Recent corporate failures especially in the developed economies like the USA and the UK have infected the
developing economies like Nigeria and brought the efficacy of corporate governance into the front burner. This
study investigates the role of national culture on this efficacy relying on the recent financial failures at the
Cadbury (Nigeria) Plc. The study employing the face-face interview research technique and relying on
narrative/discourse analyses investigates the role of culture in the November 2006 financial failures which led to
a loss of over USD25billion and the removal of all the Board of Directors. The study concludes that national
culture plays a vital role in the efficacy of corporate governance.