Corporate Governance Practices and Banks ’ Performance in Nigeria
In the aftermath of the bank consolidation exercise in Nigeria of 2006, the regulatory authorities intensified their focus on how business is managed and run, which led to developing different forms of framework for corporate governance. This study investigates the relationship between corporate governance practices of First Bank (Formerly First Bank of Nigeria PLC) and its performance in the banking industry. The study adopted the survey research design, using the quantitative research approach. The primary source of data was the use of self-completed questionnaire administered on 120 employees of the bank. The data were analysed using mean, standard deviation and correlation analysis. The results show that First Bank embraced the codes of good corporate governance. The study further established a positive significant relationship between corporate governance practices and the performance of the bank. On this note, the study recommends that, to improve bank performance in Nigeria, banks should conduct their businesses in a transparent and accountable manner, and cultivate a high ethical standard to promote corporate governance.