THE ROLES OF INVESTMENT BANKERS IN THE MOBILIZATION OF CORPORATE FUNDS

The Role of Investment Bankers In The Mobilization of Corporate Fund In Nigeria Economy.

INTRODUCTION

In every economy of the world, there exist this loophole between the surplus and

deficit sectors of the economy. As such, the need for the financing of investments

project by the deficit sector who may at any particular pointing time wanting to

get across to the surplus sector of the economy who savings needs to be made in

form of investments project. The dichotomy of this difference always create a lag

of communication within the economy between the sector having excess

resources and willing to part away with such savings with the expectation of

certain returns on their saving in relation to the risk engaged in ventures and the

deficit sector who at certain point in time had exposure to investment project

who may bring in high yield on such investment but lacks the fund to finance such

project.

Corporate funds is such economic resources in form of liquid cash converted to a

financial asset used in financing investment project which is the commitment of

funds and other scarce resources into project in anticipation of a certain

economic benefit in the future and given a period of time. Corporate fund

availability is a function of the stage of economic development and the stage of

business cycle in the economic. A developed economy tend to generate more

corporate funds as the standard of living will be high because the income level of

in the economy will be high and such people after consumptions will have excess

cash to save for investment purpose and will be willing to part with such fund

given a favorable level of interest rate in the economy and may rather desire to

hold unto such savings if the interest rate is not favorable. A lower interest rate in

the economy will lead to a lower rate of investments the yield on bond will be

Oredein Oluwaseun (Bsc. Msc in View)[Document title] | [Document subtitle]


rather low compared and will hold onto their cash for transactionary and

precautionary motive rather than for speculative motives.

As earlier connoted above, there exist a loophole between the deficit and surplus

sector within the economy and thus under indirect finance and with the demerit

of direct financing, there exist a channel for the two sector to meet and thus the

need for an investment banker to mobilize fund within the economy form the

surplus sector of the economy to the deficit surplus for financing of project.

Investment bankers who is part of the bank financial institution which is so

favored by regulation of the economy to receive deposits and also create

monetary assets by transforming the liquid cash of the surplus sector into a

financial asset. Investment bankers which is also a section of the commercial

banks are by virtue regulated by the central monetary system through the Central

Bank and are mandated to hold their funds in a short term low risk investment

which may be in form of government bonds and Treasury bill. They are not

expected to engage their corporate fund in long term investment project so as to

guide against the risk of financial dilemma of profitability as against liquidity.

Investment banker tend to mobilize funds from the surplus sector by offering

them various savings package with a reasonable level of returns as that is the

major rationale for savers to part with their savings rather than using such for

consumption.

Though investment bankers engage in funding of investment activities, but in

most cases, they cover investment with shorter duration and occasionally cover

those investments with longer maturity period. The reason for this action cannot



be over emphasized as this is because of the liability of the bank dictates their

assets.

Investment bankers play a major role in the mobilization of corporate funds in

underdeveloped countries such as Nigeria. As the economy evolves to a gradually

developing economy, the non-monetized sector gradually metamorphosed into a

monetized sector with the rate of monetization of the economy and thus, the

banking habit of the people grows. In such case, the investment banks alone are

not sufficient to mobilize corporate funds and thus the role of non-bank financial

institution comes to play in the mobilization and channeling of corporate funds

into productive projects.

As these institution grows, they tend to mobilize corporate funds from the people

by selling financial assets say in terms of monetarized assets which are close

substitutes to money. So savers buy such securities rather than keeping their cash

in liquid form for consumptions.

Investment bankers mobilizes corporate funds within the economy basically

through the process of financial intermediation and such funds mobilized is given

away in terms of loan and overdraft to deficient sector of the economy. The role

of investment bankers in the mobilization of corporate funds in the economy has

a macro economic effect on the aggregate output of the economy and thus

affection aggregate national income, employment, standards of living of

individuals in the country and the country’s Gross Domestic Product.

The reluctance of the GDP cannot be overemphasized in an economy as it indicate

the market values of all officially recognize output in the economy and such

output are mostly financed by the funds mobilized n=by the investment bankers.



OBJECTIVES OF THE STUDY

The objectives of this research study are as follows:

I. To find out the roles played by investment bankers mobilize corporate

funds;

II. To find out how investment bankers mobilize corporate funds;

III. To determine the extent of the corporate fund mobilization by the

investment bankers affects the level of deposit in the economy;

IV. To establish the effect of corporate fund mobilization by investment

bankers on the economic growth and development of Nigeria.

