AN INVESTIGATION INTO THE EFFECTIVENESS OF THE NIGERIAN STOCK EXCHANGE IN THE DEVELOPMENT OF NIGERIAN ECONOMY.

ABSTRACT

                    The Nigerian stock Exchange was established in 1961.  It was expected to make certain vital contributions to the national development.  It therefore, has existed for long enough to pursuit a critical evaluation of its achievements and failures.

This study is an attempt to familiarize the public about the essence, machines and potentials of a unique and vital institution   within the economy.  It aims at investigating the effectiveness of the stock Exchange with regards to the development of the Nigerian economy.

The fact that the stock exchange is traditionally not an institution that operates single handedly by itself, but one which must co- operate with a number of other institutions, makes it some how difficult to pin point responsibility for  any success or failures recorded.

In order to arrive at a conclusive decision the senior staff member of the Onitsha branch of the stock Exchange were interviewed, library research was made, the relevant records of the stock Exchange were examined and information extracted.

PROPOSAL

          This project is an attempt to familiarize the  public about the essence, mechanics and potentials of a unique and vital institution within the economy.   It aims at investigating the effectiveness of the stock   Exchange market with regards to the development of the Nigerian economy.

This project will be divided into five chapters.  Chapter one, contains introduction of stock Exchange, statement of the problem, objective of the study etc.  chapter two will contain literature review which include what a stock exchange is, benefits of public quotation and the primary and secondary of stock market.   While chapter three will contain the development of the stock Exchange in Nigeria, legal framework, factors influencing growth of the market etc. chapter four will also contain the evaluation of the performances of  the exchange market, capital mobilization,  gross  fixed formation at current prices, structure and growth of listed securities etc.   Chapter five is the summary of findings, Recommendation and conclusion.

CHAPTER ONE

• INTRODUCTION 1
• STATEMENT OF THE PROBLEM 3
• OBJECTIVE OF THE STUDY 4
• PROPOSITIONS 5
• RESEARCH QUESTION                                   6

CHAPTER TWO

• LITERATURE REVIEW 7
• WHAT A STOCK EXCHANGE IS 7
• BENEFITS OF PUBLIC QUOTATION 14
• THE PRIMARY AND SECONDARY OF STOCK MARKET 22

 

CHAPTER THREE

• THE DEVELOPMENT OF THE STOCK EXCHANGE IN (NIG>0                                       28
• LEGAL FRAMEWORK 33
• FACTORS INFLUENCING GROWTH OF THE MARKET 34
• ORGANIZATIONAL STRUCTURE 35
• ORDINARY MEMBERSHIP 36
• DEALING MEMBERSHIP 36
• THE ROLE AND POWER OF THE COUNCIL 38
• THE STOCK EXCHANGE MARKET IN OPERATION 39
• FIRST TIER SECURITIES MARKET 41
• SECOND TIER SECURITIES MARKET 43

CHAPTER FOUR

• EVALUATION OF THE PERFORMANCE OF THE EXCHANGE MARKET                                       49
• CAPITAL MOBILIZATION 49
• DEPTH OF THE MARKET `                            54

CHAPTER FIVE

• SUMMARY OF FINDINGS, RECOMMENDATION AND CONCLUSION                                       59
• FINDINGS 59
• RECOMMENDATION 60
• CONCLUSION 61
• REFERENCES 62
• APPENDIX1 63

 

 

CHAPTER ONE

• INTRODUCTION

The ideal of a stock exchange for Nigeria came into being from the report of Prof. R.H. Barback  committee set up by the colonial administration and published in 1958.  The committee recommended the following.

1. The creation of facilities for dealing shares.
2. The establishment of rules regulating transfer of shares.

• Measures to encourage savings and issue of securities of government and other organization.

In May 1959,the Central Bank of Nigerian floated  the first federation of Nigeria.  Development wan stock of N4m on behalf of the government, as there was no formal stock market. The Central Bank had to introduce a central registry for matching buyers and sellers and suggesting prices at which deals took place. On 15^th September 1960 the Lagos stock Exchange was incorporated under section 2, cap 37 as a limited liability company.  The exchange began operation on the 5^th day of June 1961 following the passage into law of the stock exchange Act        of 1961: The exchange was subsequently re-organized and transformed into the Nigerian stock exchange in 1977.

In Nigeria, as indeed on other national, the industrial sector is one of the most dynamic sectors of the economy and so a steady and sufficient supply of resource  is the foundation for a healthy operation of the economy. It therefore seems appropriate to examine the stock exchange since many people don’t really have a correct conception of the nature of this  institution which has come to mean so much for the modern capitalist economy system.

However, the tremendous impact of the stock exchange on the capital formation, investment and ultimately on the promotion, well being and prosperity of the economy makes it today a vital component of the total strategy for promoting national economic development. That  is why it is necessary to familiarize the public with the essence, the mechanics and potentialities of the unique and vital institution within the economy.

