Skip Navigation Links.
Collapse <span class="m110 colortj mt20 fontw700">Volume 12 (2024)</span>Volume 12 (2024)
Issue 2, Volume 12, 2024
Issue 1, Volume 12, 2024
Collapse <span class="m110 colortj mt20 fontw700">Volume 11 (2023)</span>Volume 11 (2023)
Issue 6, Volume 11, 2023
Issue 5, Volume 11, 2023
Issue 4, Volume 11, 2023
Issue 3, Volume 11, 2023
Issue 2, Volume 11, 2023
Issue 1, Volume 11, 2023
Collapse <span class="m110 colortj mt20 fontw700">Volume 10 (2022)</span>Volume 10 (2022)
Issue 4, Volume 10, 2022
Issue 3, Volume 10, 2022
Issue 2, Volume 10, 2022
Issue 1, Volume 10, 2022
Collapse <span class="m110 colortj mt20 fontw700">Volume 9 (2021)</span>Volume 9 (2021)
Issue 4, Volume 9, 2021
Issue 3, Volume 9, 2021
Issue 2, Volume 9, 2021
Issue 1, Volume 9, 2021
Collapse <span class="m110 colortj mt20 fontw700">Volume 8 (2020)</span>Volume 8 (2020)
Issue 3, Volume 8, 2020
Issue 2, Volume 8, 2020
Issue 1, Volume 8, 2020
Collapse <span class="m110 colortj mt20 fontw700">Volume 7 (2019)</span>Volume 7 (2019)
Issue 3, Volume 7, 2019
Issue 2, Volume 7, 2019
Issue 1, Volume 7, 2019
Collapse <span class="m110 colortj mt20 fontw700">Volume 6 (2018)</span>Volume 6 (2018)
Issue 4, Volume 6, 2018
Issue 3, Volume 6, 2018
Issue 2, Volume 6, 2018
Issue 1, Volume 6, 2018
Collapse <span class="m110 colortj mt20 fontw700">Volume 5 (2017)</span>Volume 5 (2017)
Issue 4, Volume 5, 2017
Issue 3, Volume 5, 2017
Issue 2, Volume 5, 2017
Issue 1, Volume 5, 2017
Collapse <span class="m110 colortj mt20 fontw700">Volume 4 (2016)</span>Volume 4 (2016)
Issue 6, Volume 4, 2016
Issue 5, Volume 4, 2016
Issue 4, Volume 4, 2016
Issue 3, Volume 4, 2016
Issue 2, Volume 4, 2016
Issue 1, Volume 4, 2016
Collapse <span class="m110 colortj mt20 fontw700">Volume 3 (2015)</span>Volume 3 (2015)
Issue 5, Volume 3, 2015
Issue 4, Volume 3, 2015
Issue 3, Volume 3, 2015
Issue 2, Volume 3, 2015
Issue 1, Volume 3, 2015
Collapse <span class="m110 colortj mt20 fontw700">Volume 2 (2014)</span>Volume 2 (2014)
Issue 6, Volume 2, 2014
Issue 5, Volume 2, 2014
Issue 3A, Volume 2, 2014
Issue 4, Volume 2, 2014
Issue 3, Volume 2, 2014
Issue 2, Volume 2, 2014
Issue 1, Volume 2, 2014
Collapse <span class="m110 colortj mt20 fontw700">Volume 1 (2013)</span>Volume 1 (2013)
Issue 6, Volume 1, 2013
Issue 5, Volume 1, 2013
Issue 4, Volume 1, 2013
Issue 3, Volume 1, 2013
Issue 2, Volume 1, 2013
Issue 1, Volume 1, 2013
Journal of Business and Management Sciences. 2019, 7(1), 31-58
DOI: 10.12691/JBMS-7-1-5
Original Research

Compliance with Regulations: Path to Adequate Corporate Governance in the Nigerian Banking Industry for Business Sustainability and Enhanced Financial Performance

Akande Oyebola Bejide1,

1College of Management and Technology, Walden University, Minneapolis, USA

Pub. Date: March 24, 2019

Cite this paper

Akande Oyebola Bejide. Compliance with Regulations: Path to Adequate Corporate Governance in the Nigerian Banking Industry for Business Sustainability and Enhanced Financial Performance. Journal of Business and Management Sciences. 2019; 7(1):31-58. doi: 10.12691/JBMS-7-1-5

Abstract

Compliance with regulations remained a significant impediment in the financial industry globally, especially in the Nigerian Banking Industry. Corporate governance is obligatory, but adherence to rules is a puzzle in the banking industry, which has impacted on the investors and financial performance considering fines and penalties incurred by the banks where sanctioned. Regardless, compliance issues are global, and regulation needs improved regulatory momentum in the Nigeria financial sector to ensure no ambiguities in the rules of law for its useful understanding and implementation. Consequently, in the current global market, compliance is the only language to fortify the financial industry from any future collapse due to the disposition of the corporate financial leader to their business and codes of corporate governance. The purpose of this qualitative exploratory multiple case study was to explore compliance mitigants corporate financial leaders need to implement to ensure adherence to regulations to enhance business sustainability and organizational financial performance. The banking industry is one of the pillars of the economy; however, in Nigeria, average depositors feared the bank due to the constant failure of the banks. So, the importance of this paper is to contribute to the issue of compliance and its management to avoid an impending collapse in the industry. The sample for this study was 18 corporate financial leaders and regulators with at the least ten (10) years of banking and regulatory experience at the top management level involved in strategic positions with a varied portfolio in the banking industry in Nigeria. The Agency theory served as the conceptual framework for the study. Data collection included semi-structured face to face interviews and review of circulars and policies issued by regulators and internal policies of the banks. Data were transcribed, analyzed, and validated using member checking and triangulation. The Participant signed an informed consent form before the commencement of the data collection. The finding revealed that compliance is improving in the Nigerian financial industry. However, there are still issues of noncompliance and problems related to conflict of interest until 2018 which affects the financial performance of the banks on the long run and may lead to financial distress supported by Agency theory as the conceptual framework. The regulators may use the findings to improve on their supervisory, monitoring strategy and guard ambiguity in regulations to ensure that corporate financial leaders are not just complying with the part of the code they are comfortable with but all aspect of the codes of corporate governance and the implementation in alignment with best practices globally. The corporate financial leaders may use the findings to curb the strategies that could impact on their business to the point of collapse and imbibe the spirit of the code to ensure the company adhered to regulations for sustainability and going concern of the company to enhance their financial performance for improved reputation to attract potential investors.

