The Bank Customer and Banking Law in Nigeria

Like most modern institutions in the developing countries, the financial institution of banks and banking is foreign and, to begin with, banking was introduced in the last decade of the 19th century for the benefit of the early European mercantile houses in Nigeria. The first bank to appear on the Nigerian scene was the Bank of British West Africa (later known as the Bank of West Africa but now as the Standard Bank of West Africa) having been established in 1894, and it was the only bank operating in Nigeria until 1917, when the Colonial Bank, which later became part of the Barclays Bank D.C.O. in 1925, was established.1 The first indigenous bank was the National Bank of Nigeria founded in 1933.