APPRAISAL OF ISSUE OF SHARES AS A SOURCE OF FINANCE IN PUBLIC LTD.  LIABILITY COMPANIES (AN ANALYTICAL REVIEW OF FISRT BANK OF NIG. PLC.)

CHAPTER ONE

• Introduction

1.1     Statement of problem

• Objective of the study
• Significance of the study
• Research hypothesis
• Scope and limitation of study
• Brief history of first bank of Nigeria

References

CHAPTER TWO

• Review of related literature

2.1     Listing requirement

• First tier security market
• Second tier security market
• Rational for a second tier market
• The rate of Nigeria stock exchange in respect of issue of share and debenture
• Operation of the stock exchange
• Kinds of securities traded on
• Share transfer
• Accounting requirements
• Problems associated with the issue and transfer of shares

References

CHAPTER THREE

• Research methodology

3.1     Research design

• Method of data collection
• Population
• Sample design
• Method of data analysis and information

CHAPTER FOUR

• Data presentation and analysis

4.1     Analysis of data

• Testing of hypothesis
• Discussion of finding

CHAPTER FIVE

• Summary, conclusion and recommendation

5.1     Summary

• Conclusion
• Recommendation

Bibliography

Questionnaires

PROPOSAL

 

          Floating of shares is one of the permanent source of finance available to the public companies. A public company that desires to have its securities quoted in the Nigerian stock  exchange must meet the requirements and the legal procedures for the issue of shares.

The researcher aim critically to find out why most of the companies are not quoted despite the objectives and decrease in the requirement, why shares of some companies quoted in the Nigerian stock exchange are not subscribed for, whether the legal procedures are adequate and still stringent and to find out whether the roles of the Nigerian stock exchange are adequate.

To facilitate the objective, the researcher collected data from the research base and administered  questionnaire as well as conducted oral interview.

In carrying out this project, work, the researcher is faced with certain limitations among which are time limit and finance limit.

Having analyzed the data collected, it was found out that most companies do not quote the securities in the Nigerian stock exchange due to high cost of registration, stringent requirements, ignorant of the management, loosing control of the business and for the evasion of tax as less amount will be paid as tax because accurate financial position of the companies is not disclosed to the public.

Furthermore, it was revealed that shares of companies which are not financially sound and profitable an whose business is illegal are not subscribed for even through they are quoted in the Nigerian stock exchange.

However, the Nigerian stock exchange, still need to embark on extensive enlightenment. Company programme to educate the public and small indigenous companies who are ignorant.

CHAPTER ONE

• INTRODUCTION

There are various sources of finance available for companies. Companies can rise finance by borrowing from financial institution (i.e commercial banks), friends, relative or even suing personal savings.  Also finance can be raised by issue of shares.

A share is the interest of a shareholder in the company measured by a sum of money for the purpose of ability and interest.  The main types of shares are

• Ordinary shares (owner’s equity)
• Deferred or founders hares and
• Preference shares.

However, the companies act of 1968 do not allow all companies to issue shares.  Companies which issue shares are those quoted in the stock exchange.

Companies quoted in the stock exchange are those incorporate under the companies and allied matters decree 1990 (AMD) under co-operate affairs commission.

Furthermore, when a company had been incorporated, it proceeds with the task of raising fund or capital by issuing prospectus to the general investing public.

A prospectus is an invitation, circular, notice and advertisement to the public to subscribed or purchase any securities of a company.  The essence of the prospectus is to enable the investing public (prospective investor) have laid down detailed possible information about the affairs of the company they intend to invest in.  companies which are quoted in the stock exchange raised their fund through the issue of shares and they enjoy many benefits like limited liability companies but only few companies are quoted in the stock exchange.  The reason may be that management are ignorant of the benefit associated with the incorporation and that they are not enlightened or being adequately informed about the roles of the Nigerian stock exchange.

Also shares of some companies which are quoted are not subscribes for, it may be that the company has no sound financial base or that it is not profitable.

