The coming of Facebook's founder Mark Zuckerberg to Nigeria place the spotlight on Nigeria's software industry. What is the future of software development on the Nigerian Economy? Can our Economy be IT driven? What is Nigeria missing in terms of IT?

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Banks play a crucial role in the economics and life of the citizens of every nation and that's why it's failure has adverse effects and is "generally considered to be of more importance than the failure of other business firms" - Wikipedia.

Banks facilitate economic sustenance, create enabling environments for businesses to thrive and grow, create job employments, helps the Gross Domestic Product (GDP) of every nation, helps investors with capital, assists small medium scale enterprises, facilitate loans and more importantly warehouse a legally recognised medium of payment which is key for meeting a financial obligation.

This legally and globally recognised medium of payment is called "Money" or a "Legal Tender"

The lifeline of every bank is depositors funds and also creditors funds. When the bank fail to provide depositors access to their funds, the bank has failed in it's primary obligations as a bank. This often creates a panic, and most times, it's this panic that actually kills the bank faster than it's incapacity.

The creditors funds help the banks startup, help with liabilities and serve as a capital base for it's banking operations.

In Nigeria, the minimum capitalization for any of it's bank is N25 Billion Naira. This minimum capitalization was introduced in 2005. This led to a lot of consolidation in the Banking sector.

In the words of the then Central Bank Governor Prof. Charles Soludo, "Consolidation of banking institutions through mergers and acquisitions. Banks that do not meet the minimum paid up capital by end of December 2005 or which remain un-sound/marginal would be liquidated by January 2006", (Banks Consolidation and N25bn Recapitalization -Another Perspective By Bello Abdullahi.)

According to the Nigerian Deposit Insurance Corporation, the following list of 45 banks are termed Closed Financial Institutions.

By terming them as closed, they've had their licences revoked by the Central Bank of Nigeria, between 1994 and 2006. The Federal High Court issued orders for them to be wound up and appointed the Nigeria Deposit Insurance Corporation (NDIC) as Liquidator of the banks.

The Corporation is currently winding up the banks.

List of Closed Financial Institutions under Liquidation and their dates of closure.

• Abacus Merchant Bank Ltd - Jan. 16, 1998

• ABC Merchant Bank Ltd - Jan. 16, 1998

• African Express Bank Ltd - Jan. 16, 2006

• Allied Bank of Nigeria Plc - Jan. 16, 1998

• Allstates Trust Bank Plc - Jan. 16, 1998

• Alpha Merchant Bank Plc - Sept. 08, 1994

• Amicable Bank of Nigeria Plc. - Jan. 16, 1998

• Assurance Bank of Nigeria Plc - Jan. 16, 2006

• Century Merchant Bank Ltd. - Jan. 16, 1998

• City Express Bank Plc - Jan. 16, 2006

• Commerce Bank Plc - Jan. 16, 1998

• Commercial Trust Bank Ltd - Jan. 16, 1998

• Continental Merchant Bank Plc - Jan. 16, 1998

• Coop. & Commerce Bank Plc - Jan. 16, 1998

• Credite Bank Nig. Ltd - Jan. 16, 1998

• Crown Merchant Bank Ltd. - Jan. 16, 1998

• Financial Merchant Bank Ltd. - Jan. 21, 1994

• Great Merchant Bank Ltd. - Jan. 16, 1998

• Group Merchant Bank Ltd. - Jan. 16, 1998

• Gulf Bank Ltd - Jan. 16, 2006

• Hallmark Bank Plc - Jan. 16, 2006

• Highland Bank of Nig Plc - Jan. 16, 1998

• ICON Ltd. (Merchant Bankers) - Jan. 16, 1998

• Ivory Merchant Bank Ltd. - Dec. 22, 2000

• Kapital Merchant Bank Ltd. - Jan. 21, 1994

• Lead Bank Plc - Jan. 16, 2006

• Lobi Bank of Nig. Ltd. - Jan. 16, 1998

• Mercantile Bank of Nig. Plc. - Jan. 16, 1998

• Merchant Bank of Africa Ltd. - Jan. 16, 1998

• Metropolitan Bank Ltd. - Jan. 16, 2006

• Nigeria Merchant Bank Ltd. - Jan. 16, 1998

• North-South Bank Nig. Plc. - Jan. 16, 1998

• Pan African Bank Ltd. - Jan. 16, 1998

• Pinacle Commercial Bank Ltd. - Jan. 16, 1998

• Premier Commercial Bank Ltd - Dec. 22, 2000

• Prime Merchant Bank Ltd. - Jan. 16, 1998

• Progress Bank Ltd. - Jan. 16, 1998

• Republic Bank Ltd - June 29, 1995

• Rims Merchant Bank Ltd. - Dec. 22, 2000

• Royal Merchant Bank Ltd. - Jan. 16, 1998

• Trade Bank Plc - Jan. 16, 2006

• United Commercial Bank Ltd. - Sept. 8, 1994

• Victory Merchant Bank Ltd. - Jan. 16, 1998

• Eagle Bank Plc. - Jan. 16, 2006

• Liberty Bank Plc. - Jan. 16, 2006

For corrections and contributions, kindly use the comment box below.

References:

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• Bank Failure - Wikipedia, available at https://en.wikipedia.org/wiki/Bank_failure

• Bello Abdullahi - Banks Consolidation and N25bn Recapitalization -Another Perspective, available at: http://www.gamji.com/article6000/news6057.htm

• NDIC - http://ndic.gov.ng/closed-financial-institutions/

New Structure in The Redeemed Christian Church of God

The Redeemed Christian Church of God announced a new leadership structure today, the 7th of January 2017. According to an Internal Memo sent to all Assistant General Overseers, Special Assistant to General Overseers both Home and Abroad, Pastors in Charge of Regions, Pastors in Charge of Provinces and Country Coordinators, the new structure was sequel to some legal provisos guiding the operations of registered Religious organisations and civil society organisations in Nigeria.

According to the memo:

• Pastor Joseph Obayemi, the Assistant General Overseer [Finance], will be the new Overseer for RCCG Nigeria;

• Pastor Funsho Odesola, the Assistant General Overseer [Admin], will be the new General Secretary for RCCG Nigeria;

• Pastor Joseph Adeyokunnu, the Financial Controller, will be the Treasurer for RCCG Nigeria.

It went further to state that the new structure is particular to Nigeria alone, as Pastor Adeboye, Daddy G.O., remains the Spiritual Leader and Global Missioner of the Redeemed Christian Church of God.