In any economy, the banking industry is a highly regulated industry owing to the fact that the industry is considered as the engine of economic growth and development. The objective of this research is to analyze financial performances of pre and post consolidation program in order to determine whether there is significant difference between the two periods. The study employed the use of secondary data gathered from the audited financial reports of selected banks. Descriptive analysis was employed through the use of tables and charts; then the regression is used to determine the relationships while t-test statistics is used to find out whether there is statistical difference between the means of consolidation variables and financial performance variables. It was discovered that it is not all the time that consolidation transforms into good financial performance of banks and it is not only capital that makes for good performance of banks. The study, therefore, recommends that the CBN should increase its oversight role so as to ensure that none of the banks has weak corporate governance.