The word fraud refers to the irregularities involving the use of criminal deception to obtain an unjust or illegal advantage. It send a wave of doubts, curiosity, anxiety and concern to people as regards the safety of be it financial or otherwise. It exists in different sectors of our nations economy, education, agriculture, mining, production, banking etc.
However, First Bank of Nigeria Plc was founded in 1894, by a shipping magnate from Liverpool, Sir Alfred Jones, the Bank commenced as a small operation in the office of Elder Dumpster & company in Lagos.
The Bank was incorporated as a limited liability company on March 31, 1894 with Head office in Liverpool. It started business under the corporate name of the Bank for British West Africa (BBWA) with a paid – up capital of 12,000pounds sterling, after absorbing its predecessor, the African Banking Corporation, which was established earlier in 1892. This signaled the pre – eminent position which the Bank was to establish in the banking industry in West Africa. In the early years of operations, the Bank recorded an impressive growth and worked closely with the colonial government in performing the traditional functions of a central bank, such as issue of specie in the West African sub region
To justify its West Africa coverage, a branch was opened I Accra, Gold Coast (now Ghana) in 1896 and another in Freetown, Sierre Leone in 1898. These marked the genesis of the Bank’s international banking operations. The second branch of the Bank in Nigeria was in the old Calabar in 1900 and two years later services were extended to Northern Nigeria.
Currently with 339 branches spread throughout the federation, the Bank maintains the largest branch network in the industry. The Bank became the first financial institution in Nigeria to establish a subsidiary bank in the United Kingdom.
Over the years, the Bank has experienced phenomenal growth. With a share capital of N55.6 million in 1980, the Bank share capital grew to N1.270 billion as at March 2003. the bank’s total asset base was N320.58 billion while its deposit base stood at N193.955 billion as at March 2003. Also the Bank’s market capitalization stood at N66.05 billion i.e. N26.00k per share as at 31st March 2003.
To reposition and to take advantage of opportunities in the changing environment, the Bank embarked on several restructuring initiatives. In 1957, it changed its name from Bank of British West Africa to Bank of West Africa in 1969, the Bank was incorporated locally as the standard Bank of Nigeria Limited in line with the companies Decree of 1968.
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR ACCOUNTING PROJECTS AND MATERIALS
AN APPRAISAL OF THE IMPLICATION OF ELECTRONIC BANKING IN NIGERIA BANKS (A CASE STUDY OF ACCESS BANK)
CHAPTER TWO REVIEW OF RELATED LITERATURE Electronic banking in Nigeria has overtime been viewed by many especially economists as having a lot of implications on the economy of Nigeria and especially...Continue reading »
A CRITICAL ANALYSIS OF THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT The study was carried out to analyse how an organization performs making use of the financial statements with First Bank of Nigeria Plc serving as the case study. the study disclosed that th...Continue reading »
AN EVALUATION OF THE PERFORMANCE OF NIGERIAN STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIA ( A CASE STUDY OF NIGERIAN STOCK EXCHANGE)
HISTORICAL BACKGROUND OF THE NIGERIA STOCK EXCHANGE IN THE ECONOMIC DEVELOPMENT OF NIGERIAN. The nigeria stock excahnge denoted by NSE is a government establishment where stocks are traded on a daill...Continue reading »
APPLICATION OF BUDGETS AND BUDGETARY CONTROL MEASURES IN A NON-PROFIT ORGANIZATION: A CASE STUDY OF APOSTOLIC CHURCH, DELTA
2.1 CONCEPTUAL FRAMEWORK A budget is can be defined by accountants as “a planned outcome to be generated and for the expenditure to ensure during that period and the capital to be employed to a...Continue reading »
ASSESSING BOOK-KEEPING PRACTICES OF SMALL AND MEDIUM SCALE ENTERPRISES IN CALABAR LOCAL GOVERNMENT AREA
ABSTRACT The economy of Nigeria cannot function properly or thrive without the micro, small and medium scale enterprises (SMEs). These small scale enterprises cannot function properly if they are not ...Continue reading »
ASSESSMENT OF ADEQUATE RISK RECOGNITION AND MANAGEMENT IN NIGERIAN INSURANCE COMPANIES (A CASE STUDY OF UNION ASSURANCE COMPANY, UYO)
THE CONCEPT OF RISK Risk has been the subject of study by different scholars over the years with several meaning and definitions. But the most accepted definitions are that of J.E Banister and P.A Baw...Continue reading »
What are looking for today?
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
66,013 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
50,122 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
44,549 people found this useful
THE EFFECT OF TREASURY SINGLE ACCOUNT ON THE ECONOMY OF NIGERIA
43,149 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
43,060 people found this useful
CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION (A case study of champions’ brewe...
41,311 people found this useful