THE ROLE OF THE INSURANCE INDUSTRY IN THE NIGERIAN ECONOMY

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Over the years, the Nigerian insurance industry has been regarded as the largest in African continent, and is among the largest leading market in the third world countries. The Nigerian insurance industry is ninety years old this year 2011. It started from 1921 when the Royal Exchanged Assurance (Nigeria) Plc was established in Nigeria.

The administration and accounting of claims were the main operations of the industry. The re-insurance sector was established in Nigeria with other three private re-insurance companies between 1983 and 1987 to supplement the activities of the government owned Nigerian Re-insurance Corporation Plc.

Insurance industry is a service industry which exists mainly to provide the insuring public with a system of protection against death and financial loss arising from accidental and unexpected events. Unlike bank, it operates under its own peculiar market system.

Though insurance plays a god role in the social and economic developments of the country, the truth still remains that the insurance industry has not taken adequate positive steps to present a good accounting for insurance claims to the public. There  has been several allegations of malpractices from different quarters against the industry in recent time.

According to Igbo (1999), “Malpractices in the insurance industry cannot be quantified with any degree of accuracy”. This is basically because of the chain of reaction that is triggered off by even the smallest degree of allegation of malpractice perpetuated in the insurance industry, the sources notwithstanding.

As a result, the public have developed a poor and disarted accounting for insurance claims based on the fact that they (insurers) most often, do not respond to genuine claims. Moreover, the insurers or the insurance industry delay in making payments and even refuse or repudiate liability in the occurrence of the insured risks. There has been incessant conflicts resulting from non-payment or compensation of the parties concerned by the insurance industry.

However, the different methods of perpetuating the ‘act’ differ in scope and dimension, and have had a negative effect on the image of the insurance industry. The overall effect is that the greater part of the public have lost confidence in insurance industry as regards to insuring their lives and properties. Secondly, the public is denied of new companies that give rise to employment. Thirdly, the shareholders of insurance industry will not benefit from their investments. Moreover, the claims of the insured are rather not settled at all, while the profit of the industry is consequently affected. And at the end, the economy as a whole suffers.

1.2     STATEMENT OF THE PROBLEM

The problem of the insurance industry res solely on clams administration and settlement; from the data of occurrence of a claim to the date it is issued for settlement. Many reasons have been advocated for this default which has culminated into several allegations of malpractice by the industry from the public, some of these reasons are the inability of the policy holder to comply with the policy condition by not notifying the insurer on the occurrence of the insured risk in the policy form. This is assumed to be as a result of inadequate enlightenment on the scope, functions and limitation of the insurance industry as well as the basic rules that govern their transactions.

Other reasons include lack of tremed, educated and honest agents, brokers and loss adjusters. The insurance due to their seeming fraudulent nature, appears to intentionally repudiate liability because of minor breach of contact that need no disclosure. Section 20 of the Nigerian Marine Insurance Act 1961 states, “Every circumstance is material which would influence the judgment of a prudent insurer in fixing the premium or determining whether he will have the risk”.

 The allegations of the insurer against the insured ranges from the breach of utmost good faith to forging of documents to facilitate claims demand, the insurance of non-existent subject matter and double insurance. The insured on their own parts claim that the inadequate practices indulge by the insurers such as concealment of some basic facts necessary for one to enter a contact, delay in claim settlement and alteration of premium rates.

It is in the light of the forging that the researcher wish to inquire into the allegations of malpractice in the industry. And to find out the causes, consequences and cure of malpractices as alleged to the industry.  

1.3     OBJECTIVES OF THE STUDY

The purpose of insurance is not really to guarantee against loss occurrence but a method of assuring that payment or indemnity will be received for losses that occur as a result of the risk insured against.

