poor corporate governance has been cited as one of the major causes of the collapse of the seven banks by bog, and other financial analysts. board level and senior management where either inactive or engaged in activities that inured to their personal interests rather than to the growth of the banks. for instance, they were the observation that most of the non-performing loans were advanced to people who were related to senior board managers. furthermore, board of directors of banks failed to oversee bank accounting and corporate reporting systems as well as the external auditing system due to lack of experience or greed. in addition, board of directors failed to provide proper functioning risk management framework. there was also the lack of independence and integrity among chief internal auditors in most of the collapsed banks, leading to cover-ups for executive directors during review processes. the general non-adherence to policies of corporate governance has greatly contributed to the collapse of these banks.