In March 2024, the Oradea Journal of Business and Economics published a pivotal study titled “Board Characteristics and Corporate Performance: Evidence from the Nigerian Oil and Gas Companies.” This groundbreaking work was co-authored by Simon Ayo Adekunle from the University of Benin, Oghenovo Owigho Okere and Eseoghene Kokogho from Deloitte & Touche LLP in Dallas, Texas, and Kansas City, Missouri, respectively, alongside Princess Eloho Odio, a financial data analyst with extensive experience in business analytics and governance. Together, the authors provided an in-depth analysis of how board size, independence, gender diversity, and meeting frequency influence the performance of Nigeria’s oil and gas companies.

The study sheds light on the critical role of governance in one of Nigeria’s most vital economic sectors. With oil and gas contributing over 65% of government revenue and 90% of export earnings, ensuring effective governance in this industry is crucial not only for corporate success but for the nation’s overall economic stability. Drawing from data collected over a decade from seven oil and gas firms, the authors used descriptive analysis and panel data modeling to explore the relationships between board characteristics and organizational performance. The results were clear: board size, independence, and gender diversity significantly enhance corporate performance, while board meeting frequency showed a positive but statistically insignificant impact.

Princess Eloho Odio’s contributions to the study reflected her deep expertise in financial analysis, governance, and strategic decision-making. Her expertise gained from roles at KPMG, Zircon Marine Ltd, and as Head of Sales and Finance at Hossbridge Trent Limited, where she led impactful projects and pioneered data-driven strategies, provided her with firsthand insights into the importance of governance in driving corporate success. Reflecting on the findings, Princess stated, “Corporate governance is not just a set of rules or a framework; it is the lifeblood of any organization. For Nigeria’s oil and gas sector, governance is the key to unlocking sustainability and fostering resilience in the face of volatility.”

Princess emphasized the importance of board independence, which the study found to have a significant positive impact on performance. “Independent directors bring an unbiased perspective to decision-making. They are the guardians of accountability, ensuring that management decisions align with shareholder and stakeholder interests,” she explained. “In a sector as sensitive and high-stakes as oil and gas, having independent voices on the board is non-negotiable.” Her co-author, Simon Ayo Adekunle, echoed this sentiment, highlighting the value of independence in fostering trust and transparency in governance.

Another major finding of the study was the role of board gender diversity. Princess, a vocal advocate for inclusion, explained that diversity is more than just a metric—it’s a driver of performance. “Gender diversity brings fresh perspectives and enhances the quality of decision-making. Diverse boards are better equipped to innovate, manage risks, and respond to market dynamics. This is particularly important in an industry like oil and gas, where the challenges are complex and require multifaceted solutions,” she said. Her co-authors Oghenovo Owigho Okere and Eseoghene Kokogho contributed to this analysis, underscoring the economic and strategic benefits of gender-balanced boards.

Board size was another key variable examined in the study. The authors found that an optimal board size fosters balanced decision-making, with larger boards offering diverse perspectives and smaller boards ensuring efficiency. Princess remarked, “Striking the right balance in board size is critical. Too small, and you risk a lack of expertise and diversity. Too large, and decision-making can become unwieldy. The goal is to create a board where every voice adds value.”

On the topic of board meetings, the study noted that while meeting frequency had a positive relationship with performance, its impact was not statistically significant. Princess explained that the quality of meetings matters more than their quantity. “It’s not about how often boards meet but what they accomplish during those meetings. Effective governance is driven by focus, strategy, and actionable outcomes—not just by gathering around a table,” she said. Her co-author Simon Ayo Adekunle added that clear agendas and accountability during meetings are crucial for driving results.

The implications of this study extend beyond the oil and gas sector, offering valuable lessons for industries across Nigeria. Princess emphasized that governance is the backbone of corporate and economic success. “The findings are not limited to oil and gas. Strong governance principles—board independence, gender diversity, and optimal board size—are universal. They apply to any industry that values transparency, accountability, and long-term success,” she noted.

Her co-author Oghenovo Owigho Okere added, “In a country like Nigeria, where governance lapses have historically hindered growth, implementing these recommendations could transform not only individual companies but entire industries.”

The study’s recommendations included maintaining an optimal number of independent directors to ensure accountability, promoting gender diversity to enhance decision-making quality, and focusing on the effectiveness of board meetings. “Independence and diversity are not just buzzwords—they are drivers of value creation,” Princess explained. “When boards are structured to include a mix of perspectives, they are better equipped to tackle challenges and seize opportunities.”

For Princess, the study is not just an academic exercise but a call to action for Nigerian businesses. “Governance is not about ticking boxes—it’s about creating systems that empower organizations to thrive. When companies embrace these principles, they unlock their potential to drive growth, innovation, and trust,” she said. She also commended her co-authors for their collaborative efforts, noting, “This research was a team effort. Each of us brought unique insights that enriched the study and made the findings more robust.”

As Princess continues to make her mark in financial data analysis and corporate strategy, her contributions to this study highlight her ability to bridge theory and practice. She remains committed to advancing governance standards and leveraging data-driven insights to foster economic development. Reflecting on the broader implications of the study, she concluded, “The oil and gas sector is the heartbeat of Nigeria’s economy. If we can strengthen governance here, the ripple effects will be felt across the entire country. This is the first step in a much larger journey.”

Through her work with co-authors Simon Ayo Adekunle, Oghenovo Owigho Okere, and Eseoghene Kokogho, Princess Eloho Odio has helped to illuminate the critical role of board characteristics in corporate performance. Her vision for governance as a tool for transformation positions her as a thought leader whose contributions will continue to shape Nigeria’s corporate landscape for years to come.