Curbing corruption and promoting a more efficient corporate governance regime in Nigeria
| DOI | https://doi.org/10.1108/JFC-01-2022-0025 |
| Published date | 11 March 2022 |
| Date | 11 March 2022 |
| Pages | 536-548 |
| Subject Matter | Accounting & finance,Financial risk/company failure,Financial crime |
| Author | Uchechukwu Nwoke,Chinwe Martha Ekwelem,Henrietta Chibugo Agbowo-Egbo |
Curbing corruption and promoting
a more efficient corporate
governance regime in Nigeria
Uchechukwu Nwoke
Department of Commercial and Corporate Law, Faculty of Law,
University of Nigeria, Nsukka, Nigeria
Chinwe Martha Ekwelem
Department of Private Law, Faculty of Law, University of Nigeria,
Nsukka, Nigeria, and
Henrietta Chibugo Agbowo-Egbo
Department of Private Law, Faculty of Law, ESUT, Enugu, Nigeria
Abstract
Purpose –The purpose of this paper is to examine the prevalence of corruption not as it concerns
corruption generally but specificallyin relation to corporations in Nigerian. It examines the corporatesector
and how a goodlegal regime can be used to prevent frauds and promotea more efficient corporate governance
structurein the country.
Design/methodology/approach –This paper adopts the doctrinal approach through a critical
evaluation of concepts. Using existingliterature in the subject area, it evaluates the prevalence of corruption
in Nigeria’s corporate sector and therelationship between a sound legal system (through application of the
rule of law) andthe establishment of a good corporate governanceregime.
Findings –This paper finds that there have been numerous corrupt practices involving corporations in
Nigeria. Notwithstanding the prevalence of corporate corruption in this sector, there has been no serious
interrogation of these anomalies,leading to stultification in the growth and development of thissector of the
Nigerianeconomy.
Originality/value –Against the backgroundthat very little has been devoted to examining the causesof
corporate corruption in developing economies (for instance, Nigeria) and what can be done to reduce its
occurrence, this paper offers a fresh insight into the causesof corruption and the correlation between good
corporate governance anchored on law and the development of a corporate sector. It extends the body of
knowledge in this area by offering suggestions that can help reduce the occurrence of corruption in the
Nigeria’scorporate sector.
Keywords Law, Nigeria, Corruption, Economicdevelopment, Corporate Governance, Fraud, Corporations
Paper type Research paper
Introduction
While Section 15 (5) of the 1999 Constitution of the FederalRepublic of Nigeria (as amended)
mandates the State to abolish all corrupt practices and abuse of power, Transparency
International (2020) revealed that Nigeria was ranked 146th in its 2019 Corruption
Perception Index (CPI). In fact, the organization ranks Nigeria the second most corrupt
nation in the world (Enweremadu, 2003). In another index released by the Civil Society
Legislative Advocacy Centre (2020),it was revealed that Nigeria scored 26 out of 100 points
in the 2019 CPI. Similarly, Nigeria slipped down three further points in the 2020 index,
JFC
30,2
536
Journalof Financial Crime
Vol.30 No. 2, 2023
pp. 536-548
© Emerald Publishing Limited
1359-0790
DOI 10.1108/JFC-01-2022-0025
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