The stock exchange in the course of its  operation aids in the mobilization of  capital for pursing economic expansion and for creating goods and services for the general citizenry.    The extent to which this institution fulfils or performs these roles must however surely depend on the particular circumstance of the exchange. This  study is aimed at examining activities of the stock  exchange in Nigeria and determining  activities of the stock exchange in Nigeria and determining to what extent it has achieved it’s overall goals given the total environment on which it operate.

• STATEMENT OF PROBLEM

The impact of the sock exchange in the mobilization of capital has not been sufficiently felt. A lot of factors have been said to contribute to this inactivity.  For instance, it is clear that many Nigeria investors engage in “buy and hold” article towards security accusation in the market.  In other words, this native investors  buy shares and just dump their share certificate  as assets in spite of whether the company is performing well or not  and yet the stock market reports, summarizing the  Nigerian stock exchange official list showing the major activities on the stock market are published weekly, on some Nigeria newspapers.

However, majority of this group of investors have been identified as those who lack financial literacy and cannot make dynamic and viable investment decision.

Again, lack of awareness of the existences of the market is another major factor.  This has been attributed to inadequacy of  the infrastructural facilities to drive home this points.

The listing requirements of the stock exchange, it  has been argued seem to stringent to many small and medium scale enterprises.  The result is that either the facilities which are offered by the market has eluded these firms or that the resources which could have been tapped by the market from potential investors have escaped the market because they are not aware.

• OBJECTIVE OF STUDY

The objective or purpose of this research among other things is to appraise the extent to which the Nigeria  stock Exchange is achieving its major goals   in the face of various constraints both internally and externally, and especially review   its performance in the light of the privatization and commercialization exercise of the federal government.

This study also aoms at exposing the nature investors to some techniques of analysis of financial statement to enable them participate actively or be able to follow closely the operations, the stock exchange especially on the areas of speculation and decision making on investment.

The researcher sets his mind towards investigating and critically analyzing the above problem and its cause to see it that the efficiency of the market   is improved upon and that the general public will benefit  immensely from this research.

• PROPOSITION

The following propositions have been developed around which this research would revolve.   

1. The stock exchange has not live up to expectation on its function of mobilizing capital  to finance industrial and commercial ventures.
2. Few companions are listed because the listing requirements are stringent.

 

 

• RESEARCH QUESTION

The data needed will be gathered from both primary and secondary  sources.

The primary source consist of oral interviews with workers on the stock exchange and some financial analysis and also from personal observations of the stock exchange and reference journal or some financial institution.

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AN INSTITUTE OF THE IMPACT OF MULTI –NATIONAL OIL COMPANY IN THE NIGERIA PUBLIC REVENUE (A CASE STUDY OF ELF NIG UNITED)

ABSTRACT

          Many Nigerians are in almost confusion on the activities and the contributes to the public revenue of the multi –national Oil companies in Nigeria. For the singular reason, in order to educate he populace on the activities and contributions of these multi –national Oil companies, the research embarked on an investigation into the impact of multi –national oil companies to the Nigerian public revenue.

For a proper education and information the researcher work by introducing the multi –national Oil companies with particular reference to ELF Nigeria United. Disclosing the aim of the study, background of study, statement of problem and the limitations of the  study and testing of hypothesis.

Chapter two of the project work revenue all other research writings and publications already made on the research topic including information gotten  from oral interviews and questionnaires distributed. The research design and methodology sued in the course of the research work was briefly highlights in chapter three giving a clear description of sources of data areas of study and  sample used and the determination of sample size.

Chapter four of the project work dealt  with the presentation and analysis of data collected in the course o the  research work.

The research work ended with the summary of the findings, conclusion and recommendations by the research.

CHAPTER ONE

1.0     Introduction                                                         1

• Background and need of the study 1
• Statement of the problem 5
• Scope of the study 10
• Aim of study 15
• Limitations of the study 15
• Objective of the study 16
• Formulation of hypotheses 17

References                                                  18

CHAPTER TWO

2.0     Literature Review                                                 20

• Multinationals in Nigeria Oil Industry (The Issues of Nationalism) 28
• Participants 32
• Economic Policies and its circumvention 34
• Visible contributions of Multinational Oil Companies to the Economy of Nigeria                                             38
• Invisible Contributions of Multinational Oil Companies. 41
• Elf Donation of the flood victims 46
• The role of Multinational Oil companies in developing Countries 47
• The role Capital In Developing Theory 50
• Welfare are Effects f Development Concepts 52
• The Role of Technology 53
• Issues and challenges of Nigeria Petroleum Industry 56

CHAPTER THREE

3.0     Research design and methodology              63

• Sources of Data 63
• Interview Questions 64
• Area of study                                                      65
• Sample used and Determination of Sample Size 66
• Method of Investigation 67
• Validation of Research 68
• Method of Data Analysis 68

CHAPTER FOUR

1.0     Data Presentation and Analysis                           71

CHAPTER FIVE

FINDING, CONCLUSION AND RECOMMENDATION

• Discussions of findings 85
• Conclusion 87
• Recommendation 88

Bibliography

Appendix

CHAPTER ONE

1.1     BACGROUND AND NEED OF THE STDUY

1.11   AN INSIGHT INTO OIL INDUSTRY OR PRODUCITON IN NIGERIA

As a matter of fact, the research for petroleum in the country started as early as 1908 when  German company, the Nigeria between cop[oration (Imitated) exploration in the Araromi was interrupted by the outbreak of the first world war in 1914.

