FRAUD DETECTION AND PREVENTION IN BANKS

A CASE STUDY OF FIRST BANK OF NIGERIA PLC ENUGU MAIN

 

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

Click here to download our android mobile app to your phone  for more materials and others

 

CHAPTER ONE 

Introduction                                                                                 1

• Background of study 1
• Statement of problems 3
• Objectives of study 3
• Research questions and hypothesis 4
• Scope of study 5
• Significance of study 5

CHAPTER TWO

• Concept of fraud 7
• Types of fraud 8
• Bodies responsible for detection and prevention of fraud 9
• The role of bank managers in

detection and prevention of frauds                                               11

• System of fraud prevention and detection 12

CHAPTER THREE

• Design of study 14
• Instrument for data collection 14
• Population of study 15
• Method of data collection 15
• Method of data analysis 16
• Validity / reliability of instrument 16
• Collection of data 16

CHAPTER FOUR

• Presentation and analysis of data 17
• Hypothesis testing 24

CHAPTER FIVE

• Summary of finding 27
• Conclusion 28
• Recommendations 29
• Suggestion for further study 31
• Limitation of study 31

Reference                                                                           32

Appendix                                                                           33

 

ABSTRACT

 

Fraud in this study is shown as any dishonesty acts intended to deceive and deprive someone of his legitimate possession.

This study was aimed at finding out how fraud could be detected and prevented in the Nigerian banking industries.  The major findings in this study include the followings:

(a)      Frauds in banks very often

(b)     Frauds in banks occur with active connivance of internal bank staff.

(c)      Frauds in banks include forgeries of signature of customers, illegal granting of loans and advances and illegal foreign exchange transactions etc.

(d)     The major fraud prevention and protection measure adopted by banks were provision of operational manual establishment of inspectorate unit, internal audit units use external auditors, segregation of duties and establishment of good internal checks and control system.

(e)      Majority of bank workers believes as follows.  The punishments noted to fraudsters are grossly inadequate.  The antifraud law in Nigeria is highly inadequate and that those responsible for checking frauds in Nigerian banks were not living up to expectations.

 

The major finds in this study includes among others.

(a)      The establishment of a good salary structures and condition of services.

(b)     A change in our value system that will de-emphasize money.

(c)      The law enforcement agents must be move properly educated about procedures, instrument and practices.

(d)     Installation of good hiring and training policies and procedures that can go a long way to help reduce the incidence of fraud.

(e)      Adequate punishment for fraudsters that could serve as a good deterrent to frauds in banking.

CHAPTER ONE

 

INTRODUCTION

1.1     BACKGROUND OF STUDY

Banking system of any country holds the key for the success or otherwise of the economy of that country. There is no doubt about the axiom that the frauds in such key area of the economy as banks is going to be a matter of concern to bankers, the monetary / political authorities and the generality of a country and population.

In Nigeria today, frauds in all sectors of the economy and more specifically in banks has acquired sophistication by day.  The sizes increase in geometric progression.  All people in all sectors of economy and involved, respectable members of churches, mosques, political leaders.  It cuts across the generality of the community.

The resultant effect is more damaging leading to wholesome losses on banks and progressively eroding into the public confidence on these banks.

Damaging losses upon losses to banks through organize frauds has been reported.  For instance, in 1990, the Nigerian deposit insurance company in its report on banks lost a staggering sum of N840 million through fraud and sacked a total of 417 staff because of fraud perpetration.

It is no gain saying the fact that no fraud will success without the active connivance of the bank staff with customers of doubtful integrity.  What is required is a system and action plan that will ensure earthly detection.  However, one has to say that prevention is better than cure in medicine.  It is better to stop a disease from coming at all.  Whatever plans for fraud control in banks must embody fraud prevention technique.

In this paper we will search for early fraud detection and control in Nigerian banks.  We will also recommend at the end of this paper an action plan that will, if well employed, help reduce the incidence of frauds in Nigeria banks.

First bank of Nigeria Plc is chosen for this study, because it is one of the oldest banks in Nigeria with a work force of over (6,566) and (328) branches through out Nigeria.  The head officer of the banks if in Lagos.  The bank was founded by Sir Alfred Jones in 1894 at Liverpool.  The second branch of the bank in Nigeria was in the old Calabar in 1900.

 

1.2     STATEMENT OF PROBLEMS

Nearly all banks in Nigeria including the Apex banks, the Central bank of Nigeria, seem to be under siege by men of under world, on most occasions, with the connivance of bank staff.  Banks in Nigeria cost a whipping sum of N840 million in 1992 and a total of 417 staff due to fraud.

