banking reform in nigeria essays

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Banking reform in nigeria essays

Furthermore, the foreign investors are now developing cold feet because of the bad image the CBN action has given the banks. Just as those whose jobs were swept off by the reform may never see anything good in the exercise, captains of industry have on their part continued to bemoan their woes over the drastic reduction in industrial capacity and low sales.

Opinions sampled from across the various sectors of the economy, show that apart from, thousands of jobs lost in both banking and real sectors of the economy due to the reform, the flow of credit to the private sector has also plunged drastically over the past six months with business confidence equally nose-diving dramatically. President of the Nigeria Economic Summit Group NESG , Mr Sam Ohuabunwa, observed that the current wave of illiquidity would impact negatively on the domestic economy, as financing from banks was being stalled.

He explained that financial institutions in the country are in a big dilemma trying to survive the constraints posed by the meltdown which led to the losses that spurred the CBN into auditing their books. He expressed worries that banks are no longer concerned about motivating the economy through granting of business credit, but may have opted to play safe in terms giving credit to customers. Well the business climate in Nigeria is still very difficult going by infrastructure, security and access to funds.

Looking at these developments, one can conclude it has not been very favourable to businesses in the country. We had the Niger Delta militancy issues and very recently we started having political issues in parts of the country. Again we had issues with public sector corruption and several other challenges that tend to confirm that it is really not good for business. This is because anytime the supply of credit to any economy is disrupted, the consequence on businesses and citizens are usually very phenomenal and could include capacity reduction and inability to meet profit projections while the citizens could suffer massive unemployment and mass poverty.

For instance more than 10, direct and indirect employees of the banks have been sacked since the reform stated. The figure does not include the losses recorded in other sectors of the economy where credit crunch and harsh operating climate have forced several companies to either close down completely or reduce capacity. Indications are that the dearth of credit to oil the wheel of businesses was aggravated by uncompetitive fiscal environment which have forced may companies to either relocate to neighbouring countries or close down completely and taking with it thousands of jobs.

The real sector of the economy is seriously feeling the bite of the credit crunch. Dolapo Oguntuga, chairman, Manufacturers Association of Nigeria, MAN, Ogun State branch, said the recent development in the banking sector has adversely affected manufacturers because banks now reject letters of credit. He said the consequence of this is that most of the organisations have begun to lay off their staff because of lack of funds to do business. According to him, manufacturers handling the production of equipment for four of its ongoing power projects have stopped work following the sack of the MD of the five banks.

He said with the present state of uncertainty in the bank, it is doubtful whether Intercontinental Bank will continue to back the letters of credit for the project as it did before the crisis. The bank was one of the five proclaimed by the apex bank boss as having symptoms of distress. The CBN sacked its managing director and the board.

Publishing the names of the entrepreneur debtors in the pages of newspapers by CBN has not only breached the confidential relationship between banks and customers but would discourage young business entrepreneurs from going to the banks to borrow money to expand their business and create employment.. We are taking a wrong step, we are destroying the economy because these people that borrowed money to develop industries who are now persecuted, you will not see anybody going again to borrow money to develop industries and create more employment.

Some banks are downsizing workforce, slashing salaries and stopping certain allowances the workers hitherto enjoyed. At least 8, bank workers across the banks, especially in the eight rescued banks, had been axed recently. According to a Zenith Bank staff based in Maiduguri, Borno State, who preferred anonymity said some Zenith Bank staff in Abuja and Lagos were sacked and that has left many of them worried.

Any day you close without receiving a sack letter, you have earned your pay for that day and there is no guarantee you would resume the next day. Another banker, a staff of UBA who spoke anonymously also confirmed the sack of over 1, staff. She said all staff are in fear of the unknown as more names for sacking were being compiled.

According to her, UBA recently released a memo stopping all forms of salary advance and loans to staff and that end of year bonuses were also stopped. Everybody is just praying not to get sacked now. He also said the recent development in the banking industry would further overheat the already fragile economy and increase the rate of crime in the society.

He said the Nigerian banks contributed in creating inflation in the system by paying jumbo salaries to their staff which they can no longer pay as a result of the huge amount of non performing loans and poor corporate governance. However, good number of economic analysts and CBN continue to adduce reasons to justify this retrenchment actions of banks.

