Corporate governance failure: Lesson from on-going financial crisis in Nigeria (2015 – 2017)

Abstract

Corporate governances failure is the failure of the regulatory market, stakeholder and board of governance. This has largely contributed to the on-going financial crisis in Nigeria. The objectives of this paper are: to examine corporate governance failure using the on-going financial crisis in Nigerian economy as a case study and to investigate the factor causes and extract lessons from the current financial crisis in Nigerian. The research design method used for this study was content analysis through a theoretical and conceptual approach. Thus, making it principally a phenomenological method of qualitative research. The study revealed that the Nigerian economy is plagued by a high level of corporate governance failure as well as weak corporate governance components; Such as the board of governance, regulatory market and shareholders. Based on these findings, the study therefore recommends that corporate governance stakeholders should lay more emphasis on implementing strategies that will ensure the strengthening of corporate governance component. It also recommends that proper and thorough screening measure should be employed and strictly adhered to in the appointment of corporate governance members.