EVOLVING GOVERNANCE ISSUES: IS THE NCCG 2018 DUE FOR A REVIEW?

PROLOGUESustainable business practices have long been anchored on the principles of robust corporate governance. Recognising this, nations worldwide have continually rened their corporate governance frameworks to enhance accountability, transparency, and adaptability in both private and public organizations. Landmark initiatives such as South Africa's King IV Report on Corporate Governance (2016) and the UK Corporate Governance Code (2024) exemplify global efforts to align governance structures with contemporary challenges. Nigeria, too, has demonstrated its commitment to this cause with the introduction of the Nigerian Code of Corporate Governance (NCCG) 2018. The NCCG, which came into effect on January 15, 2019, was designed to guide Nigerian companies—both private and public—in upholding sound corporate governance standards.

While the Code has played a pivotal role in fostering accountability, its lack of substantive amendments in the face of rapid business, technological, and regulatory evolution raises pressing questions about its continued relevance. Seven years after its enactment, the corporate governance landscape has transformed dramatically, introducing new complexities that the current framework may not adequately address.