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Nigerian Banks' Compliance with the Code of Corporate Governance Aderonke Alberta Tayo-Tiwo Walden University

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Nigerian Banks' Compliance with the Code of Corporate Governance Aderonke Alberta Tayo-Tiwo Walden University Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2018 Nigerian Banks' Compliance with the Code of Corporate Governance Aderonke Alberta Tayo-Tiwo Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Finance and Financial Management Commons, and the Organizational Behavior and Theory Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden University College of Management and Technology This is to certify that the doctoral dissertation by Aderonke Alberta Tayo-Tiwo has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. Teresa Lao, Committee Chairperson, Management Faculty Dr. Stephanie Hoon, Committee Member, Management Faculty Dr. Patricia Fusch, University Reviewer, Management Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2018 Nigerian Banks Compliance with Code of Corporate Governance by Aderonke Alberta Tayo-Tiwo MBA, Enugu State University, 1999 BS, University of Ife, Nigeria, 1982 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Management Walden University November 2018 Abstract Frequent incidences of bank failures in Nigeria resulting in enormous losses of investments and jobs have raised questions about the level of banks’ compliance with the code of corporate governance. This single exploratory case study shifted attention from the banks to the regulators of banks in Nigeria, the Central Bank of Nigeria (CBN), to find out the problems they may be encountering in getting the banks to be fully compliant. Purposeful sampling was used to select 25 participants who were directly involved with the monitoring of banks from CBN Lagos office. The agency theory served as the conceptual framework. The sources of data were semistructured interviews and focus group interviews conducted with senior officials of the CBN. The use of member checking and triangulation improved the credibility and trustworthiness of the data. Thematic analysis was used in data analysis. Findings showed that the CBN might have identified the shortcomings in their supervision processes and have put measures in place to ensure full compliance with the code. Some of the measures included recruitment of skilled IT personnel to conduct monthly e-examinations of the books of banks, application of steep penalties for noncompliance using the omnibus clause, the reduction of percentage holding by investors, and continuous training of the staff in the department. Full implementation and continuous evaluation of these measures should make the issue of bank distresses and the attendant loss of depositors’ funds and means of livelihood outdated. This will result in positive social change by increasing public confidence in the banks resulting in a growth in the economic activities, more job creation, and greater wealth creation for shareholders. Nigerian Banks Compliance with Code of Corporate Governance by Aderonke Alberta Tayo-Tiwo MBA, Enugu State University, 1999 BS, University of Ife, 1982 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Management Walden University November 2018 Dedication I would like to dedicate this dissertation first to God the almighty for the strength and wherewithal to start and complete the program. Secondly to my dearly beloved and affectionate parents of blessed memory; my father Albert Adebayo Shomade and my mother Hannah Modupeola Ahazie, I wish you were both alive to witness this but I know you will be proud of me even in the great beyond. I also dedicate this dissertation to three other great people who believed in me and were always there for me, my grandmother, Victoria Ajara Obafemi, my aunt Abiodun Ogunmekan and my stepfather Joseph Alims Ahazie. Thank you all for your guidance. Acknowledgement I proudly acknowledge my wonderful and supportive dissertation committee. To my chair, Dr. Teresa Lao, thank you for the pains in nurturing me and for reading my manuscript repeatedly in order to get a perfect paper. Thank you for your patience and support at all times. To my committee member Dr. Stephanie Hoon, I cannot but thank you for the prompt and insightful feedback that has helped in the completion of this dissertation. To Dr Patricia Fusch, my URR, I am indeed proud that you are a part of this dissertation team. Thank you for taking the time to read the dissertation, correcting almost every line to ensure that the dissertation is up to the required standard. To the three of you, please accept the assurances of my highest regards at all times. I must thank Dr. Sherman who painstakingly guided me at the onset of the dissertation when I was at a loss at how to commence the study. I am indebted to my family, especially my loving husband, Tayo, for all the prayers and for sharing in my successes and anxieties during the course of the program. Thank you for being my number one support, always there to spur me on. To my wonderful children Oluwafeyijimi, Temiloluwa, and Teniola, I am immensely grateful to you for all the technological support throughout the program, how could I have coped with an online program without your support? Temiloluwa is always at hand to type and read my documents to spot issues especially in citing of references. Teniola was always checking up on me to offer helping hands at all times. I am extremely proud of you all! Finally, my deepest gratitude goes to all my classmates, all Walden faculty, and staff and other people that I have met during this journey thank you all! Table of Contents List of Tables .................................................................................................................... vii List of Figures .................................................................................................................. viii Chapter 1: Introduction to the Study ....................................................................................1 Background of the Study ...............................................................................................2 Problem Statement .........................................................................................................5 Purpose of the Study ......................................................................................................6 Research Question .........................................................................................................7 Conceptual Framework ..................................................................................................7 Nature of the Study ........................................................................................................9 Definitions....................................................................................................................13 Assumptions .................................................................................................................14 Scope and Delimitations ..............................................................................................15 Limitations ...................................................................................................................16 Significance of the Study .............................................................................................16 Significance to Practice......................................................................................... 17 Significance to Theory .......................................................................................... 20 Significance to Social Change .............................................................................. 21 Summary and Transition ..............................................................................................22 Chapter 2: Literature Review .............................................................................................24 Literature Search Strategy............................................................................................24 Conceptual Framework ................................................................................................25 i Agency Theory...................................................................................................... 26 Stewardship Theory .............................................................................................. 27 Literature Review.........................................................................................................28 The Traditional Models of Corporate Governance ............................................... 29 The Anglo-Saxon Governance Model .................................................................. 30 The German-Japanese Governance Model or Stakeholder Model ....................... 30 Board Structure and Composition ......................................................................... 31 Governance in Emerging Economies .................................................................... 32 Corporate Governance and Agency Theory ................................................................32
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