Financial Governance

In Corporate Governance in Africa, Victor Ediagbonya embarks on a critical examination of the corporate governance landscape within the African banking sector, offering a well-reasoned and empirically grounded challenge to the wholesale transplantation of the Anglo-Saxon model into sub-Saharan Africa. Drawing from institutional and stakeholder theories, Ediagbonya proposes a ‘Functional Stakeholder Model’ (FSM) as a context-sensitive alternative governance framework. This book stands as a significant contribution to both comparative corporate governance and the broader discourse on institutional reform in developing economies.

Corporate Governance in Africa, authored by Victor Ediagbonya, Senior Lecturer in Law at the University of Brighton, addresses a pressing but underexplored problem in African banking. The book examines the failure of corporate governance frameworks to protect the interests of stakeholders such as employees and customers when banks collapse. It argues that Nigeria and South Africa have adopted the Anglo-Saxon corporate governance model from the United Kingdom, a model designed around shareholder primacy and premised on the existence of strong legal institutions and active financial markets.

Victor Ediagbonya’s Corporate Governance in Africa advances a compelling, context-sensitive critique of the transplantation of the Anglo-Saxon, shareholder-centric corporate governance model into African banking systems, particularly Nigeria and South Africa, and proposes a tailored alternative: the Functional Stakeholder Model (‘FSM’). The book’s thesis is straightforward yet significant: corporate governance “best practice” from developed economies performs unevenly when exported to jurisdictions with different institutional realities; banking sectors in countries marked by institutional voids, weak legal enforcement, insider dominated ownership, underdeveloped capital markets, and systemic corruption, require frameworks that are explicitly designed to recognise and protect a broader set of stakeholders beyond shareholders.

The Anglo-Saxon corporate governance model practised by most African countries traditionally seeks to protect only the shareholders as the residual owners of an enterprise. (Ngwu, Osuji and Stephen, 2017). The engagement and protection of the interests of various other stakeholders have become an important corporate governance discourse in academia as well as in practice. Given the complexity of the African business environment, the importance of effective stakeholder management cannot be overemphasised and has been a topical issue in recent times. Dr Victor Ediagbonya’s book “Corporate Governance in Africa” presents a transformative exposition of stakeholder management issues in Africa’s banking sector with key references to Nigeria and South Africa.

This paper provides a comprehensive scholarly and evaluative overview of Victor Ediagbonya’s Corporate Governance in Africa, highlighting its central arguments, methodological strengths, theoretical contributions, and significance as an important contribution to knowledge in corporate governance, banking regulation, and African political economy.

Nigeria is once again at a critical juncture in its debt trajectory, as mounting fiscal pressures, rising borrowing costs, and constrained access to conventional financing channels push the government toward increasingly complex and opaque instruments. Recent reports indicate that Nigeria is considering a $5 billion Total Return Swap (TRS) arrangement with First Abu Dhabi Bank, marking a significant shift in its debt management strategy. This development must be situated within a broader pattern of an increasing appetite for this credit derivative in the form of Total Return Swaps. Both Angola and Senegal have in the recent past also been reported to have entered into Total Return Swaps. These developments point to a deepening reliance on financial engineering solutions that may provide short term liquidity but carry significant long-term risks for fiscal stability and public accountability.

Mozambique has entered 2026 with a seemingly positive milestone, having fully repaid its outstanding obligations to the International Monetary Fund (IMF) ahead of schedule. This development, which might ordinarily signal improved fiscal health and strengthened macroeconomic stability, instead unfolds against a backdrop of intensifying domestic debt pressures, constrained fiscal space, and growing socio-economic strain. While authorities have framed the early repayment as evidence of sound financial management and renewed credibility, emerging data suggests a more complex and concerning reality. Domestic borrowing has surged, external financing conditions remain tight, and key development projects face increasing uncertainty. Mozambique’s trajectory mirrors a wider trend across African sovereigns, where headline debt milestones often sit alongside intensifying structural vulnerabilities and fiscal strain. Against this backdrop, this update explores the country’s recent full repayment of its IMF obligations in parallel with rising domestic debt pressures and tightening fiscal space.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.

The African Sovereign Debt Justice Network, (AfSDJN), is a coalition of citizens, scholars, civil society actors and church groups committed to exposing the adverse impact of unsustainable levels of African sovereign debt on the lives of ordinary citizens. Convened by Afronomicslaw.org with the support of Open Society for Southern Africa, (OSISA), the AfSDJN's activities are tailored around addressing the threats that sovereign debt poses for economic development, social cohesion and human rights in Africa. It advocates for debt cancellation, rescheduling and restructuring as well as increasing the accountability and responsibility of lenders and African governments about how sovereign debt is procured, spent and repaid. Focusing in particular on Kenya, Zambia, Zimbabwe, Mozambique, Nigeria and Senegal, the AfSDJN will also amplify African voices and decolonize narratives on African sovereign debt . Its activities include producing research outputs to enhance the network’s advocacy interventions. It also seeks to create awareness on and elevate the priority given to sovereign debt and other economic justice issues on the African continent and beyond throughout 2021.