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PROJECT TOPIC- EMERGING STRUCTURE OF NIGERIAN BANKING INDUSTRY FROM 2007 TO DATE

PROJECT TOPIC- EMERGING STRUCTURE OF NIGERIAN BANKING INDUSTRY FROM 2007 TO DATE

ABSTRACT

This study is meant to identify and emphasis on the emerging structure of the Nigerian Banking Industry from 2007 till date. That is to say that the paper will go a long way to narrate the various reforms that have taken place in the Nigerian Banking Industry between 2007 and till date. It will give a view of the evolution of the banking industry and some constraints behind the series of reforms aiming at restructuring the banking industry so as to ensure or attain international standard. The problems of this research include; Poor corporate governance, lack of transparency and poor accountability, fraud and inside abuse, policy inconsistency and political instability of the country. The research basically relied on secondary data from textbooks, journals, News papers, websites etc. Basically, the structure of Nigeria bank is the way in which the parts of banking industry are been connected together, arranged or organized, so that the goal of the establishment will be attained. The aim of arrangement of the banking industry is to ensure stability and quality service providing in the banking industry of the country so as to meet up with the vision 2020.

CHAPTER ONE

INTRODUCTION

  • BACKGROUND OF THE STUDY

Historically, Nigeria Banking Industry has undergone several forms of   reforms aimed at restructuring the banking industry after the decline in rating between 2001 and 2004. Therefore, Banking Structure simply refers to the way in which the parts of the banking industry are connected together, arranged or organized to ensure stability in the banking sector. This arrangement is being done through reforms and policies formulations and regulations by the Apex Bank and other regulatory bodies such as NDIC, AMCON, etc.

As an available data from a CBN Bulletin (2011) reviewed that the Nigerian Banking system has been relatively stable since the conclusion of the first phase of the banking sector consolidation exercise in December, 2005 of the 25 banks that emerged, Stanbic Bank and IBTC chartered Bank concluded a merger agreement in the 3rd quarter of 2007 thus reducing the number of deposit money Banks operating in Nigeria to 24 and also the sale of four Banks recently which bring allot of confusions and lost of jobs in the banking industry although strengthening the Banking structure of the country and faith of the depositors and shareholders.

PROJECT TOPIC- EMERGING STRUCTURE OF NIGERIAN BANKING INDUSTRY FROM 2007 TO DATE

1.2  Statement of the Problems                              

  1. POLITICAL INSTABILITY: Due to consistence change in government and political interference in the appointment of the apex bank governor, has subjected the banking industry to a serious shake with the so called consolidation reforms and policies which the aim doesn’t manifest before the appointment of another central bank governor who comes up with his own ideas of reform.
  2. POOR CORPERATE GOVERNANCE: LACK of good corporate governance, poor implementation of corporate governance or total disregard of corporate governance to pursue personal objectives; have resulted in the liquidation of financial institutions. According to CBN Reports, in 1998, 26 banks were liquidated in the industry. In 2005, 14 banks were sent packing through the withdrawal of their operating licenses, while in 2009, seven bank managing directors were sacked by CBN by managing their organization to financial distress. More so, in 2012, Jan, 4 banks were sold to well structured banks one merged to UBA.
  3. LACK OF TRANSPARENCY AND POOR ACCOUNTABITY: Lack of transparency and poor accountability on the part of the management of the banks have eroded investors and public confidence. False returns were rendered, while vital information was concealed from regulatory authorities.
  4. FRAUD AND INSIDER ABUSES: Some members of management of these banks resorted to lending money to their private businesses, and approving jumbo allowances to the directors. The economic and financial crimes commission discovered N13 million in the foreign account of one of the sacked managing directors (Nwankwo and Kolapo, 2009:5) as sited in the journal of banking.
  5. POLICY INCONSISTENCY: Due to lack of policy stability in the regulatory framework of the banking industry of the country, banks have been experiencing rush in order to meet up with one policy or the other leaving the need to satisfy the customers, (depositors), and the shareholders thereby putting the public confidence in question.

       The problems highlighted above cannot be separated from poor ethical practice as the affected institutions fell short of the approved standards of practice.

1.3  Objectives of the study

       The main objective of this study is to explore the nature of Nigerian Banking structure since post consolidation exercise and after the merger and acquisition that just toots place recently. To shore case the problems that brings about the change in the banking policies thereby resulting changes in the structure of the banking industry of the country, and narrating the evolution of the banking industry since the commencement of banking practice in Nigeria. And equally giving some recommendations on what should be done in order to ensure stability, quality ethical standard and international structural standard in terms of banking in the country.

1.4  Significant of the study

  1. It will save as a guide to the central bank and all the regulatory bodies in making policies and rule to guide the modus operandi of the banking industry.
  2. It will serve as a directory to the managing directors of the different banks in decision making.
  3. It will develop students’ knowledge in the field of banking and finance.
  4. It will also serve as a reference for other research.
  5. It will arouse an argument for further research.

1.5  Scope of the Study

       The study is limited to a particular time frame of between 2007 fill date. The geographical scope is Nigeria as a whole as it regards Banking industry.

PROJECT TOPIC- EMERGING STRUCTURE OF NIGERIAN BANKING INDUSTRY FROM 2007 TO DATE

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