MERCHANT BANKS AND ECONOMIC DEVELOPMENT
ABSTRACT
The language of business is money, and money is the
business of financial institutions. The most developed
segment of the Nigerian Financial Structure is the
banking industry. Thus, it is quite noticeable tha t
despite the depressed stat e of our economy, there has
been a continuous increase in the number of banks day
in day out and most especially that of Merchant Bank.
For many years, but most especially since the Structura l
Adjustment Programme became the fad, banks did more
than keeping people’s money. The banks became traders,
dealers in foreign exchange raking in millions of naira
in profit . Despite SAP, the banking industry became the
institutio n with the midas touch.
The sudden upsurge in Merchant Banks should not come as
a surprise . With the structur e of the Nigerian economy
changing so rapidly, and with the pace of industrialization
gathering breath-taking momentum, there is the inevitable
need for wholesale banking, venture capital, tax financing,
equipment leasing and for medium and long term financing
activitie s tha t are outside the traditiona l domain of
commercial banking. However, this development brought about
other problems such as using these banks for money laudering,
419 scandalous transactions, dubious transfer of poor
Nigerians’ hardly-earned money to oversea accounts of
operators of these banks for self-enrichment and
unprofessional hanling of financing activities
without necessary security and gurrantee.
These and others are determinant factors in the
success and failure of Merchant Banks in Nigerian
economy.
TABLE OF CONTENT
Title page- – – – – – – – – i
Approval page – – – – – – – -ii
Dedication – – – – – – – – -iii
Acknowledgement – – – – – – – -iv
Abstract – – – – – – – – – -v
Table of content – – – – – – – -vi
CHAPTER ONE
INTRODUCTION – – – – – – – -1
1.0 Background of the study – – – – -1
1.1 Statement of the problem – – – – -5
1.2 Purpose of the study – – – – – -6
1.3 Significance of the study – – – – -8
1.4 Research questions – – – – – -9
1.5 Scope of the study – – – – – – -10
CHAPTER TWO
LITERATURE REVIEW – – – – – – -11
CHAPTER THREE
Research methodology – – – – – – -39
Design of study – – – – – – – -40
CHAPTER FOUR
Presentation, analysis and interpretation of data – -48
CHAPTER FIVE
Summary of findings – – – – – – -60
Conclusion – – – – – – – – -61
Recommendations – – – – – – – -62
Suggestions for further research – – – – -64
References – – – – – – – – -65
Appendix I – – – – — – – – -68
Questionnaire. – – – – – – – -69
MERCHANT BANKS AND ECONOMIC DEVELOPMENT
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