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VOL. 2, ISSUE 1 (2026)
Enhancing corporate governance regime in Nigeria: Lessons from India
Authors
Adenyuma IJI Gabriel, Yushau Shaikh Uthman, Ogbonda Chimenem Stilo
Abstract
Corporate governance
has become an indispensable mechanism for promoting corporate accountability,
investor confidence and sustainable economic development. Despite significant
legislative and regulatory reforms, Nigeria continues to experience persistent
corporate governance challenges characterised by fragmented regulatory
oversight, weak enforcement, inadequate protection of minority shareholders,
poor disclosure practices and deficiencies in board independence. These
challenges have undermined corporate accountability and adversely affected
investor confidence within the Nigerian corporate sector. This paper examines
the principal challenges confronting corporate governance in Nigeria and
evaluates the extent to which India's regulatory experience provides practical
lessons for strengthening Nigeria's corporate governance framework. The paper
adopts the doctrinal research methodology, relying on the analysis of primary
legal sources, including statutes, regulations and corporate governance codes,
as well as relevant judicial authorities and scholarly literature. A
comparative approach is employed to examine the corporate governance frameworks
of Nigeria and India with a view to identifying contextually appropriate
lessons capable of improving governance practice in Nigeria. The paper finds
that Nigeria's corporate governance challenges stem less from the absence of
comprehensive legal and institutional frameworks than from weaknesses in
regulatory implementation, institutional coordination and governance culture.
In contrast, India's progressive regulatory approach, particularly through the
Securities and Exchange Board of India (SEBI), demonstrates the importance of
proactive regulatory oversight, institutional coherence, enhanced disclosure
standards and effective protection of minority shareholders. The paper argues
that Nigeria should prioritise institutional strengthening, harmonised
regulatory oversight and context-specific adaptation of proven governance
practices rather than wholesale transplantation of foreign governance models.
The paper concludes that strengthening corporate governance in Nigeria requires
a shift from predominantly reactive regulatory enforcement towards a proactive
governance framework capable of promoting transparency, accountability and sustainable
corporate growth.
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Pages:31-30
How to cite this article:
Adenyuma IJI Gabriel, Yushau Shaikh Uthman, Ogbonda Chimenem Stilo "Enhancing corporate governance regime in Nigeria: Lessons from India". World Journal of Multidisciplinary Research, Vol 2, Issue 1, 2026, Pages 31-30
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