Due to the default in claims settlement by the insurance companies with the amount and degree of allegation emanating from the different parties to an insurance contact, this study is therefore aimed at achieving the following objectives:

a.    Whether actually malpractice exists in the insurance industry

b.    What are the sources of this malpractices

c.    What are the functions of the National Insurance Commission (NAICOM)?

d.    Are the malpractices instrumental to the bad image of the insurance industry?

e.    If the malpractice exist, to make suggestions where necessary on how best to curb the situation

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THE EFFECTS OF BANK CONSOLIDATION ON THE PERFORMANCE OF BANKS IN NIGERIA: A CASE STUDY OF FIDELITY BANK, UBA, ACCESS BANK AND UNION BANK

ABSTRACT

In order to strengthen the competitive and operational capabilities of banks in Nigeria with a view towards returning global and public confidence to the Nigerian banking sector and the economy in general, the central Bank of Nigeria instituted a bank reform programme in 2004 that took effect in January 2005. The consolidation exercise saw most of the then 89 banks merging with each other so as to meet the recapitalization requirement of CBN. It was earlier speculated in some financial analysis quarter that the exercise might be he only remedy to the problem of Nigerian financial system by restoring stability in the banks. This, however, has turned out to be the opposite as most post-merger results tend to highlight that consolidation has not improved banks performance.  This study tried to evaluate the impact of banks consolidation on the performance of Nigerian banks. To do this, 8 years pre and post merger financial statements of 4 consolidated banks (Access bank, Fidelity Bank, UBA, and Union bank) were obtained, adjusted, their average taken and carefully analyzed. The performance indices that were studied include profitability, liquidity, and deposit. The study employed bar chart in the course of data analysis and the pool-variance t-test distribution was used to test validity of the pre-stated hypothesis. The result revealed no difference in pre and post consolidation periods in all the variables studies. The study therefore, concluded that consolidation did not make significant impact on the performance of Nigerian bank.   

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND OF THE STUDY

It is a known fact that the banking sector is the engine of growth in any economy, given its function of financial intermediation. Through this function, banks facilitate capital formation, lubricate the production engine turbine and promote growth (Adeyemi, 2006:3). However, banks ability to engender economic growth and development depends on the health, soundness and ability of the system. The need for strong, reliable and viable banking system is underscored by the fact the industry is one of the few sectors in which the shareholders fund is only a small proportion of the liabilities of the enterprises. It is therefore, not surprising that the banking industry is one of the most regulated sectors in any economy.

It is against this background that the Central Bank of Nigeria outlines the first phase of its banking sector reforms designed to ensure a diversified, strong and reliable banking industry in July 6, 2004. The primary objective of the reform according to Adeyemi (2006:14) is to guarantee an efficient and sound financial system. The reforms are also designed to enable the banking system develop the required resilience to support the economic development of the nation by efficiently performing its function as the fulcrum of financial intermediation (Lemo, 2005:16).

Consolidation of banking institutions is therefore among the element of the 13-point reform programme of CBN. Uhomoibli (2006:6) posits that the main objectives of bank consolidation in Nigeria is to move the Nigerian economy forward and strengthen the banking system in order to facilitate development, to ensure a diversified, strong and reliable banking sector which will ensure safety of depositors fund, play active and competitive role in Africa and global financial system.

The consolidation and recapitalization exercise in the banking industry has necessitated the four different banks to engage in corporate merger and acquisition. Fidelity Bank merged with FCMB and acquired Manny bank. United Bank for Africa (UBA) on its own acquired standard Trust bank and Continental bank, Access Bank acquired Marine Bank and Capital Bank while Union Bank acquired the Former Universal Trust Bank Plc and Broad Bank Ltd and absorbed its erstwhile subsidiary Union Merchant Bank Ltd.  However, the four case study banks retained their brand name after the merger and acquisition basically because of their greater capital contribution. In all, eighteen (1) banks were able to meet up with the N25billion capital base through merger and acquisition, six (6) banks stood alone while fourteen (14) could not meet the requirement and has to fold up.

