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The Enforcement of Corporate Governance Practices on Nigerian Banks 2020 THE ENFORCEMENT OF CORPORATE GOVERNANCE PRACTICES ON NIGERIAN BANKS ORDU, LARRY (POSTGRADUATE RESEARCH) ANGLIA RUSKIN UNIVERSITY Copyright Statement This copy of the thesis has been supplied on condition that anyone who consults it is understood to recognize that its copyright rests with its author and that no quotation from the thesis and no information derived from it may be published without the author’s prior consent. THE ENFORCEMENT OF CORPORATE GOVERNANCE PRACTICES ON NIGERIAN BANKS By LARRY ORDU A thesis submitted to Anglia Ruskin University in partial fulfilment for the degree of DOCTOR OF PHILOSOPHY Anglia Ruskin University, Lord Ashcroft International Business School, Queen's Building, Chelmsford CM1 1SQ FEBRUARY 2021 Dedication Specially dedicated to the loving memory of my mother to who I remain eternally grateful for her wonderful upbringing, love, and prayers. And to my ever-loving father, for his love, support, commitment, and encouragement throughout this process. This is a little token of my appreciation for all you are and do for me. Acknowledgements Firstly, I am eternally grateful for the grace of God and his love in my life from the onset of this process. I would also like to thank my supervisors, Professor Magdy Abdel-Kader, Dr Lenka Krupova and Dr Magdalena Partac. I am particularly grateful to Dr Lenka Krupova for taking me on board and for her unending commitment, support, insights, and guide in the actualization of this process. Also, I am grateful for the help that university research team has shown me especially Kristian Papp, whose guidance and support made the process less daunting. I am also grateful to every member of my family who have supported me through this process especially Gospel who has been ever present with his knowledge and tutelage, truly I am thankful. My thanks go to my Pastor Chris Oyakhilome whose teachings has carried me along this journey, Pastor Niyi I am also grateful sir. To my friends and Colleagues, Manyile Banda, Nyasha Manghami, Raymond to mention but a few I would like to say a big thank you to all of you. Author’s Declaration This is to confirm that this study was done with the guidelines of the University and the aim of this study is to shed light on an alternative Corporate Governance Enforcement Mechanism. Contents CHAPTER 1: INTRODUCTION ............................................................................................. 1 1.1 Background of the Research ........................................................................................ 1 1.2 Research Problem ........................................................................................................ 3 1.3 Research Aim and Objective ......................................................................................... 5 1.4 Research Question ........................................................................................................ 5 1.5 Relevance of the Research ............................................................................................ 6 1.6 Structure of the Research ............................................................................................. 7 CHAPTER 2: LITERATURE REVIEW .................................................................................. 9 2.1 Introduction ................................................................................................................... 9 2.2 Corporate Governance of Banks in the World ............................................................ 12 2.3 Defining Key Terms ...................................................................................................... 13 2.3.1 Corporation ............................................................................................................ 13 2.3.2 Regulation .............................................................................................................. 14 2.3.3 Governance............................................................................................................. 15 2.3.4 Corporate Governance ........................................................................................... 16 2.3.5 Corporate Governance Practices ........................................................................... 17 2.4 Unique Nature of Banking ......................................................................................... 18 2.5 Developing Economies Deregulation of Banks ......................................................... 18 2.6 Corporate Governance of Banks in Developing Economies ..................................... 20 2.7 Corporate Governance Issues in Developing Countries ........................................... 22 2.8 Politics and the Economy of Banks Corporate Governance in Developing Countries 23 2.9 Governance Systems in Africa....................................................................................... 28 CHAPTER 3: LITERATURE ON NIGERIA CORPORATE GOVERNANCE SCENE .... 30 3.1 Corporate Governance in Nigeria ................................................................................ 30 3.1.1 Legislation .............................................................................................................. 30 3.1.2 Regulators............................................................................................................... 31 3.1.3Corporate Affairs Commission (CAC) ................................................................... 31 3.1.4The Financial Reporting Council of Nigeria (FRCN) .......................................... 32 3.1.5 Financial Services Regulations Co-ordinating Committee .................................. 32 3.1.6 The Monetary Policy Committee (MPC) ............................................................... 33 3.1.7 Licencing of Banks ................................................................................................ 33 3.1.8 Securities and Exchange Commission (SEC) Code ............................................. 36 3.1.9 Central Bank of Nigeria (CBN) Code ................................................................... 37 3.2 Corporate Governance Enforcement ......................................................................... 38 3.3 Enforcement of Corporate Governance in Nigerian Banks...................................... 41 3.4 Rules-based Approach and Principles-based Approach to Corporate Governance . 42 3.5 Regulatory Framework and Challenges .................................................................... 45 3.5.1 Poor Ethical Leadership ...................................................................................... 48 3.5.2 Lack of Capacity for Regulatory/Anti-corruption Agencies ................................ 52 3.5.3 Lack of Comprehensive Database ......................................................................... 52 3.5.4 Public Sector Reforms ........................................................................................... 52 3.5.5 Loss of Confidence in the Banks ........................................................................... 53 3.5.6 Lack of Transparency ............................................................................................ 53 3.5.7 Ineffective Judicial System .................................................................................... 53 3.5.8 Inefficient Regulatory Framework ........................................................................ 54 3.5.9 Impunity and Lack of Legal Capability ................................................................ 54 3.6 Institutional Influences on Corporate Governance Practices in Nigeria ................. 56 3.7 Political Influences on Corporate Governance .......................................................... 58 3.8 Theories of Corporate Governance ............................................................................ 59 3.8.1 Theory and Practice of Corporate Governance in Nigeria ................................ 61 3.9 The Nigerian Corporate Governance Challenge ....................................................... 63 3.9. 1 Corruption ............................................................................................................. 63 3.9.2 Nature and Scope of Corruption ........................................................................... 65 3.9.3 Empirical Study on Corruption ............................................................................. 66 3.9.4 African Corruption Context................................................................................... 67 3.9.5 The Corruption of Politics ..................................................................................... 68 3.9.6 Politicization of Corruption ................................................................................... 70 3.9.7 Concepts of Corruption and Bribery ..................................................................... 74 3.9.8 Causes of Corruption that depletes good Corporate Governance ........................ 75 3.9.9 Government Efforts in Curbing Corruption ......................................................... 76 Conclusion ........................................................................................................................... 78 CHAPTER 4: THEORETICAL FRAMEWORK .................................................................. 81 4.1 Introduction ................................................................................................................... 81 4.2 Political Economy Theory .........................................................................................
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