The corporate world over the past few decades has been plagued with instances of corporate mismanagement which resulted in the collapse of several companies. In Nigeria, several banks have collapsed, with the most recent being in 2018, and these failures have been largely credited to weak corporate governance practices. Banks are key in the development of emerging economies; therefore, good corporate governance of banks has far-reaching implications. To regulate corporate governance in Nigeria’s banking industry, the principles-based approach is utilized. However, a critical examination would reveal that it has proven inadequate in achieving the regulatory objectives in light of the current challenges faced. This study proposes a restructure of the current system of regulating governance in the Nigerian banking industry. To achieve this, I engaged in a comparative analysis of the traditional principles-based and rules-based approach to governance regulation, using Canada and the United States as case study. Taking into consideration lessons from this cross-jurisdictional analysis, as well as the peculiarity of the Nigerian banking environment, the study explores new perspectives for regulating corporate governance within Nigerian banks and proposes the adoption of a unique approach.