Corporate governance describes the expectations of stakeholders on how corporations are governed. These expectations or perceptions keep changing; and because they keep changing, the managers of corporations and indeed all stakeholders need to keep pace with these expectations. In this paper, the researcher reviewed the various attempts made by Central Bank of Nigeria (CBN) at entrenching corporate governance in Nigerian banks with a special focus on whether banks in Nigeria are complying with the code of corporate governance post consolidation (2005 – 2009). The study employed an interpretivist methodology and collected data through observation, document analysis and a review of the CBN case. The case x-rayed the regulator – induced banking consolidation reforms and the compliance with the mandatory code of corporate governance for banks in Nigeria post consolidation as well as issues bordering on supervisory framework, architecture and risk management. The research revealed that banks in Nigeria are committed to conforming to the dictates of the code of corporate governance while struggling to achieve viability.