The bank consolidation policy was carried out mainly through merger and acquisition which resulted in the compression of eighty-nine (89) erstwhile commercial banks in Nigeria to twenty-five (25) banks with one bank later existing the scene remaining twenty-four (24) banks. Now that the consolidation programme has come and gone, Omoh (2006:5) notes that attention has been shifted to its term effects on the Nigeria banking system.

It is on this background that this study tagged “the effects of bank consolidation on the performance of banks in Nigeria” is posed to assess the extent to which consolidation has impacted on the general performance of Nigerian banks using Access bank, UBA, Fidelity bank and Union bank as case study.

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IMPACT OF INTEREST RATE ON BORROWING AND LENDING ACTIVITIES AMONG COMMERCIAL BANKS IN NIGERIA

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Bank like other private enterprises establish polices aimed at achieving their primary objectives

Profitability:

Interest rate is the cost on borrowing and also the payment to a borrower of funds to the lenders of the use of money borrowed. The interest rate policy is one of the major tools employed by the monetary authorities to regulate the value, supply and cost of money in an economy. In other words, the economic activity in any economy to a large extent is influenced by interest rate.

Interest rate as a component of cost of fund, has contributed both positively and negatively on the economy, and has gained considerable attention from economist, lender and borrowers alike. It effect the demand for and allocation of available laonable funds, it also effect the level of consumption on one hand, and the level and patter of investment on the other hand, as higher interest rates discourage borrowing and encourage savings and will also tend to slow the economy. Lower interest rate encourage borrowing and economic growth i.e the lower the interest rate, he higher the profit expectation as business are expected to pay certain percentage of the money borrowed (little) as interest for fund borrowed. Conversely, the higher the rate of interest the less the profit expectations

There was a time when the charging of interest on loans was sinful. It was using one’s financial power for the save of extorting money after the banking debacle of 2007 to 2008, questions on the morality and usefulness of interest rate have arisen yet again. Until 1970’s the main line of argument was that because interest rate represent the cost capital, low interest rate will encourage people to borrow and promote economic growth. Thus, during the era, the policy of low interest rate was adopted by many countries including the developing countries of Africa (of which Nigeria is among). This position was, however challenged by what is now known as the orthodox approach to financial liberalization mckinnon kapur and the broader mckinnon- shaw hypothesis suggested that high positive real interest- rate will encourage saving. This will lead, in turn to move investment and economic growth, on the classical assumption that prior savings is necessary for investment.

However, high rate of interest to the borrowers on lending has contributed to the bank failure in higher-risk segments of the credit market. This involved elements of moral hazard on the part of both the banks and their borrower’s and the adverse selection of the borrower’s. it was in part motivated by the high cost of mobilizing funds. Because they wore perceived by depositors as being less safe than the established bands, as commercial banks has to offer depositors higher deposit rates. They also  had difficulty in attracting non-interest bearing current account because they could offer few advantages to current account holders which could not also obtained from the established banks. Some of the commercial banks relied heavily on high-cost interbank borrowing from other banks and financial institutions on which real interest rates of over 20 percent where not uncommon.

The high cost of funds meant that the commercial bank had to generate high earnings from their assets, for example, by charging high lendi ng rates with consequences for the quality of their loan portfolios. The commercial banks almost inevitably suffered from the adverse selection of their borrowers, many of who had been rejected by the foreign banks (or would have been, had they applied for a loan). Because they did not meet the strict creditworthiness criteria demanded of them. As they had to charge higher lending rates to compensate for local banks to compete with the foreign banks for the “prime” borrowers (ie the most creditworthy borrower). As a result, the credit markets were segmented, with many of the banks operating in the risky segment, saving borrowers prepared to pay high lending rates because they could access no alternative sources of credit. High risk borrowers includes other banks and NBFIs which were short of liquidity and prepared to above market interest rate for inter-banks deposits and loans. In Nigeria some of the commercial banks were heavily exposed to finance houses which collapsed in large number in 1993, as well as to other local Banus (Augustto and Co., 1995, pg. 40). Consequently, bank distress had domino effects because of the extent to which commercial banks lent to each other. Arguably a change in interest rate for loans is not likely to effect decision to interest on long term equipment and other such assets but will affect total spending in the economy.

