Governance of Quoted Companies During Corporate Crises: Lessons from Nigerian Banking Consolidations

This study examines the governance of quoted companies during corporate crises, drawing lessons from the Nigerian banking consolidation and recapitalisation episodes. Nigeria's banking sector has experienced two major crisis-driven regulatory interventions, the 2005-2006 consolidation and the 2009 bailout following the global financial crisis, which provide rich governance case study material. These episodes revealed governance failures including weak board oversight, excessive concentration of power in chief executives, and inadequate risk management structures. Drawing on crisis governance theory and the regulatory reform literature, this study analyses governance practices in banks that failed or required emergency support during these periods compared with institutions that maintained stability. A comparative case study design is adopted, using regulatory documents, central bank reports, court records, and published interviews. Analysis applies a governance failure taxonomy drawn from agency theory and recent banking governance frameworks. The study anticipates that governance failures in crisis banks were characterised by CEO dominance, board capture, and audit committee ineffectiveness, with implications for current governance design. Findings will assist the Central Bank of Nigeria, bank boards, and governance professionals in applying historical lessons to contemporary governance risk management. Keywords: corporate crisis, governance failures, banking consolidation, corporate governance, Nigeria.