In this syndrome one if likely going to witness more of this frauds and loses in the

 

THE ROLE OF INTERNAL AUDITORS IN STOCK TAKING:

A CASE STUDY OF TOTAL NIGERIA LIMITED

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

Click here to download our android mobile app to your phone  for more materials and others

 

CHAPTER ONE: INTRODUCTION

• Background of the study 1
• Statement of problem 4
• The purpose of the study 5
• Scope of the study 7
• Research questions 7
• Significance of the study 8
• Definition of terms 8

 

CHAPTER TWO: LITERATURE REVIEW

• The role of internal auditor under the law statute 12
• Internal auditing                                                                        13
• Stock taking 30

 

CHAPTER THREE

METHODOLOGY

• Research design 44
• Area of study 44
• Population 45
• Sample and sampling techniques 45
• Instrument for data collection 46
• Validity of the research instrument 47
• Reliability of research instrument 47
• Method of collecting data 48
• Method of data analysis 49

 

 

 

CHAPTER FOUR

• Data analysis and presentation 49

4.1     Summary of results                                                                      53

 

CHAPTER FIVE

• Summary of findings, conclusion, recommendation

and implications of the research findings                                     54

• Discussion of results/finding 54
• Conclusion 55
• Recommendation 56
• Implication of the research findings 57
• Suggestions for further research 58
• Limitation of the study 58

Reference                                                                                     59

Appendix                                                                                     60

ABSTRACT

This research has been designed for the study of the role of internal auditors in stocktaking especially as a case study Total Nigeria Limited.

Internal auditing and stocktaking in recent time has proved to be a hard nut which auditors have not fund easy to crack total Nigeria Limited is a company, which concentrated much on the marketing of petroleum products, through diverse fictions and now being made towards such areas like agriculture.

Chapter one of this work gives a general introduction of the work by explaining both auditing and stocktaking. Problem statement, purpose of he study, significance of the study and scope and limitation of the study wee also dealt with in chapter one most of the audit terms used in the project were defined in chapter one.

Chapter two shows the review of related literature and studies. In the review, the role of the internal auditor under the law (statute) internal auditing and stocktaking were reviewed.

Chapter three formed the research methodology and procedure. It shows all the methods used by the research in getting all the information for the project.

In chapter five problems of the internal audit, implications, recommendation and summary were made, based on the findings. Efforts were also made to make this work interesting and it is hoped that it will be of great help to anyone that comes across it.

THE EFFECT OF FLUCTUATING FOREIGN EXCHANGE RATE ON NIGERIA CURRENCY.

(A CASE STUDY OF CENTRAL BANK OF NIGERIA, ENUGU BRANCH)

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

Click here to download our android mobile app to your phone  for more materials and others

 

ABSTRACT

 

The currency of a nation is made to appreciate.

Is this appreciation made at the expense of the foreign market determinant? Or is it as a result of the country’s effort?

It is the aim of this research work to find out if Nigeria apply foreign exchange rate controls, is naira appreciation what we attain to achieve.  This research work has five chapters.

Chapter one contains a general discussion of the foreign exchange rate fluction as seen by different people.  It went further to state the problem to be studied and why this study was carried out, the scope and limitation of the study and finally the propositions and the definition of terms.

A number of past related literature examined by other studies as it relates to the fluctuation of exchange rate on naira, are highlighted in chapter two.

Chapter three deals with the design of the study, the methods used in collecting relevant data.  It also deals with ways the questionnaires were carried out and treatment of data.

The data gotten from the research survey were presented and analyzed in chapter four.

Finally, the summary of findings, conclusion on the research and recommendations made by the researcher are all in chapter five.

If the Nigeria would put the recommendations made in the study to use, there will be currency steady appreciation with controls applied.  Then, the negative effect on our currency by the fluctuating foreign exchange rate will become a thing of the past.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TABLE OF CONTENT

CHAPTER ONE

1.0   INTRODUCTION`

• BACKGROUND OF THE STUDY
• STATEMENT OF PROBLEM
• NEED FOR THE STUDY
• PURPOSE FO STUDY
• SCOPE AND LIMITATION OF THE STUDY
• RESEARCH PROBLME
• DEFINITION OF TERMS

 

CHAPTER TWO

• REVIEW OF RELATED LITERATURE
• AN OVERVIEW OF THE EFFECT OF FOREIGN EXCHANGE RATE FLUCTUATION ON NAIRA
• CONTROL MEASURES

