It is now generally recognized that the top management plays a decisive role in the profitability and future health of any organization. In this chapter an attempt is made to uncover some of the key features of internal organization and top management structure in modern large-scale business enterprises in Nigeria. In particular, an attempt was made to have a glimpse at the structure, size and composition of the Board of Directors as well as the background characteristics of board members, Chief Executive Officers and senior managers reporting directly to CEOs. The reward and compensation systems for senior and top managers were also reviewed. Research findings revealed that the structure of top management in Nigerian organizations has become more or less institutionalized based by and large on the Anglo-Saxon model. This was not entirely surprising given the history of Nigeria as a former British colony and long association of Nigerian companies with western multinational corporations.