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A corporation is a legally recognized business entity separate from its owners.
It is established through the operation of law and enjoys many of the same rights and responsibilities as an individual.
Ownership in a corporation is typically represented by shares or stock. Shareholders, also known as stockholders, own the corporation by holding shares.
Before 1952, there was no Banking regulation in Nigeria as there was laissez-faire banking in Nigeria. Foreign banks dominated the banking sector, and there was a lack of comprehensive regulatory oversight. However, in 1952, the first banking legislation in Nigeria the Banking Ordinance was established based on the recommendations of the G.D Paton Commission of […]
A development finance institution is a financial institution that is supported by the government to provide financial assistance to specific sectors of the economy to promote economic development.
The Central Bank of Nigeria 2004 guideline defines a discount house as “any person who transacts a discount house business consisting of trading in and holding of treasury bills, commercial bills and other securities and operations which in the opinion of the Central Bank of Nigeria are those of discount house”.
Discount houses may also be defined as non-bank financial institutions which specialize in intermediating funds between the Central Bank and the banking institutions with the primary purpose of assisting the monetary authorities in monetary management.
1. Banks are primarily funded through customer deposits and interbank transactions whereas non-bank financial institutions rely on capital markets, private funding and fee-based services for funding.
2. Banks have the authority to accept deposits from the public.
In contrast, non-bank financial institutions do not accept deposits from the public. They have to rely on alternative sources of funding.
It all began in 1960, with the registration of Philip Hill Nigeria Limited on 14th September 1960 and the Nigeria Acceptance Limited(NAL), a subsidiary of John Holt Group on 25th of November, 1960. The Philip Hill Nigeria Limited was engaging in discounting business alone while the Nigeria Acceptance Limited was engaged in only acceptances. However, […]
The U.S. banking system originated in 1780 with the Bank of Pennsylvania, which funded the American Revolution. Several banks were established, many faced opposition and underwent closure. Key developments include the free banking era (1837-1863), the National Banking Act of 1963, the Federal Reserve Act of 1913, and the Banking Act of 1933, which addressed banking crises and trust issues. The 1980s-1990s saw a wave of banking deregulation, peaking with the 2008 financial crisis. The Dodd-Frank Act of 2010 subsequently expanded FDIC powers and coverage.
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