Keywords

corporate governance, compliance, financial performance, fines, sanctions, regulatory momentum, mitigating, financial distress, agency theory, noncompliance, conflict of interest

Copyright

Creative CommonsThis work is licensed under a Creative Commons Attribution 4.0 International License. To view a copy of this license, visit http://creativecommons.org/licenses/by/4.0/

References

[1]  Osemeke, Louise, and Emmanuel Adegbite. "Regulatory multiplicity and conflict: towards a combined code on corporate governance in Nigeria." Journal of business ethics133, no. 3 (2016): 431-451.
 
[2]  Olasinde, T. (2016) Don Advocates Professionalism in Banking Sector. The Guardian, v. 32, n. 13647, p. 29
 
[3]  Isaac, L. (2014). Corporate governance and organizational performance in the Nigerian banking industry. European Journal of Business and Management, 6, 110-118.
 
[4]  Ajibo, K. I. (2015). Risk-based regulation: The future of Nigerian banking industry. International Journal of Law and Management, 57, 1-21.
 
[5]  Ugoani, John. "Emotional intelligence and successful change management in the Nigerian banking industry." (2017).
 
[6]  Igbatayo, S. (2011). The challenges of the global economic crisis and Nigeria’s financial markets’ stability. Journal of Emerging Trends in Economic and Management Sciences, 2, 497-503.
 
[7]  Sanusi, L. S. (2012). Banking reform and its impact on the Nigerian economy. CBN Journal of Applied Statistics, 2(2), 115-122. Retrieved from http://www.recruitment.cbn.gov.ng/Out/ 2012/CCD/CBN%20JAS%20Vol%202%20No%202_Document%20Two.pdf
 
[8]  Eluyela, Damilola Felix, Olamide Oluwabusola Akintimehin, Wisdom Okere, Emmanuel Ozordi, Godswill Osagie Osuma, Simon Osiregbemhe Ilogho, and Olufemi Adebayo Oladipo. “Board meeting frequency and firm performance: examining the nexus in Nigerian deposit money banks.” Heliyon 4, no. 10 (2018): e00850.
 
[9]  Oyerinde, A. A. (2014). Corporate governance and bank performance in Nigeria: Further evidence from Nigeria. International Journal of Business and Management, 9, 133-139.
 
[10]  Ilori, Isaac Aduralere, and Micheal Olufemi Ajiboye. "Bank reforms and banking sector performance: Evidence from Nigeria." International Journal of Economics and Research 7, no. 1 (2016): 36-55.
 
[11]  Daily Trust: Who Ruined Skye Bank, 2018 https://www.dailytrust.com.ng/who-ruined-skye-bank.html
 
[12]  Kasum, A. S., & Etudaiye-Muthar, O. F. (2014). Corporate governance breach: An overview of the owner-manager agency problem in the Nigerian banking industry. Corporate Governance, 187-196.
 
[13]  Joshua, Okpanachi, Samuel Gambo Joshua, and Suleiman Tauhid. "Corporate governance principles application and the financial performance of deposit money banks in Nigeria: An impact Assessment." Research Journal of Finance and Accounting, 4 (2) (2013).
 
[14]  Taiwo, J. N., Edwin Agwu, Abiola Babajide, and Areghan Akhanolu Isibor. "Growth of bank frauds and the impact on the Nigerian banking industry." Journal of Business Management and Economics 4 (2016): 12.
 
[15]  Anand, Anita. "The Enforcement of Financial Market Crimes in Canada and the United Kingdom." Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation (Wiley, 2019) (2018).
 
[16]  Tariq, Yasir Bin, and Zaheer Abbas. "Compliance and multidimensional firm performance: Evaluating the efficacy of rule-based code of corporate governance." Economic Modelling 35 (2013): 565-575.
 
[17]  Prorokowski, L., & Prorokowski, H. (2014). Organization of compliance across financial institutions. Journal of Investment Compliance, 15(1), 65-76.
 
[18]  Central Bank of Nigeria (2019). Publications. https://www.cbn.gov.ng/Documents/publications.asp
 
[19]  Kirkpatrick, Grant. "The corporate governance lessons from the financial crisis." OECD Journal: Financial Market Trends2009, no. 1 (2009): 61-87.
 
[20]  Governatori, Guido, and Shazia Sadiq. "The journey to business process compliance." In Handbook of research on business process modeling, pp. 426-454. IGI Global, 2009.
 
[21]  Reddy, K., & Sharma, U. (2014). Institutional antecedents of principle-based corporate governance practices: A case study of publicly listed companies in Fiji. Journal of Accounting & Organizational Change, 10(1), 49-82.
 
[22]  Griffith, Sean J. "Corporate governance in an era of compliance." Wm. & Mary L. Rev. 57 (2015): 2075.
 
[23]  Financial reporting council: “National Code of Corporate Governance” 2018.
 
[24]  Ikoh, I. M., Nsien, C. B., & Nicholas, W. T. (2013). Corporate governance and banks’ turmoils: Assessment of shareholders response. Journal of Educational and Social Research, 3, 39-47.
 
