International Journal of Business & Law Research 3(2):88-95, April-June 2015
© SEAHI PUBLICATIONS, 2015
EXAMINING THE REGULATORY AND INSTITUTIONAL FRAMEWORK ON CORPORATE GOVERNANCE IN NIGERIA AND ISLAMIC PERSPECTIVE ON CORPORATE GOVERNANCE: A COMPARATIVE ANALYSES
JUNAIDU Bello Marshall1 & MUA’ZU Abdullahi Saulawa 2
1 Lecturer, Faculty of Law,
Usmanu Danfodiyo University, P.M.B 2346, Sokoto- Nigeria, (Ph. D fellow), firstname.lastname@example.org
2Lecturer, Faculty of Law,
Umaru Musa Yar'adua University, P.M.B. 2218, Katsina-Nigeria, (Ph. D fellow), email@example.com
This paper seeks to examine the regulatory and institutional framework on corporate governance in Nigeria and the extent to which, Islam accommodates the concept, which in recent times becomes a matter of great concern across the globe. The corporate governance principles in Nigeria made senior managements accountable to Board of Directors and Board of Directors accountable to shareholders. The paper argues that Nigeria has the basic regulatory and institutional framework on corporate governance and that the principles through which it seeks to achieve good governance are based on accountability, transparency and disclosure to shareholders. The Nigeria corporate governance is somewhat scattered and disorganised considering the multiple codes of corporate governance in Nigeria and its major challenge is that of enforceability. The paper further argues that Islam recognised the principles of corporate governance which promotes accountability, transparency and disclosure and that the scope of corporate governance in Islam went beyond the interest of shareholders as enshrined in corporate governance principles in Nigeria. Rather, it has a wider horizon, and placed obligations beyond shareholders, financiers, customers, suppliers and employees for the well-being of humanity in general, beyond material well-being and beyond Muslim community alone.
Keywords: Regulatory and institutional framework, Nigeria, corporate governance, Islamic perspective.