Margin Loans and It's Impact on the Nigerian Capital Market (2004-2008)

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THE IMPACT OF MARGIN LOANS
ON THE NIGERIAN CAPITAL MARKET.
(2004 - 2008)

BY
UWAKWEM, UGOCHUKWU MOSES
REG. NO.: 05262016

A PROJECT SUBMITTED TO THE DEPARTMENT OF
BANKING AND FINANCE,
FACULTY OF MANAGEMENT SCIENCES,
UNIVERSITY OF ABUJA.
IN PARTIAL FULFILMENT OF THE REQUIREMENTS
FOR THE AWARD OF BACHELOR OF SCIENCE (B.Sc)
DEGREE IN BANKING AND FINANCE.
UNIVERSITY OF ABUJA.

JANUARY, 2010.
CERTIFICATION
This project has been fully supervised, read and approved as having satisfied the necessary conditions for the award of Bachelor of Science Degree in Banking and Finance of the Department of Banking and Finance, University of Abuja.

----------------------------------------------------------------- Dr. Michael AnyanwaokoroDate
Project Supervisor

------------------------------------------------------------------- Dr. Sule MagajiDate
Head of Department

---------------------------------------------------------------------- External ExaminerDate

DECLARATION
I hereby declare that this research work has been entirely, the result and endeavour of the researcher.
An attempt of this nature has never been made by anyone in the past for the award of B.Sc Degree in Banking and Finance in the University of Abuja, to the best of my knowledge.
The source of all the information drawn from existing literatures have been fully acknowledged. However, any error or mistake contained in this work is completely my responsibility.

--------------------------------------
Uwakwem, Ugochukwu Moses

DEDICATION
This research project is dedicated to God Almighty for his Mercy, faithfulness and protection. My Parents: Mr. and Mrs. Moses Uwakwem and the Love of My Life: Miss Sarah Elebua Abiba.

ACKNOWLEDGEMENT
I wish to express my sincere gratitude to Almighty for his mercy, faithfulness, protection and provisions throughout my academic programme. Because I never would have made it without Him.
My appreciation also goes to my parents, Mr. and Mrs. Moses Uwakem and Mrs. Florence Briggs Uwakwem for bringing me up in the way and manner they did and for providing a reliable shoulder for me to lean on through out the duration of my academic pursuit.

I’m highly indebted to my project supervisor in person of Dr. Michael Anyanwaokoro who took time out to painstakingly read through my manuscript and made necessary corrections inspite of his busy schedule. I also thank him for broadening my scope of knowledge in other aspects of my course of study.

My special appreciation goes to the Love of My Life, Miss Sarah Elebua Abiba for playing the roles of a Mother, a Sister, a Friend and a Wife and for standing by me and supporting me with all she had, and for being there for me at all times, even when I wasn’t always there for her. Honey, you are more than a Woman, I Love You for that and always will.

I would be an ingrate if I fail to acknowledge the supports of my almost inexhaustible list of special friends: Jibola Sapara Ogunfemi, Daniel .O. Momoh, Faturoti Olutola, Claire Chika Olisa, Medupin, Hamza Fagu, Asma’u Aliyu, Mary Gali, Charles Tombari Mon, Ehioze Erediuwa, Barrister Dotun Sowemimo, Azahemen Biam, Torva Biam, Seronmu Biam, Benjamin Mbanefo, Amanna Agu, Abraham Oluwatobi Aina, Samuel Olatunde Abiola, Olowo Catherine Fumilola, Faleti Bukola, Tolulope Olowu, Gbemisola Oduwole and Ijeoma Agbakoba.

As they made my academic pursuit easier and more interesting with their support and words of encouragement.
I pray that God Almighty answers all your prayers and fulfills all your heart desires. Amen.

ABSTRACT
Margin loans have become phenomenal in stock markets around the world over the years. The impact of this facility on the level of activity in stock markets have now become evident. Empirical evidences attest to the fact that margin facilities influences the level of activity in the stock market during periods of economic boom and...
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