RESAERCH QUESTIONS

This study tend to access the roles played by investment bankers in the

mobilization of corporate funds in the economy and by the end of this study, the

following research question must have been answered.

I. Who are Investment Bankers?

II. What role do they play in the mobilization of corporate funds in the

economy?

III. How far have these bankers made available such funds for investment

projects in Nigeria?

IV. Are the funds mobilized and provided by the investment bankers adequate

to enhance investment?

RESEARCH HYPOTHESES



The hypotheses to be tested in this study are presented in their Null form as:

I. Savings mobilized by investment bankers are not significant considering the

amount of money in circulation;

II. Banks are not extending significant portion of their credit to the private

sector;

III. Investment bankers does not make any significant contribution to

economic growth.

SIGNIFICANCE OF THE STUDY

The study will be of great help in the actualization of the role played by

investment bankers in the mobilization of corporate funds by establishing such

roles as either major or minor as regards to their operation in the economy. It will

also help to determine a better way in which the investment bankers can mobilize

corporate funds and also how to be able to make such funds yield a better returns

for the savers who will be also gingered to be mobilized to save in the future

when their current savings is yielding a good return.

SCOPE, LIMITATION AND DELIMITATION OF THE STUDY

The scope of this research work concentrate on the roles played by investment

bankers in the mobilization of corporate funds in the economy.

Also, there is no reasonable research work that will not be hindered by some

implicit or explicit constraints and as such this research work will not be an

exception to such variable which may limit it.



This research work is also delimited by further research work by other scholar

who may tend to expand the horizon of the work.

REVIEW OF RELATED LITERATURE

The empirical studies of investment bankers and the deductions from such

studies had noted that the activities of the investment bankers can affect the GDP

of any economy of the world as they are the yardstick between the participatory

sectors of the economy in terms of demand and supply of money or corporate

funds in the economy.

Investment bankers are financial institution whose major work is raising of capital

for companies, government and other entities. Also is part of a large bank division

that is into the business of raising corporate funds to business entities and

government as well.

Investment bankers also offer such services to their clients as to merger and

acquisition, or give advice on certain financial transaction such as organization

spin-off, reorganization and others corporate engineering services. They operate

in such a way as financial intermediary as they mobilizes fund in forms of deposit

saving and term deposit and thus channel such savings in form of loans, overdraft

and other credit facilities to individual, business entities and governments.

Investment bankers are usually large corporate organizations who are styled to

strategically mobilize funds and channel such funds to viable project with an

expected return on such project. The largest form of investment bankers in the

world are Goldman Sachs (GS), Morgan Stanley (MS), JP Morgan Chase, Bank of

America (BoA) and Deutsche Bank (DB).



The roles of investment bankers in the economy can be refer to as that of a

bakers of corporate funds and their activities can save an economy. In theory,

investment bankers are expert in the field of financial intermediation whose are

so skilled in the view of current investment climates in the economy and can

tailor their recommendation to the present economic state of the country.

Corporate fund/resources mobilization is the process by which financial resources

are solicited by the program provided by the donors and partners. Its also the

process of extracting surplus illiquid cash in the economy by way of savings and

investment from the savers who hold such for speculative purposes. The major

facilitator of fund mobilization is a favorable interest rate in the economy as this

will encourage the savers to part with their cash to such financial or non-financial

institution that may be providing such programs as the savers are rational and will

want to maximize their return on such savings or rather will prefer to hold such

illiquid cash for transactionary purpose of consumption.

Investment bankers mobilizes savings, facilitate investment and assist to increase

the strength and diversity of developing financial markets in the country they

operates. Investment bankers also facilitate economic growth through fund

mobilization and allocating capital to best investment project and providing

liquidity.

According to World Bank, more than half of the population in developing

countries don’t have a bank account, compared to just 10 percent in rich

countries. Even among those that had such bank account in developing countries,

only 43 percent use their bank account to save.



In essence, investment bank are the bridge between large enterprises and the

investeors. Their mean roles are to advise business and government on how to

meet their financial challenges and to help them procure financing (which will be

mobilized from the surplus sector), whether it be from stock offering, bond issues

or derivative product.

Role as an Advisor

Upon the decision to raise capital, any company or government organization lean

on an investment banker for guidance. Taking into account the current

investment climate, the bank will suggest the best way to mobilize or raise

corporate funds. This could entails selling of an ownership stake in the company

through stock offering or borrowing from the public through a bond issue. The

investment banker can also help determine how to price these financial

instruments by making use of the most sophisticated financial models.

