BRIEF HISTORY OF NIGERIAN BANKING A formal legal structure to banking in Nigeria is a relatively recent invention. Prior to 1952 there was no legislation governing the banking system in Nigeria. The British Bank of West Africa (BBWA) started operating in Nigeria by the year 1892. After the BBWA‚ Barclays Bank became the second expatriate bank to operate in Nigeria by the year 1917. The first indigenous bank‚ The Bank of Nigeria was founded in the year 1933 and also operated successfully. After the
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BANKING SECTOR REFORMS –Implications for Employees By: Mr. Feyi Oluwaremi (B.Sc‚ MBA‚ ACA) ABSTRACT Recent reforms carried out by Sanusi Lamido Sanusi‚ governor of the Central Bank of Nigeria (CBN)‚ in the banking industry appear desirable. The CBN aims at ensuring the stability and soundness of Nigeria’s banking industry within the shortest possible time. However‚ the unintended negative effects of these present reforms of the banking sector on national economy are awful. The
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THE BANKING INDUSTRY AND THE NIGERIAN ECONOMY POST-CONSOLIDATION By B. B. EBONG GROUP MANAGING DIRECTOR/CHIEF EXECUTIVE UNION BANK OF NIGERIA PLC ABSTRACT Against the backdrop of the role of banks as financial intermediaries and their function as the engine of growth of the economy‚ this paper examines the extent to which the banking industry has helped to stimulate economic activities in Nigeria and what the prognosis looks like in the post-consolidation era. The paper notes that the banking industry
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Electronic Retail Payment Systems: User Acceptability and Payment Problems in Nigeria 1.1 Introduction The world has witnessed an upsurge of electronic payment instruments meant to facilitate trade and simplify payments. (Abor‚ 2004) Before the introduction of electronic payment into the Nigerian banking system‚ all customers had to walk into the actual bank to do transaction of all kinds. Customers had to queue up and spend more hours to talk to a teller to make their transactions. (Abor‚ 2004)
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COLLAPSE OF UNIVERSAL BANKING SYSTEM IN NIGERIA: AN ASSESSMENT OF THE INTRODUCTION OF SPECIALZED BANKING AND HOLDING COMPANY SYSTEM. BY AIMINHIEFE OSAGIE BENEDICT Osazemogie@yahoo.co.uk‚ 08055819143 BEING AN M.Sc. (ACCOUNTING AND FINANCE) SEMINAR PAPER‚ DEPARTMENT OF ACCOUNTING‚ FACULTY OF MANAGEMENT SCIENCES‚ BENUE STATE UNIVERSITY‚ MAKURDI. Abstract The Central Bank of Nigeria (CBN) recently reviewed the universal banking system in favour of separate banking licenses under
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Banking Sector Reforms in India *Manoj Kumar Assistant Professor‚ Deptt. of Commerce‚ N.M.Govt. (PG) College‚ Hansi ABSTRACT Banking sector reforms were introduced to remove the deficiencies in banking sector. The lack of autonomy is reflected in the fact that there is a common wage package for all bank employees irrespective of the health of the bank concerned. Kannan‚ the Chief Executive Officer of Bank of Baroda‚ says: "Give us the freedom to fix our own wages and offer market remuneration to
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economic crisis to its status of third largest economy in the world by 2011‚ India has grown significantly in terms of economic development. So has its banking sector. During this period‚ recognizing the evolving needs of the sector‚ the Finance Ministry of Government of India (GOI) set up various committees with the task of analyzing India’s banking sector and recommending legislation and regulations to make it more effective‚ competitive and efficient.[1] Two such expert Committees were set up under
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Central Bank of Nigeria BANKING REFORM AND ITS IMPACT ON THE NIGERIAN ECONOMY Sanusi Lamido Sanusi‚ CON Governor Central Bank of Nigeria Being a Lecture delivered at the University of Warwick’s Economic Summit‚ UK 17th February‚ 2012 Prepared by the Research Department of the Central Bank of Nigeria Protocol 1. It is a great honor to be invited to address the Warwick Economic Summit‚ which has become one of the largest academic conferences in Europe. I wish to commend
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distinguished itself as a leading institution and a major contributor to the economic advancement in Nigeria. Guaranty Trust Bank Plc with its headquarter at Victoria Island‚ Lagos as at December 2011 had an operating income of N141.729 billion‚ net income of N52.654 billion‚ total asset of N1‚525.010 billion and a total equity of N235.911 billion and it had more than two thousand‚five hundred employees in Nigeria. Its subsidiaries include Guaranty Trust Assurance Plc‚ GTB Registrars Ltd‚ GT Homes Ltd‚ GTB
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CHALLENGES OF MICROFINANCE BANKING IN NIGERIA-1 Nigerians‚ like many other Africans are generally known as their brother’s keepers in view of the extended family system. But when truly analyzed‚ there is a possibility that this may not be so? Perhaps a hypothetical deep may reveal that not up to 10% of Nigerians would invest in ventures or people that would yield them nothing in return and here I mean‚ “Returns in the short run or in the immediate”. The returns may be financial‚ emotional‚ spiritual
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