Corporate governance practices in the Nigerian banking industry

Abstract

The importance of good corporate governance for business development cannot be ignored. Therefore the Nigerian banking sector requires the practice of good corporate governance for its stability, growth and development. This has become evident due to the role of the banking sector as a driver of economic development. Therefore in this chapter the corporate governance practices in the Nigerian banking sector are discussed vis-a-vis corporate governance codes therein. The operationalization of the Central Bank of Nigeria (CBN) Code (2006) is critically examined, as well as the introduction of the revised CBN Code (2014), by discussing the updates as presented in the CBN Code (2014). The author explores the enhancement and strengthening of the whistleblowing mechanism vis-a-vis good corporate governance, as detailed in the whistleblowing guidelines of the CBN Code (2014). To further strengthen corporate governance in the Nigerian banking sector, useful recommendations on enhancing corporate governance practices are proffered.