The high standard requirements provided by the cocmpanies act 1968 many also be the reason why companies are reluctant in quoting their shares in the stock exchange market.  Source of these requirements are that any company seeking quotation in the stock exchange market must have up to 500 share holders and paid up share capital of N600,000,

Moreover, securities market growth in Nigeria is handicapped mainly because of the  buy and keep attitude of the investors, lack of exposure and  awareness on the part of Nigerian public in respect of shareholding and then the indifferent attitude of indigenous companies towards the activities of the stock exchange.

 

1.1     STATEMENT OF THE PROBLEM

Issue of shares is one of the sources of finance available for companies.  Companies which are quoted  in the Nigerian stock exchange market issue shares to the public for the purpose of raising funds or finance.

1. Quotation or incorporation is open to every established companies, still only few companies are quoted in the Nigerian stock exchange. This could be because the Nigerian stock exchange do not perform their role adequately or because the management are not adequately motivated or mobilized
2. Some companies shares which are quoted in the Nigerian stock exchange are not being subscribed for this might be due to insufficient financial base of the company.
3. companies which are not quoted in their companies in order to evade tax and their profit are use for the expansion of the business
4. Management are ignorant of the benefits of the incorporation and the role of the stock exchange. They believe that quotation is for those that are financially buoyant and that huge amount will be paid for tax.

Funds are raised by issue of shares yet few companies only raise funds through the issue of shares and many other complain of inadequate finance where as they  can quote their shares in thee Nigerian stock exchange market.

1.2 OBJECTIVE OF THE STUDY

the objectives of this research work are as follows:-

1. To find out why some companies in Nigerian stock exchange market to enjoy the benefits of limited liability.
2. To find out why shares of some companies are not subscribed for while other companies have over subscription.

• To find out whether the legal procedures for incorporations are adequate or stringent.

1. To notify whether the Nigerian stock exchange perform their functions adequately.

1.3 SIGNIFICANCE OF THE STUDY

The significance of the study is to make recommendation where appropriate to Nigerian stock exchange, public limited liability companies, general public and to provide basis for further investigation by future  generation.

1.4 RESEARCH HYPOTHESIS

for effective  conduct and understanding in this research work, some  research hypothesis have been formulated.

1. NULL HYPOTHESIS [ HO]

The non –subscription  or  under-subscription of shares of some companies is due to insufficient financial base illegally of the business of the company and poor performance [ Non – profitability)

ALTERNATIVE HYPOTHESIS [HI ]

The non – subscription of share of some companies is  not due to insufficient financial base, non – profitability and illegality of the company.

2. NULL HYPOTHESIS [ HO]

The Nigerian stock exchange perform their roles adequately to motivate the management.

ALTERNATIVE HYPOTHESIS [H1]

The  Nigerian stock exchange do not perform their roles adequately to motivate the management.

3. NULL HYPOTHESIS [ HO ]

Many companies in Nigerian are  not quoted due to the profit benefits of the company, ignorant of the management profit benefit of the company and high registration fee.

1.5 SCOPE AND LIMITATION OF STUDY SCOPE :-

For the purpose of this project work, reference has being restricted to public limited liability company ie first bank of  Nigerian plc Nnewi Branch.

All the information for  the  purpose of the project  has been obtained from first bank of Nigerian plc Nnewi Branch.

LIMITATION

In carrying out this project work, their researcher is faced with certain limitation among which are :-

1. TIME LIMIT :- Because of the share semester and the tight schedule for lectures, the time for this project work is limited to lecture free days and weekends.
2. FINANCE LIMIT- Because of the economic situation of the country and many expenses which has to be met , the  researcher is face  with limited  finance, which is the reason why I cannot travel often  and far because of the  transport fare involved to obtain  information required for the project but never the less, enough information or data were collected.

1.6 BRIEF HISTORY OF FIRST BANK OF NIGERIAN PLC

The first bank of Nigeria plc was founded in 1894. By a shipping magnate from liver pool, sir Alfred Jones and it compared as a small bank in the office of Elder Dempster  and company  in Lagos.