 

CHAPTER THREE

3.0   RESEARCH METHODOLOGY

• DESIGN OF THE STUDY
• SELECTION OF DATA
• COLLECTION OF DATA
• DESIGN AND ADMINSTRATION OF

QUESTIONNAIRES

• SAMPLE SIZE DETERMINATION
  • SAMPLING TECHNIQUE
• DATA ANALYSIS

CHAPTER FOUR

• DATA PRESENTATION,ANALYSIS AND
  • INTERPRETATION

 

CHAPTER FIVE

5.0   SUMMARY, RECOMMENTIONS CONCLUSION

• SUMMARY
• RECOMMENDATION
• CONCLUSION

BIBLIOGRAPHY

APPENDIX

 

 

 

 

 

 

CHAPTER ONE

 

• INTRODUCTION

 

1.1   BACKGROUND OF THE STUDY

The inter-bank market in foreign exchange is used for trading in foreign currencies – main vehicle for generating autonomous inflow of foreign exchange into the banking system.  La licensed banks, development banks and the central bank are active traders the market.  These banks intermediate for their corporate and individual customers that engage in international trade and investment.  The are always prepared to buy form or sell foreign currencies to their customers in both the spot and forward markets.  In addition, authorized dealers open and maintain foreign currency domiciliary accounts for their customers, especially the exporting customers.

Exchange rates ruling in the inter-bank market fluctuate in response to the forces of supply and demand for foreign currencies, subject to a maximum spread of one percent between the buying and selling rates.  Al the authorized dealer banks are required by CBN to display their buying and selling rates for spot transactions, but are allowed to negotiate with customers in respect of forward transactions within the one per cent allowable spread or margin.  Authorized dealers are expected to make delivery of transactions of foreign currency to customers within three days from the day payment is made. The overall supervision of the market falls to the Central Bank of Nigeria which may, with the approval of the minister of Finance, intervene in the market from time to time to prescribe guidelines and give new directives.  The Central Bank of Nigeria intervenes at a biding session in order to minimize any large fluctuations in the niara exchange rates.

For example, in 1986, the Central Bank of Nigeria intervened at the 6^th session and at the 12^th session.

In practice, the usual sources of foreign exchange to the market include the Central Bank of Nigeria auction, inflow to banks through autonomous sources, non-oil exports via dormiciliary foreign currency accounts, invisible trade items and other miscellaneous sources. For example in December 1986, the value of foreign exchange flowing in form these sources were: CBN auction $237.99 million, banks $28.99 and other miscellaneous sources $48.98million.

It is interesting to note that the introduction of the Second-tier Foreign Exchange Market (SFEM) in September 1986, coupled with the dismantling of exchange controls have increased the inflow of foreign exchange from autonomous sources.  For exchange, the inflow of foreign exchange from private sources between October 1986 and May 1987 was put at $706 million (or about N2.6 billion).

 

1.2   STATEMENT OF THE PROBLEM

Apart from the purely technical question of ensuring the steady appreciation of naira, one of the primary functions of determinants of exchange rate (CBN) is to sustain the value of the naira during fluctuation.

There are, however, other major problems falling our currency and it’s management.

The persistent geometric progression in depreciation and arithmetic progression in appreciation of naira have discouraged foreign investors due to they cannot make it.  There appears to be no evidence more convincing about the need to central foreign exchange rate fluctuation, than the ever public outcry at the rate our money in falling and rising at the foreign market.

Many citiz

REVENUE ALLOCATION AND POLITICAL STABILITY IN NIGERIA

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

. A FRESH TOPIC NOT LISTED ON OUR WEBSITE COST 50,000 NAIRA ( UNDERGRADUATE) OR 100,000 FOR SECOND DEGREE STUDENTS. $500. PLUS  FREE SUPPORT UNTIL YOU FINISH YOUR PROJECT WORK. CONTACT US TODAY, WE MAKE A DIFFERENT. DESIGN AND WRITING IS OUR SKILLED.  DESIGN AND WRITING IS OUR SKILLED.

Note: our case study can be change to suit your desire location . we are here for your success.

