TWENTY FIVE YEARS OF MERCHANT BANKING IN NIGERIA
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TWENTY FIVE YEARS OF MERCHANT BANKING IN NIGERIA
INTRODUCTION
CHAPTER ONE
In the history of an industry, twenty-five years is rather brief. Several strikes have occurred in advanced countries around the world, particularly in the United Kingdom, where the banking industry has a long history.
Merchant banks (also known as acceptance houses in the United Kingdom and investment banks in the United States) are increasingly frequent and major parts of most economies around the world. In some cases, these institutions have existed in the United Kingdom for nearly two centuries.
Despite this, merchant banking remains a mystery to the typical educated man today, especially the banker. Those who claim to know the organisation and may be able to explain it are frequently unable to provide a precise instructive and broadly recognised definition.
As John Lucchesi of Bank of America put it, “merchant banking is like falling in love; it’s different for everyone.” No two people had the same experience. Looking back twenty-five years and analysing the growth, development operation,
and roles of an industry (BANK) that was a part of that beginnings would appear justified. The researcher’s primary purpose is not to look back and count the industry’s accomplishments and failures.
Furthermore, and perhaps most crucially, it is believed that the information gained by a critical review of the past would enable the establishment of regulations and more potent tactics for ensuring merchant banking institutions efficiently perform their catalytic role.
In Nigeria, for example, merchant banks have clearly made great and creditable contributions to the general development of our country’s economy and, in particular, to the development of our financial environment, despite criticism.
Simply by operating, they have increased the size of financial claims in issue in Nigeria, thereby broadening the country’s financial infrastructure. The researcher could investigate the origins and evolution of the merchant banking industry in Nigeria.
The operations of merchant banking institutions throughout the last twenty-five years are noted and highlighted. The industry’s achievement restrictions, weaknesses, and possibilities.
Indeed, the success and failure of these older and more established financial enterprises. The provision of a commercial banking system to a country’s economy,
such as Nigeria’s, has remained a vital lifeline through which the economy grows. As a result, the supply of these services by merchant banks and other financial institutions has become critical to the economy.
STATEMENT OF THE PROBLEM
1. There has been a significant failure of merchant banks in Nigeria; gaps in their functions will be investigated.
2. No new merchant bank has been founded in an area where existing financial institutions have been quickly expanding.
3. What are the industry’s weaknesses and prospects, and why has merchant banking’s performance been so poor over the past twenty-five years?
AIMS/OBJECTIVE OF THE STUDY
1. The study’s goal is to discover the duties provided by merchant banks in Nigeria and to take notes on their activities.
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