[25]  Adegbite, E., & Nakajima, C. (2011). Corporate governance and responsibility in Nigeria. International Journal of Disclosure and Governance, 8, 252-271.
 
[26]  Yakasai, Alhaji GA. “Corporate governance in a third world country with particular reference to Nigeria.” Corporate Governance: An International Review 9, no. 3 (2001): 238-253.
 
[27]  Okereke, E. J., Abu, S. S., & Anyanwu, G. I. (2011). Impact of corporate governance on the performance of Nigerian deposit money banks. Indian Journal of Corporate Governance, 4, 15-26.
 
[28]  Adegbite, E. (2012). Corporate governance in the Nigerian banking industry: Towards governmental engagement. International Journal of Business Governance and Ethics, 7, 209-231.
 
[29]  Nakpodia, Franklin, Emmanuel Adegbite, Kenneth Amaeshi, and Akintola Owolabi. "Neither principles nor rules: Making corporate governance work in Sub-Saharan Africa." Journal of Business Ethics 151, no. 2 (2018): 391-408.
 
[30]  Nmehielle, Vincent O., and Enyinna S. Nwauche. “External-internal standards in corporate governance in Nigeria.” GWU Law School Public Law Research Paper 115 (2004).
 
[31]  Sutinen, Jon G., and Keith Kuperan. “A socio-economic theory of regulatory compliance.” International journal of social economics 26, no. 1/2/3 (1999): 174-193.
 
[32]  Breaux, Travis D., Matthew W. Vail, and Annie I. Anton. “Towards regulatory compliance: Extracting rights and obligations to align requirements with regulations.” In Requirements Engineering, 14th IEEE International Conference, pp. 49-58. IEEE, 2006.
 
[33]  Filatotchev, I., & Wright, M. (2011). Agency perspectives on corporate governance of multinational enterprises. Journal of Management Studies, 48(2), 471-486.
 
[34]  L’Huillier, B. (2014). What does corporate governance actually mean? Corporate Governance, 14, 300-319.
 
[35]  Jensen, Michael C., and William H. Meckling. “Theory of the firm: Managerial behavior, agency costs, and ownership structure.” Journal of financial economics 3, no. 4 (1976): 305-360.
 
[36]  Brandas, C. (2013). Formal representation of corporate governance principles and codes. Procedia-Social and Behavioral Sciences, 73, 744-750.
 
[37]  Brandas, C. (2011). Study on the support systems for corporate governance. Informatica Economica, 15, 55-63.
 
[38]  Sarenz, G., & Abdolmohammadi, M. J. (2011). Monitoring effects of the internal audit function: Agency theory versus other explanatory variables. International Journal of Auditing, 15(1), 1-20.
 
[39]  Sarenz, G., & Abdolmohammadi, M. J., & Lenz, R. (2012). Factors associated with the audit function’s role in corporate governance. Journal of Applied Accounting, 13, 191-204.
 
[40]  Yang, J. (2011). Does adopting high-standard corporate governance increase firm value? An empirical analysis of Canadian companies. International Business & Economics Research Journal, 10, 17-27.
 
[41]  Swamy, V. (2011). Corporate governance and firm performance in unlisted family-owned firms. International Journal of Business Insights and Transformation, 4, 37-51.
 
[42]  Inam, H., & Mukhtar, A. (2014). Corporate governance and its impact on performance of banking sector in Pakistan. International Journal of Academic Research in Applied Science, 3, 26-36.
 
[43]  Millstein, Ira M. "The evolution of the certifying board." The Business Lawyer (1993): 1485-1497.
 
[44]  Shleifer, Andrei, and Robert W. Vishny. “A survey of corporate governance.” The journal of finance 52, no. 2 (1997): 737-783.
 
[45]  Abraham, S. (2010). Information technology, an enabler in corporate governance. Corporate Governance, 12, 281-291.
 
[46]  El-Chaarani, H. (2014). The impact of corporate governance on the performance of Lebanese banks. International Journal of Business and Finance Research, 8, 35-46.
 
[47]  Oghoghomeh, T., & Ogbeta, M. (2014). Corporate governance and organizational performance in Nigerian banks. European Journal of Business and Management, 6, 33-45.
 
[48]  Rajgopal, Shivaram, Suraj Srinivasan, and Yu Ting Forester Wong. “Bank Boards: What Has Changed Since the Financial Crisis?.” Available at SSRN 2722175 (2019).
 
[49]  Adewale, A. (2013). Corporate governance: A comparative study of the corporate governance codes of a developing economy with developed economies. Research Journal of Finance and Accounting, 4, 65-77.
 
[50]  Gottschalk, P. (2011). Executive position involved in white-collar crime. Journal of Money Laundering Control, 14, 300-312.
 
[51]  Mulili, B. M., & Wong, P. (2011). Corporate governance practices in developing countries: The case for Kenya. International Journal of Business Administration, 2(1), 14-26.
 
[52]  Hassan, M. K., & Halbouni, S. S. (2013). Corporate governance, economic turbulence, and financial performance of UAE listed firms. Studies in Economics and Finance, 30(2), 118-138.
 
[53]  Godos-Díez, J. L., Fernández-Gago, R., & Martínez-Campillo, A. (2011). How important are CEOs to CSR practices? An analysis of the mediating effect of the perceived role of ethics and social responsibility. Journal of Business Ethics, 98, 531-548.
 
[54]  Garuba, Anthony O., and Gene Oghenenohwo T. Otomewo. “Corporate governance in the Nigerian banking industry: Issues and challenges.” African Research Review 9, no. 2 (2015): 104-117.
 
