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This study investigates the impact of corporate governance on management control systems in the Nigerian investment banking sector. Specifically, the research examines the effects of board composition, board size, audit committee effectiveness, and ownership structure on Management Control System. Survey research design was adopted, employing structured questionnaires to gather data from a stratified random sample of 305 respondents from 32 investment banks registered with the Securities and Exchange Commission in Nigeria. Data were analyzed using descriptive statistics and multiple linear regression. Findings from the inferential analysis revealed that board composition, board size, audit committee effectiveness, and ownership structure had no statistically significant impact on Management Control System. The study concludes that while governance structures are uniformly present, they may not independently predict variations in Management Control System effectiveness within Nigerian investment banks. This finding contributes to governance literature by highlighting potential contextual or mediating factors in the governance–control systems nexus. It is recommended that emphasis should shift from structural compliance to substantive governance quality, including board member competencies, audit committee independence, and integration of strategic oversight in decision-making Keywords: Corporate governance, management control systems, board size, audit committee, ownership structure, board composition.

Keywords: Corporate governance, management control systems, board size, audit committee, ownership structure, board composition

Citation: Wilson, A., Phd, E.R.I., & Fca, (2025). Corporate Governance and Management Control System in the Nigerian Investment Banking Sector. International Journal of Innovative Research in Accounting and Sustainability, 10(3), 54-65.