Frequent incidences of bank failures in Nigeria resulting in enormous losses of investments and jobs have raised questions about the level of banks' compliance with the code of corporate governance. This single exploratory case study shifted attention from the banks to the regulators of banks in Nigeria, the Central Bank of Nigeria (CBN), to find out the problems they may be encountering in getting the banks to be fully compliant. Purposeful sampling was used to select 25 senior participants who were directly involved with the monitoring of banks from CBN. The agency theory served as the conceptual framework. The sources of data were semistructured interviews and focus group interviews. The use of member checking and triangulation improved the credibility of the data. Thematic analysis was used in data analysis. Findings showed that the CBN might have identified the shortcomings in their supervision processes and have put measures in place to ensure full compliance. Some of the measures included recruitment of skilled IT personnel to conduct monthly e-examinations of the books of banks, application of steep penalties for noncompliance, the reduction of percentage holding by investors, and continuous training of the staff. Full implementation and continuous evaluation of these measures should make the issue of bank distresses and the attendant loss of depositors' funds and means of livelihood outdated. This will result in positive social change by increasing public confidence in the banks resulting in a growth in the economic activities, more job creation, and greater wealth creation for shareholders.