In the case of a stock issue, its financial analyst will look at a variety of different

factors such as earnings potential and the strength of the management team of

the fund seeking firm to estimate how much a share of the company is worth in

the market. Also, if a client is offering bonds, the bank will look at the prevailing

interest rate in the economy for the rated businesses to figure out how much it

will have to pay in terms of rate of return on funds to compensate borrowers.

Underwriting stock and bonds

When a firm decides to raise funds though an equity or debt offering, an

investment bank will have to underwrite the securities. This mean that the



institution buys a certain number of shares or bonds at a predetermined price and

resells them through an exchange.

For instance, Unical Plc want to obtain N10m in an initial public offering. Based on

a variety of factors, including the firm’s expected earnings over the next few

years, Udoka Investment Bank Ltd determine that investors will be willing to pay

N110 each for 100,000 shares of the company’s stock. As the sole underwriter of

the issue, Udoka Ltd buys all the shares at N100 each from Unical Plc. If being able

to sell all the 100,000 share at N110, Udoka Ltd will be raking in for itself a cool

N1m profit (N10 x 100,000 shares).

However, Udoka may be on the hook if the public’s demand for the shares is

lower than expected depending on the arrangement with the issuer. If it has to

lower the price to be able to sell such shares at N90 averagely, it will lose N1m.

therefore, pricing of financial securities can be very risky if not accurately

determined.

The task of underwriting securities in reality often falls on more than one

investment bank. If it’s a larger offering, the managing underwriter will often form

a syndicate of other investment banks that sell a portion of the shares. This way,

the firm can market stocks and bonds to a larger part of the public and then lower

its risk.

Investment bankers perform a less tedious role in stock offering as well. Its their

job role to create the documentation that must go to the Securities and Exchange

Commission before the firm can sell their shares. That is, compilation of financial

statements, information about the firm’s management and current structure and

how the firm intends to utilize the issue proceed.



Research

Larger investment banks have large team that gather information about

companies and offers recommendations on whether to buy or sell their stock.

They may use these reports internally but can also generate income by selling

them to hedge funds and mutual fund managers.

Trading and sales

Most major firms have a trading department that can execute stock and bond

transactions on behalf of their clients. In the past, some banks have also engaged

in proprietary trading where that essentially gamble their own money on

securities, however, a recent regulation known as the Volcker Rule has clamped

down on these activities.

Asset and Wealth Management

Investment bankers also carry out the role of assets management for its clients by

helping the client say individual or corporate firm to manage their assets and

ensure judicious utilization of the proceed from the trading of such asset. Also the

wealth of an entity or individual can be placed under the judicious watch of an

investment bankers who also advise on the best mode of generating further

income on such wealth and thus increasing the value of their client’s wealth and

net worth.

Resource mobilization process begins with the formulation of a resource

mobilization strategy, which may include separate strategies for mobilizing

corporate funds. Financial mobilization strategies includes the following steps;

Identify a potential source of funds



Solicit for savings or investment

Follow up on the pledges to obtain deposit

Deposit these funds and record the transactions and any restriction on their

use.

These strategies and process of fund mobilization may be constrained by some

factors or established rules and regulations which may regulates the process of

fund mobilization within a given economy.

Research Gap/Contribution to knowledge

In spite of all the numerous empirical studies to determine the role of investment

bankers in the mobilization of corporate fund in the Nigerian economy noted

above, no study had emphasized the extra moral unofficial strategies used by the

investment bankers to mobilize fund from investors, many bankers goes as far a

offering sexual pleasure to investor just for them to deposit their fund with the

investment bank. This could be a first empirical attempt to fill this gap in the

literature in the field of corporate fund mobilization in Nigerian economy.

Moreover, this study will deepen readers understanding of the consequences of

the phenomenon called informality in the Nigerian economy.

RESEARCH METHODOLOGY

This study aims at testing the relationship between corporate fund mobilized in

terms of savings by investments banks and the economic development of Nigeria

economy. Thus, under financial intermediation in this study, the two sides of



intermediation are considered in terms of deposits and credit. Deposits here

refers current, savings and fixed deposit in investment banks while credit to the

private sector will represent credit. Also, Real Gross Domestic Product (RGDP)

represent the size of the economy.

This study adopt mainly secondary data analysis approach as data is mainly

sourced from the Central Bank of Nigeria (CBN). This study uses both correlation

and regression analysis.

