Abstract

Corporate governance and business ethics are pivotal to the sustainable development of any economy. This article appraises the concept and legal framework of corporate governance and business ethics in Nigeria. It highlights their interconnection and role in fostering sustainable business practices. Using a doctrinal methodology, the study evaluates the adequacy of Nigeria's frameworks, including the Companies and Allied Matters Act 2020 and the Nigerian Code of Corporate Governance 2018, while incorporating global best practices. It identifies key issues, such as: weak enforcement mechanisms, insufficient stakeholder education and inadequate penalties for violations of corporate governance principles. To address these challenges, the study proposes stricter enforcement of governance laws, targeted education for stakeholders, enhanced whistle blowing policy, increased shareholder engagement, and prioritisation of sustainability in corporate practices. It further advocates for the establishment of a specialised monitoring agency to enhance corporate governance and business ethics in Nigeria. By addressing these gaps, this article contributes to the discourse on strengthening corporate governance for economic sustainability and ethical business practices in Nigeria.