HC Deb 13 March 1957 vol 566 c1127
30. Mr. Pargiter

asked the Secretary of State for the Colonies what proposals have been made by the Government of the Eastern Region of Nigeria for the nationalisation of the banking system and its co-ordination.

Mr. Lennox-Boyd

None, Sir. Banks and banking are, in any case, matters falling within the competence of the Federal and not of any Regional legislature.

Mr. Pargiter

Does that mean that the Minister has no interest in this matter, particularly in view of a recent inquiry which has been made into this very important question throughout Nigeria?

Mr. Lennox-Boyd

Of course, I have just as much responsibility for the Federal as for the Regional Government.

Mr. E. L. Mallalieu

Is not the 'Minister aware that in the Eastern Region now there is an indigenous bank under the control of the Government Corporation, which is running smoothly, and at a profit, and with constantly increasing efficiency?

Mr. Lennox-Boyd

Well, Sir, as my hon. Friend the Under-Secretary of State told the House on 20th February, the possibility of all the capital of the African Continental Bank being acquired by the Eastern Regional Government is being examined, but there are many problems of law and policy which have yet to be settled.