Corporate Governance and Ethical Practice in the Nigerian Financial Sector

Ademola Joshua Afolabi, Grace Oluwatofunmi Adeleye and Idowu Rachel Ajewole
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Ademola Joshua Afolabi: Lecturer, Ekiti State Polytechnic Isan-Ekiti, Nigeria
Grace Oluwatofunmi Adeleye: Lecturer, Ekiti State Polytechnic Isan-Ekiti, Nigeria
Idowu Rachel Ajewole: Higher Instructor, Ekiti State Polytechnic, Isan-Ekiti, Nigeria

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 2, 526-535

Abstract: This study investigated corporate governance and ethical practice in the Nigerian financial sector. The study specifically examined the influence of corporate governance measured by audit committee, board composition, board size and Chief Executive Officer Duality on accountability and transparency and the relationship between corporate governance and ethical practice in the Nigerian financial sector. This study used a descriptive survey research design. The population of the study consists of 102 employees of Pension Fund Administration Companies (Leadway Pensure and ARM Pension) in Ondo and Ekiti States. However, due to the size of the population and the accessibility of the respondents, 50 respondents were chosen at random from the population, including 25 employees of Leadway and 25 employees of ARM. Data for the study were gathered using a self-created survey called the “Corporate Governance and Ethical Practice in the Nigerian Financial Sector†(CGEPNFC). Three null hypotheses were generated and tested at the significance level of 0.05. Data were analyzed using inferential statistics such as correlation and simple regression analysis. The study’s findings revealed corporate governance significantly influenced accountability and transparency. Also, the study revealed a positive correlation between corporate governance and ethical practice in the Nigerian financial sector. Based on the findings, the study recommended that Regulatory bodies, including the SEC and CBN, should increase their efforts to monitor and enforce corporate governance standards. Also, Organizations should invest in training programmes to instill ethical behavior in their employees.

Date: 2024
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