Abstract
The risk that directors may act in ways that are contrary to their duties is always present. One of the legal responses is to ensure that shareholders are statutorily positioned to take steps that would ensure that the opportunistic behaviours by the directors are met with punitive consequences. In spite of this, corporate failures or near corporate failures in Nigeria are recurring decimals in Nigeria’s corporate equation. It is on this premise that the ability of shareholders to take enforcement steps is reviewed. The paper reviews relevant statutory provisions and whether there are inherent gaps that impact shareholders’ position.
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