Application of the King IV Corporate Governance Principles in Nigerian Financial Institutions: Evidence from Zenith Bank and Access Bank

This study examines the application of King IV corporate governance principles in Nigerian financial institutions, with evidence drawn from Zenith Bank and Access Bank. The King IV framework, developed in South Africa, has gained international recognition for its outcomes-based approach to governance, emphasising ethical culture, performance, effective control, and legitimacy. Nigerian financial regulators have progressively aligned domestic governance codes with internationally recognised principles, making the comparative analysis of King IV adoption germane to governance reform discourse. This study evaluates the degree to which Zenith Bank and Access Bank have incorporated King IV governance outcomes into their board practices, stakeholder reporting, and risk governance structures. A case study research design is adopted, drawing on annual reports, governance charters, and regulatory disclosures over four years. Document analysis is supplemented by structured interviews with six governance professionals in the two institutions. Governance adoption is assessed using a King IV compliance mapping tool adapted for the Nigerian regulatory environment. The study anticipates partial but growing alignment with King IV principles, particularly in board leadership and audit committee practice, with gaps in integrated reporting and social legitimacy disclosures. Findings will assist the Financial Reporting Council of Nigeria and the Central Bank of Nigeria in identifying specific governance improvements beneficial to the banking sector. Keywords: King IV principles, corporate governance, financial institutions, banking sector, Nigeria.