Assessment of Corporate Governance Practices in Quoted Companies on the Nigerian Exchange Group

Corporate governance quality among quoted companies directly affects investor confidence and market efficiency, and systematic assessment of governance practices among Nigerian Exchange Group companies provides important baseline evidence. This study assessed corporate governance practices among 30 companies listed on the Nigerian Exchange Group, drawn from banking, manufacturing, and consumer goods sectors. Governance data were extracted from companies' annual reports and corporate governance statements for the 2021 to 2023 reporting period, supplemented by structured interviews with 15 company secretaries and independent directors. Governance was assessed against the Nigerian Code of Corporate Governance 2018 across six dimensions: board composition, audit committee effectiveness, disclosure transparency, shareholder rights, risk management, and stakeholder engagement. Compliance scores were computed for each dimension and overall governance index calculated. Results showed that banking sector companies had the highest mean governance index (72.4 out of 100) compared to manufacturing (58.7) and consumer goods (61.2) sector companies. Board composition compliance was strongest across all sectors (mean: 76.3). Disclosure transparency was weakest in manufacturing companies (mean: 49.1). All companies fell short of stakeholder engagement standards. The presence of female board directors positively correlated with governance score (r = 0.54, p < 0.01). The study concludes that corporate governance compliance among Nigerian Exchange Group companies is sector-dependent and recommends the Securities and Exchange Commission enforce disclosure transparency requirements more stringently across all sectors. Keywords: corporate governance, Nigerian Exchange Group, board composition, compliance, disclosure transparency