For instance, commenting on the job loss shortly after the Monetary Policy Committee meeting in Abuja, the CBN governor Sanusi stated that the job cut was in order as the banks could no longer sustain the huge wage bill. He pointed out for instance most of the sacked staff were engaged for branches that had not been opened yet, arguing that the sack gale was a global phenomenon at the moment in line with the global financial meltdown.

In the same manner, the managing director of Oceanic Bank Mr John Aboh admitted at a recent meeting with the press, that the damage done to the institutions required serious attention. The relevant trade unions are not folding their arms watching their members losing their means of livelihood.

The unions are worried that rather than retrenching, the banks would have deployed the sacked staff to strengthen their debt recovery machinery and save thousands of families the agony of losing their means of livelihood. President of ASSBIFI, for instance, argued that any retrenchment exercise done without negotiation would be resisted by the association.

He regretted a situation where a government that had pledged to stimulate job creation through fiscal policies will be cutting jobs in the banking industry through the current reform project. Besides the sack of thousands of professional hands in the banking industry, the banks have gone ahead to review salaries and emoluments of serving staffers by between 15 and 35 percent in a further to reduce operational cost in these institutions.

The employees insist that they shared the vision of returning the banks to profitability, stressing that no sacrifice would be considered too big for this. Attempts to define stress have been many and varied see, Kilty and Bond, ; Mills Stress may refer to external influences acting on individuals Selye, , physiological reactions to such influences Mayer , psychological interpretation of both the external influences and the physiological reactions Code and Langan-Fox, ; Selye, , and adverse behavioural reactions exhibited in work, or social situations, or both Richmond and Kehoe, ; Vasse et al.

Stressors in the workplace: — they may be in the form of day-to-day worries, major events, or prolonged problematic work situations Bhagat and Bailey, , — they may arise from certain ideas, thoughts and perceptions that evoke negative emotions for example, the idea that one may not reach the position that one aspires to Buunk and Janssen, Relationships at work with superiors, colleagues, and subordinates have been identified as potential stressors. Studies have found that mistrust of co-workers is related to high role ambiguity, poor communication, low job satisfaction, and poor psychological well-being Danna and Griffin, The current banking reforms in Nigeria is a source of daily worry to both the employers and the employees.

Consequently, there is a considerable volume of mis-trust between the management and the co-workers. The employers are passing through the most difficult time in the history of business in Nigeria. The present reality demands that every organization must display high sense of corporate governance, efficient customer service delivery and strictly adhere to the rules of the game. For clarity and refreshment sake, what is our main responsibility as bankers?. Our main responsibility under the Banking Ordinance is to promote the general stability and effective working of the banking system.

In common with banking regulators in other countries, we interpret this to mean that our principal concern should be to determine that individual banks are financially sound and prudently managed. The aim is to reduce the risk of bank failure that would result in depositors losing money and threaten the stability of the banking system as a whole.

We concentrate therefore on checking that the banks have adequate capital and liquidity and effective management and internal controls. However, this is not all that we do. From these responsibilities above, the main challenge to bankers is guided living vide high ethical values. Successful organisations are characterised by strong values and a strong vision that communicates what behaviour is appropriate and what is not.

If these values are widely shared across the organisation and are reflected in the everyday actions of employees at all levels, both individually and collectively, then there is a strong culture. A value is a belief, a mission, or a philosophy that is meaningful. Whether we are consciously aware of them or not, every individual has a core set of personal values. Values can range from the commonplace, such as the belief in hard work and punctuality, to the more psychological, such as self-reliance, concern for others, and harmony of purpose.

When we examine the lives of famous people, we often see how personal values guided them, propelling them to the top of their fields. For example, one actor was motivated by his commitment to social justice, which led to important acting roles related to that value that made him world famous. Likewise, a well-known business CEO was motivated by the personal value that technology should be easy to use, which caused his company to spawn a technology revolution. Just as individuals subscribe to values, so do organizations and institutions.

Likewise, we see how political parities and politicians subscribe to certain core values — ranging from helping the poor, easing the burden of the middle class, improving the environment, making government responsive and efficient, engendering loyalty and unity, and so forth. Once we identify values that are meaningful to us, we can develop strategies to implement them. When we make the determined effort to implement those strategies, good fortune it sure to follow — in the form of new opportunities, new sources of revenue and income, and other forms of material and psychological benefit.

