Chief Executive Officer Duality and Firm Performance in the Nigerian Fast-Moving Consumer Goods Sector

This study examines the impact of chief executive officer duality on firm performance within the Nigerian fast-moving consumer goods sector. CEO duality, which occurs when one individual simultaneously holds the positions of board chairman and chief executive officer, has attracted considerable debate in corporate governance literature. While proponents argue that unified leadership enhances decisiveness, critics contend that it undermines board oversight capacity and creates agency conflicts. In the Nigerian context, the National Code of Corporate Governance discourages CEO duality, yet anecdotal evidence suggests that some firms continue to operate under this structure. The study adopts a descriptive survey design, utilising data from annual reports of fifteen FMCG companies listed on the Nigerian Exchange Group over a five-year period. Performance is measured using return on equity and Tobin's Q ratio. Ordinary least squares regression is applied to test the hypothesised relationships, controlling for firm size and leverage. Results are expected to reveal a negative and significant relationship between CEO duality and firm performance, consistent with agency theory predictions. The research is particularly relevant to regulators and corporate boards seeking to evaluate the adequacy of leadership structure guidelines. This study contributes to the South West regional corporate governance literature and provides a platform for further comparative studies. Keywords: CEO duality, firm performance, corporate governance, FMCG sector, Nigeria.