance. Governance is the process of decisionmaking and the process by which decisions are implemented or not implemented. Secondly, the concept of good governance refers to the developmental potentials of the democratic challenge in africa as accountability, rule of law, freedom of expression and association and public choice of government are important elements of africas renewal. Conflict and sustainable democratic good governance in nigeria. Labourism and good governance in a democratic society. Leadership and the challenges of good governance in nigeria.
In another attempt to enthrone good governance in the country, recent democratic administrations, organized good governance tours, where officials of the federal ministry of information alongside journalists from various media. M 1department of public administration, nnamdi azikiwe university awka 2department of public administration and local government, university of nigeria, nsukka. Conflict and sustainable democratic good governance in. Corporate governance and responsibility in nigeria springerlink. This paper examines the issues and challenges around corporate governance in the nigerian banking industry.
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