ABSTRACT
The objective of corporate governance in the strategic management of the banking industry in Nigeria is to ensure healthy financial system and economic development. This study therefore discusses the corporate governance and financial reporting in the banking sectors in Nigeria. This was embarked upon to explore the intricacies of corporate governance and financial reporting issues in the banking industry. Data were obtain from Zenith Bank of Nigeria annual report 2006-2021. Data analysis adopted is Pearson’s product moment correlation coefficient is two variable only and percentages to analyze both the primary and secondary data. It was discover during testing of hypothesis, that corporate governance is significantly related with Nigerian banking industry, measured in terms of equity capital and profitability (Total Asset Turn Over) in the period under review, it also reveals that poor administrative efficiency and weak internal control has mitigated against implementation of corporate governance in Nigerian banking industry. The findings of the study reveals answers to all the objectives of the study and possible recommendations are implemented that administration should embarked upon making application of corporate governance effective in their various banks, this recommendations are made, so that if they are adhered to, the Nigerian banking industries will be strong enough to stimulate fast development in Nigeria.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Corporate governance is the process and structures by which the business and affairs of an institution are directed and managed in order to improve the long term shareholder’s value by enhancing corporate performance and accountability. This can be done by taking into account the interest of other stakeholders. Retention of public confidence through the enthronement of public confidence is very essential, given the role of the industry in the mobilization of funds, the allocation of credit to the needy, the payment system, as well as the implementation of monetary policies. Corporate governance is one of the most critical issues concerning financial industry across the globe. Failure of the industry in the past has made it imperative to promote good corporate governance. Also, financial scandals around the world and the recent collapse of major corporate institutions have brought to fore the need for the practice of good corporate governance. Poor corporate governance can be said to be one of the major factors promoting financial distress in Nigeria. It is against this background that 13-point agenda was introduced during the banking sector consolidation in 2007 to enable enforcement of new codes of corporate governance for banks. The emergence of mega banks in the post-consolidation era takes as essential the skills and competencies of boards and management of banks in improving shareholders’ welfare and balance same against other stakeholder interests in corporate environment. The major area that the corporate governance code seeks to address is the enhancement of the requisite skills and competences of board and management of these banks. In view of the greatly enhanced resources of the consolidated entities, board members may lack the requisite skills and competencies in management of these banks, corporate identities, new businesses acquisition and product development. To ensure that bank directors upgrade their skills and knowledge, the Central Bank of Nigeria in collaboration with the Financial Institutions Training Centre (FITC) initiated a continuous education programme for bank directors. The programme was aimed at raising the level of corporate governance in the banking industry. The central goals which the programme seeks to serve include: creating.
