CHAPTER ONE
1.0 INTRODUCTION
The rigorous and strains of borrowing, especially in Nigeria and Africa in general are not doubt enormous. The fault is not that of the lenders (banks) alone as critics claim that the borrowing public are partly responsible for the frustrations. A large portion of the borrowing public are substantially under-educated (about borrowing with this regard, they approval heir prospective lenders unprepared and largely ignorant of the why’s and what’s of their request. A substantial number of people who approach banks for loans have no business going to the banks to borrow in the first place. If at all their business and needs are gerund, perhaps they should have tried their friends, relatives or associates first before going to bank to borrow. No one can fault the bank (lender) on their criteria because the banks is also in business to stay and grow. Among all other activities of the banks lending is the most vital bank undertaking which should be carefully emphasized, may because it is the most profitable undertaking of the bank or its contribution to the economic growth of the country in general.The federal reserves system,.
Financial intermediaries, government and business can be thought of making up the financial environment within which we all strive to achieve our goals but which largely is beyond the control of any single decision unit. Due to the lack of substantial knowledge about the behaviour of this financial environment, however, we are advised to enhance that knowledge. It seems clear to me that we all have an interest in the development of empirically substantiated theories of behaviour of a financial economy. After-all, failure of broad section of the economy, whether in the form of inflation, mass bank failure or in depressed business closing situation whereby large portion of the borrowing with the result that they approach their prospective lenders unprepared. The burden of proof is therefore in the prospective borrows should be educated, and get educated is there fore the message of this topic. It is a further contribution to the promotion and development of an improve business culture by helping to educate the borrowing public. The most critical Turing in a loan proposed are really simple ordinary things that many borrowers especially first time borrowers and small scale enterprises regard as unnecessary and in consequential. The borrower should know that the loan officer cares about the neatness of the documents presented, the language of ht proposal, its substance, the character of the promoters and borrowers is of consequence to the loan offer decisions criteria because he associates. These with the ability of the borrower to perform maintain control and achieve the designed results and finally to pay back the loan. Areas of general interest to lenders include, – Personal credit record of the borrower – Financial history of the business – Growth of the business – Profitability of the business – Physical condition of the facilities and equipment – Experience of the key managers to reduce risks, lenders required some of the following – An equity pledge by the owner to the lender – A personal asset pledge by the owner to the lender – A consigning of the loan by all principle or guarantors – A lien on all assets and personal property of the owes This study represents a modest effort to provide substantial information about that part of the financial environment which is the criteria of borrowing and repaying business loan as a guide towards economic development.
1.1 BACKGROUND OF THE DEVELOPMENT OF BANKS IN NIGERIA
The development of banks may be divided into three period, partly arbitrarily as any such periodization may be. A preparatory period ending in 1950 to 1960’s during which time the essential features of banking as we know them developed. At the turn of the century, the range of institution included those that specialized in exchange and merchant operation, individual money lenders, rotating credit associations and bank of British west Africa founded in 1980 by sir Alfred Jones. Not until the beginning of the fifties, banking in the main was largely rudimentary, differing greatly from present day institutions not only in size but also in sources and use of their funds.
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