Analysis of ownership structure in Nigeria quoted companies and its correlation with corporate performance

Abstract

This study investigates the ownership structure of the corporate sector of the Nigerian economy and its correlation with corporate performance over the period 1995 to 1998. Panel data analysis was conducted for the 73 companies that met the necessary criteria. The companies were taken from companies quoted on the Nigerian Stock Exchange (NSE). The study yields a number of insights into the ownership structure of the Nigerian corporate sector. First, the vast majority of Nigerians individual investors are small shareholders and few are in the list of the ten top largest shareholders. Second on the average, ownership structure is highly concentrated in Nigeria. Third, there is mixed and weak correlation between ownership structure and corporate performance in Nigeria. African Journal of Economic Policy Vol. 10(2) 2003: 57-80