Recent global corporate failures have called for increase in the need to regulate corporate governance across the world. In Nigeria, the impact of corporate governance regulation in the banking sector has reached epidemic levels contributing to the country’s economic depression. This study critically evaluates Nigeria’s corporate governance regime and explores how weak regulation has impacted on the banking sector. By adopting a socio legal methodology, the study analyses both theoretical and empirical works from a socio-scientific point of view to examine the role of Nigeria’s legal, cultural and social arrangements in corporate governance regulation. The study reveals that Nigeria’s institutional arrangement has contributed to its weak system of corporate governance regulation with adverse effects on the banking sector. The research mainly impacts on current global corporate governance literature in sub-Saharan Africa by contributing to knowledge of the peculiarities of corporate governance regulation in different institutional jurisdictions. The particular focus on emerging economies such as Nigeria expands on the need for countries to develop a bespoke system of corporate governance regulation that takes into consideration the peculiarities of individual countries devoid of external influence.
 World Bank. (2000). Nigeria: Financial Sector Review. Retrieved 20 March, 2017, from http://siteresources.worldbank.org/NIGERIAEXTN/Resources/mac_fin_1.pdf.
 The Committee on the Financial Aspects of Corporate Governance & Gee and Co. (1992). The Financial Aspects of Corporate Governance. Retrieved 20 March, 2017, from http://www.ecgi.org/codes/documents/cadbury.pdf.
 Organisation for Economic Co-operation and Development. (2004). OECD Principles of Corporate Governance. Retrieved 22 September, 2014, from http://www.oecd.org/corporate/ca/corporategovernanceprinciples/31557724.pdf.
 Porta, R. L., Lopez-de-Silanes, F., Shleifer, A. & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155.
 Mack, N., Woodsong, C., MacQueen, K. M., Guest, G. & Namey, E. (2005). Qualitative Research Methods: A Data Collectors Field Guide. North Carolina: Family Health International.
 Boniface, C. (1991). Fraud in the banking industry. The Nigerian Banker Oct.-Dec. 22&23, CIBN Press.
 Securities and Exchange Commission. (2003). Code of Corporate Governance in Nigeria. Retrieved 20 March, 2017, from http://www.ecgi.org/codes/documents/cg_code_nigeria_oct2003_en.pdf.
 Central Bank of Nigeria objectives. Retrieved 20 March, 2017, from http://www.cbn.gov.ng/AboutCBN/.
 Central Bank of Nigeria Act, 2007. Federal Republic of Nigeria: Official Gazzette. Retrieved 20 March, 2017, from http://www.cbn.gov.ng/OUT/PUBLICATIONS/BSD/2007/CBNACT.PDF.
 Soludo, C. C. (2004). Consolidating the Nigerian banking industry to meet the development challenges of the 21st century. In Being an address delivered to the Special Meeting of the Bankers Committee, held on July (Vol. 6).
 Central Bank of Nigeria. (2006). Code of Corporate Governance for Banks in Nigeria Post Consolidation. Retrieved 20 March, 2017, from http://www.ecgi.org/codes/documents/cg_code_nigeria_2006_en.pdf.
 Osemeke, L. & Adegbite, E. (2016). Regulatory multiplicity and conflict: towards a combined code on corporate governance in Nigeria. Journal of Business Ethics, 133(3), 431-451. DOI: 10.1007/s10551-014-2405-3.
 Questionnaires were sent to all companies listed in the Nigerian Stock Exchange, followed by in-depth interviews. The findings of the survey revealed that over 67% of respondents believed that there are discrepancies in the Code, a number which is of great concern to stakeholders.
 Yakasai, A. G. (2001). Corporate governance in a third world country with particular reference to Nigeria. Corporate Governance: An International Review, 9(3), 238-253.
 Central Bank of Nigeria. (2014). Code of Corporate Governance for Banks and Discount Houses in Nigeria. Retrieved 20 March 2017, from, http://www.cbn.gov.ng/Out/2014/FPRD/Circular%20on%20Code%20of%20Circular%20on%20Corporate%20Governance%20and%20Whistle%20Blowing-May%202014%20(3).pdf.
 Central Bank of Nigeria. (2010). Global Financial Crisis Impact in Nigeria: Nigerian Financial Reforms and the Roles of Multilateral Development Bank and IMF. Retrieved 20 March 2017, from, http://financialservices.house.gov/media/file/hearings/111/sanusi111610.pdf.