[55]  Wijayati, Nureni, Niels Hermes, and Ronald Holzhacker. "Corporate governance and corruption: A comparative study of Southeast Asia." In Decentralization and Governance in Indonesia, pp. 259-292. Springer, Cham, 2016.
 
[56]  Segrestin, B., & Hatchuel, A. (2011). Beyond agency theory: A post-crisis view of corporate law. British Journal of Management, 22, 484-499.
 
[57]  Mostovicz, I., Kakabadse, N., & Kakabase, A. (2011). Corporate governance: Quo vadis? Corporate Governance, 11, 613-626.
 
[58]  Sarkar, Subrata. “The Comply-or-Explain approach for enforcing governance norms.” Available at SSRN 2638252(2015).
 
[59]  Ogujiuba, K., & Obiechina, M. E. (2011). Financial sector reforms in Nigeria: Issues and challenges. International Journal of Business and Management, 6, 222-233.
 
[60]  Nwagbara, U. (2012). Encountering corrupt leadership and poor corporate governance in the Nigerian banking sector: Towards a model of ethical leadership. Indian Journal of Corporate Governance, 5, 133-148.
 
[61]  Adegbite, E., Amaeshi, K., & Nakajima, C. (2013). Multiple influences on corporate governance practice in Nigeria: Agents, strategies, and implications. International Business Review, 22, 524-538.
 
[62]  Ramady, M. A. (2015). Effective regulation regimes: A comparative analysis of GCC regulators. Journal of Financial Regulation and Compliance, 23(1), 2-17.
 
[63]  Marilen, P., & Ana-Cristina, N. (2013). Corporate governance codes of best practice of top Romanian banks. Annals of Faculty of Economics, 1, 390-397.
 
[64]  Achchuthan, S., & Kajananthan, R. (2013). Corporate governance practices and firm performance: Evidence from Sri Lanka. European Journal of Business and Management, 5(1), 19-26.
 
[65]  Adams, R. B. (2012). Governance and the financial crisis. International Review of Finance, 12(1), 7-38.
 
[66]  Alao, O., & Raimai, L. (2011). Global economic meltdown and the role of financial institutions: Lessons from South Africa for policymakers in Nigeria. Hanaomics, 27, 201-211.
 
[67]  Pacces, A. M., & Heremans, D. (2012). Regulation of banking and financial markets. Encyclopedia of Law and Economics: Regulations and Economics.
 
[68]  Mendonca, H. E., Galvao, D. J., & Loures, R. F. (2012). Financial regulation and transparency of information: Evidence from the banking industry. Journal of Economic Studies, 39, 380-397.
 
[69]  Becher, D. A., & Frye, M. B. (2011). Does regulation substitute or complement governance? Journal of Banking & Finance, 35, 736-751.
 
[70]  Brown, C. O., & Dinc, I. S. (2011). Too many to fail? Evidence of regulatory forbearance when the banking sector is weak. Review of Financial Studies, 24, 1378-1405.
 
[71]  Peni, E., & Vähämaa, S. (2012). Did good corporate governance improve bank performance during the financial crisis? Journal of Financial Services Research, 41, 19-35.
 
[72]  Yang, J., Chi. J., & Young, M. (2011). A review of corporate governance in China. Asian Pacific Economic Literature, 25, 15-28.
 
[73]  Man, C. K., & Wong, B. (2013). Corporate governance and earnings management: A survey of literature. Journal of Applied Business Research, 29(2), 391-418.
 
[74]  Petitjean, M. (2013). Bank failure and regulation: A critical review. Journal of Regulation and Financial Compliance, 21(1), 16-38.
 
[75]  Mehran, H., & Mollineaux, L. (2012). Corporate governance of financial institutions. Annual Review of Financial Economics, 4(1), 215-232.
 
[76]  Mishra, S., & Mohanty, P. (2014). Corporate governance as a value driver for firm performance: Evidence from India. Corporate Governance, 14(2), 265-280.
 
[77]  Ben, A. C. (2014). Corporate governance, principal-principal agency conflicts, and disclosure. Journal of Applied Business Research (JABR), 30(2), 419-432.
 
[78]  Akinkoye, E. Y., & Olasanmi, O. O. (2014). Corporate governance practice and level of compliance among firms in Nigeria: An analysis. Journal of Business and Retail Management Research, 9(1), 13-25.
 
[79]  Ofo, N. (2011). Securities and exchange commission of Nigeria’s draft revised code of corporate governance: An appraisal. Journal of African Law, 55(2), 280-299.
 
[80]  Chirtareas, G. E., Girardone, C., & Ventouri, A. (2013). Financial freedom and bank efficiency: Evidence from the European Union. Journal of Banking & Finance, 37, 1223-1231.
 
[81]  Jimoh, J., & Iyoha, F. O. (2012). Stewardship and corporate governance in the banking sector: Evidence from Nigeria. Accounting and Finance Research, 1(1), 198-205. doi:10.5430/afr.v1n1p198
 
[82]  Adewuyi, A., & Olowookere, A. (2013). New corporate governance code and immediate performance change of Nigerian firms. Corporate Governance, 13, 169-183.
 
[83]  Biobele, B. S., Igbo, I. E., & John, E. F. (2013). The significance of international corporate governance disclosure of financial reporting in Nigeria. International Journal of Business and Management, 8, 100-106.
 
[84]  First Bank of Nigeria Holding Company. (2012). 2012 annual report. Retrieved from http://fbnholdings.com/annualreport/2012/download/firstbank_holding_abridged2012_v2.pdf.
 
[85]  Leventis, S., & Dimitropoulos, P. (2012). The role of corporate governance in earnings management: Experience from U.S. banks. Journal of Applied Accounting Research, 13 (2), 167-177.
 
