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THE EFFECT OF CORPORATE
GOVERNANCE ON THE PERFORMANCE OF FORTE OIL
CHAPTER ONE
INTRODUCTION
1.1 Background of
the Study
Corporate Governance is a number of process, customers,
policies, laws and institutions which impacts on the way a company is
controlled. An important theme of corporate governance is the nature and extent
of accountability of people in the business and mechanisms that try to decrease
the principal agent problem (Wikipedia, 2011).
Corporate Governance also includes the relationships among
the many stakeholders involved and the goals for which the corporation is
governed. In contemporary business corporations, the main external stakeholder
groups are shareholders, debt holders, trade creditors, suppliers, customer and
communities affected by the corporation’s activities. Informal stakeholders are
the board of directors, executives and other employees. It guarantees that an
enterprise is directed and controlled in a responsible, professional, and
transparent manner with the purpose of safeguarding its long-tem success it is
intended to increase the confidence of shareholders and capital market
investors.
The World Bank (2009) states that corporate governance
comprises two mechanisms, internal and external corporate governance. Internal
corporate governance, giving priority to shareholder’s interest, operated on
the board of directors to monitor top management. On the other hand, external
corporate governance monitors and controls manager’s behaviors by means of
external regulations and force, in which many parties, such as suppliers,
debtors (stakeholders), accountants, lawyers, and providers of credit and
investment bank.
In the past, so many corporate organizations have been caught
of getting involved in unethical practices, for example the discovery of
financial scam by the Central Bank of Nigeria after the consolidation exercise,
involving seven top bank executives in Nigeria, which puts the credibility of
their corporate image under suspicion, which further shocking investors
confidence. Consequently, corporate governance mechanism has been a crucial
issue discussed again.
It is against this background that the researcher see the
subject matter; corporate governance and its impact on the management of Forte
Oil Nigeria Plc, Kaduna as an issue worthy of being investigated.
1.2 Statement of
Problem
In the past, so many organizations in Nigeria have been
involved in unethical practices, which puts the credibility of their corporate
image doubt. As such Forte Oil Nigerria Limited just like other oil company
have been constraint with issues arising form customer’s complaint of exploitations
of workers by using contract staff as against direct engagement of workers that
would be remunerated according to their condition of service. Previous
researches into the subject has brought to light the poor governance of so many
companies with indebted accounts in Nigeria economy. Their accounting systems
did not reflect the companies financial status. A typical example is the
financial scam of Oceanic and Intercontinental Bank after the consolidation.
Most management of such outfits were not accountable to stakeholders of the
companies. Besides, the counts and the regulatory agencies were short of
authority, corruption and kickbacks were part of the system in the companies.
The poor governance practices led to the collapse of so many companies in
Nigeria. Hence the need to study corporate governance and its impact on the
management of Forte Oil Nigeria Plc
Kaduna.
1.3 Objective of
the Study
The main objective of the study is to examine the corporate
governance and its impact on the management of Forte Oil Nigeria Plc. The
specific objectives are:
i) To
examine the effect of corporate governance on the performance of Forte Oil
Nigeria Plc.
ii) To examine
the internal and external corporate governance control mechanism in Forte Oil
Nigeria Plc.
iii) To identify
the systemic problems of corporate governance in Forte Oil Nigeria Plc.
iv) To proffer
workable solutions to the identified problem of corporate governance in Forte
Oil Nigeria Plc.
1.4 Significance
of the Study
The study will be significant to Forte Oil Nigeria Plc
especially as they utilize the findings of this research in enhancing policy
governance in their organization. The study will also add to the existing
knowledge on the subject matter and will also be a reference material for
further research on corporate governance.
1.5 Research
Questions
The central research question is: What is the impact of
corporate governance on the management of Forte Oil Nigeria Plc? The specific
questions are:
i) How does
corporate governance affect the performance of Forte Oil Nigeria Plc?
ii) What are
the internal and external corporate governance control mechanism in place in
Forte Oil Nigeria Plc?
iii) What are
the systemic problems militating against corporate governance in Forte Oil
Nigeria Plc?
iv) What are
the solutions to such problems?
1.6 Scope of the
Study
The study covers the examination of the impact of corporate
governance on Forte Oil Nigeria Plc. The collection of empirical data is
limited to Forte Oil Nigeria Plc Kaduna main office. The study covers a time
from 2006 – 2011.
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