CORPORATE BOARD DIVERSITY AND FINANCIAL PERFORMANCE OF COMPANIES IN NIGERIA

This study investigates the relationship between corporate board diversity and the financial performance of quoted oil and gas companies in Nigeria. Conducted within the context of governance reforms and performance challenges in the sector, the research examines how national, ethnic, age, and gender diversity influence Earnings Per Share (EPS), which was adopted as the measure of financial performance. An ex-post facto research design was employed, using panel data extracted from the annual reports of twelve oil and gas companies listed on the Nigerian Exchange Group between 2014 and 2023. Descriptive statistics, correlation analysis, and Ordinary Least Squares (OLS) regression were applied to evaluate the hypothesized relationships. The findings reveal that ethnic and age diversity exert significant positive effects on EPS, while national and gender diversity show statistically insignificant influences. The results indicate that board heterogeneity in certain dimensions enhances shareholder value, though some forms of diversity remain underutilized in Nigeria’s corporate governance framework. The study concludes that meaningful representation across diversity dimensions can strengthen decision- making and improve financial outcomes, especially in a highly regulated and capital-intensive industry. The study recommends that regulators and policymakers enforce inclusive governance policies that encourage balanced board representation, while companies should adopt strategic diversity practices that integrate ethnicity, age, gender, and nationality to enhance performance and competitiveness.