[86]  Fanta, A. B., Kemal, K. S., & Waka, Y. K. (2013). Corporate governance and impact on bank performance. Finance and Accounting, 1(1), 19-26.
 
[87]  Valenti, M. A., Luce, R., & Mayfield, C. (2011). The effects of firm performance on corporate governance. Management Research Review, 34, 266-283.
 
[88]  Agrawal, A., & Knoeber, C. R. (2013). Corporate governance and firm performance. Oxford Handbooks Online.
 
[89]  Waweru, M. N. (2014). Determinants of quality corporate governance in Sub-Saharan Africa. Managerial Auditing Journal, 29, 455-485.
 
[90]  Doucouliagos, H., Haman, J., & Stanley, T. D. (2012). Pay for performance and corporate governance reform. Industrial Relations: A Journal of Economy and Society, 51, 670-703.
 
[91]  Siagian, F., Siregar, S. V., & Rahadian, Y. (2013). Corporate governance, reporting quality, and firm value: Evidence from Indonesia. Journal of Accounting in Emerging Economies, 3(1), 4-20.
 
[92]  Ibrahim, E. E. (2013). Corporate governance and investors’ perceptions of earnings quality: Egyptian perspective. Corporate Governance, 13, 261-273.
 
[93]  Mohammed, F. (2012). Impact of corporate governance on banks performance in Nigeria. Journal of Emerging Trends in Economics and Management Sciences, 3, 257-260.
 
[94]  Nyor, T., & Mejabi, K. (2013). Impact of corporate governance on non-performing loans of Nigerian deposit money banks. Journal of Business and Management, 2, 12-21.
 
[95]  Akingunola, R. O., Adekunle, O. A., & Adedipe, S. A. (2013). Corporate governance and banks performance in Nigeria (post-consolidation). European Journal of Business and Social Science, 2, 89-111.
 
[96]  Onakoya, A. B. O., Fasanya, I. O., & Ofoegbu, D. I. (2014). Corporate governance as correlate for firm performance: A pooled OLS investigation of selected Nigerian banks. European Scientific Journal, 8, 155-164.
 
[97]  Viswanathan, K. Kuperan, and K. M. Jahan. "Noncompliance a major threat in fisheries management-Experiences from the artisanal coastal fisheries of Bangladesh." (2010): 97-113.
 
[98]  Amah, E. (2012). Corporate culture and organizational effectiveness: A study of the Nigerian banking industry. European Journal of Business and Management, 4, 212-229.
 
[99]  Chan, A. W., & Cheung, H. Y. (2012). Cultural dimensions, ethical sensitivity, and corporate governance. Journal of Business Ethics, 110(1), 45-59.
 
[100]  Vadhar, B. (2013). Issues of corporate governance: Banking sector. Indian Journal of Applied Research, 3, 313-316.
 
[101]  Al Barrak, T. (2011) Value relevance and predictive ability of financial statement information: The case of Saudi Arabia (PhD thesis, University of Portsmouth). Retrieved from http://eprints.port.ac.uk/7744/.
 
[102]  Chinaedu, D. B. (2011). Strict adherence to corporate governance in the Nigerian banking sector: The uncharted path. Social Science Research Network. doi:10.2139/ssrn.1922761
 
[103]  Onuoha, B. C., Ogbuji, C. N., Ameh, A. A., & Oba, U. O. (2013). Strategies for improving corporate governance by organizations in Nigeria. International Business and Management, 7(2), 26-31.
 
[104]  Teng, L. L., Aun, L. K., & Fook, O. S. (2011). Corporate governance assessment in company board structure. African Journal of Business Management, 4, 1175-1183.
 
[105]  Bluhm, D. J., Harman, W., Lee, T. W., & Mitchell, T. R. (2011). Qualitative research in management: A decade of progress. Journal of Management Studies, 48, 1866-1891.
 
[106]  Gare, K., & Melin, U. (2011). SMEs need formative infrastructure for business transformation. Journal of Enterprise Information Management, 24, 520-533.
 
[107]  Ahrens, T., & Khalifa, R. (2013). Researching the lived experience of corporate governance. Qualitative Research in Accounting & Management, 10(1), 4-30.
 
[108]  Moser, Albine, and Irene Korstjens. "Series: Practical guidance to qualitative research. Part 3: Sampling, data collection and analysis." European Journal of General Practice24, no. 1 (2018): 9-18.
 
[109]  Alleyne, P., Weekes-Marshall, D., & Broome, T. (2014). Accountants’ perceptions of corporate governance in public limited liability companies in an emerging economy: Evidence from Barbados. Meditari Accountancy Research, 22(2), 186-210.
 
[110]  Adewunmi, Y., Omirin, M., & Koleoso, H. (2012). Developing a sustainable approach to corporate FM in Nigeria. Journal of Facilities Management, 30, 350-373.
 
[111]  Yin, R. K. (2014). Case study research design and methods (5th ed.). Thousand Oaks, CA: Sage.
 
[112]  Carenza, G. S. (2011). A phenomenological study of mindfulness of curriculum directors in a Midwest state. (Doctoral dissertation) Available from ProQuest Dissertations & Theses database. (UMI No. 3474865).
 
[113]  Bush, Antonio, Mauriell Amechi, and Adam Persky. "An Exploration of Pharmacy Education Researchers’ Perceptions of and Experiences Conducting Qualitative Research: Challenges and Benefits." American Journal of Pharmaceutical Education (2019): ajpe7129.
 
[114]  Yin, R. K. (2012). Applications of case study research (3rd ed.) [Kindle version]. Retrieved from http://www.amazon.com.
 
[115]  Sergi, V., & Hallin, A. (2011). Thick performances, not just thick descriptions: The processual nature of doing qualitative research. Qualitative Research in Organizations and Management, 6, 191-208.
 