However, in 1937, Oil prospecting resumed in the country with shell D’ Arcy (the former of present day shell petroleum Development company of Nigeria) awarded the sole concession Nigeria. Their activities were again affected by the second world wari but resumed in 1947.

Meanwhile, it as in 1956 that Oil was discovered in commercial quantities of  Olobiri in the Nigeria Delta after suceral  years of oil prospecting and an investing of over N30 billion with this development, shell started Oil production and exportation from its Olobiri filed in 1958’s.

Following the discovery of oil in the country, other companies such as Mobil, Agu, sc frop (Now E/F) Tennoco, and Amasses (Which we know today as Texaco / Chevron), by 1961 began exploration activities for Oil the Onshore and offshore areas of Nigeria. The exploration right, which has been formally granted , to shell alone was extended to the new coners in line with the government policy of increasing the pace of Oil exploration in the country.

So, Oil production and export from Olobiri filed was first started in 1958 by shell at a production rate of 5,000 barrels of crude Oil pen day. The quantity doubled the country rose to 2.0 million barrels per day in 1979. Infact in 1972 631,000,000 barrels were exported yielding more than N600 million in tax and royalties. As production continued, Nigeria attended the status of a major oil production being presently ranked the 6^th Oil producer in the  world and second African after Lydia.

Furthermore, Initially government interest was only united to collected of royalties and other due (taxes) offered it from the oil companies and rudimental laws to regulate the activities of the oil industry.

This was due to the fact that oil revenue was very insignificant in this economy  before the late ninety sixties a also relative lack of trained personnel and expertise.

However, immediately after the Nigeria and war, oil had become very important to our economy. So to strengthen and establish government control in industry. The  Nigeria Oil corporation (INNOC) was established by decree in may, 1971 as an integrated oil company designated with the powers to  engage in all phases of oil production from exploration to marketing later in 1997, the corporation was amalgamated  with the ministry of petroleum to form the Nigeria National petroleum company (NNPC).

Besides before October 1965, the country’s crude Oilk was refined overseas and all its processed oil needs were thus imported. Consequently, to reduce the money spent in such venture, the country built its first retinue by October 1965 at Eleme, port Harcourt an as demand for more petroleum products increased, more refineries  were built at warri and Kaduna, including other  petro – chemical complex as well as the Bonny liquefied National lead project.

As a result of these developments, government decided on intensive participation in the oil industries activities. It is believed that if government had more say or involvement in the day to day activities of these companies, it could achieve its goal of rapid industrial and commercial development of the country as well as better public revenue background.

Today the government has  increased its participate interest  in the oil producing companies to stand at 60% in shell, mobil, ElF, Agip, Texaco and Panacea. Therefore, having the right to about 70% of the total oil produced in the country.

In other words, the joint venture activities between government owned Nigeria national petroleum, company and  the oil companies have now shifted from mere monitoring of operations as practiced in the past to a more positive involvement in the day – to – day activities of these multi –national oil companies.

• AN OVERVIEW OF MULTI –NATIONAL OIL COMPANIES

By multinational companies we simply refer to certain specific business outfits which have their parent  headquarters located in the developed countries and then their subsidiaries operating in a number of other counties. They can equally be termed transitional corporations, depending on  the contextual frame work.

As a matter of fact , he parent country assumes greater control of the subsidiary, not withstanding some certain influences by the home government where the subsidiaries are located.

Infact, the multinational oil companies control most of the meaningful economic activities in the developing countries., This control gives them  very wide jurisdiction in the manipulation of the economic policies and circumstances o their country.

Meanwhile, our emphasis in  this  case is much on  he multinational that participates in Nigeria oil industry. Henony these companies are:

Elf Petroleum

Mobil Petroleum ‘

Chevron Petroleum ‘

Schelumberger

Texaco Oil etc.

Initially when companies started their operations have in the country, they were granted income tax relief (Industrial Development Ordinance 1950). There were equally several amendments an laws which where, put in place to encourage these companies towards a favourable operation and investment in Nigeria. With these opportunities, which were not, obtainable in  their home countries so many multinational companies found Nigeria with  her teeming population and abundant natural resources, a very fertile ground] for operations.

Hence the scramble for Oil prospecting,. Which followed the discovery of oil granted to these companies, was magnifying their profits. Assuming the reserve is the case, their tax would have been directed a such expanding the economy and at  the same time accusing much pubic revenue.

• PUBLIC REVNUE

When new are talking about public revenue we are just returning or emphasizing on government revenue, that is , involves of the government. In other words, w   are looking at returns or yields from any kind of property which is directed to government or public coffers. Such revenue are mainly for the provision of social amenities and infrastructure as  well as for socio –economic development.

