The Financial System in Nigeria

FBN continue to execute on previously articulated regional expansion strategy being consistent in their objective of effectively maximizing shareholder value while harnessing the benefits of diversification. First bank plc have only pursued expansion into countries that will disproportionately add economic value over the medium to long term and bolster the banking group’s strategic positioning in the Su-Sahara Africa (SSA) financial landscape (FBN, 2012). First bank of Nigeria brand of being dependably dynamic is one of its major selling points. Aside being the largest banking group by assets in SSA, the fact that a significant proportion of the banking public has business relationship with the bank attest to the strength of its brand. Part of their strategy is to be dominant financial services group across middle Africa. Having established itself over a 120 years history as the largest bank in Nigeria and already as the largest private sector banking group in Sub-Sahara Africa (Meristem, 2011).

It is very much true in the modern day that, technology is inseparable from the processes of economic growth and development of any developing country, and for the collection of capital. Given this fact and the significant role of commercial banks adapting modern technology and contributing in the development process, there is obvious scope for an investigation of the impact of modern technology in the banking system.

The turmoil in the international financial markets of advanced economies, that started around mid-2007, has exacerbated substantially since August 2008. The financial market crisis has led to the collapse of major financial institutions and is now beginning to impact the real economy in the

The federal republic of Nigeria is in the western part of Africa; its neighbors are chad and Cameroon in the east, Niger in the north while Benin is in the west. Until 1989 the capital of Nigeria was Lagos which is the biggest city in the country, but recently the government changed Abuja as the capital city of Nigeria. It is the thirty second largest country in the world and the 4th largest country in Africa, covering a total area of 923,768 sq. km.

Economy of many nations is currently at distress due to current plunge of oil price the international market. This sink in crude oil price produces an economic shock especially to the poor and developing Countries that depend on crude oil revenues to balance their budgets (Iwayemi, & Fowowe, 2011; also see Effiong, 2014). Nigeria, being one of those nations, is currently experiencing economic crisis. For instance, many states in the federation presently can no longer pay their employees’ salaries or provide basic services to their citizens. They are borrowing money or requesting for bailout from the Federal government to fulfill their obligations to their people. The shocking effects of this oil price drop extended

Nigeria's economy is estimated to be worth about $262bn, making it one of the largest economies in Africa. The estimates and analysis of various indicators is discussed in the later sections. The country has

The main objective of this paper is to examine the impact of global financial crises on the Nigerian capital market, other specific objectives include;

There has been a number of banking reforms in Nigeria with varying attendant effects. However, the effect of the current reform originating from the conspicuous effect of the economic meltdown has become of great concern. While the reform of 2004 cannot be exonerated from its attendant casualties of job loss among others, the current reforms seems to have raised some dust. Following the financial stringencies in the economy and the role of banks in a depressed economy, the CBN governor, Mallam Sanusi Lamido Sanusi, on August 14, 2009 relieved some banks’ CEOs of their duties for wrong exercise of executive responsibility.

In Nigeria, the return to democratic rule in 1999 led to a myriad of programmes and strategies that were aimed at refocusing the face of the economy so as to resolve the difficulties which years of military rule had placed on it. This reform was, conceptualized principally in the form of a medium term development strategy called the National Economic

invest in private equity. A large reason for this is might be lack of familiarity with the

In Nigeria, economic liberalization through deregulation and privatization, has been implemented for various reasons, such as the demand for efficient and effective Public Enterprises, reduction in external borrowing, stronger capital markets, and improve accountability, but most important of all, for generation of employment and sustainable livelihoods for the betterment of Nigerian welfare (World Bank, 2013).

mechanisms in the last decade in both developed and developing nations. The banking sector in

Department of Financial Studies Redeemer’s University, km 46, Lagos Ibadan Expressway Mowe, Ogun State E-mail: davfol@yahoo.com, Tel No.: 07037794073

The Nigerian Bank can now fit into the global definition of bank. Consolidation of the Nigerian Banking sector is one of many reforms of the Gen. Obasanjo 's administration that Nigerians have to embrace happily. (Victor E, 2007)

Nigeria and indeed almost all the African countries are now facing an unprecedented debt crisis never known in the history of the continent. The rationale for raising external loan has always been to bridge the domestic resource gap in order to accelerate economic development. This is because nations just like individuals need loans to augment domestic resources. Nigeria decides to borrow in order to finance specific projects. As at today, Nigeria Local and international debt stands at US $60 billion according to The Vice President Yemi Osinbajo. Nigeria debt did not just happen overnight because during some of the successive governments and administration since Nigeria independent from the periods of General Obasanjo’s regime (1976-1979) till Babangida and Abacha regimes (1985-1998), surprisingly, caused the nation’s ‘boast’ to begin to fade. Then, it was discovered that to keep moving, Nigeria had to take foreign loans. In no time, Nigeria was caught up in a crippling foreign debt crisis that besides compromising its economic progress, political stability, social dignity and cultural integrity, also dealt a debilitating blow to the Nigerian masses. Because of the pains and sufferings they inflicted as a result of implementation of the World Bank IMF policies.