[116]  Johnson, Jessica L., Donna Adkins, and Sheila Chauvin. "Quality Indicators of Rigor in Qualitative Research." American Journal of Pharmaceutical Education (2019): ajpe7120.
 
[117]  Qu, S. Q., & Dumay, J. (2011). The qualitative research interview. Qualitative Research in Accounting & Management, 8, 238-264.
 
[118]  Bryman, Alan. Social research methods. Oxford university press, 2016.
 
[119]  Silic, M., & Back, A. (2013). Factors impacting information governance in the mobile device dual-use context. Records Management Journal, 23, 73-89.
 
[120]  Rohrbeck, R., & Gemünden, H. G. (2011). Corporate foresight: Its three roles in enhancing the innovation capacity of a firm. Technological Forecasting and Social Change, 78(2), 231-243.
 
[121]  Agyemang, O. S., & Castellini, M. (2015). Corporate governance in an emergent economy: A case of Ghana. Corporate Governance: The International Journal of Business in Society, 15, 7-44.
 
[122]  Sargeant, J. (2012). Qualitative research part II: Participants, analysis, and quality assurance. Journal of Graduate Medical Education, 4(1), 1-3.
 
[123]  Bommel, V. K. (2014). Towards a legitimate compromise? An exploration of Integrated Reporting in the Netherlands. Accounting, Auditing & Accountability Journal, 27, 1157-1189.
 
[124]  Hanson, J. L., Balmer, D. F., & Giardino, A. P. (2011). Qualitative research methods for medical educators. Academic Pediatrics, 11, 375-386. doi:10.1016/j.acap.2011.05.001
 
[125]  Morse, J. M. (2011). Molding qualitative health research. Qualitative Health Research, 21(8), 10191021.
 
[126]  Yin, R. K. (2011). Qualitative research from start to finish (3rd ed.). Thousand Oaks, CA: Sage.
 
[127]  Haug, A., Graungaard Pedersen, S., & Stentoft Arlbjørn, J. (2011). IT readiness in small and medium-sized enterprises. Industrial Management & Data Systems, 111, 490–508.
 
[128]  Wieland, A., & Wallenburg, M. C. (2012). Dealing with supply chain risks: Linking risk management practices and strategies to performance. International Journal of Physical Distribution & Logistics Management, 42, 887-905.
 
[129]  Waal, B., & Batenburg, R. (2014). The process and structure of user participation: A BPM system implementation case study. Business Process Management Journal, 20(1), 107-128.
 
[130]  Houghton, C., Casey, D., Shaw, D., & Murphy, K. (2013). Rigor in qualitative case study research. Nurse Researcher, 20, 12-17.
 
[131]  Wahyuni, D. (2012). The research design maze: Understanding paradigms, cases, methods, and methodologies. Journal of Applied Management Accounting Research, 10(1), 69-80. Retrieved from http://maaw.info/JAMAR.htm
 
[132]  Petty, N. J., Thomson, O. P., & Stew, G. (2012). Ready for a paradigm shift? Part 2: Introducing qualitative research methodologies and methods. Manual Therapy, 17, 378-384.
 
[133]  Gu, Y. (2014). To code or not to code: Dilemmas in analyzing think-aloud protocols in learning strategies research. System, 43, 74-81.
 
[134]  Kikuchi, K., Poudel, K. C., Muganda, J., Sato, T., Mutabazi, V., Muhayimpundu, R.… Jimba, M. (2014). What makes orphans in Kigali, Rwanda, non-adherent to antiretroviral therapy? Perspectives of their caregivers. Journal of the International AIDS Society, 17(1).
 
[135]  Rooney, J., & Cuganesan, S. (2015). Leadership, governance, and the mitigation of risk: A case study. Managerial Auditing Journal, 30(2), 132-139.
 
[136]  Bøyum, I., & Aabø, S. (2015). The information practices of business PhD students. New Library World, 116, 187-200.
 
[137]  Smith, J., & Firth, J. (2011). Qualitative data analysis: The framework approach. Nurse Researcher, 18(2), 52-62.
 
[138]  Feng, Xiaoying, and Linda Behar-Horenstein. "Maximizing NVivo Utilities to Analyze Open-Ended Responses." The Qualitative Report 24, no. 3 (2019): 563-571.
 
[139]  Jackson, Kristi, and Patricia Bazeley. Qualitative data analysis with Nvivo. SAGE Publications Limited, 2019.
 
[140]  Garrett-Howard, C. (2012). Factors influencing advancement of women senior leaders in 126 aerospace companies (Doctoral dissertation). Available from ProQuest Dissertations and Theses database. (UMI No. 3495166).
 
[141]  Benbow, S., Kingston, P., Bhaumik, S., Black, S., Gangadharan, S., & Hardy, S. (2011). The interface between learning disability and old age psychiatry: Two specialties travelling alone or travelling together? Mental Health Review Journal, 16(1), 25-35.
 
[142]  Lagzdins, A., & Sloka, B. (2012) Compliance and the Recovery of financial services of the European Union: New Challenges for Latvia’s banking sector. European Integration Studies, 5.
 
[143]  Lee, S. P., & Isa, M. (2015). Directors’ remuneration, governance, and performance: the case of Malaysian banks. Managerial Finance, 41(1), 26-44.
 
[144]  Birindelli, G., & Ferretti, P. (2013). Compliance function in Italian banks: Organizational issues. Journal of Financial Regulation and Compliance, 21(3), 217-240.
 
[145]  Lawal, Tajudeen Tewogbola. "Effect of Ethical and Professional Values on the Operations of Deposit Money Banks in Nigeria." Global Journal of Management and Business Research. (2019).
 
[146]  Chaikovska, Ivanna. "Implementation and Effects of the Post-Crisis Banking Regulations in European Union." Economic and Social Development: Book of Proceedings (2019): 212-220.
 