We should equally note that public or government revenue is quite different from national income,  which is the value of all the economic activities of the country within a specific period. Conversely, the government revenue itself contributes to the national income.

• SOURCES OF GOVERNMNET REVNUE

There are various ways through which public revenue is accrued, amongst these includes :-

TAXATION :  This is a system through which compulsory levies are made or paid by a person, or company towards generating revenue for government, together with promoting economic  and social policies.

These includes :-

Income Tax

Property Tax

Export and Import Duties

Excise Duties etc.

BORROWING: This might be  either internally or externally.

FEES AND NSPECIAL CHANGES :  Here  we have fees and change paid for certificate of occupancy (C.O), passports, Incenses, (that is legal permits to do some certain things either produce, sell or distribute).

ROYALTIES AND RENTS : By this we refer to rents, stipulated amounts paid  for his use of public land and royalties from companies that granted mineral rights.

GRANTS: Special offers or favours to the government.

REFURUS FROM FIRECT INVESYTMENTS :- For instance, the share governments in various companies.

All these are numerous ways through which government generates their incomes and therefore money associated with them are termed government or public revenue.

1.2     STATEMENT OF PROBLEM

It is may believe that  there are not much study performing to  the role of the multinational oil company, to ascertain the  extent to which they have contributed to the public revenue of their host country. These multinational oil companies are major partners in our oil industry as such they are very important in the economic life of our country.

Most importantly, we believe that they contribute immensely in the area of foreign exchange earning  and other revenue generating aspect of the public revenue.

Meanwhile, though the actions of the multinational companies are fully  supported by  their home government  who give form guarantee for their investments in sources countries , as well as always stress economic developments theories that preach the inadvisability of the multinational oil corporations in the development process and revenue generation of the developing country. That does not means the host countries cannot be well considered and properly centered for.

Since  the greater percentage of our revenue is through the oil industry ,therefore the country is very much interested in what happens within the operations  of  these multinational oil companies of these multinational oil companies of these multinational oil companies. So proper   analysis of their operation is needed with much emphasis on how much money they generate. Infact the gap we intend to close or bride  this study is to really ascertain the extent of financial growth of the company and see  if it is commensurate with what they give the nation as taxes, rents and royalties etc.

In other worlds, we want  to verify if really the activities of the multinational oil companies (with ELF in Focs) are inimical or on the other hand favourable  to the country revenue drive, going by the huge profit they make over oil production in Nigeria.

 

1.3     SCOPE OF STUDY

          An investigation into the impact of multinational oil companies towards the Nigeria public revenue (the case study of ELF) is a study, which FOCUSS on the activities or operations of the ELF oil companies, Nigeria and how favoarable or inimical their activities or operations of the Elf oil company , Nigeria and how favourable or inimical their activities effect the public revenue of our country.

As we have already stated, ELF petroleum Nigeria is one of the outstanding oil producing and marketing corporations with its headquarters in France.

Meanwhile, though there and various areas the company can contribute towards the  growth of our country’s economy, which includes the infrasructual development aspects  government revenue aspect, the employment  aspect and manpower development aspect etc.

However; study scope this case is united to strictly the contribution of m8ultinational oil country (ELF) towards public revenue of Nigeria. As well it   is important to note that we  are not referring  to the national income, that is the total value of all the economic activities of the country within a given period. In this case we are emphasizing on he following levies such as:

TAXES :  That comprise  income tax , property, taxes, excise duties etc.

FEES AND SPECIAL CHANGES: Certificate of occupancy changes and incomes of occupancy changes and incenses of operation fees .

Returns from direct investment of the federal governments.

Rents and royalties : Which are paid by the multinational oil companies of our interest to the public or government coffer or account how they are paid and fi they are properly paid.

 

• AIM OF STDUY

The aim of this work is to ascertain the role or influence of multinational oil companies (ELF) on the economic life of our country. Hence the revenue accruing through their activities and to offer potent suggestion concerning this, if needed.

• LIMITATION OF THE STUDY

The huge financial objective involved in the conduct of this study, to same extent affects the scope of the researcher for instance, this imposed under restriction on the same size.

The time frame allowed for the conduct  this study also has some measure of impact on the scope of this proper. This is informed by fact that the time period involved is in our view , not adequate for the purpose.

The data that were collected were analyzed manually instead of computer analysis and other modern equipment because the researcher could by hands on these equipment.

For extensive work to be carried out finance is very important. Sequel to this the researcher confined himself within the armbits of his lean finances (poor student)

1.6     OBJECTIVE OF THE STUDY

The objectives of this study are:

To check, or rather analyse the profit of the company as if    affected their income tax, company tax.

To check if there in inimical financial practice by the named company, which in one way or the other affects our revenue drive

To assess their  level of staffing and how they pay their tax as well as well other royalties that the company is expected to pay into the counties coffer.

