NIGERIA Deposit Insurance Corporation2023-05-222023-05-222006https://nigeriareposit.nln.gov.ng/handle/20.500.14186/634ABC Merchant Bank Limited was incorporated in 1982 as a private limited liability company to render merchant banking business. It commenced operations in 1984 at its Head Office, located at No. 11, Adeola Hopewell Street, Victoria Island, Lagos, and had four branches. Right from inception, the bank experienced corporate governance challenges. The Board Members failed to discharge their fiduciary responsibilities, rather than formulate policies that would drive the growth of the bank and provide strategic direction, they engaged in self-dealing practices. For example, at board meetings they spent a lot of time arguing about interest charges on their non-performing credit facilities. Similarly, the bank experienced management instability as it had three Managing Directors (MDs) within a short span of time.Journey to failure; Early indicators of failure; Core reasons for failure; Regulatory intervention; Lessons learnt.enBook