ABSTRACT
This study is an attempt to evaluate the distress situation in the Nigerian Banking industry with a particular reference to Allied and Progress Banks of
Nigeria PLC. The study revealed that these banks actually had poor financial performance before they eventually became distressed. This implies that the operators of the banking industry, the regulatory bodies and the owners either did not do what they are suppose to do or did it when it is too late.
The project gives an indept accounts of the financial analysis of their performance, other man-made causes of distress in the banking industry. The work is concluded with a check - list of survival options to reverse the distress situation with a particular attention on what the operators, owners and regulatory bodies should do to improve the situation and prevent future occurrence. In addition, appropriate recommendations are made at the end of the study to remedy the anomalies.
