Banking
in Nigeria took a new dimension after the pronouncement of the former governor
of the Central Bank of Nigeria professor Ifeanyi Emiefiele for the need to
improve the banking industry in Nigeria thereby competing with other foreign
banks, hence capital base to 25 billion naira.
According
to the governor of central bank professor Ifeanyi Emiefiele, the whole idea of
the increment is to give room for other small financial institutions to strive,
thereby reducing the rate of competition amongst banks in Nigeria.