CORPORATE GOVERNANCE IN NIGERIAN UNIVERSITIES A STUDY OF FINANCIAL MANAGEMENT IN THE UNIVERSITY OF NIGERIA NSUKKA.

CORPORATE GOVERNANCE IN NIGERIAN UNIVERSITIES A STUDY OF FINANCIAL MANAGEMENT IN THE UNIVERSITY OF NIGERIA NSUKKA.

 

ABSTRACT

The quest for improving corporate governance as a pre-requisite for better performance has become an increasingly important issue in Nigerian Universities. Efficient corporate governance is the bedrock for proper and effective management of institutions world over including managing finances in Nigerian Universities of which this study examined. The obvious corporate failures in Nigerian universities are associated with poor management for recognising risk management and poor internal audit. Therefore the problem this study unravels was the value of corporate governance in financial management of the University of Nigeria. The data for this study was generated through structured questionnaires and interpersonal interviews. The data obtained were analysed using frequency percentage, mean and chi-square statistical method. From the result of data analysed, it was found out that the major sources of finance to the university include Government grant, student school fees, Income from investment, donations from friends of the university and income from subsidiary companies. The objectives of financial management in the university were also identified to include reduction rof fraud in the system, increase accountability and transparency in the system and to promote effective financial regulation. Furthermore, the value of corporate governance was found to include the following; independent of Auditor is emphasized, effective internal control is maintained and due process of financial management is ensured. The study recommended among others that the Bursar, who is the head of finance, should be a member of related accounting professional bodies like ICAN, ANN, ACCA .Also, since it was obvious that corporate governance aims to minimise chances of corruption, mal-practice and financial fraud. The object of good corporate governance is attained when an institution demonstrate their public accountability and conduct their businesses within acceptable ethical standard.