[147]  Hofeditz, Marcel, Ann-Marie Nienaber, Anders Dysvik, and Gerhard Schewe. "“Want to” Versus “Have to”: Intrinsic and Extrinsic Motivators as Predictors of Compliance Behavior Intention." Human resource management 56, no. 1 (2017): 25-49
 
[148]  Zeidan, R. M. (2012). Voluntary corporate governance: Theoretical framework and application for the Brazilian Market. SSRN Journal.
 
[149]  Oino, Isaiah, and Mohamad Itan. "Impact of Corporate Governance on Banks Financial Performance." Journal of Business Management and Economics 6, no. 08 (2018): 01-09.
 
[150]  Editor, SKYE Bank Failure and Matters Arising. Thisday Newspaper (2018) https://www.thisdaylive.com/index.php/2018/10/18/skye-bank-failure-and-matters-arising/.
 
[151]  International Monetary Fund (2019). “Global Financial Stability Report, October 2015: Vulnerabilities, Legacies, and Policy Challenges - Risks Rotating to Emerging Markets” International Monetary Fund, 2019 publication.
 
[152]  Omoregie, G. I. "Organizational Culture, Information Sharing and Perception of Records Management System as Factors Affecting Organizational Effectiveness in the Banking Industry in Nigeria." Research Journal of Library and Information Science 2, no. 3 (2018): 53-73.
 
[153]  John, Ayoola Tajudeen, and Obokor, Lawrence Ogechukwu. "Corporate governance and financial distress in the banking industry: Nigerian experience." Corporate Governance 10, no. 1 (2018): 182-193.
 
[154]  Ghosh, Saibal. "Loan delinquency in banking systems: How effective are credit reporting systems?." Research in International Business and Finance 47 (2019): 220-236.
 
[155]  Papadimitri, Panagiota, Panagiotis Staikouras, Nickolaos G. Travlos, and Chris Tsoumas. "Punished Banks’ Acquisitions: Evidence from the US Banking Industry." Available at SSRN 3117786 (2018).
 
[156]  Rajan, Raghuram G. "Why bank credit policies fluctuate: A theory and some evidence." The Quarterly Journal of Economics 109, no. 2 (1994): 399-441.
 
[157]  Omonode, D, NDIC indicts EFCC over collapse of Gulf Bangoes after BabajideRogers, Prince Adekunle AdegboyegaJohnson Others, National Daily Edition (2013) 407, PP.1 $11
 
[158]  Salterio, S. E., Conrod, J. E., & Schmidt, R. N. (2013). Canadian evidence of adherence to “comply or explain” corporate governance codes: An international comparison. Accounting Perspectives, 12(1), 23-51.
 
[159]  O’Neill, A. (2014). An action framework for compliance and governance. Clinical Governance: An International Journal, 19, 342-359.
 
[160]  Utrero-González, N., & J. Callado-Muñoz, F. (2015). Do investors react to corporate governance news? An empirical analysis for the Spanish market. BRQ Business Research Quarterly.
 
[161]  Ghosh, Saibal. "Governance reforms and performance of MENA banks: Are disclosures effective?." Global Finance Journal 36 (2018): 78-95.
 
[162]  Demaki, G. O. "Corporate Governance And Banks Profitability In Nigeria." Archives of Business Research 6, no. 4 (2018).
 
[163]  Beaumier, Carol, and Asa Sum. "Ensuring Effective Sanctions Compliance." Risk Management 65, no. 3 (2018): 10-12.
 
[164]  Linder, Dominik. "Reputational risk of banks: a study on the effects of regulatory sanctions for major European banks." PhD diss., Instituto Superior de Economia e Gestão, 2016. Linder, Dominik. "Reputational risk of banks: a study on the effects of regulatory sanctions for major European banks." PhD diss., Instituto Superior de Economia e Gestão, 2016
 
[165]  Armour, John, Colin Mayer, and Andrea Polo. "Regulatory sanctions and reputational damage in financial markets." Journal of Financial and Quantitative Analysis 52, no. 4 (2017): 1429-1448.
 
[166]  Pereira, John, Irma Malafronte, Ghulam Sorwar, and Mohamed Nurullah. "Enforcement actions, market movement and depositors’ reaction: evidence from the US banking system." Journal of Financial Services Research (2019): 1-23.
 
[167]  Yusuf, Ismaila, and Damola Ekundayo. "Regulatory non-compliance and performance of deposit money banks in Nigeria." Journal of Financial Regulation and Compliance 26, no. 3 (2018): 425-441.
 
[168]  Shrives, P. J., & Brennan, N. M. (2015). A typology for exploring the quality of explanations for non-compliance with UK corporate governance regulations. British Accounting Review, 47(1), 85-99.
 
[169]  Bischof, Jannis, Holger Daske, Ferdinand Elfers, and Luzi Hail. "A tale of two regulators: risk disclosures, liquidity, and enforcement in the banking sector." Liquidity, and Enforcement in the Banking Sector (February 27, 2016) (2016).
 
[170]  Pérezts, Mar, and Sébastien Picard. "Compliance or comfort zone? The work of embedded ethics in performing regulation." Journal of Business Ethics 131, no. 4 (2015): 833-852.
 
[171]  Claessens, Stijn, and Ms Laura E. Kodres. The regulatory responses to the global financial crisis: Some uncomfortable questions. No. 14-46. International Monetary Fund, 2014.
 
[172]  Burdon, Wendy Mason, and Mohamed Karim Sorour. "Institutional Theory and Evolution of ‘A Legitimate’Compliance Culture: The Case of the UK Financial Service Sector." Journal of Business Ethics (2018): 1-34.
 
