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The concept of corporate governance has attracted the attention of many corporate bodies in recent years due to its promising importance to the economic health of business organizations and society in general. This is confirmed by Claessens and Fan (2002), who have expressed the view that corporate governance has received much attention in recent years. Several empirical studies have provided the link between corporate governance and stable performance. Bebchuk, Cohen and Ferrell (2004) said that “businesses that are managed and controlled effectively have higher business performance.” Gompers, Ishii and Metrick (2003) have shown through their study that firms with a lower level of corporate governance quality lead to higher risk and lower returns than those with a higher quality of governance. The corporate scandals of the early 2000s, including Enron, Worldcom, Tyco, USA, Southeast Asia, Europe and others, were directly linked to corporate governance failures (Hussin and Othman 2012, Abdul-Qadir and Kwambo, 2012). Nigeria is not excluded from these events, as a similar financial and accounting scandal has been masked, some of which have affected the banking sector and led to the liquidation of 26 banks in 1997 and the falsification of the company’s financial situation in Cadbury Nigeria Plc. In 2006 and the most recent events in 2009, after the banking crisis after consolidation, ten banks were declared bankrupt and eight (8) bank management executive teams were removed from the Central Bank of Nigeria (CBN 2010).

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