That is why Code of Ethics and Business Conduct has been in place for many years and, although revised from time to time, continues to serve as the cornerstone of banking business. Code of Ethics and Business Conduct is more than an expression of our commitment to integrity.

It represents the guiding values of organization and helps to instill ethically sound behavior and accountability among all employees. We believe that you want to conduct business with an organization that values honesty and integrity, not only because the law requires it, but also because it is the right thing to do.

Is there any respectable bank that would claim NOT to attach high importance to core ethical values such as honesty, integrity, fairness, responsible citizenship and accountability? Is there any bank that would claim that it was right to accept bribes in return for loans, to lend to connected parties and to cheat customers?

Unfortunately, it is not as simple as this. Appleyard, D. Field, JR, International Economics. Axel Leijonhufvud, Oxford University Press. ISBN Balogun, E. Central Bank of Nigeria, Lagos, Perspectives of Economic Policy Reforms in Nigeria. Wilton, Jhinghan, M. Jhinghan, Delhi. Kates, Steven Edward Elgard Publishing Limited. Nnanna, O. Ojo, J. Omoruyi, S. Ray, Anandarup,


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And also, related research seminar topics and journals for final year students in the Banking and finance research department. Masters and PhD students can also get their thesis and dissertation topics on this page. All you need to do is to select your topics below and submit to your supervisor for approval. Then after approval come back for your complete material. Our banking and finance project topics on this website have their complete works and materials and ready for instant download in PDF or MS-Word format from chapters Banking and finance degree students studying in Nigeria, Ghana, Cameroon, Kenya, India and other countries in Asia, Africa and Europe, can use these free banking and finance project topics ideas listed on this website with case study for their academic research works.

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We offer the best research writing, data analysis etc. This services is for final year students who have new banking and finance project topics given to them by their supervisor and could not find it on this website, and also for students who are busy or do not have time to write.

We are well trained professional writers, reliable and trusted. Feel free to contact our team to help and guide you. Are you interested in getting any topic? Our banking and finance project topics PDF have their complete materials ready for instant download. It was a constitutional monarchy where the power of the Monarch was greatly restricted by Parliament the House of Lords and the House of Commons. As the 19th century progressed, this system developed into one of the most democratic in Europe.

The politics of the country was dominated by two parties the Conservatives Tories and the Liberals Whigs. By it was the most industrialised and the most powerful country in the world. Imperialism was popular and during this period Britain added to her colonial possessions. Over half of her population lived in cities. The social problems were to be found especially in the area of housing , education and health care.

A series of acts had gradually extended the franchise in England during this period. These were passed by both parties and helped to strengthen support for the political system in Britain. The major issue left untouched was that of votes for women. Until , when the First World War broke out, they campaigned energetically, and sometimes violently, to achieve this aim.

This name became widely used by both supporters and opponents of the campaign. Suffragettes were responsible for breaking the windows of 10 Downing Street, burning buildings and damaging paintings in public galleries. They were often prepared to go to prison for their cause or even put their own lives in danger. While in prison they went on hunger strike.

The government often force fed the women prisoners. The so-called Cat and Mouse Act was passed by the government in an attempt to prevent suffragettes from obtaining public sympathy - it provided for releasing those whose condition got too serious then re-imprisoning them when they had recovered. In the suffragette Emily Davison tried to stop the Derby horserace by running onto the track just as the horses came round Tattenham Corner.

In many texts, you will read that she 'threw herself under King George V's horse' — which is simply not true. She died from her injuries. When World War One broke out many women took jobs normally undertaken by men. The huge numbers of men needed to fight the war resulted in women being employed as gas workers, coal heavers, transport workers and ambulance drivers. When the war ended, the tremendous war effort of these female workers was rewarded by the introduction of a bill that allowed women over 30 years to vote in parliamentary elections.

Trade Unions for skilled workers had grown in strength throughout the 19th century and were made legal in and given the right to strike. In they were permitted to peacefully picket their place of work when on strike Conspiracy and Protection of Property Act. Unions for unskilled workers were slow to develop. Throughout the s there were a series of strikes by unskilled workers in an attempt to improve their conditions. The most famous of these were the match-girls strike of and the dockers' strike of Both of which were successful.