It was incorporated as a limited liability company in London on 31^ST march 1984 with its head  office in liver pool under the corporate name of the bank for British west Africa. With a paid up capital of  30,000  pounds sterling. The bank started business after absorbing the African Banking corporation which was established earlier in 1892.

Over the year, the bank has experienced phenomenal growth, with shareholders fund of N99,000,000 in 19, and how it has it has risen to N11,307 in 1999.  The deposit base was N127, 230 million in March 31^st 2000 against the total deposit of N84,531 million attained on 31^st March 1999 i.e. 50.5% increase in growth. As at 31^st March 2002 the capital base was 26.6.356 against 212, 901 in 2001 period (an increase of 25.11%)

The total deposit for the year ended 31^st March 2002 was N168,175 billion in the 2001 (financial year.  The gross earning for the current year is N41,717 as against N29,098 ( an increase of 43.37%).

The profit before tax after provision for exceptional item of N10.694 billion was N5.087 billion as against N6.201 in 2003 when the bank began operation in 1894.  It had a staff of six comprising three Europeans and three Africans.  Its staff strength has increased to 7550 staff as at 31^st March 2000 with 312 branches but as at today the staff strengthen to higher rate with 327 branches in Nigeria.

In 1957 at the even of Ghana’s and Nigerian’s independence, he bank changed its name to bank of west Africa.  It was incorporated locally in 1969 to become standard bank of Nigeria ltd.  This was in response to the distates of the company’s decree of 1968.  Further changes in the name of the bank were made in 1997 and 1991 to first bank of Nigeria plc respectively.

The federal government under its privatization programme disposed of its 44.8% equity in the bank through offer for sales to the public.  The issue were now fully owned by Nigerian citizens and associations.

Today first bank of Nigeria plc boasts of diversifies loan portfolio and credit facilities to various sectors of economy.  The bank’s rural baby any other bank while it’s agricultural credit facilities through community  farming loan scheme has given peasant farmers Tremendous access to needed bank credit.  It came first for 4 years at CBN former merit award as at 1994.

The bank is very much alert to it’s social responsibilities. It continues to identity with and contribute generously to worldly social philanthropic cultural, educational and sporting events.

REFERENCES

Kelvin W. & Collins P             Legal Aspect of industry and commerce

Harp Publishing London 1978

 

 

Ibid Page 157

 

 

 

Lioyd C. Akinson                    Economic the science of choice Richard

1. Invin publishers 1980

 

 

 

Hermanson E Solomon:          Accounting Principle Business

publication Inc.  Plano Texas

 

 

 

First Bank of Nig. Plc;             Annual Report and Account Journal

1999/2000 Vol. 1pg 18

 

 

Ibid page 29

 

 

Ibid page 24

 

 

First bank of Nig. Plc:             The first Banker:  A house Journal of

First Bnak of Nig. Plc August 2002.

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

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
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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 BANK SECURITY FOR 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
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form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

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APPRAISAL OF FRAUD CONTROL TECHNIQUES IN NIGERIA COMMERCIAL BANKS (A CASE STUDY OF FIRST BANK NIGERIA PLC)

LIST OF TABLES

1. Overall distribution of question to the management cadre
2. Overall distribution of question to top management and analysis of response in the branches of the bank.

• Effective of fraud control techniques

1. Causes of fraud in bank
2. Effects of fraud in bank
3. Elimination of fraud in commercial banks

• Distribution of questionnaire to middle and Lower management candre
• Encounter of fraud in Banks

1. Application of computer in fraud control
2. Dispensability of management cadre in fraud commission
3. Hypothetical test of on effect of fraud

• Chi – square .
• Hypothetical test on elimination of fraud
• Chi square

LIST OF FIGURE

1. Causes of fraud in bank
2. Causes of fraud in bank ‘

• Effects of fraud in bank

1. Effects of fraud in bank
2. Elimination of fraud in commercial banks
3. Elimination of fraud in commercial banks

• Encounter of fraud in banks
• Encounter of fraud in banks

1. Application of computer in controlling fraud
2. Application of computer in controlling fraud
3. Responsibility of management Candre in fraud commission

• Responsibility of management Candre in fraud commission
• Acceptance of null hypothesis
• Acceptance of null hypothesis.

