1.1 INTRODOUCTION OF THE STUDY
The velalive insufficiency of fund for capital investment is a common factor in every economy especially in developing counties of the world. In developing counties like Nigeria; the low level of capital investment manifest in high unemployment rates; low productivity and corresponding low standard of living for greater majority of the population.
Finding a solution to this problem of providing fund for capital investment has been a major pre-occupation of financial institutions in Nigeria. Beyond the traditional term loan; share offers; bonds and on; business organizations and financial institutions alike have sought out avenue to tackle the problem of insufficient fund for capital investment. One of the solutions they have come up with is syndicated load or multiple credit facilities , which is aimed at spreading risks and weakening the impact of restricting laws and regulation on lending by financial institutions .
Syndicate has been defined as an association of industrialist , or financial or banking consortium forced to carry out some industrial projects .
Accordingly, loan syndication is basically defined as an agreement between two or borrower with credit facility utilizing common loan documentation.
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