[173]  Alam, Hassan Mobeen, and Ammara Sattar. "Importance of Corporate Governance in Banking Sector and its Impact on Performance Empirical Evidence from Pakistani Banks." In II. InTradersUluslararası Ticaret Kongresi Kongre Kitabı The Second InTraders International Conference on International Trade Conference Book, p. 207. Hiperlink eğit. ilet. yay. san. tic. ve ltd. sti., 2019.
 
[174]  Aldohni, Abdul Karim. "Is ethical finance the answer to the ills of the UK financial market? A post-crisis analysis." Journal of Business Ethics 151, no. 1 (2018): 265-278.
 
[175]  Krenn, M. (2015). Understanding decoupling in response to corporate governance reform pressures. Journal of Financial Regulation and Compliance, 23, 369-382.
 
[176]  Alawiye-Adams, Adewale Adegoke, and Abiodun Ogundele. "Ethics and Professionalism in the Banking Industry, a Case Study of Nigerian Banking Environment." Available at SSRN 3095229 (2018).
 
[177]  Agnihotri, A., & Bhattacharya, S. (2015). Whistleblowing policy disclosure: evidence from an Indian emerging market. Corporate Governance, 15, 678-692.
 
[178]  Central Bank of Nigeria codes of Corporate Governance for banks and Discount Houses (2009) https://www.cbn.gov.ng/.../circular%20on%20code%20of%20circular%20on%20corp.
 
[179]  Jakada, B., & Inusa, A. (2014). Corporate governance: A strategic tool for survival in the Nigerian banking sector. Journal of Economic Development, Management, IT, Finance & Marketing, 6, 48-56.
 
[180]  Kenny, Kate. "Banking compliance and dependence corruption: Towards an attachment perspective." Law and Financial Markets Review 8, no. 2 (2014): 165-177.
 
[181]  Sinkovics, Noemi, Samia Ferdous Hoque, and Rudolf R. Sinkovics. "Rana Plaza collapse aftermath: are CSR compliance and auditing pressures effective?." Accounting, Auditing & Accountability Journal 29, no. 4 (2016): 617-649.
 
[182]  Goodhart, Charles, and Rosa Lastra. "Populism and central bank independence." Open Economies Review 29, no. 1 (2018): 49-68.
 
[183]  Lama, T. & Anderson, W. (2015). Company characteristics and compliance with ASX corporate governance principles. Pacific Accounting Review, 27, 373-392.
 
[184]  Bruno, Brunella, Enrico Onali, and Klaus Schaeck. "Market reaction to bank liquidity regulation." Journal of Financial and Quantitative Analysis 53, no. 2 (2018): 899-935.
 
[185]  Bonilla, Romel, Jenna Cooper, Adam Emmerich, Theresa Hembd, Pamela Kennedy, Blake Marquart, and Joseph Nashar. "The Winds of Change for Community Banking: Headwinds, Tailwinds, and Regulation." Chicago Fed Letter394 (2018):
 
[186]  Lambe, I. (2014). Corporate governance and organizational performance in the Nigerian banking industry. European Journal of Business & Management, 6(25), 110-119.
 
[187]  Quaglia, Lucia, and Aneta Spendzharova. "The Challenges of Multi-Level Coordination in Post-Crisis Banking Regulation." CERiM Online Paper 3 (2018).
 
[188]  Rizzato, Fabio, Donatella Busso, Alain Devalle, and Alessandro Zerbetto. "Corporate governance system in Italy: Compliance and quality." (2018): 217-233.
 
[189]  Caiazza, Stefano, Matteo Cotugno, Franco Fiordelisi, and Valeria Stefanelli. "The spillover effect of enforcement actions on bank risk-taking." Journal of Banking & Finance 91 (2018): 146-159
 
[190]  Leone, Paola, Carmen Gallucci, and Rosalia Santulli. "How Does Corporate Governance Affect Bank Performance? The Mediating Role of Risk Governance." International Journal of Business and Management 13, no. 10 (2018)Bekhet, A. K., & Zauszniewski, J. A. (2012). Methodological triangulation: An approach to understanding data. Nurse Researcher, 20(2), 40-43.
 
[191]  Horak, Hana, and Nada Bodiroga-Vukobrat. "EU MEMBER STATES’EXPERIENCES WITH THE ‘COMPLY OR EXPLAIN’PRINCIPLE IN CORPORATE GOVERNANCE." Croatian yearbook of European law & policy 7, no. 7 (2011): 179-200.
 
[192]  Pavone, Pietro, and Francesco Parisi. "COMPLIANCE AND CORPORATE ANTI-MONEY LAUNDERING REGULATION." Journal of Governance and Regulation/Volume 7, no. 2 (2018).
 
[193]  Bodellini, Marco. "Corporate Governance of Banks and Financial Stability: Critical Issues and Challenges Ahead." Business Law Review 39, no. 5 (2018): 160-165.
 
[194]  Chang, Millicent, Andrew B. Jackson, and Marvin Wee. "A review of research on regulation changes in the Asia-Pacific region." Accounting & Finance 58, no. 3 (2018): 635-667.
 
[195]  Chen, Jia-Yuh, and Manish Khadka. "Can coase govern the Green Bay Packers?." Managerial Finance 41, no. 3 (2015): 328-342.
 
[196]  Rasheed, Abid, and Zara Nisar. "A Review of Corporate Governance and Firm Performance." Journal of Research in Administrative Sciences 7, no. 2 (2018): 14-24
 
[197]  Bellavance, Emily C., and H. R. Alexander. "Ethical considerations in clinical research." Annals of surgical oncology 19, no. 2 (2012): 355-356.
 
[198]  Neuman, W. L. (2011). Social science methods: Qualitative and quantitative approaches. (7th ed.). Boston, MA: Pearson.