1.2     STATEMENT OF THE PROBLEM

the financial system of most developing nations of which Nigeria is among, have come under stress as a result of the economic shocks in recent time. Additionally, financial repression, which has largely manifested through discriminate distortions financial prices including interest rates has tended to reduce the real rate of growth and the real size of the financial system relative to non-financial magnitudes.

Consequently, most countries both developed and developing have taken major steps to liberalize their interest rates as part o the reform of the entire financial system. Such liberalization represents a policy responses, encompassing a package of measures to remove all undesirable state imposed constraints on the free working of the removal of interest rate ceiling and loosening of deposit and credit control (Killick and Marhn:1990).

According to the Keynesians, interest rate increases investment while a rise in the rate of interest dempen’s investment. Anyawu (1993) reported that as soon as the central bank of Nigeria announced deregulation of interest rate in 1987, bank over reacted by purchasing interest rate tools high reaching 30-40 percent. Such rise  helped in rendering borrowers insolvent while is nothing but boomerage.

Interest rate has contributed both positively and negatively on the economy (how people lend and borrow money as it effect the demand for and allocation of available loanable funds. Hence, the need for this research work, to determine if the interest rates have helped in increasing the level of investment or how people responds to lending and  borrowing when interest is high or low among banks in Nigeria.

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AN APPRAISAL OF STUDENTS POOR ACADEMIC PERFORMANCE IN TECHNICAL SUBJECT IN NBTE EXAMINATION

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The importance of Technical subjects or Technology in all spheres of human endeavour has long been recognized worldwide. This explains why considerable emphasis is devoted to the teaching and learning of Technical subjects related to Engineering and Technology.       

         Some writers, educationists, and researchers on the subject including Mkposi M.O. (1996), Momoh GD (2005), Mkposi (1999) and others have in their various works and teachings stressed the importance of these subjects in the socio-economic development of any country. They were of the view that the study of Technical subjects in Technical colleges will help individuals, groups, students and the world generally to be self reliance for the betterment of oneself and the society, the significance of any Technical subjects (Technology) will be seen clearly if it is examined with the framework of a continuing search to relieve man of manual labour and enable him to gain greater control of his environment. In an attempt to gain control of the above text, that the causes of student’s poor academic achievement in Technical subjects in Technical Colleges was to be re-examined.

         It is in recognition of the role, the teaching and learning of the technical subject, is to play in the socio-economic development and industrialized country, that these subjects was included as among the subjects to be taught even in the secondary schools throughout the country in the National Policy on Education (NPE) the inclusion of Technical subjects be taught in secondary schools as also of Technical Colleges will indeed enable the students of both schools and the entire society to learn about self reliance and industrialization. To achieve this, both the State and Federal Ministry of Education provide Technical Colleges materials and qualified teachers to impact the desired knowledge to the students. Teachers were also sent on refresher courses, sandwich programs, seminars, conferences and workshops. Despite these landable efforts evidence with regard to teaching and learning of Technical subjects in Technical schools or Colleges, the NBTE examination clearly shows deteriorating situation. The chief examiner annual report on the student’s performance in Technical subjects from 2005-2010 according to statistical unit of West African Examination Council (WAEC) Enugu indicated thus:

         According to a report just released, a total of 9,125 students registered for Engineering drawing, workshop fitting, workshop Technology (mechanical) Electrical Installation, Plumbing, wood work, concrete works, building and construction work, Arch welding, Electrical Electronics, all these are called Technical subjects from 2005 – 2010 in the NBTE examination.

         In the five Technical schools in Enugu North Local Government of Enugu State within the period under review of this number 229 students scored distinction, 851 Credits, 2631 came out with passes and 6173 failed the examination. This shows that 37.55% passed the examination while 62.45% failed.