• FORMULATION OF HYPOTHESIS

The researcher wishes to established the authenticity or otherwise of the following hypothetical statements.

H0 :   There is significant impact or influence by the mu8ltinational oil companies on the country’s public revenue

There is no significant impact or influence by the multinational oil companies on the public revenue.

REFERENCES

Anthur A.. Nwankwo:   (1980)   Can Nigeria Survive ?

Schwarzenberger ;          (1957)   International law,

Vol 1, Page 184

Okigbo, (1993)              Proceeding of NNCWEC Conference

On Energy Pricing and Notational

Development Bullon vol / 2  , page 32

David West Tom; (1985)         Prospective industry Nigerian

National Petroleum Corporation Gold Medal Publishers.   Page 166

Kayode Sote; (1996)      World oil and Gas Sources Book, CBN Economic and financial revenue, vol 34, N0 4 and B0 3

 

Odoh N.N (1998)           Public finances

Odoh N.N (1991)   Analysis of revenue allocation in Nigeria (1947 –1991) The Poly banker Vol. 1 page 44 .

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THE PRACTICE OF CORPORATE SOCIAL RESPONSIBILITIES IN THE BREWERY INDUSTRY (A CASE STUDY OF THE NIGERIAN BREWERIES AMA ENUGU)

 

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ABSTRACT

The research is on the practices of corporate social responsibilities in the Brewery industry. (A case study of the Nigerian Breweries Plc Ama Enugu).

Primary and secondary data were collected to solve the research problem. Questionnaires were used as research instrument. The population of the study comprised the customers, management and relevant staff of Nigerian Breweries Plc in Enugu metropolis.

In order to carry out the work effectively the following objectives were formulated.

1) To determine whether Nigerian Breweries Plc Ama socially responsible in its operation.
2) To identify whether Nigerian Breweries Plc contribute to social causes.
3) To determine whether Nigerian Breweries Plc came about the environment which it operates.

In organizing and presenting the data collected, tables, frequencies and percentages were used while the hypotheses tested with chi – square. Based on this, the researcher recorded the following findings.

Customers in Enugu metropolis indicated that Nigerian Breweries Plc contributes to social causes.

TABLE OF CONTENTS

TITLE PAGE – – – – – I
CERTIFICATION PAGE – – – II
DEDICATION – – – – – III
ACKNOWLEDGEMENT – – – IV
ABSTRACT – – – – – V

CHAPTER ONE:
1.0 INTRODUCTION
1.1 Statement of the problem
1.2 Objectives of the study
1.3 Significance of the study
1.4 Scope of the study
1.5 Research hypothesis
1.6 Definition of terms
CHAPTER TWO
2.0 THE PRACTICE OF SOCIAL RESPONSIBILITIES IN NIGERIA
2.1 Criticisms of social responsibilities
2.2 What is social responsibility and ethic marketing
2.3 Areas of social responsibility
2.4 Factors affecting social ethical standard
2.5 Consumerism
2.6 Company’s profile

CHAPTER THREE
3.0 RESEARCH METHODOLOGY
3.1 Source of data collection
3.2 Population of the study
3.3 Determination of sample size
3.4 Sampling techniques
3.5 Research instrument used
3.6 Method of data collection
3.7 Method of analysis
3.8 Limitation of the study

CHAPTER FOUR
4.0 Data presentation and
4.1 Analysis of data
4.2 Test of hypothesis

CHAPTER FIVE
5.0 Summary of findings
5.1 Recommendation
5.2 Conclusion
5.3 Bibliography
CHAPTER ONE
1.0 INTRODUCTION
Marketers should not only think of customers satisfaction as the key to profitability. The marketer operates in an environment. Where several forces are in a state of dynamic tension and these forces must never be under estimated by the marketer. Socially responsible marketing recognizes that the organization is part of a larger society and as a result should be accountable to that larger society for its actions.

Okonkwo (2000:128) noted that social possibilities is the concerted efforts of business operators to initiate, formulate and implement policies and decision concerning the well being of the society by studying how their business actions and inactions affect the numbers of the society and taking corrective measures.

In the view of Adirika, Ebue and Nnolim (2001:29 – 292) some scholars argue that the responsibility of business is to make profit. By doing so, the society benefits and peoples material needs are met. However, other scholars are the opinion that the responsibility of a business is to satisfy the society. Te firm belongs to the people and thus has an obligation to the different section of the society, suppliers, consumers, stock brokers, employees, local community, government and the general public. The social responsibility of business is a logical extension of the societal marketing concept and social marketing.

Marketers social responsibilities flow out of their conception of business ethic. Ethics is the study of right or wrong. The conduct of most business people are highly unethical. There are practices such as false or misleading advertisements, overpriced, shoddy goods, bribes to win business, industrial pollution and defective, dangerous and harmful products.

Berkowitz et al (1997:110) are of the opinion that social responsibility as meaning that organizations are part of a larger society and are accountable to that society for their actions even though like ethics agreement on the nature and scope of social responsibility is difficult to come by, given the diversity of values present in different societal business and organizational culture.

