JOURNAL OF SOCIAL AND MANAGEMENT SCIENCES
Journal of the Faculty of Social Sciences, Delta State University, Abraka, Nigeria
ISSN: 1597-0396
DOI: 10.5987/UJ-JSMS
Email: jsms@universityjournals.org
STANDARD AND PRACTICE OF BUSINESS ETHICS IN NIGERIA
DOI: 10.5987/UJ-JSMS.16.041.2 | Article Number: 40C6F59 | Vol.11 (2) - September 2016
Authors: DEMAKI Godwin Omafuru , ARUOREN Emmanuel and JEROH Edirin
The paper examined the standard principles and practice of business ethics among commercial enterprises in Nigeria. The study relied on secondary data and businographic analysis. The aim was to use anecdotal study to identify unethical/anti-social business practices at firm level in addition to critical components of standard principles of business ethics and their associated consequences to enterprises that are operating in default. Findings include (1) increasing isolation of Nigeria from direct foreign capital inflows resulting from anti-social/unethical business practices at firm and country level respectively (2) Nigeria also loses ground as a destination for international investors due to unethical and harmful business conducts (3). Nigeria capital market suffer from capital flight because domestic investors are attracted to capital markets in other jurisdictions outside Nigeria that are growing strongly with zero tolerance for unethical business behaviour. Recommendations include strengthening of regulatory institutions and the provision of corporate governance code in Nigeria should be mandatory together with upscaling the penalties by 100% for the defaulters of business ethics to serve as deterrent and promote economic development of Nigeria.