         The break down of the figure show Technical College by Technical, show that from 2005-2010 Government Technical College Enugu registered a total of 80,150 students out of which 15 students scored distinction, 85 scored credits, 125 came out with passes and 540 failed the examination.

This represents 25.5 percent passes and 65.5 percent failure. The same trend was observed in all the remaining three, remaining Technical Colleges under study.

This result does not speak well for the schools or the entire staff and students involved in the teaching and learning of Technical subjects. I believe that it is necessary therefore in response to this poor performance indicated above, that the principals of Government Technical College, Enugu State should set up a house committee to investigate and recommend solution to this academic problem. While the committee is on it's work on the cause of student's poor academic achievement in Technical subjects in Technical Colleges in Enugu State. It may be useful to investigate the factors responsible for the poor performance of student's in Technical subjects in the NBTE in Enugu State with a view to make recommendations to the authorities on how to observed factors can be applied to the barest minimum if not out rightly.

STATEMENT OF THE PROBLEM

Technical subjects are those subjects grouped to make up engineering. No Engineer has been trained without passing first through the Technical subjects.

         Truly Technical subjects is the Bedrock, or could be classified as the foundation of Engineering. For any country to be self reliant in aspect of life both politically, economically and otherwise, the Technical/Engineering aspect of that country's priority is considered most.

So, as we can not borrow life so also we can not borrow Technology or transfer Technology as the case may be. Why so many student are afraid of these Technical subjects is because it is capital intensive and covers both practical and theory, the state and federal government should be able to be deeply involved in training, development, encouragement not only for student's Technical Institution but also their teachers as well.

         In most countries students of technical institutions are paid while they are studying. As there is decline or poor achievement in Technical subjects by students, there is also not enough teachers adequately to take the students on these Technical subjects. Perhaps it may be due to the state and the federal government non recognition of their institution.

         Appropriate action should therefore be taken to avert this ugly trend, for it is a virus to the nation at large. We must have heard or learnt about how George Stewart invented the steam engine which today has been modified to as Diesel engine. Technology does not mature or develop out of manipulations or magic, it is out of inspirations, and these inspirations are brought out of your minds and brains and coupled together to function as a unit. It is not easy to see or make your theory work with your practical in Engineering, that is why funding is very necessary in Technical Colleges if we should move ahead in rectifying poor academic performance in technical colleges in Enugu State.

         The researcher is very much interested to identify the factors responsible for the poor academic performances in Technical subjects in NBTE in Enugu State.

PURPOSE OF THE STUDY:

The purpose of the study is to investigate the causes of students poor academic performance in Technical subjects in NBTE examination in Enugu State.

Specifically the study will:

1.   Identify how the attitude of teachers influence student’s performance in Technical subjects in NBTE exams.

2.   Identify how the method of teaching militate against student’s performance in technical subjects in NBTE.

3.   Identify how the altitude to study by students effects their performance in Technical subjects in NBTE certificate examination.

4.   Investigate how the lack of funds in purchasing the necessary instructional material for teaching of Technical subjects affects students performance in Technical subjects in NBTE certificate examination.

5.   Find out how the parental influence or career choice effect student's performance in Technical subjects in NBTE certificate examination.

6.   Identify how guidance and counseling influence student's performance in Technical subjects in NBTE certificate examination.

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IMPACT OF ECONOMIC INDICES ON BUSINESS DECISION IN NIGERIA (A CASE STUDY OF INNOSON NIGERIA LIMITED, DE UNITED – PRIMA FOODS LTD)

CHAPTER ONE

1.1      BACKGROUND OF THE STUDY

The good of most national economies of the world is to attain a level of full utilization of factors of production to reach full production capacity, reduce unemployment to it's bearest minimum and amongst other stability in the economy.

In economics and finance, an index is a statistical measure of changes in a representative group to individual data points. These data may be derived from any number of sources, including company performance, price, productivity and employment. Economic indices allow analysis of economic performance and prediction of future performance.

