Abstract
This study investigates the moderating effect of intellectual capital on the relationship between
corporate governance and the market value of financial firms listed on the Nigeria Exchange
Group (NGX). Using an ex post facto research design, data were collected from 52 financial firms
for the period 2014–2024, and analyzed using panel regression techniques. Corporate governance
variables examined include board financial expertise, board independence, audit committee
financial expertise, audit committee gender diversity, managerial ownership, and institutional
ownership, while intellectual capital is conceptualized as a moderating factor. The findings reveal
that board financial expertise, board independence, audit committee financial expertise, and
institutional ownership significantly enhance market value, while audit committee gender diversity
and managerial ownership exhibit positive but insignificant effects. Intellectual capital was found
to have a significant positive impact on market value and strengthens the effect of board financial
expertise, indicating that knowledge-based resources amplify the effectiveness of governance
mechanisms in driving firm performance. The study concludes that effective corporate governance,
when complemented by robust intellectual capital, is essential for enhancing market value and
investor confidence in Nigerian financial firms. It recommends that firms strengthen board and
audit committee expertise, promote intellectual capital development, and encourage active
institutional ownership to maximize governance effectiveness and sustainable value creation.