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Corporate Governance Implementation in the Nigerian Banking Industry David Nkata Bassey Walden University

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Corporate Governance Implementation in the Nigerian Banking Industry David Nkata Bassey Walden University Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2018 Corporate Governance Implementation in the Nigerian Banking Industry David Nkata Bassey Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Accounting Commons, Business Administration, Management, and Operations Commons, Finance and Financial Management Commons, and the Management Sciences and Quantitative Methods 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 David Nkata Bassey 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. Hamid Kazeroony, Committee Chairperson, Management Faculty Dr. Javier Fadul, Committee Member, Management Faculty Dr. Daphne Halkias, University Reviewer, Management Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2018 Abstract Corporate Governance Implementation in the Nigerian Banking Industry by David Nkata Bassey MBA, University of Nigeria, 2005 BS, University of Calabar, 1991 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Management Walden University November 2018 Abstract The increasing level of fraud, the collapse of banks, and the loss of confidence in the Nigerian banking industry have been attributed to poor corporate governance. The problem of this study was effective implementation of corporate governance in Nigeria where multiple regulations are in place. The purpose of this qualitative single case study was to understand how corporate governance is implemented in the Nigerian banking industry in the face of a multiplicity of regulations. The research question investigated how Nigerian bank managers implement corporate governance regulations in the face of a multiplicity of regulations. The conceptual framework was grounded in stewardship theory. Data collection included document analysis and face-to-face semistructured interviews to gain an understanding of how to implement corporate governance based on the perception of 15 purposefully selected senior managers and directors of the host bank. Data were analyzed using Yin’s 5-Stage data analysis approach. Findings revealed that the involvement of senior bank managers and the adoption of global best practices, training, education, and awareness creation are the prerequisites for effective implementation of corporate governance. Findings may be used to reduce corporate failure, improve compliance, and restore confidence in the banking industry through enhancing the understanding of practitioners, investors, and policymakers on how to implement corporate governance in a highly regulated banking environment and contribute to positive social change. Corporate Governance Implementation in the Nigerian Banking Industry by David Nkata Bassey MBA, University of Nigeria, 2005 BS, University of Calabar, 1991 Dissertation Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy Management Walden University November 2018 Dedication I dedicate this study to the Blessed Virgin Mary, my mother, and my darling wife Sarah in appreciation of her unwavering support and encouragement. Thank you for all your love, patience, understanding and especially your continuous prayers. Acknowledgments I am very grateful to God who has been gracious and kind to me and made this dream become a reality. I would like to appreciate my entire family for their support, care, and understating during my dissertation journey. I thank my children Roland, David, Mary, Simon, Immaculata, Rosemarie, and especially Josemaria who would always compare his nursey two school work with mine and challenge me on “the first to finish the school assignment.” Thank you, Dr. Hamid Kazeroony, my mentor, committee chair, and methodologist for all the encouragement and directions toward completing my dissertation. The hope of achieving my program on time was threatened when my second chairperson resigned from the handling of the dissertation at Walden, but you restored that hope by agreeing to be my chair and methodologist a role you played with unflinching support and passion. You provided a shining light to follow in this journey. I also thank Dr. Javier Fadul, my second committee member and content expert, and Dr. Daphne Halkias, my university research reviewer, for your support and insightful feedback to strengthen the dissertation. Thank you, Dr. Sandra Kolberg, my program director, for your expertise in research design and faculty advising. Your comments on my prospectus were a source of inspiration and encouragement to me throughout the dissertation journey. I appreciate my course mates for the support and sharing during the dissertation journey. I am forever grateful to all those individuals and organizations that in one way or another contributed to the successful completion of this dissertation. Table of Contents List of Tables ..................................................................................................................... vi Chapter 1: Introduction to the Study ....................................................................................1 Background of the Study ...............................................................................................2 Problem Statement .........................................................................................................3 Purpose of the Study ......................................................................................................3 Research Questions ........................................................................................................4 Conceptual Framework ..................................................................................................4 Nature of the Study ........................................................................................................7 Definitions......................................................................................................................9 Assumptions .................................................................................................................11 Scope and Delimitations ..............................................................................................13 Limitations ...................................................................................................................14 Significance of the Study .............................................................................................16 Potential Contributions ......................................................................................... 16 Significance to Practice......................................................................................... 17 Significance to Social Change .............................................................................. 18 Summary and Transition ..............................................................................................18 Chapter 2: Literature Review .............................................................................................20 Literature Search Strategy............................................................................................21 Conceptual Framework ................................................................................................22 Corporate Governance Theories ..................................................................................26 i Agency Theory...................................................................................................... 27 Stewardship Theory .............................................................................................. 28 Stakeholder Theory ............................................................................................... 29 Property Rights Theory ......................................................................................... 31 Resource-Based Theory ........................................................................................ 32 Critical Concepts of the Study .....................................................................................33 Corporate Governance Studies in the Nigerian Banking Industry ...............................33 Problem of Corporate Governance Implementation ....................................................41 Rationale for Selection of Concepts ............................................................................47 Evolution of Corporate Governance in Nigeria ...........................................................50 Corporate Governance Issues in the Nigerian Banking Industry .................................54 Compliance Procedures and Conflicting Regulations .......................................... 55 Lack of Independence of Board Members and Committees ................................. 57 Inadequate Monitoring of Control Systems .......................................................... 58 Lack of Transparency ..........................................................................................
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