1.1 THE BACKGROUND OF THE STUDY
Over the last couple of decades the Nigeria almost crude form it has characterized with in pre-colonial and colonial dry. It has become sophisticated that economic experts today can proudly thump their chests. With due regard to ownership structure of the institution, the regulatory framework, the instrument employed and number of established institutions, Nigeria can be said to posses the most sophisticated financial system in Africa.
Within the Nigeria financial system itself, the banking institution have been most remarkable in growth this is just as well in any case considering the critical position which they occupy in a complex financial position which supplies the money and cridit needs of the economy.
The world bank nor banker is neither used nor declined in the central of Nigeria (CBN) Decree No 24 of 1991 nor bank and other financial institution Decree (BOFIO) No 25 of 1991 but section 2 of bill of exchange act 1881 provides that bankers include a body of persons whether incorporated or not who carry out the business of banking section 2 (1) of the Evidence act defines banks bankers to means “any person or persons, partnership or company carrying on the business of bankers.
In view of these highlights, it becomes easily comprehensible why the failure of a bank has fare reading consequences the ability of bank to operate successfully rest upon how well they are able obtain the contidence of the public if that confidence is missing the gap will be too great for the banks to fill the effects of bank failure on economic development of Nigeria can be expressed in a nut-shell to be the following.
a. Lack of effective and efficient financial intimidation
b. Loss of public confidence in the system further depression of the economy additional burden on the regulatory authorities escalation of social vices.
For the sake of citizenry and in the interest of economic development there is as expedient need to devise a host of remedying situation.
The fact that a bank fail today is not to say that incidence is systemic there must be a number of way out of any sad predicament. The only crack is how will these remedies are frothily employed such remedies would include:-
a. The cultivation of a stable political environment.
b. The strengthening of regulatory agencies
c. The taking over by regulatory bodies of all terminally distressed banks.
d. Privatization and commercialization of all government owned bank
Can't find what you are looking for?
Call (+234) 07030248044.
OTHER SIMILAR BANKING FINANCE PROJECTS AND MATERIALS
A CRITICAL ANALYSIS ON THE USE OF FINANCIAL STATEMENTS IN ASSESSING THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIRST BANK NIGERIA)
ABSTRACT This project work is carried out to examine the contribution of micro finance banks to the development of Small and medium scale enterprises in Nigeria. The Brass micro finance bank is used a...Continue reading »
A STUDY ON THE ACCEPTANCE AND ADOPTION OF THE CBN CASHLES POLICY IN PORT HARCOURT, NIGERIA
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND TO THE STUDY One of the prerequisites for the development of national economy according to Ajayi et al, 2006 is by encouraging a payment system that is secu...Continue reading »
A STUDY ON THE IMPACT OF BUDGETARY CONTROLS ON THE PERFORMANCE OF AN ORGANIZATION (A CASE STUDY OF FIDELITY BANK PLC)
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND OF THE STUDY AND PROFILE OF THE ORGANIZATION Following the uncertainties prevailing in the Nigerian business environment today, managers and stakeholders mu...Continue reading »
ANALYZING PERFORMANCE APPRAISAL TECHNIQUES IN UNION BANK NIG PLC
CHAPTER ONE INTRODUCTION 1.1. BACKGROUND OF THE STUDY In any evaluation of the condition necessary for the growth and survival of an organization, the role of performance appraisal is a strategic f...Continue reading »
AUDIT INDEPENDENCE: ENHANCING ACCOUNTABILITY AND TRANSPARENCY IN CORPORATE ORGANIZATIONS
CHAPTER ONE INTRODUCTION 1.1. Background of the study The subject of transparency and accountability in modern day corporate organizations has continued to receive attention as never before. It has b...Continue reading »
CREDIT MANAGEMENT AND ISSUES OF BAD DEBTS IN COMMERCIAL BANKS IN NIGERIA
The article on this topic (credit management and issues of bad debts in commercial banks in Nigeria) is an extract from literature review of the project material. The complete project work would be ma...Continue reading »
What are looking for today?
THE IMPACT OF HUMAN RESOURCE PLANNING ON ORGANIZATIONAL PERFORMANCE
59,717 people found this useful
THE EFFECT OF SOCIAL MEDIA ON STUDENTS PERFORMANCE IN LEARNING LISTENING COMPREHENSION
46,959 people found this useful
THE EFFECT OF TREASURY SINGLE ACCOUNT ON THE ECONOMY OF NIGERIA
41,863 people found this useful
TAX ADMINISTRATION IN NIGERIA: CHALLENGES AND PROSPECTS, A CASE STUDY OF LAGOS STATE BOARD OF INTERN...
41,418 people found this useful
IMPACT OF SOCIAL MEDIA ON CONSUMER BEHAVIOR
37,893 people found this useful
CAUSES AND EFFECTS OF COMMUNICATION BREAKDOWN IN AN ORGANIZATION (A case study of champions’ brewe...
37,047 people found this useful