Cooperative societies are business models formed by their members as a result of failure of the market to provide needed goods and services at affordable prices and acceptable quality. Hence, the absence of good governance had resulted in financial failure of these business models. This study, therefore ascertained the impact of corporate governance practices on return on assets (ROA) of selected Cooperative Thrift and Credit Societies (CTCS) in Lagos State, Nigeria. The research design adopted was Ex-post facto and data were analysed using descriptive and inferential statistics. The results of the study showed that there is significant effect of corporate governance on the return on asset (Adjusted R2 = 0.279; p = 0.000). there is evidence that training of board members and policy compliance have significant relationship with the return on asset (TR = 0.100, z-test = 4.167, p < 0.05 and PC = 0.657, z-test = 5.298, p < 0.05). Conversely, there is evidence that members participation, accountability, and gender composition have no significant relationship with the return on asset (MP = -1.086, z-test = -0.866, p > 0.05; AC = 0.564, z-test = 0.937, p > 0.05, and GC = -0.115, z-test = -0929, p > 0.05). The study concluded that there was a statistically significant effect of corporate governance on return on assets and suggests that the regulatory authority should promote the practice of corporate governance by the management committee and ensure compliance with regulatory directives.