THE IMPACT OF BANKING REGULATION AND SUPERVISION IN NIGERIA COMMERCIAL BANKS .
C A CASE STUDY OF UNION BANK OF NIGERIA PLC, ENUGU BRANCH )

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ABSTRACT
Banking is a service industry, and like all service industries is influenced in its evolution and development by the socio – political and economic environment of the particular country. It follows therefore that the historical evolution on banking in any country provides or can provide the rational for and methodology of prudential regulation of banking in that country. Bank regulation is the formulation and agreement of specific banking rules. These laws and regulation establish a framework for bank behaviour that foster the maintenance of a stat and sound banking system and a fair and efficient delivery of services to bank customers.
It is one thing to have regulation, it is another to have compliance. These banks need to be constantly supervised and examined. Supervision and examination are twin functions that go with minimizing risk inherent in the banking industry.
Indeed, the purpose of supervision and examination is to evaluate a bank’s loan port-folio, internal control system and management practices.
This when efficiently carried out, supervision and examination provide the basis for early warning signals and hence early intervention which is a critical factor in protecting the health of the financial system.

TABLE OF CONTENTS
CHAPTER ONE:
1.0 INTRODUCTION 1
1.1 HISTORICAL BACKGROUND 2
1.2 STATEMENT OF THE PROBLEM 4
1.3 OBJECTIVE OF THE STUDY 5
1.4 RESEARCH QUESTION 6
1.5 RESEARCH HYPOTHESIS 7
1.6 SIGNIFICANCE OF THE STUDY 7
1.7 SCOPE, LIMITATIONS AND DELIMITATION 8
1.8 DEFINITIONS OF TERM 9

CHAPTER TWO
REVIEW OF RELATED LITERATURE 16
2.0 BANKING REGULATION 16
2.1 BANKING REGULATION FRAME WORK 20
2.2 BANKING SUPERVISION ROLE 21
2.3 SCOPE OF C B N SUPERVISORY ROLE 24
2.4 THE SUPERVISORY LEGAL FRAME WORK 26
2.5 THE CONDUCT OF SUPERVISION AND-
EXAM INACTION 29
2.6 OPERATIONAL REQUIREMENT 36
2.7 MODE OF SUPERVISION 41
2.8 THE ROLE OF THE NDIC IN THE SUPERVISORY-
SYSTEM 42
2.9 REASONS FOR INEFFECTIVE BANKING REGULATION AND SUPERVISION. 44

CHAPTER THREE:
RESEARCH METHODOLOGY 50
3.0 RESEARCH DESIGN 50
3.1 AREA OF STUDY
3.2 RESEARCH POPULATION 51
3.3 SAMPLE AND SAMPLING PROCEDURE 52
3.4 SOURCE OF DATA 52
3.5 LOCATION OF DATA 53
3.6 INSTRUMENT OF DATA COLLECTION 53
3.7 METHOD OF DATA COLLECTION 54
3.8 METHOD OF DATA ANALYSIS 54

CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS 56
4.0 QUESTIONNAIRE DISTRIBUTION AND COLLECTION56
4.1 RESPONSES TO QUESTIONS 57
4.2 TEST OF HYPOTHESIS 70
4.3 DEDICATION RULE FOR CHI-SQUARE ANALYSIS 77
4.4 ANSWERS TO THE RESEARCH QUESTION 77

CHAPTER FIVE
FINDING, RECOMMENDATION AND CONCLUSION
5.0 SUMMARY OF FINDING 79
5.1 RECOMMENDATION 81
5.2 CONCLUSION 85
BIBLIOGRAPHY 86
APPENDIX 92
QUESTIONNAIRE 94

