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Corporate Governance Practices: A Comparative Study of Selected Public Corporations in Nigeria

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  • Aiwanehi Barbara Ofuani
  • Abdul-Hameed Adeola Sulaimon
  • Sunday Abayomi Adebisi

Abstract

This research investigates corporate governance practices in Nigerian public corporations. It further examined how various sectors in the public service fared in respect of compliance with stipulated codes of corporate governance using six selected public corporations from six sectors as representatives. The Central Bank of Nigeria (CBN), Nigerian Stored Products Research Institute (NSPRI), National Agency for Foods and Drugs Administration and Control (NAFDAC), Nigerian National Petroleum Corporation (NNPC), Federal Aviation Authority of Nigeria (FAAN) and Nigerian Maritime Administration and Safety Agency (NIMASA) were chosen for this study. Data was collected through a self-administered structured questionnaire distributed to 450 respondents drawn disproportionately from the Lagos offices of the selected public sector establishments using a multi-staged sampling technique. 310 representing 68.9% returned were found usable. The results of the rank-order analyses of corporate governance practices in the corporations and Duncan’s Post-hoc tests showed that Nigerian Public corporations comply with the stipulated codes to a large extent though not completely and in varying proportions by each corporation. Factors like political influence, level of monitoring and evaluation and ethical issues were found to have effects on corporate governance practises in these corporations. It is therefore recommended that the level of political interference be minimal; units established within sectors to monitor and evaluate corporations and ethical issues tackled. Similar studies should be carried out in the other Nigerian public sectors untouched by this study.

Suggested Citation

  • Aiwanehi Barbara Ofuani & Abdul-Hameed Adeola Sulaimon & Sunday Abayomi Adebisi, 2018. "Corporate Governance Practices: A Comparative Study of Selected Public Corporations in Nigeria," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 4(1), pages 192-202, March.
    • Handle: RePEc:khe:scajes:v:4:y:2018:i:1:p:192-202
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    References listed on IDEAS

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    3. Kami Rwegasira, 2000. "Corporate Governance in Emerging Capital Markets: whither Africa?," Corporate Governance: An International Review, Wiley Blackwell, vol. 8(3), pages 258-267, July.
    4. Desai, Raj M. & Olofsgård, Anders, 2011. "The Costs of Political Influence: Firm-Level Evidence From Developing Countries," Quarterly Journal of Political Science, now publishers, vol. 6(2), pages 137-178, September.
    5. Keith Mackay, 2007. "How to Build M&E Systems to Support Better Government," World Bank Publications - Books, The World Bank Group, number 6851, December.
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    Cited by:

    1. Khleef A. Alkhawaldeh, 2021. "Institutional Governance Practices in Jordan Government Units," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(1), pages 52-65.
    2. O. L. Kuye & A. A. Sulaimon & Joyce M. Odiachi, 2020. "Corporate Governance Code: The Application and Effect on Sustainability of Selected Insurance Companies in Nigeria," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(1), pages 22-30, March.

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    More about this item

    Keywords

    Corporate governance practices; public corporations; Nigeria;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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