CHAPTER ONE

• INTRODUCTION 1
• A SHORT BACKGROUND HISTORY OF FRAUD 3
• STATEMENT OF PROBLEM 6
• RESEARCH AND OBJECTIVES 7
• RESEARCH / HYPOTHESIS 8
• RESEARCH / QUESTION 9
• SIGNIFICANCE OF THE STUDY 10
• SCOPE / LIMITATION OF STUDY 12
• DEFINITION OF TERMS 14
• REFERENCES 19

CHAPTER TWO

2.0     REVIEW OF RELATED LITERATURE                      20

• CONCEPT OF FRAUD 21
• CAUSES OF FRAUD 25
• TYPES OF FRAUD 44
• EFFECTS OF FRAUD
• CONTROL FOR FRAUD 61
• REFERENCES 75

CHAPTER THREE

3.0     RESEARCH DESIGN AND METHODOLOGY                    78

• POPULATION AND SAMPLE 79
• SOURCE OF DATA 85
• INSTRUMENT FOR DATA COLLECTION 86
• METHOD OF DATA ANALYSIS 87
• METHOD OF ANALYSIS 88
• RESEARCH QUESTION                                             88
• METHOD OF TESTING HYPOTHESIS 88
• REFERENCES 89

CHAPTER FOUR

• PRESENTATION AND ANALYSIS OF DATA 90

4.1     RE – STATEMENT OF THE PROBLEM                              91

• MAJOR FINDING 92
• DISTRIBUTION OF QUESTIONNAIRE AND COLLECTION
• PRESENTATION AND ANALYSIS FO QUESTIONNAIRE 119
• PRESENTATION AND ANALYSIS OF ORAL INTERVIEW119
• TEST FO HYPOTHESIS 122
• REFERENCE

CHAPTER FIVE

5.0     SUMMARY OF FINDING , RECOMMENDATION AND CONCLUSION                                                                          134

• SUMMARY OF FINDING 134
• RECOMMENDATIONS 136
• CONCLUSION 140

APPENDIX                                                                   143

BIBLIOGRAPHY                                                                   144

CHAPTER ONE

INTRODUCTION

          The bulk of fraud required by the investing sector of most  developed and developing business economics of the world is provided by the bank industry in the main, the service of mobilizing fund from the saving that is simples to the investing  sector provided by the banking industry accounted for the high status the banking industry is place in the development of any economy the rate of economic development of the nation has hence been very closely associated with the effectiveness and efficiency of the banking system of the nation.

Commercial banks as a case study of this research work provided services like acceptance of deposit, size keeping of valuables offering of pieces of advice like on investment, credit create and other business published in the gizatte by the governor of Central bank designated to mean commercial banking business of all the components of the banking system. Incidence of fraud occurrence fraud is also found in other spheres of life in government in commerce government, in commerce and industries.

Special organization have been formed to control it. Interlope tries to deal with it at the international level but it has not been rechecked to the barest minimum neither has it been full eradicated .

Fraud is a complex universal phenomenon, it is rampant in both development and developing countries and varies across time and placed in its magnitude, its effects on administrative, performance development, political economical social culture and attitudinal factors combine in contributive and circular and they extend beyond the boundaries of nation state..

Fraud is matter of individual choice and opportunity. Being human, can individual usually take the advantage sees. The opportunity and he is reasonably convicted he can get always with it the banking sector provides such opportunity in abundance as they deal with cash and near money instrument.

