Abstract This research work focused on corporate governance as a measure for detecting and preventing fraud in the Nigerian banking industry. The problem of fraud has been identified to be the greatest problem that bedevils our banking industry. Fraud in our banking sector comes in different dimension and has been identified as one of the major cause of banks distress in Nigeria. Before the banking reforms. The researches carried out revealed the high incidence of fraud in the banking sector which have been primarily due to weak internal control system in to the banking daily operation. It highlighted corporate governance as a measure for detecting and preventing fraud in the Nigerian banking industry using Oceanic bank Plc, First Bank Plc and Intercontinental Bank Plc as test case or an inevitable tool for a successful banking operation. In the course of carrying out this research work data was collected from both primary and secondary source. Primary sources of data includes administrative questionnaire and personal interview while secondary source of data include. Textbooks, Journals, Newspaper, Magazine etc. the methodology used includes the collection of data through the use of questionnaire the data collected was analyzed, interpreted and presented using the Chi- square table. The sample size use is 20. However, conclusion were drawn and recommendations were also drawn which states that Banks should critically examine options for preventing and timely detection of fraud and forgeries, as these are likely to dissuade the would be perpetrators. Also deterrent punishment should be spelt out by the legal authority to minimize fraud perpetration. Etc. The researcher is of the view that if the recommendations made in chapter five are adhered to, fraud will be minimized in the banking industry and national economy as a whole.