3.1.2  On-going banking sector reforms  Perhaps, a pertinent question to ask at this juncture is: why we have embarked on another banking sector reform four years after the previous one was begun. The recent global financial crisis strained the gains that were made in the Nigerian financial services sector from the 2004/2005 banking sector consolidation.
The experience in the industry, however, followed the global trends. The global financial crisis adversely affected the Nigerian financial services sector, particularly the banking sector.