Effect of Corporate Governance on Financial Performance of Quoted Oil and Gas in Nigeria
Ruth Osaretin O. Urhoghide (Ph.D), Korolo, Emmanuel Omolaye

Abstract
This study examined the effect of corporate governance on financial performance of quoted oil and gas companies in Nigeria. The specific objectives of the study were to determine whether corporate governance mechanisms- board size, board diversity, board diligence, board political affiliation, and corporate governance disclosures have any effect on firm financial performance using profit after tax (PAT) to measure firm performance. The study used the published annual reports spanning the period 2008 to 2015. A sample of twelve (12) out of the fourteen (14) quoted companies in the oil and gas sector were used for this study. The Generalized Least Square (GLS) regression was employed to examine the relationship existing between the variables. The study found that Board size, board gender diversity and corporate governance practices have significant positive impact on financial performance. Board diligence and corporate governance reforms are positive but not significant while board political affiliation has significant negative relationship with financial performance of quoted oil and gas companies in Nigeria. In the light of the above findings, it is recommended that companies should ensure that boards are effective in discharging their roles in monitoring the activities of management and that attention should not be on frequency of board meetings because of its negative impact on financial performance. Also, companies should Endeavour to include in their boards, females with core competencies that can improve the collective board productivity and there should be a limit on the number of politically-affiliated individuals on the board.

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