The paper reviews the concept of corporate governance, it reflects on financial performance of deposit money banks and outlines the theoretical framework underpinning corporate governance. The paper puts into perspective the corporate governance framework in Nigeria narrowing down to the guidelines, structure and the regulatory framework in the banking sector. The study is based on Agency and Financial Intermediaries theories. The methodology investigated world-wide existing empirical studies on the relationship between corporate governance and financial performance of deposit money banks in Lagos State, Nigeria. A conceptual framework was proposed based on the empirical studies and identified gaps in the literature. The study posits that an efficient practice of corporate governance amongst an organisation's workforce can be relied upon to safeguard the resources and entitlements of all stakeholders in the bank leading to increase in profitability and decreasing solvency challenges in Nigerian deposit money banks. The study also postulates that all stakeholders should be taken into consideration in the formulation and implementation of the banks' corporate governance structure. The study recommends full compliance with corporate governance tenets by banks as this will enhance their financial performance in both short and long run.