Africa in general, and Nigeria specifically, are both going through turmoil and change on a daily basis. Companies and firms and even government entities are being forced to make changes in the way the govern and are governed. Current literature is ripe with examples such as the review that determined that "though high dispersed, both within and between firms, corporate in the selected countries are relatively not independent" (Kyerboah-Coleman, 2007, p. 350). Failures abound in many industries and corporate governance affects almost every area of business. There have even been "major failures in corporate governance at banks" (New African, 2010, p. 63). Along with corporate governance, other factors are present such as the lack of technology. Once recent study determined that "except for the introduction of online registration by the Corporate Affairs Commission (CAC) in Nigeria, no serious integrative reform has been undertaken" (Bolodeoku, 2007, p. 107). Of course problems arise, and some of them are quite troublesome. Many of the companies just starting out have no idea how to implement good corporate governance, some don't even know what bad governance is. Problems such as who is responsible for Corporate Social Responsibility (CSR) in the developing nations...
However, it is much like a 2005 study found when it states that "numerous claims have been made about the contribution CSR can make to poverty alleviation and development goals" (Blowfield, Frynas, 2005, p. 500) but that "contributors to this issue have reached the conclusion that current CSR approaches do not warrant such claims" (p. 500). If corporations are being governed by individuals with a limited number of reasons to include CSR in their current corporate governance structure, there is not a lot of incentive for doing so.
Another problem is that there are not a lot of role models for those managers who wish to push their companies forward. One recent study found that "corporate governance (CG) model is a unique hybridization of the traditional Anglo-American and Continental European-Asian CG models" (Ntim, 2013, p. 150). If this is true, then perhaps what is needed is a pathway for Nigerian companies that follows an African model. This pathway can be extremely difficult to trod with other problems looming in the background. The other problems can include such items as the company's success relying on a "growing demand, healthy workers, continued investment and…