• A SHORT BACKGROUND / HISTORY OF FRAUD IN FIRST BANK

In the history of Nigeria banking. If total of 185 bank were registered by the financial secretary to the colonial administration to carryout banking business. From 1892 –1952 was know as the era of free for all banking. Between this point banking  business blossomed, there were high expectation that trend will continue to improve as a matter of time, but because high expectation never observed. As in the first half of 1950s the industry collapsed. Many banks folded up and involved in frauds in commercial banks alone rose to N1,3777-15 million in 1993  whereas the actual / expected loss from N68.8 million to N241.0 million.

We are aware  that frauds out across all sectors of the  economy an that the size of an enterprises usually determines the value of fraud penetrated we are also not unaware manpower and manpower training poor internal control system inadequate incentive and unsuitable legal framework for dealing with offenders playing the perpetration of frauds.

In addition to these lack of commitment on the part of staff  and the employment pollicies of some banks tend to make frauds and forgeries.  Attractive.

Br that as it may , we consider the higher rate of fraud in bank as clearly unacceptable,  some thing Adriatic ought to be done so urgently stem the tide in view of its image implication for the banking industries and the crises of confidential which it could engender bank customers.

We  therefore large executive and to management of bank to as a mater of urgency to adopt strategies that will block all loopholes that encourage frauds in their organization.

In specific terms we  counsel that banks should critically examine option for prevention and timely detection of fraud and forgeries as these are  likely to scare would be perpetrator’s adequate internal control such as re-deployment of staff and adequate internal without notice should be put in place . Staff should be kept abreast of sophisticated and other development through continuous training.

Bank staff should be adequately remunerated and novitiates to give the best while working with satisfaction.   Poorly remunerated in a banking environment may constitute a menace to the system as temptations are likely to be quited and the urge to a succumb becomes irresistible.

I believe that computerization can go a long way as a strategy for internal control in banks I therefore urge all bank to embrace and install computers in their organizations. Banks must always build into their plans at the beginning of the year. Based on their experience, the  expected amount of loss through frauds during the year in order to anticipate and geared against destabilization of their operations.

No effort should be spared in the fight against this hydraheaded phenomenon in order to reduce to the barest minimum the crisis of confidence that fraud occasion.

 

 

1.3     STATEMENT OF PROBLEM

          Fraud in bank has become so recurrent in the headlines of our daily paper in such a profuse manner that  they have ceased  to be good captions on these paper in going through paper on flip over pages with headlines of fraud. That not with standing fraud committed has direct or indirect effect on individual or collectively, on the while fraud has contributed the liquidation of so many banks.

Many bank employees have been deprive of their benefits and in liquidation situation, total less of their job is observed on the contrary deposition loss their money as well, the shareholder of the bank loss their money.

Along side, the great role of the banking industry play (which is being challenge by frauds through loss of fund and liquidation of bank) with the degree of fraud observe now if allowed to thrive without the development of new control techniques to prime down the incidence of fraud occurrence in the banking system, the future of the Nigeria economy is bound fail.

Recognition of the aforementioned facts the researcher intend internal pouch back the frontier of human ignorance (investigation) evaluating the fraud control, techniques employed by commercial bank in Nigeria. The effectiveness and efficiency of the fraud, types and effect of fraud will be viewed.

 

• RESEARCH AND OBJECTIVES

The objective of  this study is to evaluate the degree of effectiveness and efficiency of fraud control techniques employed by commercial bank in Nigeria (the strength and weakness of these techniques)

 

This study also will determine the extent by which bank management intends to hold fast or take to new fraud control of interest bank management has put in handling cases of fraud.

 

• RESEARCH HYPOTHESIS

That is one major hypothesis that forms the root of this study. The finding will lead to acceptance of rejection of the these hypothesis i.e mull hypothesis (H0) which will be rejected or accept the alternative hypothesis (H1) For the purpose of this study the under listed statement of hypothesis will be tested.

1. Null hypothesis (H0): Fraud control techniques employed by frost bank is not effective.

Alternative hypothesis (H1): Fraud control techniques employed by first is effective.

