Curbing corruption and promoting a more efficient corporate governance regime in Nigeria

Abstract

PurposeThe purpose of this paper is to examine the prevalence of corruption not as it concerns corruption generally but specifically in relation to corporations in Nigerian. It examines the corporate sector and how a good legal regime can be used to prevent frauds and promote a more efficient corporate governance structure in the country.Design/methodology/approachThis paper adopts the doctrinal approach through a critical evaluation of concepts. Using existing literature in the subject area, it evaluates the prevalence of corruption in Nigeria’s corporate sector and the relationship between a sound legal system (through application of the rule of law) and the establishment of a good corporate governance regime.FindingsThis 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 this sector of the Nigerian economy.Originality/valueAgainst the background that very little has been devoted to examining the causes of 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 causes of 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’s corporate sector.