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ABSTRACT The research paper examined risk management in Nigerian banking institutions. The first bank of Nigeria PLC was used as the case study is the oldest and the biggest bank out of the twenty- three (23) banks currently operating in Nigeria’s economy. The data used for the study were collected majorly from a primary source through the distribution of questionnaires to respondents in the bank. Simple percentages were used to analyze the respondent’s responses to each of the questions while Chi-square (x2) and the Analysis of Variance statistic (ANOVA) were used to test the stated hypothesis. The analysis revealed that risk in the likelihood of fraud and forgery, operational risk, market risk, and system risk abound in Nigeria’s banking operations which needed to be managed appropriately to improve the performances and profitability of the banks. Based on the research findings, it was discovered that Nigeria’s banking operations are affected more by credit risk and operational risk than market risk. Fraud and forgeries also play an adverse role in banking daily operations. However, the banks’ risk management techniques have curbed or reduced the various risks confronting Nigerian banks. It was therefore recommended among others that the Nigerian government strengthen the legal framework for the enforcement of loan repayment from borrowers to banks upon loan maturity. And financial regulators must adopt a risk management approach that is in complete compliance with international standards focusing on the financial and operational risks faced by banks to guide against any risks associated with the banking operations and existence.