1. Null hypothesis (H0) fraud in commercial bank cannot be eliminated.

Alternative hypothesis (H1) fraud in commercial bank can be eliminated.

• RESEARCH QUESTION

1. Are fraud control techniques in use by commercial banks in Nigeria effective and efficient ?
2. What are the causes of fraud in commercial banks ?

• What are the effects of fraud in commercial banks ?

1. What step can be taken to improve upon the fraud control techniques in use ?
2. Who are responsible for fraud commercial in the bank ? the top management middle management or low management or customers ?
3. Are there frauds cases in Nigeria commercial banks currently ?

• Can use of computer help in controlling fraud in the commercial bank.

 

• SIGNIFICANCE OF THE STUDY

The intention of these research work is to help relegate the incidence or menace of fraud to a minimal level never to extermination. Therefore this research work will be of immense help to all commercial banks operation in Nigeria. Equally will b of great help to other disciplines of endeavor that have the need to control the incidence of fraud.

The recommendation and suggestion made in that research  employed by commercial banks will help in controlling the inenance of fraud with positive and  proper utilization of the suggest and recommendation, efficiency and effectiveness in banking business will be forestall and no doubt the lost glory of bank will be restored.

Also, the research work be a great material to study bankers that wish to conduct further study on fraud generally or even as a diversion and limitation it to commercial and banks and any other related discipline. Fraud control techniques which this research work is basically carried on ,is a diversion from the central concept (FRAUD)

It will also be of good help to small scale individual who are planning to improve in their business. Also to limited inability companies in order to defect and control fraud easily in the organization. This research will also be of good help to  government. It will enable government to defect fraudsters in society as well as preventing the incidence of fraud entirely.

• SCOPE / LIMITATION OF STUDY SCOPE OF THE STUDY

The scope of this research work covers all commercial banks other banks., related discipline and companies the scope is  board, only specific emphasis is made on commercial bank subject to the fact that incident of frau is pronounced in commercial bank and as such enough relegation is made about the kinds of fraud carried out in commercial bank than discipline.

 

LIMITATION OF THE STUDY

Despite the efforts put in this research  work certain constraint have been encountered. These are as follow:

1. TIME : The time given for this research work was so short that I Was unable to visit most bank and other financial institution to obtain information in fact, time factor is one  of the major constraint I encountered in predicating this research work..
2. NATURE OF THE RESEARCH : This is one the inherent in this research work fraud is not well know to  every body. Even some  who heard of it can not say exactly what fraud is all about. This made it possible for proper information no to be obtained from these people.
3. UNWILLINGNESS: Unwillingness of the respondent to offer information’s another limitation for instance bank and some financial institution are on the oath that no staff should disclosed certain information to outsiders. In this case it is very possible that all the information needed by the research from  the bank will not be given to him again this issue of fraud is one of the most information  that kept secretly in the bank or customers who are fraudsters.
4. FINANCE: – Without money it is impossible to carry out research work lack of enough money has contributed so much to the limitation of this research work. Some times money to buy some material needed for the research will not be available. Non availability of transportation fare to the area where information will b obtainable.  
5. LOCATION :- Mots bank are locate in area while very far from the researches devilling. This make it difficult for research to get all the information he needed. Some of the real to the area are very bad that the means of transportation is difficulties.
6. ILLITERACY: Many Nigeria are illiterates many can neither reads nor write and these have contribute so much in the constraint of this research work.

However, effort was made to ensure an equitable representation of the town by the use of sound and effective sampling techniques. More so, it is believe that most of the commercial bank in Nigeria have the same method of operating . They by the needs of their research will be met from the study of  the samples of the two branch of first bank situated in Enugu and Onitsha respectively.   

