Banks are essential economic components, corporate entities that play significant roles in the economic stability of any nation. Banks are indispensable routes for financing business, protecting customerâ€™s funds and providing platforms for national and international investment, employment and other services. Consequently, stakeholders including investors, depositors, employees, consumers and governments are concerned about how banks are governed or managed to meet the expectations of stakeholders. The manner banks as corporate entities are governed may cause their bedlam with devastating consequences on all stakeholders. Hence, corporate governance in banks has become an increasingly global concern. This paper is divided into five(5) parts. The first part, the introduction focuses on the relationship between corporate governance in the banking sector and the economic development. In the second part of the paper, there is an attempt to define the concept called corporate governance, while the third part traces the history of corporate governance in Nigeria from the 1968 Company Act to the 2014 CBN Code of Corporate Governance for Bank and Discount Houses. The fourth part discusses the provisions of the 2014 Code CBN Code side by side the 2011 SEC Code. The final part is the conclusion and recommendation.