THE ROLES OF INVESTMENT BANKERS IN THE MOBILIZATION OF CORPORATE FUNDS

The Role of InvestmentBankersInThe Mobilizationof Corporate FundInNigeriaEconomy.
OredeinOluwaseun(Bsc.MscinView)
[DOCUMENT TITLE] | [Document subtitle]
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
projectby the deficit sector whomay 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 savingin relation to the riskengaged in venturesand the deficit sectorwho
at certain point in time had exposureto investment projectwho 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 scarceresources 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 morecorporatefundsas 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 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, thereexist a channel for thetwo 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.
Investmentbankers who is partof thebank financialinstitution 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.
Investmentbankers 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 shortterm low risk investment which may be in
formof governmentbondsand Treasurybill. They arenot expected to engagetheir
corporate fund in long term investment project so as to guide against the risk of
financial dilemma of profitability as against liquidity.
Investmentbanker tend to mobilize funds fromthesurplus 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 engagein funding of investmentactivities, but in most
cases, they cover investment with shorter duration and occasionally cover those
investments with longer maturity period. The reason for this action cannotbe 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 comesto play in the mobilization and channeling of corporatefundsinto
productive projects.
As these institution grows, they tend to mobilize corporate funds fromthe 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 overdraftto 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 aggregateoutput 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 marketvalues of all officially recognizeoutputin 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 rolesplayed by investmentbankersmobilizecorporatefunds;
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 effectof corporatefund mobilization by investmentbankers
on the economic growth and development of Nigeria.
RESAERCH QUESTIONS
This studytend to accessthe rolesplayed byinvestmentbankersin themobilization
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. Investmentbankers does notmake 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 investmentbankers and the deductions fromsuch 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 corporatefunds in the
economy.
Investmentbankers are financial institution whose major work is raising of capital
for companies, governmentand 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 giveadviceon certain financial transactionsuchasorganizationspin-
off,reorganizationand others corporateengineering services.Theyoperate 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 fundsand channelsuch fundsto viableprojectwith 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 corporatefunds and their activities can savean 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 arerational and will
want to maximize their return on such savings or rather will prefer to hold such
illiquid cash for transactionary purpose of consumption.
Investmentbankers 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, morethan 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 procurefinancing (which will be

mobilized fromthe surplus sector), whether it be fromstock offering, bond issues
or derivative product.
Role as an Advisor
Upon the decision to raise capital, any company or government organization lean
on an investmentbanker for guidance. Taking into accountthe 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
offeringor borrowingfromthe public througha bond issue.The investmentbanker
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
factorssuch asearnings 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 offeringbonds, thebank willlook atthe prevailinginterest
rate in the economy for the rated businesses to figureout how much it will haveto
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 N10min 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 shareat 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 arrangementwith the issuer. If ithas 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 firmcan 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
Largerinvestment bankshavelargeteam thatgather information aboutcompanies
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 proprietarytrading wherethat essentially gambletheir own moneyon securities,
however, a recent regulation known as the Volcker Rule has clamped down on
these activities.
Asset and Wealth Management
Investmentbankers 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
ensurejudicious utilization of the proceed fromthe trading of such asset. Also the
wealth of an entity or individual can be placed under the judicious watch of an
investmentbankerswhoalsoadviseon the bestmodeof generating furtherincome
on such wealth and thusincreasing 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 hererefers
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 studyadoptmainly secondarydata analysisapproachasdata 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. Thisis simply becausebanks arethedominating institutions in thefinancial
systemand loans to governmentare used mainly for recurrentexpenses (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 outsidethe bank (COB) is influenced by deposit(DPS). Deposit
is represented asall accounts held by customers(current,savings&fixed) pluscash
held by banks (M2). Thus it is expected that a negative relationship will exist
between depositin the banks and cash balanceoutside the banks. Therelationship
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 Savings
Currency 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: Savingsmobilized byinvestmentbankersare significantconsideringthe amount
of money in circulation;
Since DPSt = f(COBt)
Then:
DPSt = ao + a1 COBt + e
From Excel regression computation,
SUMMARY
OUTPUT
Regression Statistics
Multiple R 0.984484259
R Square 0.969209256
AdjustedRSquare 0.96664336
StandardError 5529359.165
Observations 15
ANOVA
df SS MS F Significance F
Regression 1 1.15486E+16 1.15486E+16 377.727508 1.94824E-10
Residual 12 3.66886E+14 3.05738E+13
Total 14 1.19155E+16

Coefficients Standard Error t Stat P-value Lower 95%
Intercept -22985431.78 3288534.329
-
6.989567229 1.45547E-05 -30150532.57
CurrencyOutside
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
variablemovesin the samedirection positively as againstexpectation 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 thereforereject the (Ho) that Savings mobilized by investmentbankers 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 NetDomestic Credit Creditto Private Sector
2014 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 significantportion of their credit to the privatesector;
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
R Square 0.961272037
StandardError 14715120.09
Observations 15
ANOVA
Regression 1 6.98703E+16 6.98703E+16 322.6747697 1.46623E-10
Residual 13 2.81495E+15 2.16535E+14
Total 14 7.26853E+16
Intercept 4774424.633 5557116.505 0.859155036 0.405819158 -7230995.686
NetDomesticCredit 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
) 95%

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 NetDomestic Credit
2013 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: Investmentbankersdoes makeany significantcontribution to economic growth
SUMMARY OUTPUT
R Square 0.901217425
StandardError 41966865326
Observations 14
ANOVA
Regression 1 1.92816E+23 1.92816E+23 109.4789152 2.19096E-07
Residual 12 2.11346E+22 1.76122E+21
Total 13 2.13951E+23
Intercept 89696866151 16357441772 5.483550998 0.000139903 54057062158
NetDomesticCredit 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

) 90%
Interpretation
The high correlation of 0.94 does exist between domestic credit and the gross
domestic product which is in line with expectation. Itwas 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 Investmentbankers 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 productivepurposes. Even when
used for consumption, they still influence economic growth indirectly.
Bank through their intermediation role arecontribution 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 corporatefunds 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 shouldbe encouragedby the regulatoryauthorities.
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).BankingSystemCreditas an Instrumentof Economic
Growth in Nigeria, Bullion: Publication of Central Bank of Nigeria. 34, 30-
35.
(ii) AndrewO Agbada & OsujiC.C. An Empirical AnalysisofTrends in Financial
Intermediation and Outputin Nigeria, GlobalJournalof 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,
INFORMALITYANDDOMESTICSAVINGSINNIGERIA:LESSONSFROMTIME
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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