This study suffers from the following limitations;

Exclusion of deposits and credits of others financial institutions;

Exclusion of credit to the government.

Despite these limitations, it is believed that the conclusion of this study should be

reliable. This is simply because banks are the dominating institutions in the

financial system and loans to government are used mainly for recurrent expenses

(and may even be mismanaged) and not capital formation.

A three step approach is adopted in assessing the relationship. The first step tests

the ability of banks to mobilize deposit. The second step examines the portion of

the bank credit that are directed to the private sector. The third step assesses

impact of deposit and credit to private sector on the economy.

(i) Banks’s ability to mobilize funds/deposit

To do this, its assumed that money is either saved or held as cash by individuals.

Therefore, currency outside the bank (COB) is influenced by deposit (DPS).

Deposit is represented as all accounts held by customers (current, savings & fixed)

plus cash held by banks (M2). Thus it is expected that a negative relationship will



exist between deposit in the banks and cash balance outside the banks. The

relationship is denoted thus:

DPSt = f(COBt) ………………………………. (1a)

The functional relationship can then be present below as:

DPSt = ao + a1 COBt + e ……………………(1b)

(ii) Banks and credit to private sector.

To examine the extent of bank credits to the private sector, the relationship

between total bank credit to the system (TBC) and credit to private sectors (CPS)

is considered. The relationship is denoted thus:

TBCt =f(CPSt) …………………………………(2a)

And functionally we state

TBCt = ao + a1 CPSt + e …………………….(2b)

(iii) Bank intermediation and economic growth and development.

Here, GDP is used to represent growth and development in the economy while

banks credit to the private sector (CPS) and deposit in banks (DPS) stand for

financial intermediation by banks. Thus:

GDPt = f(CPS, DPS) ………………………………(3a)

The functional relationship is thus stated:

GDPt = ao + a1DCRt + e ……………(3b)

Where:



ao = model intercept

a1, a2, a3 = coefficients

DPS = deposit in banks

CPS = credit to private sector

COB = cash outside bank

DCR = domestic credit

GDP = gross domestic product

e = stochastic terms

t = time period

DATA PRESENTATION, ANALYSIS AND INTERPRETATION

In this chapter, data is presented, analyzed and interpreted. The presentation is

mostly in tabular forms. Annual percentage changes and ratios are used

prominently in data analysis, while correlation and regression are further used to

verify the results of the analysis and test hypothesis. T –test is used to confirm the

significance of the results presented.

Data Presentation and Analysis

Test of Hypothesis 1

Table 1

Year SavingsCurrency Outside Banks



2013 86,561,248.02 14,492,832.85 2012 80,629,013.47 13,460,879.66 2011 65,319,130.09 12,848,797.98 2010 59,542,604.52 10,268,644.94 2009 57,635,112.15 9,658,249.62 2008 41,181,728.00 8,595,588.61 2007 26,935,543.00 6,998,443.22 2006 17,396,369.00 6,352,011.70 2005 13,169,574.00 5,328,373.90 2004 7,975,172.00 4,698,356.10 2003 6,557,397.00 4,495,481.10

2002 5,920,940.00 3,781,273.40 2001 4,880,454.00 3,449,916.70 2000 3,851,909.00 2,362,632.20

Source: CBN statistical 2013 bulletin

Hypothesis tested:

Ho: Savings mobilized by investment bankers are not significant considering the

amount of money in circulation

H1: Savings mobilized by investment bankers are significant considering the

amount of money in circulation;

Since DPSt = f(COBt)

Then:

DPSt = ao + a1 COBt + e

From Excel regression computation,

SUMMARY OUTPUT

Regression StatisticsMultiple R 0.984484259R Square 0.969209256Adjusted R Square 0.96664336



Standard Error 5529359.165Observations 15

ANOVA df SS MS F Significance F

Regression 1 1.15486E+161.15486E+1

6 377.727508 1.94824E-10

Residual 12 3.66886E+143.05738E+1

3Total 14 1.19155E+16

Coefficients Standard Error t Stat P-value Lower 95%

Intercept -22985431.78 3288534.329

-6.98956722

9 1.45547E-05 -30150532.57Currency Outside Banks 7.48516852 0.385134368

19.43521309 1.94824E-10 6.646032817

Source: Author’s Computation

DPSt = (22985431.78) + 7.48 COBt + e

Standard error = 3288534.32 0.38

T – value (6.989) 19.43

Pearson’s Correlation coefficient (R) 0.98

Coefficient of determination (R2) 96%

Degree of Freedom 14

Interpretation



Since it was assumed that the savings in banks have an inverse relationship with

currency in circulation. From the analysis, a positive correlation therefore exist

between them as was obtained.

