The impact of corporate governance on the survival and sustainability of Banksin Nigeria

The rapid development and transformation of any organization in today's hypercompetitive environment to a large extent is dependent the quantumof strategic relationships which would further enhance service excellence. An important strategic planning step for an organization going through transformation is to understand and institute the concept and principles of corporate governance. Corporate Governance has assumed the central stage for enhanced corporate performance. The relevance of corporate governance cannot be overemphasized since it constitutes the organizational climate for the internal activities of a company. Corporate governance brings new outlook and enhances a firm's corporate competitiveness and stakeholder's value. This study tries to examine the effect of corporate governance on the survival and sustainability of companies. This paper is of the opinion that the adoption of section 404 of Sarbanes-Coxley Act, which requires that management certify that internal controls contain no material weaknesses, so as to further enhance integrity of financial statement and ensure effective corporate governance and ethics in the banking industry in Nigeria.