Management control system plays significant role in the management process of an organization. This study aimed at investigating the role of management control in enhancing organizational effectiveness of banks in Nigeria. The study covered four commercial banks in Nigeria. the survey research design was employed in this study. Simple random sampling technique was used in selecting the thirty staff from each of the four selected banks in Nigeria summing up to 120 staff which make up the sample size of the study. The data for the study were collected using questionnaire developed by the researcher which were administered electronically to the respondents. The data collected were analyzed using descriptive statistical tool and the hypotheses formulated were tested using chi-square at 5% level of significance. The result from the analysis revealed that effective communication, recruitment process and risk assessment aids in efficient utilization of resources in commercial banks. The study also found out that external audit and risk assessment assist in the prevention and detection of errors and fraud. In addition, the study also discovered that frequent change in management, lack of commitment, poor implementation of management control mechanism, corruption and lack of strategic leadership are the challenges to management control mechanism that affect organizational effectiveness of commercial banks in Nigeria. Based on these findings, it was recommended among others that there is need to reduce frequent change in management, motivate staff to be committed in their duties, elimination of all forms of corruption and ensure the existence of strategic leadership as doing this, will enable the bank to achieved its organisational effectiveness.