BANK LOAN AND CREDIT COLLECTION IN NIGERIA. A RESEARCH PROJECT MATERIAL ON ACCOUNTING
PREFACE
The subject of this research work is Bank Loan and Credit collection in Nigeria. Their Bank loan develops as an attempt to financials and agricultural sectors in the country. And credit collection seems very important because the non repayment of lean or credit has led to so many distressed banks. In view of the important roles banks play in economic development of a country it has become a matter of necessity for an indept research and the analysis of its help as well as its problems.The objective therefore is to find out the place of loan in banking operation, the problem encountered to extent these problems have on banks and possible solutions to these problem. The research work has three chapters. Chapter one narrates the background or introduction of bank loan and credit collection.
Chapter two deals with the overview, of bank lending, the types of loan available, criteria for bank loan and importance of bank loans to different sectors of Nigeria economy.
Finally, the conclusion on the research and recommendation made by the researcher and all in chapter three.
CHAPTER ONE
INTRODUCTION
In Nigeria today, there are good number of banks that fall under defined categories of functions. Some one branded commercial bank which is defined by Nigeria Banking Act 1909 as any organization which carries on banking business” followed by the amendment Act of 1970 which further defined banking business as, The process of receiving monies from outside sources as deposit irrespective of the payment of interest and granting of over – deft and loans and acceptance of credit or the purchase and sale of securities for accounts of others “while others are known as development mortgages merchant and co-operative bank.
In whatever identities, these financial institution are known, they are all principally established to promote the economi development and social potential well being of the location environment, the state and entire country.
Thus the most important phase in banking especially as it applied to obtaining bank loans in Nigeria banking industry to obtaining bank loans in Nigeria banking industry is in connection with the conversion of capital funds provided by the stock holder and funds deposited with the bank in checking and saving account by customers into earning assets like loan and advances. This is important because the interest income produces from the sound investment and effective income management of such fund as loans enables the bank to:
1. Pay for the cost of investing such fund
2. Provides services for customers and others
3. Pay rent in the form of interest to time depositors for use of their funds.
4. Reward the stock holders through payments of divided for the risk involved in investing their funds.
Thus, bank credit or loans in the borrowing or lending of a sum of money at an agreed rate of interest usually a specific period of time by a bank. Individuals and institution alike can obtain credit from banks which can be withdraw in cash or used in payment of bills. When a customers procure credit from his bank his assets loan financially or otherwise increases. A bank offers credit or loan purely on request by customers.
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