Issues, Challenges, Corporate Governance, Code of Best Practices

The review on the previous study indicates that the focus was on the specific code of best practice, not on the multiplicity of the code that is causing difficulty in the implementation and compliance in the flow of regulatory agencies in Nigeria. This paper intends to fill the conceptual gap that currently exists. This paper aims to investigate the issues and challenges of corporate governance and how the duplication and proliferation of codes have affected the practice of CG within individual specific agencies and policy maker that is causing havoc and a bottleneck in the practices, implementation and compliance process. The issues and the challenges of the code of best practices have been a subject of scholastic research in many years with more emphasis on the emerging and developed economies nations. In line with the called by recent studies, this paper aims to add to the Africa, researchers to the energetic stream of studies. This paper adopts an informative and explanatory methodology approach in reviewing the codes of best practices that were issued by different sectors in Nigeria for many years ago. The paper showed that CG has been an essential issue of worry in the eyes of policy marker and shareholders in Nigeria since the collapses of many firms as well as other financial institutions in the country. The paper has also identified that application of the code of best practices by individual agencies has made the codes very difficult and challenges for both the firms and the monitors. This paper found that recent literature works are on the lack of single harmonised codes having been a major obstacle to the corporate governance practice in Nigeria. This is the most comprehensive paper to have recommended the key area of CG mechanisms that need and demand immediate solutions in the Nigerian context.