International Journal of Economic Perspectives, 2017, Volume 11, Issue 1, 155-164. International Journal of Economic Perspectives ISSN 1307-1637 © International Economic Society http://www.econ-society.org 155 ABSTRACT Recent corporate failures in the Nigerian Financial Sector and the resultant effect on the market performance of listed firms necessitated the review of the existing codes of corporate governance in Nigeria. The research study therefore explored the relationship between corporate governance mechanisms and market performance using four corporate governance mechanisms variables as reviewed in the SEC Code 2011 and four market performance variables. The four independent variables are audit committee independence, audit committee financial expertise, board independence and ownership structure while the market performance indicators are Share Price (SP), Volume of Trade (VOT), Market Capitalization (MC) and Earnings per Share (EPS). Empirical analysis was carried using correlation, regression and two independent T-tests. The result showed that there is a positive significant impact of audit committee independence, audit committee financial expertise, board independence as revised in the SEC Code 2011 on SP, VOT, MC and EPS. This study recommends that there is need for Policy makers to strengthen the implementation of every recommendation contains in the SEC Code 2011 to further stabilize the performance of listed firms and also repose the confidence of investors both local and foreign investors in the capital market. It is recommended that the provisions as contained in the SEC Code 2011 be backed up by law to ensure strict compliance. JEL Classification: M40; M41; M42. Keywords: Corporate Governance; Share Price; Trade; Market Capitalization; SEC Code 2011; Nigeria. *Corresponding author. 1. INTRODUCTION Corporate governance has become a very critical issue in the running of business organizations (Adbullahi, Enyinna, & Stella, 2010). There were times when the issue of corporate governance could not attract more than a casual look. The recent happenings around the world and in Nigeria especially (collapse of energy corporation Enron in 2001 in US, WorldCom, Global Crossing, Rank Xerox, Cadbury and some banks in Nigeria) have called for closer looks at the tenets and the practice of corporate governance in the system. These include transparency, accountability, responsibility, integrity, independence and discipline. Nigerian has had her fair share in the business failures which have brought many firms and countries’ economies almost to its knees. The recent and Does the Reformed Code of Corporate Governance 2011 Enhance Market Performance of Firms in Nigeria? Stephen A. OJEKA* Department of Accounting, College of Business and Social Sciences, Covenant University, Nigeria. Email: stephen.ojeka@covenantuniversity.edu.ng; stojeka@yahoo.com. Tel: (+234) 0703 952 8774 Francis O. IYOHA Department of Accounting, College of Business and Social Sciences, Covenant University, Nigeria. Email: iyoha.francis@covenantuniversity.edu.ng; iyohafrancis@yahoo.co.uk. Ochei A. IKPEFAN Department of Banking & Finance, Covenant University, Ota, Ogun State, Nigeria. E- mail: ochei.ikpefan@covenantuniversity.edu.ng, ochei_ikpefan@yahoo.co.uk. Chioma OSAKWE Covenant University, Nigeria. Tel: (+234) 0817 113 8090.