IMPACT OF BOARD ATTRIBUTES ON FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS (DMBS) IN NIGERIA

ABSTRACT Board operates as a representative of the board of directors from whom it receives its powers to perform its corporate governance responsibilities which include overseeing and monitoring the organization’s financial reporting, disclosure, internal and external audit, internal control, regulatory compliance, and risk management activities; this applies to public, private, and mix sectors, as well as some non-governmental and not-for- profit organizations. Therefore, the study examined the impact of board attributes on financial performance of Deposit Money Banks (DMBs) in Nigeria. The study employs only secondary source of data collection through 5years (2018-2022) financial report of ten (10) Deposit Money Bank (DMBs) listed on Nigerian Stock Exchange as at 2022 as the sample for the study, while correlation and regression analysis through STATA version 13 was used as method of data analysis. The findings of the study revealed that, the result reveals that there is a negative and insignificant relationship between board financial expertise and financial performance of sampled companies. The study also shows that there is positive and insignificant relationship between board competency and financial performance of sampled companies. However, only board meeting frequency has negative and significant relationship with financial performance of sampled Manufacturing Firms the Nigerian Stock Exchange (NSE). The study recommends among others, that, increase in board financial expertise will be critical to the success and survival of listed Manufacturing Firms in Nigeria while firms should also increase their size through increase in liquidity and put these to efficient use in order to enjoy economies of scale. The size of the board must not be unwieldy so that company’s businesses can be managed effectively and efficiently by the board members.