Nigeria’s plan against the collapse sustained in developed countries was to integrate corporate governance principles into its system, and although corporate governance principles are not new in Nigerian as evidenced in the regulations of corporate entities i.e., the Companies and Allied Matter Act (CAMA 1990) which was later replaced with CAMA 2020, the law provided for corporate governance related issues in greater details such as the roles of Board members and the rights of shareholders. These were seen as basic standards and not sufficient to address the challenges faced by companies in relation to transparency, accountability and fairness. It was therefore necessary to have a set of rules and regulations that will ensure that international best practices are adopted by companies in Nigeria this birthed the issuance of the first code of Corporate Governance in 2003.

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