As a result, the Nigerian banking system has steadily evolved, following wide and farreaching reforms embarked upon by the regulatory authorities. Following the banking crisis of 2008, the Central Bank of Nigeria articulated a blue print known as “The Project Alpha Initiative” for reforming the Nigerian financial system in general and the banking sector in particular.
The reforms aimed at removing the inherent weaknesses and fragmentation of the financial system, integrating the various ad-hoc and piecemeal reforms and unleashing of the huge potential of the economy. 2  BIS central bankers’ speeches  Critical elements of banking reform in Nigeria The current reforms which began in 2004 with the consolidation programme were necessitated by the need to strengthen the banks.