Abstract
This study investigates the nexus between Chief Executive Officer (CEO) duality and the
financial performance of consumer goods companies listed on the Nigerian Exchange Group
(NGX). CEO duality, defined as the practice where one individual occupies the roles of both
the CEO and the Chairman of the Board, remains a contentious issue in corporate governance.
Drawing on agency and stewardship theories, this study employs an ex-post facto research
design to analyze data from selected consumer goods firms. The data were analyzed using the
pooled, fixed and random effects, and Hausman test. The results indicate that the impact of
CEO duality on firm performance is multifaceted, often mediated by board independence and
ownership structure. The study concludes that while duality may offer unified leadership, it
often compromises independent oversight, potentially undermining long-term financial
performance. Recommendations include strict adherence to the Nigerian Code of Corporate
Governance (2018) regarding the separation of roles to enhance transparency and
accountability.