Re: duplication of corporate governance codes and the dilemma of firms with dual regulatory jurisdictions

Purpose This paper aims to examine the evolution of corporate governance in Nigeria and how the duplication of code of corporate best practices is impacting compliance with the key recommendations of these guidelines. The issues of corporate governance and reforms especially those related to the development and implementation of code of corporate best practices have been a subject of academic discuss over the years with more research emphasis placed on developed economies. This paper intends to add the sub-Sahara Africa and the emerging economic perspective to this vibrant stream of research. Design/methodology/approach This paper adopts an explanatory approach in the review of the four different codes of corporate governance that were issued in Nigeria in the past ten years. Findings The paper demonstrated that corporate governance has been a fundamental issue of concern in Nigerian public enterprises since the country gained independence in 1960. The paper equally established that the application of recent corporate governance reforms has been challenged, not on competency grounds but rather by the proliferation of codes which have created implementation and monitoring difficulties for both the affected firms and the regulatory agencies. Originality/value Unlike other previous studies, this paper offers comprehensive analysis of corporate governance evolution in Nigeria and found through documented literatures that shortage of experienced local personnel and the absence of effective external control mechanisms have been the bane against the development of corporate governance in Nigeria. The originality of this paper also lies in being the first paper to have linked developments in the public enterprises to the renewed focus on corporate governance. This is the most inclusive paper to have identified key implications of multiplicity of corporate governance codes and the direct application of governance system within the context of the country’s socio-cultural distinctiveness.