Background of the Study
The insurance industry plays a vital role in economic development, providing risk management solutions and financial security to businesses and individuals. However, corporate governance failures have been identified as a significant contributor to financial crises within this sector, particularly in Nigeria (Okechukwu & Ibrahim, 2023). Weak governance structures, lack of accountability, and fraudulent practices have undermined public trust in insurance institutions, leading to financial instability.
Leadway Assurance, a prominent player in the Nigerian insurance industry, has faced challenges associated with governance failures. The lack of adherence to corporate governance codes and regulatory oversight has exposed the company to reputational risks and operational inefficiencies. This study examines how governance failures have impacted Leadway Assurance’s operations in Kwara State, providing recommendations for fostering transparency and accountability within the sector.
Statement of the Problem
Corporate governance failures have consistently undermined the integrity and stability of Nigeria’s insurance industry. Leadway Assurance in Kwara State has experienced governance lapses, such as board inefficiencies and poor risk management, which have contributed to financial crises. Regulatory reports highlight issues such as conflicts of interest, fraudulent financial reporting, and inadequate internal controls (Ogunleye, 2024). Despite regulatory interventions, governance deficiencies remain prevalent, jeopardizing the sector’s long-term sustainability.
This study seeks to address these challenges by investigating the underlying factors contributing to governance failures in Leadway Assurance, identifying strategies to strengthen governance practices, and ensuring the sector’s resilience.
Objectives of the Study
To analyze the impact of corporate governance failures on financial crises in Leadway Assurance.
To examine the governance practices and compliance with regulatory standards in Leadway Assurance.
To propose strategies for enhancing corporate governance within the Nigerian insurance industry.
Research Questions
How do corporate governance failures contribute to financial crises in Leadway Assurance?
What governance practices and regulatory standards are implemented in Leadway Assurance?
What strategies can enhance corporate governance in the Nigerian insurance industry?
Research Hypotheses
Corporate governance failures do not significantly contribute to financial crises in Leadway Assurance.
Governance practices and compliance with regulatory standards do not significantly influence Leadway Assurance’s performance.
Strategies to enhance corporate governance do not significantly impact the resilience of the Nigerian insurance industry.
Scope and Limitations of the Study
The study focuses on corporate governance failures and their impact on Leadway Assurance in Kwara State, covering the period from 2018 to 2025. While the study provides valuable insights, its findings may not be fully generalizable to other insurance firms or regions. Limited access to proprietary financial data may also constrain the depth of analysis.
Definitions of Terms
Corporate Governance: Mechanisms, processes, and relations used to control and direct an organization.
Financial Crises: Periods of significant financial instability affecting a company’s operations and profitability.
Insurance Industry: Sector providing risk management and financial protection through insurance products.
ABSTRACT
In spite of the varying levels of contamination widely reported, sachet water is still well accepted. This...
ABSTRACT
Tapinanthus globiferus (A.Rich) (Loranthacae)is a semi-parasitic plant growing on several plant sepecie such as Vitex doniana, V...
ABSTRACT
This research was carried out to ascertain the suitability of Osara and Jamata River sand for moulding operation and Ajaokuta Fo...
ABSTRACT
This study was carried out on the effect of building material cost on housing development in N...
BACKGROUND OF THE STUDY
The world is becoming a smaller place in which to live and work. A technological revolution in communications and...
BACKGROUND OF THE STUDY
Religiosity is an indispensable aspect of humans. It is one of the most active...
Background of the study
Campus journalism is journalism carried out by students of tertiary institutions on subjects rel...
OBJECTIVE OF THE STUDY
The objective of this project work is to bring to the awareness the improved system of computing sa...
Background of the Study
The integration of IT in supply chain management (SCM) has revolutionized how manufacturing firm...
ABSTRACT
High records of occurrences of child mortality were documented in ancient Rome and in modern Ibadan. Available studies on ancien...