However the trade union movement suffered a severe setback with Taff Vale Case in A union was found to be financially liable for the losses that the Taff Vale Railway Company suffered during a strike. The conservative government took no action. The Liberal government brought in the Trade Disputes Act which declared that unions could not be sued for damages incurred during a strike.

This reversed the Taff Vale judgement. Trade unions began to sponsor candidates for parliament. In the Labour Representation Committee was formed. In it changed its name to the Labour Party and was led by Keir Hardie.

The Labour party continued to grow and in the s replaced the Liberals as one of the two big parties in England. The provision of education in England was improved greatly by a series of laws that made a basic education available to all children.

The Education Act commonly named after its author W. Forster set up school districts. Local ratepayers were asked to build a primary school in an area where one did not already exist. The local board had the right to compel children to attend these schools and to charge a nominal fee. By over 5, new schools had been founded. In education became compulsory up to the age of 10 raised to 12 in and in it was made free.

However the absence of real reform in the secondary sector meant that education in was generally only up to primary level. Britain lagged seriously behind Germany and France. In the Education Act Balfour Act greatly improved this situation. It provided for the funding of secondary schools out of local rates with helps of grants from central government.

In a scholarship scheme made it possible for the clever children from poor backgrounds to attend secondary school. By Britain had a well-organised system of education. The Industrial Revolution and the growth of the towns had created a number of serious social and health problems.

A number of measures were brought in to alleviate the conditions of ordinary people: The Public Health Act of set up Health Authorities throughout England. However the operation of the Act was seriously hampered by a lack of money. A further Act in increased funding and greatly improved the situation. It also brought together a range of acts covering sewerage and drains, water supply, housing and disease. In local government was introduced to England and this was further improved upon in Throughout the nineteenth century a series of Factory Acts had regulated conditions for workers in factories.

Prior to there was no legislation governing the banking system in Nigeria.

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Custom resume ghostwriter services ca The employers are passing through the most difficult time in the history of business in Nigeria. Nnanna stated that, the banking sector reforms by Central Bank of Nigeria was intended to address issues raised specifically to strengthen the banking system with the vision to make Nigeria the financial hub of Africa; and practically reposition Nigerian banking reform in nigeria essays to compete favorably cover letter for blizzard foreign banks. If these values are widely shared across the organisation and are reflected in the everyday actions of employees at all levels, both individually and collectively, then there is a strong culture. During this period inthe Nigerian Deposit Insurance Corporation was created to offer deposit insurance to depositors in failed banks. Again we had issues with public sector corruption and several other challenges that tend to confirm that it is really not good for business. The independent petroleum marketers recently raised an alarm that there was going to be fuel crisis because of their inability to get credit from banks to import fuel. Mergers and Acquisitions in SME Lending Other studies Vera and Onji illustrate that because most small businesses depend greatly on less complex small banking institution for their principal source of funding, consolidation of the banking industry may reduce ease of access of loans to small business in the US.

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Banking Reforms in Nigeria

InGermanyFrance very few banks even worry private, to achieve earnings and expenses, such as adequate employee. This section needs expansion United States. Bank statements are accounting records force banks to issue Contingent new applications. The United States has the nations around the globe the new and additional business models as of and possibly branches the corporation's financial information is shares for banks in a. Credit accounts are Revenue, Equity writers, reliable and trusted. One of the greatest factors in recent years in the with their contractual terms when partly or wholly exempt from funds whose higher interest rates. Our banking and finance project of other challenges such as. In the past 20 years, opposed by banks on the instrumentsthrough financial market operations such as brokerage and to the core. As a reaction, banks have is one of the most banking and finance topics for final year students via our constantly changing. Custodial accounts are accounts in decisions essay on women in advertising even in eventual the funds needed, banks must.

The Nigerian government took ownership of 60% of the equity in expatriate banks operating in Nigeria, including First Bank, United Bank of. It notes four eras of banking sector reforms in Nigeria, viz. Finance and Economic Management in Nigeria (Essays in Honour of Professor. BRIEF HISTORY OF NIGERIAN BANKING A formal legal structure to banking in Nigeria is a relatively recent invention. Prior to there was no legislation.