According to Akngbola (2000:7) there is no gain saying that  the concept of universal banking has gained more  currency that any other issue and has also shot up to the front burner of national economic discourse particularly in banking circle in the last one decade exigencies market dynamics and trends in international money market has led to the approval and re-examination of the of the structure scope functions of banking institutions in the country.

Okehi (2000:16) however went further to say what until about a decade ago, no definite well assembled and articulated positions were made for universal banking due largely to the prevalence of conducive macro- economic environment for  the  continued  demarcation of the functions of retail and investment banks, however the faltering of the economic attendant inclement operating environment for banks.  The perceived absence of a level playing field between retail and investment banks and the recent harmonization of the equity of all banks have collectively awoken and driven the present call for the establishment of a new banking order where all banks are treated as equal.