This is represented by a positive correlation of 0.98 which indicates that the

variable moves in the same direction positively as against expectation of

negativity. Thus this implies that deposits in bank don’t reduce the level of money

in circulation outside the bank.

Test of Significance of Result:

Since tc > tt

We therefore reject the (Ho) that Savings mobilized by investment bankers are

not significant considering the amount of money in circulation and thus accept

the (Hi) that Savings mobilized by investment bankers are significant considering

the amount of money in circulation.

Test of Hypothesis II

Table 2

Year Net Domestic Credit Credit to Private Sector2014 192,690,748.69 205,942,859.38 2013 159,981,955.08 189,022,050.27 2012 161,495,651.49 175,791,317.50 2011 115,603,901.87 127,920,862.02 2010 105,311,737.24 121,884,254.13 2009 72,949,745.08 109,224,589.42 2008 48,128,672.41 83,045,985.08 2007 13,046,192.61 44,675,412.44 2006 25,699,064.00 27,835,942.10 2005 28,066,021.63 22,060,679.13



2004 23,213,079.70 17,059,968.40 2003 19,887,966.10 13,158,426.80 2002 12,933,247.10 11,165,927.10 2001 8,933,808.40 9,167,525.30 2000 6,258,781.70 6,364,479.60

Source: CBN Statistical Bulletin 2013

Hypothesis tested:

Ho: Banks are not extending significant portion of their credit to the private

sector;

Hi: Banks are extending significant portion of their credit to the private sector;

Since TBCt =f(CPSt) …………………………………(2a)

Then:

TBCt = ao + a1 CPSt + e …………………….(2b)


SUMMARY OUTPUT

Regression StatisticsMultiple R 0.980444816R Square 0.961272037Adjusted R Square 0.958292963Standard Error 14715120.09Observations 15


Regression 1 6.98703E+16 6.98703E+16 322.6747697 1.46623E-10Residual 13 2.81495E+15 2.16535E+14Total 14 7.26853E+16

Coefficients Standard Error t Stat P-value Lower 95%Intercept 4774424.633 5557116.505 0.859155036 0.405819158 -7230995.686Net Domestic Credit 1.099077931 0.061185144 17.96315033 1.46623E-10 0.966895465




TBCt = 4774424.63 + 1.09 CPSt + e

Standard error = 5557116.50 0.061

T – value (0.8591) 17.96




Interpretation

The result generated priori as expected connote a high positive correlation. The

high positive correlation of 0.96 means that a reasonable portion of increase in

domestic credit is allocated to the private sector.

Test of Siginificance:

Since tc > tt

The null hypothesis is therefore rejected and the alternate hypothesis acceptad

that banks allocate a significant portion of their credit to the private sector.

Test of Hypothesis III

Table 3

Year GDP Net Domestic Credit2013 423,967,657,100.00 159,981,955.08



2012 405,440,999,400.00 161,495,651.49 2011 374,098,606,100.00 115,603,901.87 2010 339,847,541,300.00 105,311,737.24 2009 247,942,386,600.00 72,949,745.08 2008 242,963,292,900.00 48,128,672.41 2007 206,573,176,700.00 13,046,192.61 2006 185,645,947,300.00 25,699,064.00 2005 146,108,814,500.00 28,066,021.63 2004 114,110,669,100.00 23,213,079.70 2003 99,135,181,900.00 19,887,966.10 2002 77,957,583,500.00 12,933,247.10 2001 68,951,983,300.00 8,933,808.40 2000 67,135,748,400.00 6,258,781.70

Source: CBN statistical 2013 bulletin

Hypothesis tested:

Ho: Investment bankers does not make any significant contribution to economic

growth

Hi: Investment bankers does make any significant contribution to economic

growth


SUMMARY OUTPUT

Regression StatisticsMultiple R 0.949324721R Square 0.901217425Adjusted R Square 0.892985544Standard Error 41966865326Observations 14


Regression 1 1.92816E+23 1.92816E+23 109.4789152 2.19096E-07



Residual 12 2.11346E+22 1.76122E+21Total 13 2.13951E+23

Coefficients Standard Error t Stat P-value Lower 95%Intercept 89696866151 16357441772 5.483550998 0.000139903 54057062158Net Domestic Credit 2176.047515 207.9711683 10.46321725 2.19096E-07 1722.917266


GDPt = 89696866151 + 276.04 DCRt + e

Standard error = 16357441772 0.061

T – value 5.48355 10.46




Interpretation

The high correlation of 0.94 does exist between domestic credit and the gross

domestic product which is in line with expectation. It was indicated that domestic

credit should play a germane role in the development of the economy. This is

further gingered by the coefficient of determination of 90% which show that the

level of domestic credit does affect the gross domestic product of the economy.

