Handbook on Corporate Governance in Financial Institutions

Handbook on Corporate Governance in Financial Institutions

Research Handbooks in Business and Management series

Edited by Christine A. Mallin

The global financial crisis has led to more and more focus on corporate governance and financial institutions. There has been much coverage in the media about various corporate governance related issues in banks and other financial institutions, such as executive directors’ remuneration and bankers’ bonuses, board composition and board diversity. This engaging book, dedicated to the corporate governance of banks and other financial institutions, makes a timely and accessible contribution to the literature in this area. The chapters highlight many of the shortcomings of corporate governance which have led to financial scandals, whilst indicating areas where corporate governance can be strengthened and improved.

Chapter 10: Corporate governance practices in the Nigerian banking industry

Chris Ogbechie

Subjects: business and management, corporate governance, economics and finance, financial economics and regulation


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-á-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-á-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.

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