This study investigates whether corporate governance mechanisms shape the market valuation of Nigerian deposit money banks. Using panel data derived from published annual reports, the analysis models firm value proxied by market price per share as a function of CEO duality and board diligence indicators, with firm size controlled. The results show that CEO duality exerts a positive and significant association with firm value, indicating that the market did not penalise unified leadership during the period studied. Board diligence, measured through board size and meeting frequency, also demonstrates a positive valuation effect, suggesting that investors reward enacted oversight rather than symbolic compliance. Board independence, however, does not display a decisive valuation effect, implying that structural governance without visible enforcement is not priced. The findings confirm that governance is a price-forming attribute in the Nigerian banking sector and that markets distinguish between governance levers when assigning value. The study contributes context-specific evidence to the governance–value debate in frontier financial systems.

corporate governance, CEO duality, board diligence, firm value, Nigerian deposit money banks.

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