Let me start by saying that consolidation is not an end in itself in terms of banking industry structure. An examination of four countries that successfully-navigated their banking crises (Brazil, Turkey, Indonesia, Malaysia) shows there are many eventual banking industry structures that can serve Nigeria well. However, all of them have several common patterns.
The role that market failures in securitisation, particularly securitisations of US subprime mortgages, played in precipitating the financial crisis has been widely acknowledged.