A CRITICAL EXAMINATION OP MEDIUM AND LONG TERM INDUSTRIAL FINANCING BY SOME SELECTED MERCHANT BANKS

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A CRITICAL EXAMINATION OP MEDIUM AND LONG TERM INDUSTRIAL FINANCING BY SOME SELECTED MERCHANT BANKS

Abstract

The changing s t r u c t u r e of the Nigerian economy towards increased i n d u s t r i a l i z a t i o n r e q u i r e s the s e r v i c e s of merchant banks, e s p e c i a l l y in the area of p r o v i s i o n of medium and long term loans. The Federal Government through t h e Central Bank of Nigeria, issues a y e a r l y c r e d i t and p o l i c y g u i d e l i n e s to th«se merchant banks – specifying the s e c t o r a l a l l o c a t i o n of t h e i r loans and advances and a l s o the percentages of t h e ir loans and advances which should be of medium and long term n a t u r e . Unfortunately, these banks never meet the requirements of the g u i d e l i n e s e s p e c i a l l y with regards to the p r e f e r r ed s e c t o r , whose loan needs are mostly of medium and long term nature. This study found out the reasons for not meeting the r e t i r e m e n t s of the g u i d e l i n e s and offered recommendation on how to meet the guidelines and thereby a i d the Federal government’s e f f o r t s in the i n d u s t r i a l i z a t i o n of the country. Furthermore, the need f o r merchant banks to i n c r e a se t h e i r r o l e in the s p e c i a l i s e d a c t i v i t i e s such as equipment l e a s i n g and corporate finance was h i g h l i g h t e d so as t o , not only earn a s u b s t a n t i a l amount of t h e i r income from such a r e a s, but a l s o to be seen as engaging in t h e i r proper merchant banking r o l e s , as p r a c t i c e d by t h e i r c o u n t e r p a r t s in the developed countries. Chapter one, s t a r t e d with the i n t r o d u c t i o n b r i e f l y s t a t i ng the growth of merchant “bank in Nigeria. The methodology and objectives of the study were also stated and key terms. were defined. In chapter two, the evolution and growth of merchant banking in Nigeria was dwelled on. Services provided by merchant banks were also extensively stated. Chapter three, dwelled on data analysis and findings were made. The findings includes- 1) Short term nature of deposit l i a b i l i t i es 2) Poor incentives to keep equipment on lease 3) Dependence on i n t e r e s t income 4) Poor marketing of services Chapter four, was on procedure for analysing Business loan application. Chapter five, was on loan syndication. This is not only one of the specialized a c t i v i t i e s of merchant banks, but also due to the fact that i t s importance has grown in recent times especially with regards to arranging jumbo loans which are mostly of medium and long term nature to industries in Nigeria. Lastly, chapter six concluded the whole exercise and recommended solutions.

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

 

 

 

A CRITICAL EXAMINATION OP MEDIUM AND LONG TERM INDUSTRIAL FINANCING BY SOME SELECTED MERCHANT BANKS

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