To Berkowitz et al there are three vasic concept of social responsibility.

1) Profit responsibility: It holds that companies have a single responsibility and that is to maximize fit provided they operate within the rules of the game.

Those companies which charge very high prices for new HIV drugs believe so much on this

2) Stakeholders responsibility; This is a fallout of criticisms of the profit responsibility. It focuses on the obligation an organization has to those who can affect achievement of its objectives, viz. customers, employees, suppliers and distributor. Many companies have recalled products which they found defective, industrious or harmful, because they felt th

A CRITICAL ANALYSIS OF REVENUE AND EXPENDITURE OF LOCAL GOVERNMENT ADMINISTRATION IN NIGERIA (CASE STUDY OF MBANABO NORTH LOCAL GOVERNMENT).

CHAPTER ONE

• Background of the study
• Statement of problem
• Purpose of the study
• Hypothesis
• Significance of the study
• Scope and limitation
• Definition of terms

Reference:

CHAPTER TWO: review of related Literature

• Historical development of local Govt. in Nigeria

2.2    Local government and national development

2.3    Sources of revenue of local councils

2.4    Expenditure pattern of local government

• Budgeting and internal control in L.G operations
• Consolidated revenue fund (CRF)
• Problems of local government
• Departmental vote revenue and expenditure A//C
• Local government administration (2002 –2004)

Reference:

CHAPTER THREE: Research design and methodology

• Study area
• Sources of data
• Research instrument
• Population of the study
• Determination of simple size
• Method of data analysis

CHAPTER FOUR: Data presentation and analysis

• Data presentation
• Return of questionnaires
• Data analysis
• Test of hypothesis by using Chi-square (X²)

CHAPTER FIVE: Summary of findings, recommendations and conclusion.

• Summary of findings
• Recommendations
• Conclusions

Bibliography

PROPOSAL

The basis objective underlying this study is to analyze critically how the expenditure and revenue pattern of local government administration in Nigeria is carried out. This research work has been structured into five chapters to make for easy comprehension.

The author will find out why some various Local Government authorities have been under funded which makes them not to live up to their expectation in services.

The author will present research design and methodology is study area, including sources of data e.g. Primary and Secondary sources. The author will show the research instrument used.

The author will present and analyze data and show how questionnaire were distributed. From there the author will summarize what has been written and draw conclusion and recommendations.

CHAPTER ONE

 

• BACKGROUND OF THE STUDY

Local government is the third tier of government in Nigeria. The Local government system was entrenched in the 1979 constitution via part 11, section 7, sub section (1)………5.

However, the origin of local government administration in Nigeria was empowered through the 1976 local government reform. When president Olusegun Obasanjo was the then Military Head of state, which terminated in 1979. this is to say that 1979 and 19989 Federal Republic of Nigeria constitution recognized the local government as the third tier of government and its function and role written in black and white. In the current dispensation of the 5^th republic, which is less than 3 months now, the president Chief Olusegun Obasanjo has not been pleased with the way and manner in which the local governments were administered and consequently alleged financial reckless amongst local government chairmen. This gave rise to a 28n men technical committee to determine the tenor and texture of local government reform. This committee has been inaugurated by president Obasanjo and has the ETSU at NUPE, Achaji Umane Ndayoko as its head / chairmen, its terms of reference include the following.

1. To review the performance of local councils within the last four years and consider the desirability or otherwise of retaining them as the third tier of government. In that regard consider, among other optims the adoption of a modified version of pre 1976 local government systems of Nigeria.
2. To examine the problems of inefficiency and high cost of government with a view to reducing costs and wastages in the three tiers of governments.
3. Examine the high cost of electioneering campaign in the country and consider among other options, the desirability of whether political parties, rather than individuals office seekers should canvass for votes in elections.
4. Consider any other matters, which in the opinion of technical committee are germane to the goal of efficient structure of governance in Nigeria.

 

In anticipation of the technical committee to determine the tenor and texture of reform of the councils, the People’s Democratic Party (PDP) cancus suspended indefinitely the June 12, 2003, Local Council election pending the outcome of the 28-man Technical Committee inaugurated in June 2003 to be headed by the ETSU of NUPE. Alahji umaru Ndayoko. This is to say that up till date the 5^th republic government has taken off without the democratic elected local government chairman. But rather, an appointed caretaker committee by the state government administration pending the conduct of such election. Other reasons deduced by the government over the indefinite suspension of the local poll was to have time to harmonize about 500 newly created councils since 1999, so that the National assembly shall make provisions for allocation of revenue to the councils as prescribed by section 7(6) of the constitution.

However, this project emphasis on “critical analysis of revenue and expenditure pattern of Local government administration ( a case study of Mbanabo North local government from 2000 –2004.  Within the period under review (2000-2004) president Obasanjo has not really believed so much on the integrity, transparency and accountability of the local government administration in Nigeria especially during his regime as the 4^th republican president from May 29, 1999 – May 29, 2004. the president has in so many causes alleged mismanagement of resources and unjustifiable expenditure by the third tier of government which most often gave rise to zero allocation. This implies that the intently generated revenue (IGR) of the third tier of government has been grossly inadequate to enable the council perform its statutory role efficiently.

