In the last two decades, the Nigerian banking industry had undergone some reforms and regulations with the main aim of making the industry more impactful to the growth and developmental goals of the economy. This had undoubtedly tampered with the structure of the nation's banking industries and perhaps negates some previous empirical findings on the structure and performance of the industry. Therefore, this study re-examined the structure, conduct, and performance paradigm in the Nigerian banking industry. The study employed secondary data from 2008 to 2017, which were obtained from the Nigerian stock exchange Annual report, Central Bank of Nigeria Statistical Bulletin, Fact Book and Annual report and accounts for commercial banks in Nigeria. To analyzed the data obtained co-integration and error correction econometric techniques was used. Our findings revealed that the market power hypothesis with the notion that a direct relationship exists between the market concentration and bank performance was not very true. The performances of banks are not necessarily determined by its structure nor its concentration. The results negate a priori expectations of increased market power that could have possibly come from the banks' cartel and a corresponding increase in the level of concentration which could, in turn; increase bank performance. Consequently, the financial industry regulator in Nigeria should focus less on competition among the banks but pay attention to internal practices among the operators within the system.
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