CHAPTER ONE
1.0 INTRODUCTION
Modern commercial banking in Nigeria dates back to the early colonial period. The decline in barter system of trade and the rise in financial transactions of the colonial government required an institution in the form of commercial bank for safety and transaction of funds. It was for this purpose that African banking Corporation based inn South Africa was invited in 1892 to open a branch office in Lagos but its existence was made precarious by the trade depression, which hit Lagos in that year.
In the year 1894, its operations were taken over by Bank of British West Africa. In 1899, the bank of Nigeria was established by the Royal Niger Company. In the year 1912, the bank of British West Africa absorbed the Bank of Nigeria and exercised monopoly over looking in Nigeria.
In the year 1925, the Bardays bank started operations in Nigeria. Other colonial banks joined in the later years.
The indigenisation exercise abolished the existence of the expatriate banks in Nigeria. Their problems in land as at that time. The review of the history of the development of banking regulations shows that a variety of laws, regulations and supervisory practice have been involved and that they substantially meet the objectives of regulations.
The current regulatory and supervisory framework approximate practices the world over and involves proluibitions and restrictions or some activities of banks that could be termed abusive and highly risky.
It also includes supervising nearly every aspect of a bank operations and policy making divisions. These regulatory provisions and supervisory steps enforcement powers for the central Bank of Nigeria (C B N).
The central bank of Nigeria (C B N ) has responded to banking problems over the years. Such responses included the adoption of prudential guidelines on the basal risk based capital requirement increased enforcement authority and greater powers and more pragmatic ways of dealing with troubled banks.
1.1 HISTORICAL BACKGROUND
union Bank of Nigeria PLC is one of the big three leading commercial banks in Nigeria known as First class commercial banks. Formerly, colonial bank was of the British west Indies origin and was well rooted in that colony before 1836.
However, the charter of the bank had to be changed by the Act of parliament in 1915 to allow it operate in other British1colonies. In 1917 under the chairmanship of Lord beaver Brook, the bank opened new branches in Lagos, Zaria and Accra in Gold lost now Ghana.
The expansion and growth of the bank was ripid, so ripid that by 1920, three years after it started operation in Nigeria, the bank had established three new branches in Port-Harcourt, Jos and Kano bringing the total number of the branches of the bank world over to fifteen
Also within this period (1916 – 1920), they had grown in assets and liabilities and was competing favourably with British bank of West Africa (BBWA) as the capital of both banks stood at #200,000 each, while the paid up capital was # 600,000 for colonial bank and #560, 000 for BBWA. The reserve accounts for the colonial banks was #250,000 and #220,000 for BBWA respectively.
Under a working arrangement between union Bank of England and some other international banks who had interest in the two banks, the colonial bank was absorbed by Bardays Bank in 1925 and renamed Bardays Bank (Dominion, colonial and overseas.). Like her predecessor the BBWA, the Barday Bank (BCO) became Bardays bank Nigeria limited and subsequently the giant union Bank of Nigeria PLc.

1.2 STATEMENT OF THE PROBLEM
It has been observed that in Nigeria today then financial environment has became very vibrant as a result of the economic restructuring that had been in progress since 1986. As a result of which the banking industry has become increasingly complex and competitive.
Consequently, the fundamental drive of this study is to bring into bare the ineffectiveness of banking regulation and supervision in view of the ever changing financial environment. Some of the problems in our banking industries are stated as follows:
(i) Distress in Nigeria commercial Banks
(ii) The inherent weaknesses in the design and implementation of the regulatory supervisory measures.
(iii) The comprehensive explanation and definition of the objective of banking regulation and supervision.
(iv) The need for consultations of potential operators in formation process.

1.3 OBJECTIVE OF THE STUDY
A research study on banking regulation and supervision is both topical and relevant at a time when government is planning divestment of as share holding in banks and when the upsurge in the number of commercial banks engendered increased competition among the banks as well as between banks and other institutions operating within the financial services industry. This had led not only to an avalanche of new financial instruments and products, but reduced margins and less profits.
Again the number of distressed banks has been on the increase and this has meant more responsibilities and anxieties for the supervisory authorities. In conducting this research study, it is hoped that apart from contributing to existing literature on the subject, this research study shall also do the following:
(i) To supervision the concept of banking regulation and supervision in Nigeria commercial banks so as to get a better view of the operations of the banking sector.
(ii) To identify and discuss various policy measures as contained in the regulatory decrees and show the need for a current Act.

1.4 RESEARCH QUESTION
The research questions are meant for both commercial bank and central Ban k staff which are as follows:
(i) Do the regulatory authorities particularly the central bank use their regulatory power to moderate or disestablishing effects of some activities of the bank
(ii) Would you say that incompetence and lack of identification to duty contributions to the ineffectivess of banking regulation and supervision in Nigeria commercial banks ?
(iii) What is your opinion about the relationship between the authority and the operators ?

1.5 RESEARCH HYPOTHESIS
For the research work, the following are to be the working hypothesis
(i) Ho: There is effective banking regulation and supervision in Nigeria commercial banks.
Hi: There is ineffectiveness banking regulation and supervision in Nigeria commercial banks
(ii) Ho: There is no significant relationship between ineffective banking regulation /supervision and distress in commercial banks
Hi: There is a significant relationship between distress in commercial banks.

1.6 SIGNIFICANCE OF THE STUSY
Establishing and operating a comprehensive banking regulation and supervision in commercial banks reassures confidence in the banking sector in view of the current high competitiveness of the commercial banks and multiplicity of branches. The significance of the study lies in the central banking authorities arising up to the challenges in scrutinizing banks and conducting regular supervision and examination of banks as a means of maintaining surveillance on banking operations to ensure that banks comply with banking laws and other directives stipulated by the monetary authorities.
Moreover, this study will be useful to central bank of Nigeria (CBN) authorities, Lecturers, corporate organizations and the general public at large. It will open new areas for further research work.

1.7 SCOPE, LIMITATION AND DELIMITATION
The focus of this research endeavors is on the Nigeria commercial banking Industry and the compelling need for bank regulation and supervision to be effective.
This study will be limited to a case study of Union Bank of Nigeria Plc. However, it is necessary for the study to be limited so as to get an in depth study.
The major constraint of this research work has been the non availability of time to conduct an in depth research due to tight academic work. Inaccessibility of some useful information which stems from the refusal of some CBN Staff to fill in questionnaires.
Bureaucratic bottleneck in various banks are also some constraints.