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PROJECT TOPIC: CAUSE OF BANK FAILURE AND ITS’ EFFECT ON THE NIGERIAN ECONOMIC DEVELOPMENT (A CASE STUDY OF ECO BANK PLC)

Project Body:


CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Commercial Banks are legal entity with perpetual succession formed as a corporate body under law, by an association of person, Basil (2001: 1) according to the companies and Allied matters Act 1990 section 29, companies are classified into three types

  1. A private company limited by shares shall end with the word “limited”. (Ltd).
  2. Public company limited by shares ends with the words “public limited” (plc)
  3. Company limited by guarantees shall end with the words “ limited by Guarantee)” in brackets (ltd Gtc)

It is based on these that we shall call to mind on the issues concerning financial organizations. A financial institution is a business organization and establishment, which deals with money and financial assets such as shares, bills of exchange, treasury bills etc. Augustine (2003:38).

Financial institution are regarded as banks, which is comprised of central banks, commercial banks (known as joint stock banks) and others. Financial institutions do not focus on banks as long but those institutions which pool or mobilize savings and excess liquidity from individuals, firms, corporate bodies etc.

It is obvious for one to know that a country or an economy cannot stand without a proper banking system. Banks originated from man’s question for store-keeping or safe keeping of wealth.


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