                                   ORDER NOW

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeriabanks

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

CALL OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

 

Click here to download our android mobile app to your phone  for more materials and others

 

CHAPTER ONE: Introduction

• Brief Review of the Nigerian Experience as a Nation State
• The Various Sources of Revenue to the Nigerian State
• The Need/Basis of Allocation of Revenue
• Statement of Research Problem
• Purpose of the Study
• Statement of Hypothesis
• Significance of the Study
• Scope and Limitation of the Study
• Definition of Terms

CHAPTER TWO: Literature Review

2.1   The Definition of Revenue Allocation

2.2   The Definition of Political Stability

2.3   The Various Methods of Revenue Allocation

2.4   The Various Methods have help in Bringing about Political Stability or

Other wise in the Past

2.5    Criteria in use for Revenue Allocation

2.6   A Review of Federal Revenue Share 1992 – 1995

2.7   A Review of State Revenue Share 1992 –1995

2.8   A Review of Local Government Revenue Share 1992 –1995

2.9  Emergent Issues in Revenue Allocation 1999 Constitution and Newly         Proposed Revenue Allocation (2001)

 

CHAPTER THREE:  Research Methodology

3.1   Research Design

3.2   Interview

3.3   Source of Data

3.4   Primary Data Sources

3.5   Secondary Data Sources

3.6   Statistical Method Used

 

CHAPTER FOUR: Data Presentation and Review of Pre-independence Revenue Sharing Allocation Formula

4.1 1946 Revenue Allocation Formula

4.2 1957 – 1958 Revenue Allocation Formula

4.3 1963 – 1964 Revenue Allocation Formula

4.4 Review of 1989 – Revenue Sharing Formula

4.5 Review of 1995 Revenue Sharing Formula

4.6 Hypothesis Testing

 

CHAPTER FIVE: Introduction

5.1   Summary of Findings

5.2   Recommendations

5.3   Conclusion

5.4  Area of Further Research

Bibliography

CHAPTER ONE

 

INTRODUCTION

1.1     BRIEF HISTORY OF THE NIGERIAN EXPERIENCE AS A NATION STATE

To highlight some significant event and developments in response to a review of Nigeria experience as a nation state, it is intellectual to present a brief survey of the part to understand the distinct phases through which the nation passed to arrive at its present political state and economic condition vis-à-vis revenue allocation. Some of these historical periods have enjoyed such a degree of political stability that in reference to revenue allocation and political stability, not only were great or studies made in the promotion of social and economic development, the overall smoothness in the functioning of the governmental system at both the regional and federal levels over shadowed the negative consequences of the power struggles and by the late 1950’s a myth of Nigeria as a “stable democracy” enjoyed considerable international credibility.

The introduction of modern methods of governance on a gradual pace in what could be described as a semi- federal and quasi-democratic structure of 1946 Nigeria, like a newborn baby of the British colonial administration passed through various developmental phases of political growth. By 1957, the political structure has developed into a well-structured democratic federal political process upon the background and modern political process was set Nigeria; in 1979, the constitution of the federal republic of Nigeria provided for a democratic federal structure in the political process.

In this study, it is observed that the introduction of system of revenue allocation in the Nigeria political economy dates bank to the political development of 1946. It is note worthy to state that the revenue allocation system in the political process had indeed been accompanied by constitutional changes over the decades. These suggest that the constitution provides the essential political environment in a nation state.

It is significant that while the constitution emphasis national unity with its concomitant principles of deviation, population and equity of state in revenue allocation, to some observer such constructional provision were not borne out of a true desire for national unity and integration.

The revenue allocation issue in the political economy of Nigeria is a volatile as any other national question such a population. This means that how national revenue is shared among the different component political units of the federal structure is irretrievably tied to the national question. Hence no broadly acceptable national revenue allocation formula has been had since 1947 and which has not generated controversy but had to be made acceptable “in the interest of national unity”.

Since 1947, about thirteen (13) formulas have been devised for the sharing of national revenue. Everybody has formed none satisfactory and such each one has generated more controversy than the last one.

The politicians through their activities in the revenue allocation agitation and ensuring power struggle aroused the suspicion of  the source but visibly political military to hostility in a military fashion and cash in one invitation to seize power in the country public opinion on national consciousness believed that the national interest has debased by the politicization of the revenue system sharing. Its outcome becomes the breakdown of the common national spirit action and consciousness.

Thus, the Nigeria economic development through nationalism was scarified on the alter of ethnic and states power politics.

 

1.2     THE VARIOUS SOURCES OF REVENUE IN THE NIGERIA STATE

Revenue generation efforts by government have been from various sources. However, there could be classified into 2 main sources of revenue in Nigeria. There are the oil and non-oil sources. Over the year, prior to 1973, the revenue from non-oil source contributed to sixty percent of the federally collected revenues but from 1973 to now the contribution from the non-oil sources have reduced drastically. This invariably makes may for the oil sources to generate a major share of the government revenue.

