The research study considered corporate governance and firm cash holdings: a comparison between bank and insurance companies in Nigeria. The research design adopted for the study is expo factor research design. The population of the study consists of all the 16 banks and 40 insurance companies quoted in the Nigeria Stock Exchange as at December 2018. A sample of 11 banks and insurances companies each was selected base on their size from the population of the bank and insurance companies. Data for the study were obtained from annual reports for the period of ten (10) years ranging from 2009 to 2018.Regression analysis E-View 7.0 was used to establish the existent of relationship in the variables while the Independent sample test was used to compare the differences in cash holding in the bank and insurance companies in Nigeria. It was established that no significant relationship exist between corporate governance and firm cash holdings in bank sector in Nigeria as well as that of the insurance companies sector. However, there is significantly difference in the number of directors in the banking sector than those in the insurance sector. Also, the study reveals that accounts receivables in the banking sector is significantly higher than that reported in the insurance sector, while, cash & cash equivalent and financial asset, has no significant difference between insurance and banking sectors. It was therefore recommended among other that while continuous reforms in corporate governance are commendable but much still need to be done by the government, to ensure that the international codes of corporate governance should be adhered to due to the complexity and constant changing environment and to meet the need of Nigerian governance environment.