CENTRAL BANK OF NIGERIA
Central Bank Act, 1958
The Central Bank Act, 1958 (as amended) and the Banking Decree 1969 (as amended) constituted the legal framework within which the CBN operates and regulates banks. The wide range of economic liberalization and deregulation measures following the adoption, in 1986, of a Structural Adjustment Programme (SAP) resulted in the emergence of more banks and other financial intermediaries. The Banks and Other Financial Institutions (BOFI) Decrees 24 and 25 of 1991, which repealed the Banking Decree 1969 and all its amendments, were, therefore, enacted to strengthen and extend the powers of CBN to cover the new institutions in order to enhance the effectiveness of monetary policy, regulation and supervision of banks as well as non-banking financial institutions. Unfortunately in 1997, the Federal Government of Nigeria enacted the CBN (Amendment Decree No. 3 and BOFI (Amended)] Decree No. 4 in 1997 to remove completely the limited autonomy which the Bank enjoyed since 1991.
United Bank for Africa Plc, is a leading pan-African financial services group headquartered in Nigeria. It is one of Africa’s best and most resilient banking Groups with operations in 20 African countries and offices in three global financial centers: London, Paris and New York.
UBA has been operating in Africa since 1949, referred to then as the British and French Bank Limited (BFB). It took over the assets and liabilities of BFB and was incorporated as a limited liability company on 23 February 1961 under the Compliance Ordinance (Cap 37) 1922.
In 2005, it completed one of the biggest mergers in the history of Nigeria’s capital markets with the business combination with Standard Trust Bank (STB) Plc.
Fidelity Bank, also known as Fidelity Bank Plc., is a commercial bank in Nigeria. It is licensed as a commercial bank with international authorization, by the Central Bank of Nigeria (CBN), the central bank and national banking regulator.
Fidelity Bank of Nigeria was incorporated in the year 1987 and began its operations in 1988. It initially started with a Merchant Banking license.
Fidelity Bank converted to a commercial bank in the year 1999 in an attempt to grow, as a private limited company and became a Public Limited Company also in the year 1999, in the month of August. It re-branded to Fidelity Bank Plc that year.
FIRST CITY MONUMENT BANK
FCMB is a large financial services provider in Nigeria, offering retail banking, corporate banking and investment banking services to large corporations, small and medium enterprises, as well as individuals. As of December 2011, the bank’s total assets were valued at US$$3.65 billion (NGN:593.3 billion), with shareholders’ equity of approximately US$772.2 million (NGN:117.4 billion).
The entity from which the bank was founded City Securities Limited, was established in 1977 by Oloye Subomi M. Balogun, the Otunba Tunwashe of Ijebu, a Yoruba tribal aristocrat. First City Monument Bank Ltd. was incorporated as a private limited liability company on 20 April 1982 and granted a banking licence on 11 August 1983. It was the first bank to be established in Nigeriawithout government or foreign support. On 15 July 2004, FCMB changed its status from a private limited liability company to a public limited liability company and was listed on the Nigerian Stock Exchange (NSE) by introduction on 21 December 2004
Polaris Bank Ltd. is one of Nigeria’s top financial institutions with over 373 branches and cash centres across Nigeria offering premium financial services. It operates as a group that provides facets of financial products and services powered by a purpose built technological framework that supports the service delivery process to customers.
To be a leading and first class commercial bank.
To distinguish itself in the banking industry through excellent service quality steeped in the use of Information and Communication Technology (ICT).
Sterling Bank Plc originally incorporated in 1960 as Nigeria Acceptances Limited (NAL). The bank was licensed as Nigeria’s first merchant bank in 1969. Consequent to the indigenization decree of 1972, the Bank became fully government owned and was managed in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois and American Express Bank Limited between 1974 and 1992. In 1992, the Bank was partly privatized and listed as a public company on the Nigeria Stock Exchange (NSE). Eight years later, in 2000, the federal government sold its residual interest in the bank, effectively making it a fully privatized institution.
In January 2006, as part of the consolidation of the Nigerian banking industry, NAL Bank completed a merger with four other Nigerian Banks namely Magnum Trust Bank, NBM Bank, Trust Bank of Africa and Indo-Nigeria Merchant Bank (INMB) and adopted the name ‘Sterling Bank’ name. The merged entities were successfully integrated and have operated as a consolidated group ever since.