Failure of Merchant bank of Africa Limited
Date
2012
Journal Title
Journal ISSN
Volume Title
Publisher
Nigeria Deposit Insurance Corporation,[?]
Abstract
Background Information pg.1; Review of bank performance pg.1; Journey to failure: Extracts from Bank examiners’ report on MBA pg.4; Factors Responsible for MBA’s failure pg.15; Failure resolution pg.19; Lessons from the failure of MBA pg.20.
Description
Merchant Bank of Africa (MBA) Nigeria Limited was incorporated on June 7, 1982, and having been granted the license to operate as a merchant bank, commenced operations on June 20, 1983. At inception, fifty-five percent (55%) of the bank’s equity capital was held by private Nigerians, forty percent (40%) by the Bank of America NT & SA as its foreign partner and five percent (5%) by the Federal Ministry of Finance Incorporated. Ten years later (in 1992), Bank of America fully divested from the bank and two years thereafter, the Federal Ministry of Finance Incorporated also fully divested.