Economic indices (index phrasal) track economic health from different perspectives economic performance can be evaluated with thee index and conclusion reached which would affect the economy at large. Business firms have hierarchy and levels of management, which Ewurum and Unamka gave two broad categories. Administrative and Executive, they also went ahead to divide them into Top Management, Middle management and Operational management. These levels of management are vested with different levels of decision making ranging from policy formulation, planning, organizing, staffing, leading, directing, communicating and controlling of activities in the organization including the employees.

These levels of management make decision which affects business as well as the economy as a whole. The decisions therefore, are stimulated by data information from economic indicators. Management hence makes decision that will affect both their organization and the economy at large. These economic indices includes: stock market index, consumer price index, producer price index, GDP deflator, labour market index. Other measurement of economic performance may include, unemployment level, inflation rate, level of industrialization among others.

Economic indicators therefore is simply any economic statistic such as inflation, unemployment rate, GDP etc which indicates how well the economy is doing and how the economy is going to do in the future. It is this information at the disposal of the managers decision makers of organization that aid in decision making process in Nigerian business environment.

To this end, all regulatory bodies should ensure that appropriate information are passed across and that such information about these economic indices are timely for decision making purposes which will in turn help in stabilizing the economy and aid sustainable growth of the Nigerian economy. This background information is the basis for analyzing the impact of economic indices on business decisions in Nigeria.

1.2   STATEMENT OF THE PROBLEM

The recent occurrence in economic activities in Nigeria and the global economic meltdown has rendered many companies hopeless to the next move or decision to take concerning the production distribution and consumption of economic commodities. Managers therefore, depend on the economic indices for decision making resulting in the selection of a course of action among several alternatives. In as much these indices help business decision, it has also aided fraudsters in siphoning off profits from business into their personal bank account.

Now, could the impact of economic indices on business decision in Nigeria be considered really positive in the fact of it’s few negatives side? It is very necessary that the positive aspect of economic indices is harnessed properly to ensure effectiveness and efficiency in the Nigeria business decision process and also to minimize the efforts of it's negative side. How often do Nigeria business and organization update her knowledge of current economic indices? Have these businesses fully maximize the advantages deriable from decision making with the knowledge of movement of the country’s economic indices. Some organizations are yet to incorporate economic indices into their information system for decision purpose. This has led to inefficiency, therefore are the numerous advantages economic indices has brought to the Nigeria business environment. What is the role of government in ensuring that proper indies are made available and that they are not misleading to the economy? Are the regulatory bodies in Nigerian business environment vigilant enough to detect these fraudsters and ensure a healthy business environment?

Most small business are not concerned about economic indices and it’s effect on the economy, what are the numerous advantages of economic indices on business decision? And how can the awareness of it’s need be increased? It is important to note that fraud and other inconsistent economic practices and also the cost of ignorance in this age and century cannot be over emphasized.

1.3   OBJECTIVE OF THE STUDY

In view of the problems survey above, the objectives of this research project are:

a.   To highlight and analyze the overall impact and level of awareness of economic indices on business decision in Nigeria.

b.   To highlight the urgent need for the knowledge of economic indices by business in Nigeria by emphasizing on its numerous advantages.

c.   To analyze the actives of regulatory bodies in Nigerian in relation to ensure proper decision making process and publication and making pubic the working and movement of economic indices in Nigeria.

d.   To encourage the knowledge/literacy of economic indices among business decision makers in Nigeria.

1.4   RESEARCH QUESTIONS

1.      In what ways can the overall impact of economic indices    on business         decisions in Nigeria be described?

2.      Are businesses and organizations in Nigeria acquaintance with the most         recent accounting softwares?

3.      Is the regulation of economic indices in Nigeria effective

4.      How important is economic indices to business decisions    in Nigeria, is          it truly necessary for all business in Nigeria both small and big?