Foreign exchange earnings from export of agricultural commodities such as cocoa, palm produce, rubber, groundnut e.t.c. as major sources of foreign exchange earning and government revenue.

The federal constitution of Nigeria, provides that all revenue collected under federal laws be known as federally collected revenue and paid into federation account and distributed to the federal, state and local government according to the existing revenue allocation formula.

The revenue of government comprises of the following sources;

 

SOURCE:             O

FINANCIAL STRATEGIES FOR A GLOBALIZED FIRM

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA OR $10 , 

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CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

1.2     STATEMENT OF PROBLEM

1.3     SCOPE OF THE STUDY

1.4     OBJECTIVE OF STUDY

1.5     LIMITATION OF STUDY

1.6     DEFINITION OF TERMS

 

 

CHAPTER TWO

2.0     REVIEW OF RELATED LITERATURE

2.1     FINANCIAL MANAGEMENT AND ITS OVERVIEW

2.2     THE TASK OF FINANCIAL MANAGEMENT

2.3     FINANCE MANAGEMENT FUNCITON

2.4     FINANCE MANAGEMENT AND THE GLOBAL ORGANISATION

 

CHAPTER THREE

3.1     SUMMARY

3.2     FINDINGS

3.3     RECOMMENDATION

REFERENCE

ABSTRACT

 

In this study, my main objective is to find out the strategies by which globalised firms finance other institutions or of what need or importance is a globalised firm to an economy.

For easy understanding of this project work, the globalised firm was termed to be Afri Bank (Nig.) Plc. Which is a Nigeria based firm which has met all the requiremtn of a globalised firm.

I was able in chapter one of this project work to discover the problems militating against this globalised from Afribank (Nig) Plc. To be:

1. Market forces and competitive pressure
2. Fast changing and technology advancement

multinational/trans-national trade which cost a lot of monies to run

3. Economic alliances
4. Quantum leaps in information and communication technology.

In chapter two I explained all the review of literature used.

Then, finally chapter three gave the summary, findings,

recommendations and finally the references fo textbooks used in the course of this project work.

CHAPTER ONE

 

• INTRODUCTION

This paper examines the movements trends of globalization,

with particular emphasis on the challenges it creation to financial management and how to cope with these challenges.

It also defined the except of globalization, gives an overview of the task of financial management in a global organization.  This paper also appreciates the strategies of a global organization.

This papers also gave discussing on how the finance manager should handle these challenges facing its organization, and this managerial function to the organization.

1.1     THE BACKGROUND OF STUDY

For easy understanding of this project topic, “Financial Strategies for a Globalised Firm”.  Let the globalised firm be “Central Bank”.

Like the case in many countries, commercial banking started in Nigeria long before the central banks was established.  Whereas far back as 1892, it was only in 1958 (66years later) that the central bank of Nigeria was established by the central bank of Nigeria Act of 1958,  it started full, operation on 1^st July, 1959.

Prior to the establishment of the central bank was partially performed by the West African currency Boards, which was established by the British Government in 1912.  This body was established to perform the primary role of issuing in West African Currency in all the five countries that were British Countries.

Nigeria was one of the British colonies.  Before the colonization of Nigeria, several currencies were circulating in Nigeria.

Merchants who came into Nigeria for trade came with their own currencies.  The Arabians, Portuguese and British traders who came to trade in the West African Coast each introduced their own countries’ currencies in West African.  The result was that several currencies were circulating side by side.

When British gained a higher control of Nigerian and some other west African countries, the need for monetary control arose.  In 1912 the colonial government set up a committee, headed by Lord Emolt from England, to study ways and means of dealing with two basic necessitation.  One was financing the needs of the export trade of the expatriate firm in West African and the other was the eradication of the confused, in convenient and in British West Africa  (Nwankwo 1980:1).

These were the recommendations of Lord Emott committee, the West African currency Board (W.A.C.B) was established in November 1912.

It was charged with the following three objectives:

1. To issue a West African currency
2. To ensure a speedily convertibility of this currency with the old silver currency before it and
3. To provide a means whereby the colonial governments might share in the profit of the currency issue.

 

 

 

• STATEMENT OF PROBLEMS

The problems mediating this firms are as follows:

1. Fast changing technology advancement
2. Multination/trans-national trade which cost a lot of money to run
3. Capital market integration and internationalization of finance capital