IMPACT OF AUDIT REPORT ON THE USERS OF FINANCIAL STATEMENT A CASE STUDY OF FIRST BANK OF NIGERIA PLC
Price: 2000 Naira CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF STUDY As a result of the good performance of the African Banking Corporation in 1894, the bank of British West African (now known as first Bank of Nigeria Plc) opened its branch office in Lagos. The bank was registered in London in 1892 with an authorized share capital of 100,000 pounds. The Bank enjoyed monopoly over banking business in Nigeria until 1916 the bank (BBWA) was the sole agent for the custody and distribution of British silver currency in West African as issued by the West African currency Board which was established in 1912. During the era of indigenization in Nigeria 1970 to 1977, the indigenization of Nigeria Banking and 1973 the federal government took 40% ownership in the three biggest foreign bans, which are union Bank Plc, UBA and First bank Plc. The second indigenization excuse which took place in 1976 federal government increases is shows to 60% and also took 60% share in other foreign banks...