Philosophical Dimensions of Corporate Governance Ethics in Nigerian Listed Companies: A Case Study of the Lagos Stock Exchange

This study examines the philosophical dimensions of corporate governance ethics in Nigerian listed companies, focusing on the normative frameworks that should govern board accountability, shareholder relations, and stakeholder obligations in companies listed on the Nigerian Exchange Group. Corporate governance ethics is a branch of applied moral philosophy that addresses the question of to whom corporations are morally responsible and on what philosophical basis. Using a professional practice design, the study draws on stakeholder theory from R. Edward Freeman, social contract philosophy, and African communitarian business ethics, supplemented by secondary literature published between 2020 and 2024. Structured interviews with 20 corporate governance professionals, institutional investors, and philosophy of business academics in Lagos provide the primary data. Documentary analysis of corporate governance codes and Securities and Exchange Commission compliance reports from 2021 to 2024 supplements the interviews. Findings reveal that the dominant philosophical framework underpinning Nigerian listed company governance is a shareholder primacy model that prioritises financial returns to equity holders over the broader social obligations of corporate entities, generating governance failures that harm employees, communities, and the environment. The study argues that stakeholder theory and African communitarian ethics together provide a more philosophically robust governance framework. Recommendations include the philosophical revision of the Nigerian Code of Corporate Governance to incorporate explicit stakeholder obligations. Keywords: corporate governance ethics, stakeholder theory, Nigerian companies, business philosophy, Lagos Stock Exchange.