the impact of public policy on the banking system in nigeria

Table 3
Number and Ownership Structure <strong>of</strong> Merchant Banks: 1960-1992
Year FGN FGN/
Foreign
Foreign
Foreign/
Private
Private Miscellaneous Total
1960 2 2
1970 1 1
1980 2 3 1 6
1985 2 3 5 2 12
1992 2 3 7 41 1* 54
* This is a bank with state government participation
Key: - FGN: banks in which <strong>the</strong> Federal Government held equity stakes without foreign
partnership, i.e. ei<strong>the</strong>r as sole shareholder or in partnership with Nigerian private
investors.
- FGN/Foreign: joint ventures between foreign investors and <strong>the</strong> Federal
Government: Nigerian private investors held minority stakes in some <strong>of</strong> <strong>the</strong>se
banks.
- Foreign: banks with majority foreign share holdings.
- Private/Foreign: banks in which Nigerian private investors held majority stakes and
foreign investors minority stakes.
- Private: banks wholly owned by Nigerian private investors.
Sources: Miscellaneous.
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