PROLIFERATION OF CODES OF CORPORATE GOVERNANCE IN NIGERIA AND ECONOMIC DEVELOPMENT

Disparities in the provisions of the key element of firm-level governance arising from the proliferation of codes of corporate governance in Nigeria, namely, SEC code (2003), CBN code (2006), PENCOM code 2008, and NAICOM Code 2009 respectively impact negatively on the economy. The theoretical framework for the analysis of the effect of the proliferation of the aforementioned codes on Nigeria economic development is rooted on the stakeholder’s theory. Anecdotal and comparative studies of the disparities in the provision of the various codes are highlighted and recommendations and application of a harmonized corporate governance code for companies, government ministries, department and agencies are advance for the economic growth and development of Nigeria.