Soludo consolidating nigerian banking
DOI: 10.18775/ijmsba.1849-5664-5419.20 URL: org/10.18775/ijmsba.1849-5664-5419.20 Department of Accounting, Faculty of Business Administration, University of Uyo, Uyo, Akwa-Ibom State, Nigeria Abstract: Nigeria’s banking sector had seen corporate failures in the past, which principally resulted due to lack of a robust corporate governance structure.The study provides a theoretical framework and a model for understanding the concept of corporate governance rather than empirical views.In the year 2008, the External Auditors and former Board of Cadbury Nigeria PLC were sanctioned because of the reporting of misleading financial information in the audited corporate accounts 2006.
The word ‘Corporate Governance’ generally refers to the system of governance, rules, ethical standards, mechanisms, processes in which corporation is being directed and controlled.
The principle of corporate governance enforces firms for making timely and accurate disclosure of corporate information (OECD, 2004).
The application of corporate governance codes is observed to have a potential impact on the macro and micro level of economies (Rashid, 2008).
CNN Money has ranked Nigeria as the 3rd fastest growing economies in the world for 2015 along with Qatar and China with a growth index of 7%; this makes the country interesting from the global economies for investment.
Nigeria has also been an important country to research despite the increasing and widespread unemployment and hunger in the country.