Report on the Observance of Standards and Codes (ROSC) : Corporate Governance Country Assessment, Nigeria

Corporate governance is already an important policy concern in Nigeria. A number of events have raised the profile of corporate governance reform, and a number of initiatives have already been carried out. Many basic shareholder rights are protected by law. A survey of disclosure practices commissioned by the World Bank and IFC suggest a relatively high compliance with many good-practice principles. This report recommends a number of reforms to the legal and regulatory framework, including revising the 1990 Companies and Allied Matter Act (CAMA) and harmonizing the Securities Exchange (SEC) and the Central Bank of Nigeria (CBN) corporate governance codes.