Banking law in Nigeria

History of Banking

The history of Nigerian Banking would be discussed along these lines:

1. The history of expatriate Banks

2. The history of Indigenous banks

3. The history of Hybrid banks

4. The Current Banks

The History of Expatriate Banks

The first attempt at establishing a bank in Nigeria was the establishment of a branch of the African Banking Corporation in Lagos 1891. The bank minted the coins for the colonial government and served as their banker. During this period, banking activities were not regulated by any statute. Thus, any bank that wanted to be operated in Nigeria had to be registered abroad. Due to the unsatisfactory nature of the African Banking Corporation, it was sold to Elder Dempster and Co in 1893. 

In the same year, the Bank of British West Africa started it's operations in Lagos. In the year 1894, it was registered in London. In 1900, this...