• STATEMENT OF PROBLEM

Despite the importance of revenue to government and any other structural organization it appears as the life of any government administration in Nigeria. The same formal systemic and constitutional sources formal systematic and constitutional sources of revenue are accorded to each local government in Nigeria subject to contain variations in their respective areas of jurisdiction. However, the  local government through the constitution has been mandated to explore certain areas (within its juridction) economically to arrangement the federal allocation.

The research problem is to highlight the inefficiencies and loopholes associated with revenue and expenditure pattern. In addition financial irregularities and other economic crimes are said to be out of the set back of local government administration in Nigeria.

• OBJECTIVE OF THE STUDY

The purpose of the study is to reasonably ascertain the following.

• To evaluate the revenue and expenditure pattern of local government administration in Nigeria.
• To carry out a comparative study of such pattern and to see if there is any variance amongst other local government.
• To determine how effective is the financial control of the local government and to know the state of its internal control measures.
• To determine and explore other avenues of internally generated revenue (IGR) and to ascertain how often do they receive statutory allocation.
• To identify other areas of assistance in which help is needed and to know if the finance and account records are kept properly.
  • RESEARCH QUESTIONS

In the course of carrying out the research the following research questions were formulated.

1. What is the relevance of revenue and expenditure to local government in Nigeria.
2. What are the implications of this revenue to the administration of local government.
3. To what extent is the derivation principle been applied to revenue and expenditure pattern of local government.
4. How can constitutional provision create problem in the application of revenue sharing formula to local government administration.
5. How can Nigeria evolve an appropriate revenue and expenditure pattern of local government.

In the course of developing this research work the following hypothesis have been formulated.

 

 

RESEARCH HYPOTHESIS

1. Ho: There is relationship between revenue and   expenditure pattern in local government administration.

Hi:     There is no relationship between revenue and        expenditure pattern in local government administration.

2. Ho: The survival of local government is in doubt without the

assistance of federal government.

Ho:    The survival of local government is not in doubt without the assistance of federal government.

3. HYPOTHESIS 111

Ho:    There is a relationship between internal control and efficient management of resources / funds.

Hi:     There is no relationship between internal control and efficient management of resources / funds.

4. HYPOTHESIS IV

Ho:    Budgetary instrument is very vital in local government.

Hi:     Budgetary instrument is not very vital in local government.

• SIGNIFICANCE OF THE STUDY

The significance of this study is numerous and very  important both to government corporate bodies and individuals as this.

1. This study will reveal the importance and significance of local government as the third tier of government.
2. It will show the variable revenue and expenditure pattern and possible areas of expanding the scope and operation of local government.
3. it will asses the internal control measures and determine how effective is the financial control in the public sector.
4. this study will explore other economic and viable avenues of internal generated revenue (IGR) so as to rely less in the federation allocation.
5. The study will also highlight the importance of budget and the benefit associated with adherence of the financial strategy of the local government operation effectively.
6. Students of higher institutions especially the area of finance and management agencies will find this study as an additional data bank and reference materials.

 

 

• SCOPE AND LIMITATION

This project intend to critically analyses the revenue and expenditure pattern of local government (a case study of Mbanabo North Local Government Area. In pursuance of this venture, some selected local government were visited within the Enugu Metropolis. Below were some of the constraint encountered.

1. RESPONDENTS ATTITUDE

It was very few respondents that gave me audience in this regard. Most of the staff approached were not co operative in giving their view as required by the structured questionnaire. Perhaps, the current clamor by president Obasanjo to restructure/scrap the local government compounded the case of free and unbiased response.

2. TIME

The time allocated to this project was inadequate which many institutions were on strike and the possibility of using their libraries were not available.

3. FINANCE

There is no doubt that finance was a major constraint. Presently the like in petroleum products gave rise to increase of transportation fare and photocopying of relevant materials.

• DEFINITION OF TERMS

Below are some of the itemized definition of terms which will aid the user to  apprehend some terminologies without ambiguity some terminologies without ambiguity or being biased in line with the context of this research topic.

Audit alarm committee

This means a committee set up under a section of the law to prevent irregular and illegal payments in the local government

Federation Accounts

This is the accounts into which is to be paid all revenue collected by the government of the federation except the proceeds of the personal income tax in respect of residents of the federal capital territory (FCT).

Internal auditor

This refers to an officer of the local government charged with the responsibility of conducting internal audit of the management of the finance of a local government.

 

Revenue collectors

This means any person duly authorized to collect revenue of other monies payable to the local government.

Non – statutory allocation

Non- statutory allocations are allocation not supported by legislation like grants.

Local government

Refers to a local government establishment under a section of the law or constitution of the country

Treasure

This means the head of local government finance and supplies department.

