Corporate governance practices: A comparative study of selected public corporations in Nigeria.
No Thumbnail Available
OFUANI, AIWANEHI BARBARA
Dimitri Cantemir Christian University, University of Bucharest, Romania.
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 practices 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.
JEL Codes: G30, G34
Corporate governance practices, public corporations, Nigeria
Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy, Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 4(1),192-202.