Test of Significance of Result:

We also reject the Ho and accept the Hi which state that Investment bankers does

make any significant contribution to economic growth.



SUMMARY, CONCLUSION AND RECOMMENDATIONS

This study discovered the following:

(i) That investment bankers mobilize significant part of the currency in

circulation as deposits

(ii) That investment bank lend significant portion of the credit to the private

sector.

(iii) That investment banks contribute greatly the economic growth of the

economy

(iv) Inefficiency in bank deposit mobilization is also reflect in the currency

outside of bank which significantly increase as the bank deposit also

increases. This just tends to explain the concept of financial dualism

nature in the financial system

Discussion of Findings

The study explains that investment banks play an active role in corporate funds

mobilization in the economy which tends to promotes it growth. As shown in the

study, bank are able to mobilize corporate funds significantly in terms of deposits,

reduce currency outside bank and improve economic growth and performance of

the CBN.

In most economy say majorly the market based economy, private sector tends to

be the engine of the economic growth. This explains why the extension of

significant portion of the bank credit to it by banks is viewed in a good light. Such



credits are normally used in capital formation for productive purposes. Even when

used for consumption, they still influence economic growth indirectly.

Bank through their intermediation role are contribution to the economic growth

as the data used in this study of the Nigerian economy attest to this.

Conclusion

This study investigate the roles investment bankers paly in mobilization of

corporate funds which leads to economic growth. Two extreme positions where

observed: studies that accept that banks through intermediation contribute to

economic growth and those that don’t.

The result of the test reveals that banks do play a significant roles in the

mobilization of corporate funds in the economy and also contribute greatly to

economic growth of the country.

Analysis confirmed that banks deposits and credit to private sector has a direct

positive relationship with the country’s economy in terms of its gross domestic

product.

This study therefore concludes that bank contribute 90% to the GDP with its

intermediation roles for corporate funds and play and active roles in the

economic growth in Nigeria.

Recommendation

With the outcome of this study, the following recommendation are make to

improve banks’ contribution to the economy:



(i) They should devise a means to mop up the increasing currency outside

bank which may be achieved by micro-financing and getting accross to

the rural sector of the economy and the less educated;

(ii) They shoud be gingered to continue to expand credit to the private

sector. This can be achieved by government guaranteeing credit to the

real sector of the economy.

(iii) Good intermediation should be encouraged by the regulatory

authorities. Say effective regulation of the interest rate which will

encourage individuals to save.

Suggestions for further study

A major area for further study is the factor that influences currency outside the

bank even with all the candid efforts of the bank to mop up the credit and even

making savings easy and convenient for individuals.

REFERENCES

(i) Agbada A. O. (2010). Banking System Credit as an Instrument of Economic Growth in Nigeria, Bullion: Publication of Central Bank of Nigeria. 34, 30-35.

(ii) Andrew O Agbada & Osuji C.C. An Empirical Analysis of Trends in Financial Intermediation and Output in Nigeria, Global Journal of Management and Business Research Finance Volume 13 Issue 9 Version 1.0 Year 2013

(iii) Jonathan Emenike Ogbuabor,1* Victor A. Malaolu2 and Ifeoma C. Mba, INFORMALITY AND DOMESTIC SAVINGS IN NIGERIA: LESSONS FROM TIME SERIES ANALYSIS, International Journal of Development and Economic Sustainability Vol.1, No. 3, pp. 24-32, September 2013



(iv) Acha Ikechukwu A., Financial Intermediation by Banks and Economic Growth in Nigeria, Journal of Economics and Sustainable Development ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online) Vol.2, No.4, 2011

(i) CENTRAL BANK OF NIGERIA STATISTICAL BULLETIN AND STATISTICS DATABASE.


THE ROLES OF INVESTMENT BANKERS IN THE MOBILIZATION OF CORPORATE FUNDS

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