Vote

A vote is the limit of authorized expenditure  expressed in monetary terms.

Revenue earning book

This is the only means  by which a local government officially acknowledges the receipt of monies paid to it and the expression include carbon receipt books, metal and plastic, dishes and license forms.

 

REFERENCES

1. Federal republic of Nigeria (1999) Constitution of the Federal Republic of Nigeria.

Nwabueze P.B.C. (2000)                         Basic principle of Auditing. Enugu Mical communication international.

Orjih . J.(2001)                                          Financial Management vol. 11 Enugu, Salah media organization.

Ofiah .C  (2002)                                        why Federal government must check spending of state government Lagos vanguard news paper Ltd.

Odinaka. P. (2003)                                   For councils, a time for critical assessment; Lagos Guardian newspaper Ltd.

Ezomon and Ndujike (2003)                   Councils reform PDP and the Danger of super government  Lagos Guardian newspaper ltd.

Ishiekwene A. (2002)                               Debtors state and workers strike Lagos Punch Newspaper.

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

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CHAPTER ONE
1.0 INTRODUCTION 1
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF PROBLEM 3
1.3 OBJECTIVES OF STUDY 4
1.4 SIGNIFICANCE OF THE STUDY 4
1.5 LIMITATIONS OF THE STUDY 4

CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 HISTORICAL DEVELOPMENT OF COMMERCIAL BANKING IN NIGERIA 6
2.2 STRUCTURE OF THE NIGERIAN
COMMERCIAL BANKS 10
2.3 FUNCTIONS OF COMMERCIAL BANKS 12
2.4 LOANS AND ADVANCES BY COMMERCIAL BANKS16
2.5 LOAN AND ADVANCES TO PREFERRED AND LESS PREFERRED SECTOR 20
2.6 IMPORTANT OF LOANS AND ADVANCES TO THE PREFERRED 20
2.7 FACTORS THAT AFFECT GRANTING OF LOANS22
REFERENCES 23

CHAPTER THREE
RESEARCH DESIGN AND METHODOLOGY
3.1 SOURCES OF SECONDARY DATA 26
3.2 LOCATION OF DATA 26
3.3 METHODS OF DATA COLLECTION 27

CHAPTER FOUR
FINDINGS 28

CHAPTER FIVE
RECOMMENDATION AND CONCLUSION 30
BIBLIOGRAPHY 32

PROPOSAL
THE APPRAISALS OF COMMERCIAL BANKS
SECTORIAL DISTRIBUTION OF LOANS AND ADVANCES
Commercial bank is a financial institution or banks that specialized in keeping money and other valuable safely and in granting short term loans, Advances to individuals and corporate bodies.
This project topic in chapter I will state the introductory aspects of commercial bank and their ability to influence economic activities through creation and distribution of loans and advances to their customers being the preferred and less preferred sectors of economy.
Chapter 2 will base on the evolution of commercial banks, their functions and the C.B.N. guidelines towards the distribution of loans and advances to the various sectors. It will also state the objectives of commercial banks towards the distribution of loans and advances which is profit maximization.
Chapter 3 will be the method which I will use on the research topic which is secondary data like Newspapers, textbooks and Journals for more information needed for the topic and for the topic to be well emphasize so that I will benefit from the information.
In chapter 4. I will discuss the findings towards the topic like the solutions of the problems that will be encounter by Commercial Banks.
Chapter 5 will discuss on the concluding aspects or parts of the topic which means how Commercial Bank should abide by the rules and regulation guiding them when lending which will put inflation to an end in our economy.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
I got interested in the topic of this project owing to the fact that the preferred sector of the economy is being marginalized in its attempt to secure loans and advances from the Commercial Banks.
The Commercial Banks with their ability to influence economic activities through the creation and distribution of money has become the major focus of monetary activities.
The Central Bank of Nigeria has through the years sought ways and means of mobilizing funds for the development of the country’s economy.
Though equipped with various instrument of controlling and directing credit, the Central bank has found the method of credit guidelines most effective in directing credit to specified sectors of the economy.
Thus, the government has through the Central Bank succeeded in directing the Commercial Banks sectoral distribution of loans and advances. It is not always easy to set guidelines and expect full compliance. Guidelines have always been set to achieve certain objectives and the achievement of such objectives are always dependent upon full compliance by those affected by the guidelines.
The Central Bank of Nigeria guidelines on sectoral distribution of loans and advances are aimed at developing the productive sectors of the country’s economy as well as curbing price inflation.
The Commercial Banks who are expected to follow the Central Banks guidelines have their corporate objectives of making profits, the Commercial Banks have auxiliary objectives of meeting the demands of their shareholders, customers and government.
Therefore, the research problem rests on whether the Commercial Banks will be able to show full compliance with the Central Banks guidelines in the light of the risk involved and the lending rate prescribed for lending to the preferred and less preferred sectors of the economy.

1.3 THE OBJECTIVES OF THE STUDY
The objectives of this research project can be stressed as follows:
a. To find out