CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Organisation now exists much more in a
rapidly changing environment. Consequently, business needs to change
strategies, processes and roles rapidly, radically, and measurably if they are
to survive or succeed. The current gale of globalization and the increasing
role of World Trade Organisation (WTO), on global economy, the stringent
requirement of the Basel
Mergers and acquisition, as a result of the
new economic reform agenda tagged national economic empowerment development
strategy (NEEDS) whose major challenge was to restructure the Nigeria
It is universally experienced that reforming
financial system especially banking sector were never an easy task due to its
rigidities in the system, but the
ultimate goal of government is to right size the bank to make them bigger,
stronger ,more economically nimble
and competitive regionally and
globally. This means right sizing deal with the vulnerabilities associated with
their small size, restructure, re-engineering, re-professionalizing and
re-focusing the banks (Osazie, 2006).
Experience from the development economies
has shown that the development of a sound financial system requires the
collaborative efforts of the government, the monetary authorities, the
operators in the sectors and the general public. Macroeconomic stability is
required for the financial system to evolve and play its expected roles.
Furthermore, the monetary authorities must improve their supervisory capacity
and pursue policies that would enhance the safety, soundness and efficiency of
the financial system industry.
As
we continue to grapple with the challenges of past consolidation of the banking
sector to ensure that for its smoothened effective operation in the new environment. This project
considered the positive and negative challenges posed by the consolidation
reform in the banking sector in Nigeria
It
also take into consideration a lot of challenges on the central bank of Nigeria
so that it plays an effective role in the new environment such that soundness
of banking system will be assured so as
to inspire the confidence of the banking public
1.2
STATEMENT
OF PROBLEM
Despite the accolades that trailed
government’s effort in banking sector reform in Nigeria
1. Does
Nigeria
2. What
are the challenges of dominant government ownership of some banks on their
corporate governance in the post consolidation?
3. What
are the operating challenges from information and communication technology
(ICT) system and culture integration?
4. Where
is the supporting human capital?
1.3
JUSTIFICATION
OF THE STUDY
Every research work is carried out in order
to contribute positively to the field of knowledge, general public intending
researches on the topic or similar one, government, stakeholder professionals
and the professional bodies and especially the banking sector which the
research to directed to.
The significance of the study is to
recognize the post consolidation effects on the
economy and also to identify ways of improving business post
consolidation i.e. value added due diligence to gain a competitive advantage.
Another important significance of the study will determined the challenges of
post consolidation and the measures to be put in place to address them.
The research work is to determine the
regulatory framework by the apex bank and other monetary authorities of their
contribution to the post consolidation of the emerged banks in the sector.
1.4
OBJECTIVE
OF THE STUDY
The
main objective of this research work is to examine and analyse the post
consolidation challenges of banking sector in Nigeria
a. General
objective : To find the impact of post consolidation and the fundamental
restructuring needs to address the structural and operational problems of the
system in order to create a strong and reliable bank and environment where it
will play a vital role regionally and
internationally competitively and involve itself in the development of Nigerian
economy
b. Specific
objectives
i.
Proper program management –
defining an integration roadmap and process to manage issues arising.
ii.
Ability to realize value
being able to capture synergies and meet strategic targets and establishes the
appropriate corporate culture.
iii.
Integrating infrastructures
– establishing common back office operators, procedures and process and
rationalizing the integrating information systems to a common platform.
iv.
Organization preparedness –
such as leadership and staffing execution of plans and change management
support.
v.
Whether consolidation condition
have been met.
1.5
SCOPE
OF THE STUDY
The political scientist says that, one of
the characteristics of a state is that it is territorially defined. Thus, this
study is concerned with First Bank Nigeria Plc in general, particularly, the
Maiduguri Main Branch and Monday Market Branch, and of the staff: Senior
Management and Middle Levels, Customers of the bank of the branches mentioned
above and other branches in other branches and states.
1.7 LIMITATIONS OF THE STUDY
This study is faced with the following
limitations:
1.
Time Constraint – considering
the time spent, one is expected to finish this research work which is
inadequate due to other tide of academic schedules.
2.
Financial Constraint – This
is another constraint faced by the research on expenses; these include sourcing
of information through/on internet, photocopying of materials and other
relevant traveling costs.
3.
Release of Information – Due
to the nature of the information requirement for this study, the ability to
obtain the relevant material especially the 2006 Annual Report and Accounts of
First Bank of Nigeria Plc is hampered by its limited copies.
4.
Area of Coverage – The
study is aimed at studying the entire First Bank of Nigeria Plc, as such only
the branches in Maiduguri Maiduguri
5.
Shareholders – Spirited
effort was made to the shareholders of First Bank of Nigeria Plc bearing in
mind the impact of their input would have made on the research but unfortunately,
they were not easily accessible. Thus, the research has to make do with the
inputs from staff and customers only.
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