Abstract
The main objective of this paper focuses on the theoretical and practical approaches in the banking sector, with emphasis being placed on financial service operations of cheque processing and securities trading, and in managing financial information. The banking sector was identified as it is presently the most vibrant and emerging sector in the financial services in Nigeria, which was mentioned in the Financial Times. In 2007, the banking sector has been the driving force behind Nigeria's equity, which is in excess of $3.3bn in equity capital market transactions. The banks that were investigated in this research paper included banks that incorporate functions in the equity market as part of their daily operations and in the possession of relevant information on securities trading as well as information on cheque processing procedures. The paper concludes by suggesting that, there is above average knowledge and understanding of ILM within the financial sector in Nigeria. Therefore, it was recommended that the application of ILM techniques should be improved upon in the management of information in the Nigerian financial sector and to obtain the best results at every stage of the information lifecycle.
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