EFFECT OF BOARD ATTRIBUTES ON THE RETURN ON ASSETS OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

Abstract

This study investigated the effect of board attributes on the financial performance of listed deposit money banks in Nigeria, with a focus on CEO duality and audit committee size as key governance variables. The research adopted an ex post facto design and employed a quantitative approach, analyzing ten Nigerian banks listed on the Nigerian Exchange Group (NGX) over a ten-year period (2015–2024). Secondary data were collected from annual reports and financial statements, while return on assets (ROA) was used as a proxy for financial performance. Robust Least Squares regression was applied to account for outliers and non-normality in the data. The findings reveal a negative but statistically insignificant relationship between CEO duality and ROA, suggesting that concentration of leadership roles does not substantially affect asset utilization under the prevailing regulatory framework. Audit committee size exhibited a positive but insignificant association with ROA, indicating that merely expanding committee membership does not guarantee improved financial performance. These results align with governance theories emphasizing effective monitoring and oversight, highlighting that qualitative aspects of board attributes may be more critical than formal structural characteristics. The study underscores the importance of enhancing board engagement, independence, and audit committee expertise to strengthen bank performance.