Internal control in banks helps to protect the bank against fraudulent act and practices. Though its procedure varies from one institution to the other, its aim and objective remains the same. Internal control have therefore help banks to be better managed, more liquid and directed toward profit making by the bank. This project is therefore undertaking to know the effectiveness of this internal control system and procedures on innovation of product in Nigeria. The result was that with effective control internally, product would be well innovated. The result of the findings of the questionnaires would be tested through the chi-square method.