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CHAPTER ONE

1.1  BACKGROUND OF THE STUDY 

The issue of good corporate governance is therefore an imperative for ensuring successful corporate performance. Building good corporate governance as a shared responsibility among all stakeholders, each of whom may exert pressure to move an institution in a by slightly different direction. In this regard, although the mistivations of the various players are different, they can and should be mutually supportive.

In a global context, corporate Governance is a topical issue that gained prominence or momentum in United Kingdom towards the end of the last century. Many reports have been issued on this subject matter in UK  and  around the globe. Some of these reports include Cadbury committee report, Greenbury report, the Hampel report, the  Tumbell committee report the King’s report ( so with Africa) Sarbane- Oxley Act  (USA)  and OECD  Then in Nigeria we have Peterside  report, Bankers committee report, and

CBN  report. Each of these reports camp up with different  suggestions on the subject matter but shared  almost similar definitions. (Okagbue and Aliko, 2005).

Udoma (2008:1) in an annual conference reiterates that   a lot of emphasis in now being placed on corporate governance as a result of high profile  corporate  scandals locally and nationally. In Nigeria, corporate  governance. Related case involving  Cadbury Nigeria PLC represents a good example. The response of the securities and Exchange commission was therefore aimed at enforcing best corporate governance  practices  in line with the   provisions of the Investments and  securities Act 2007, the SEC rules and regulations, the code of corporate governance  and international best practices.

The issue of corporate governance is also presently receiving priority attention from the securities  and Exchange commission which has set up a committee to review the code of corporate Governance.

Okagbue and Aliko (2005) noted that Cadbury report defined corporate governance as the system by which companies are directed and controlled. While in 1995, Greenbury code went beyond Cadbury report to stipulate, that directors remuneration and detailed disclosures are to be given in the annual report. In 1998, Hampel report made little modifications in the areas of duties of executive and non executive director’s shareholders and AGM, accountability, audit and reporting.

In another similar vein, corporate governance is describe as all the influence affecting the institutional processes including those for appointing the controlled and or regulations involved in organizing the production and sale of goods and services. Describe in

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