AN APPRAISAL OF THE REGULATION OF SOME SCHEDULED BANKS UNDER Nigerian Law
AN APPRAISAL OF THE REGULATION OF SOME SCHEDULED BANKS UNDER Nigerian Law
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Date
1999-06
Authors
IMBWASEH, AKAA TYOZUA
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Abstract
The rationale for the establishment of scheduled or development banks
generally derives from the existence of "gaps'' in the financial system and the need
to plug such gaps. These gaps have been occasioned by two main factors. The first
is the tradition and inadequacy of the commercial banking arrangements.
Commerical banks service rather than finance industry and agriculture, traditionally
finance working capital and rarely if ever, concern themselves directly with the
provision of long term capital. The Central Bank traditionally controls and regulates
the financial sytern. It does not indulge in commerical banking nor in the finance of
long term projects. The provision of medium and long term capital is thus neglected.
It is against this backdrop that scheduled banks have been established. These are
creatures of government with specific objectives. Four of the scheduled Banks have
been studied from the following common indexes:- historical background, structure
and organization, regulation, achievments, problems and procedure for winding up.
These banks are the Federal Mortgage Bank of Nigeria. The Nigeiran Agricultural
And Co-operative Bank Limited, the Nigerian Industrial Development Bank
Limited and the Nigeiran Bank For Commerce And Industry. This work begins
with a background analysis to the problem in chapter one. The objective of the
research and its scope as well as the method used in getting the materials constitute
this chapter. The research is basically hinged on secondary data. Books Journals,
Statutes and Decrees are consulted.
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This work focuses essentially on the regulation of some scheduled banks.
Before 1977, scheduled Banks were exempted from the regime of regulation
applicable to Banks and other financial institutions. This was so because they were
carrying out peculiar banking services ie development banking. Under the current
dispensation, the scheduled Banks are regulated by the same law that regulates all
banks and other Financial Institutions in Nigeria.
Finally, the work in chapter six summarizes the research work, affirms the
relevance of scheduled Banks to the Nigerian economy, identifies problems and
makes recommendations for their sustenance.
Description
Thesis submitted to the postgraduate school, Ahmadu Bello
University, Zaria in partial fulfillment of the requirements
for the award of the Degree, Master of Laws (LL.M.).
Department of Commercial Law, Faculty of Law.