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Corporate Governance Reform in Nigeria: Upstream and Downstream Interventions

Nakpodia, F.; Olan, F.

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F. Olan


Purpose - Internal (e.g., firm performance, internal stakeholders) and external pressures (e.g., globalisation, technology, corporate scandals) have intensified calls for corporate governance reforms across varieties of capitalism. Yet, corporate governance practices among developing economies remain problematic. Drawing insights from Africa’s largest economy (Nigeria), this research relies on the resource dependence theory to address two questions - what are the prerequisites for effective reforms; and, what reforms yield robust corporate governance? Design/methodology/approach - The study adopts a qualitative methodology comprising semi-structured interviews with 21 executives in publicly-listed Nigerian firms. The interviews were analysed using the content analysis technique. Findings - This article proposes two sequential reforms (i.e., the upstream and downstream). The upstream factors highlight the preconditions that support corporate governance reforms, i.e., government commitment and enabling environment, while the downstream reforms combine elements of awareness and regulation to proffer robust corporate governance interventions. Originality/value - This research further stresses the need to consider a bottom-up approach to corporate governance in place of the dominant top-down strategy. This strategy allows agents to participate actively in corporate governance policy-making rather than a top-down model, which imposes corporate governance on agents.


Nakpodia, F., & Olan, F. (2022). Corporate Governance Reform in Nigeria: Upstream and Downstream Interventions. Corporate Governance, 22(5), 979-1003.

Journal Article Type Article
Acceptance Date Dec 13, 2021
Online Publication Date Jan 14, 2022
Publication Date Jun 14, 2022
Deposit Date Jan 4, 2022
Publicly Available Date Jan 5, 2022
Journal Corporate Governance
Print ISSN 1472-0701
Publisher Emerald
Peer Reviewed Peer Reviewed
Volume 22
Issue 5
Pages 979-1003
Public URL


Accepted Journal Article (322 Kb)

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Copyright Statement
This author accepted manuscript is deposited under a Creative Commons Attribution Non-commercial 4.0 International (CC BY-NC) licence. This means that anyone may distribute, adapt, and build upon the work for non-commercial purposes, subject to full attribution. If you wish to use this manuscript for commercial purposes, please contact

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