An investigation of corporate governance practices on corporate banking performance: A case study of Union Bank Nigeria, Lagos
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Background of the Study
Corporate governance practices are essential for ensuring transparency, accountability, and ethical behavior in the banking industry. Union Bank Nigeria in Lagos has placed significant emphasis on robust governance frameworks to enhance its corporate banking performance. Effective corporate governance is associated with improved decision-making, risk management, and overall financial performance. At Union Bank, corporate governance practices include board oversight, transparent reporting, and rigorous internal controls that collectively support sound management and operational efficiency (Adenuga, 2023). The adoption of best governance practices is increasingly critical in an era marked by regulatory scrutiny and heightened stakeholder expectations.
Union Bank has implemented a series of reforms aimed at aligning its governance structures with international best practices. These include regular board evaluations, stakeholder engagement initiatives, and comprehensive compliance programs. Such measures have been linked to improved corporate banking outcomes by fostering an environment of trust and accountability. Strong governance practices not only enhance the bank’s reputation but also facilitate more effective risk management, which is crucial in navigating the volatile financial landscape (Ogun, 2024). Additionally, empirical evidence suggests that banks with robust corporate governance frameworks are better positioned to achieve sustainable growth and profitability (Obi, 2025). This study seeks to investigate the impact of corporate governance practices on the performance of Union Bank’s corporate banking division. It aims to explore how these practices influence operational efficiency, risk mitigation, and overall financial performance, thereby contributing to a deeper understanding of governance as a strategic tool in the banking industry.
Statement of the Problem
Despite the adoption of comprehensive corporate governance practices, Union Bank Nigeria faces challenges in translating these frameworks into improved corporate banking performance. A key issue is the inconsistency in governance implementation across different levels of the organization, which can lead to fragmented decision-making and operational inefficiencies (Adenuga, 2023). Moreover, the rapid evolution of regulatory requirements and market conditions often necessitates continuous adjustments in governance practices, creating challenges in maintaining a stable and effective framework (Ogun, 2024). Additionally, resistance to change among some senior managers and the lack of a unified governance culture may undermine efforts to fully leverage governance for enhanced performance (Obi, 2025). These challenges can result in suboptimal risk management and strategic misalignments, ultimately affecting the bank’s competitive position in the corporate banking sector. This study aims to identify these gaps and propose solutions that will enable Union Bank to optimize its corporate governance practices, ensuring that they effectively contribute to improved performance and stakeholder value.
Objectives of the Study
- To evaluate the current corporate governance practices at Union Bank Nigeria’s corporate banking division.
- To identify challenges in the implementation of effective governance frameworks.
- To recommend strategies for strengthening governance practices to enhance corporate banking performance.
Research Questions
- What corporate governance practices are currently in place at Union Bank Nigeria?
- How do these practices influence corporate banking performance?
- What improvements can be made to strengthen governance frameworks?
Research Hypotheses
- H₁: Effective corporate governance practices significantly improve corporate banking performance at Union Bank Nigeria.
- H₂: Inconsistencies in governance implementation negatively affect operational efficiency.
- H₃: Strengthened board oversight is positively associated with enhanced risk management and financial performance.
Scope and Limitations of the Study
The study focuses on Union Bank Nigeria’s corporate banking division in Lagos and examines governance practices over recent operational cycles. Limitations include potential biases in self-reported data and the influence of external regulatory changes.
Definitions of Terms
- Corporate Governance: Systems, principles, and processes by which an organization is controlled and directed.
- Corporate Banking Performance: Measures of profitability, efficiency, and market competitiveness in corporate banking.
- Board Oversight: The supervisory role of a company’s board of directors in monitoring management practices.
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