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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INTRODUCTION TO INDIAN BANKING INDUSTRY Banking in India originated in the last decades of the 18th century. The first banks were The General Bank of India‚ which started in 1786‚ and Bank of Hindustan‚ which started in 1770; both are now defunct. The oldest bank in existence in India is the State Bank of India‚ which originated in the Bank of Calcutta in June 1806‚ which almost immediately became theBank of Bengal. This was one of the three presidency banks‚ the other two being the Bank of Bombay
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The Swiss Banking Industry The Swiss banking industry has been around for more than 250 years‚ making it the cornerstone of the financial sphere. It has however been rapidly changing in the recent years‚ influenced by the latest financial crisis‚ and numerous tax evasion scandals. It has had to change its economic and regulatory conditions as the country’s authorities‚ as well as foreign authorities are demanding for a change in practices. This‚ in turn‚ has put the industry in the spotlight possibly
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Ethiopia Vol. 4 (3b) July‚ 2010 ISSN 1994-9057 (Print) ISSN 2070-0083 (Online) Fraud and Fraudulent Practices in Nigeria Banking Industry (Pp. 240-256) Owolabi‚ S. A. - Accounting Department‚ Babcock University‚ Nigeria E-mail: emilagab05@yahoo.com Abstract The paper reviews the various forms of fraudulent practice their impact and inducement for various reforms in banking industry. It also mentions various legislations targeted at reducing fraud and introducing some forms of control and reporting
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CHAPTER ONE 1.0 INTRODUCTION Banking reforms have been an on going phenomenon around the world right from the 1980s‚ but it is more intensified in recent time because of the impact of globalisation which is precipitated by continuous integration of the world market and economies. Banking reforms involve several elements that are unique to each country based on historical‚ economic and institutional imperatives. In Nigeria‚ the reforms in the banking sector preceded against the backdrop
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CHAPTER THREE RESEARCH METHODOLOGY 3.1 AREA OF STUDY The area of study o this research work is to determine the effect of monetary policy on the performance of banks in Nigeria. This study will cover all the commercial banks that have been in existence since 1975-2004. More so‚ the aggregates rate is used in assessing their performance. 3.2 METHOD OF INVESTIGATION/SOURCE OF INFORMATION According to Asika (2002)‚ research work can be defined as the restructuring of investigation aimed at identifying
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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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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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the expansion of banking and money and the changes in people’s financial wealth are three ways by which the financial system could affect the level of aggregate demand in the economy. For a real economy to expand‚ liquidity of assets is a requirement and the availability of liquid assets increases the aggregate demand in the economy as consumers have easy access to cash when needed as liquid assets are assets that can be easily converted into cash. The expansion of banking and money also affects
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