      

1.8     DEFINITION OF TERMS FRAUD

          The term fraud is used sparingly in (Practical) auditing the ferried term is irregularity. Fraud however, is defined as the international distortion of the financial such as the misappropriate arises involving  the criminal deception to obtain an illegal unjust advantage. It may be perpetrated with the intention making money or obtaining goods or it may be perpetrate when a person decision other by pretending to have abilities or still that he does not relay have.

The existence of fraud is an indication that proper accounting records have not been kept, weakness exist in the system of internal control and financial statement do  not shown   trial and fair view.

CONTROL

          Control simply means check or prevention or to put to and end  internal control are design part to defect and control fraud. The management has duty to ascertain the banking system of recording and processing transaction and assets its adequacy as a basis for the preparation of financial statement. In so doing he will inevitable examine also the internal control since they are inextricably liked with the system  of recording and processing. The management may wish to place  reliance on some internal control and must them ascertain and evaluate  those control and performance compliance test on their operation this the management is most likely to acquire some knowledge’s of the existence and effectiveness of internal control and its knowledge may be very extensive.

This review of internal control may indicate potential or actual instances of fraud which may lead to the management determine by audit tests if fraud has taken place and to what extent. In say event,. The management should pass information on any potential or actual fraud in the management letter.

TECHNIQUES

          Techniques is the method use in controlling fraud in the bank and other financial institutions. The responsibility for prevention of fraud rest with the management therefore the method used be management to control fraud are state below. :

1. INTERNAL CONTROL: Control are designed in part to control fraud.
2. BY GOOD ORGANIGRAM: By good organigram we means good organization, a good chart i.e a good system of internal control animation, a good chart i.e a good system of internal control
3. Impending visit of both internal and external auditors
4. Motivation of the workers
5. By punishing fraudsters.

COMMERCIAL BANKS

          Commercial banks are privately owned banks. They are established for the purpose of making profit for their owners. Commercial bank accept deposit from the public and use their funds to lead at call are short notice to the discount market to acquire treasury bills. Short and medium term government securities to invest in other financial institution and most important to make advance to customers. A most important feature of commercial bank is that the banking system as a whole is confined to accepting deposits in order to lend and acquire securities. Apart from accepting deposit commercial bank grant loan and overdrafts to their customers discounting bills of exchange finance have purchase transaction and miscellaneous services.

REFERENCES

Dr. Orjih, John (1998) Business research methodology Aguo;o, Osita (19998) Fundamentals of auditing Millichamp A.H (1990): Auditing An instruction manual for accounting student

Journal charted Instituted of Bankers of Nigeria December . 1994.

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

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 BANK SECURITY FOR 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 24 HOURS

CALL OUR  CUSTOMERS CARE  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.   

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EFFECTIVENESS OF CREDIT GUIDELINES AS AN INSTRUMENT OF MONETARY POLICY IN NIGERIA.

 

 

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CHAPTER ONE:
1.0 INTRODUCTION 1
1.1 BACKGROUND OF THE STUDY 1
1.2 STATEMENT OF THE PROBLEM 3
1.3 OBJECTIVE OF THE STUDY 4
1.4 SIGNIFICANCE OF THE STUDY 6
1.5 LIMITATION OF THE STUDY 6
REFERENCE 8
CHAPTER TWO:
2.0 REVIEW OF RELATED LITERATURE 9
2.1 GENERAL REVIEW 9
2.2 OBJECTIVE OF CREDIT POLICY GUIDELINES16
2.3 INSTRUMENTS OF CREDIT GUIDELINES 19
2.4 CREDIT GUIDELINES “HISTORICAL
PERSPECTIVES 22
REFERENCE 27

CHAPTER THREE
3.0 RESEARCH DESIGN AND METHODOLOGY 29
3.1 SOURCES OF DATA 29
3.2 LOCATION OF DATA 30

CHAPTER FOUR
4.1 FINDINGS 31
CHAPTER FIVE
5.0 RECOMMENDATION AND CONCLUSIONS 35
5.1 RECOMMENDATION 35
5.2 CONCLUSIONS 37
BIBLIOGRAPHY 39

CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
One important factor affecting the level of economic activities in any economy is change in supply. These changed affects directly the rate of spending by the citizen of the country. It is therefore, because of the economic importance of monetary that the monetary authorities has devoted time and resources towards money management with a view of reaping the benefits inherent therein.
The credit guideline, which is my topic of study, has formed the apex instrument used by monetary authorities in Nigeria to influence economic activities. The guidelines are informed of central bank of Nigeria monetary policy circulars prescribing sectoral and aggregate increase and decreasing in credits by the commercial and merchant banks.
According to Anyanwu J.A. (1998) the credit guidelines can be used to regulate the pace and content of economic in an economy. This involves authorities interference with the volume and direction of credit by the commercial and merchant banks to those sectors of the economy. This is why the government divided the economy into major sectors, the preferred or high priority sector and the less preferred or high priority sector and the less preferred or “others” sector.
The preferred sector comprises of agricultural industrial or manufacturing enterprises residential building construction, exports and essentials services sub-sectors.
The government has since the introduction of the credit guidelines in 1964, being urging banks to grant more credit facilities to this sector or order to boost the rate of economic development in the country. The less preferred sector of the economy also comprises of general commerce, government and “others”. Government also urges the banks to allocate less funds or exercise restraint in granting loans and advances to this sectors because of the affects it this sectors because of the affects it would have no the general price level.
Credit guidelines could also be regarded as an anti-inflationary techniques preventing the flow of funds to those sectors. Of the economy that are very sensitive to inflationary pressures.
According to Orjih .J. (1996): credit Guidelines is the policy sp0elt out by the central bank of Nigeria CBN, which regulates the credit creation of the commercial banks.
This control measure was adopted by the CBN for achieving the objectives of general economic policy. It changes the volume, quantity, availability cost and direction of money and credit in a given economy.

1.2 STATEMENT OF THE STUDY
i. Despite the efforts of the monetary authorities in order to achieve the objective of the guidelines/performance has fallen far below the projected level. Several factors could be identified to account for the failure to achieve these set objectives. These factors form the basis of the statement of the study and includes some of the credit guidelines measures are ineffective to tackle the economic problems.

AN EXAMMINATION OF THE TECHINQUES OF MANAGING FINANCIAL DISTRESS IN THE NIGERIA BANKING INDUSTRY

 

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ABSTRACT

The researcher examines the technique of managing financial distress in the Nigerian banking industry. The researchers purpose of study among other.

To examine bank recapitalisation as a technique of managing distress in the banking industry.

To examine debt recovery and cost reductive as a technique of managing distress in the banking industry.
To examine bank acquisition and merger as technique of managing distress in the Nigeria banking industry.
The researcher collected the necessary data through structural questionnaire and oral interview. In analyzing the data collected, the researcher made use of textual and tabular presentation.
In both case chi-square and simple percentage where the major tools used for data ananlysis.

The findings revealed among other things.
(1) That bank needs to be recapitulated.
(2) That two or more distressed banks need to merge to from a new, strong and healthy one.
(3) That banks need to recover their debts to ensure their continuing existence.

A strong bank should take over a small and weak bank to enhance its survival and performance. It was also discovered that excessive operational cost is one of the factors that led to bank distress.

 

TABLE OF CONTENTS

CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF PROBLEM
1.3 OBJECTIVE OF THE STUDY
1.4 RESEARCH QUESTION
1.5 RESEARCH HYPOTHESIS
1.6 SIGNIFICANCE OF STUDY
1.7 SCOPE, LIMITED AND DELIMITATIONS
1.8 DEFINITION OF TERMS

REFERNCE

CHAPTER TWO
2.0 REVIEW OF RELATED LITERATURE …………………………
2.1 INTRODUCTION TO EXAMINATION OF THE
TECHNIQUES OF MANAGING FINANCIAL
DISTRESS IN THE NIGERIAN BANKING INDUSTRY.
2.1 BANKING RECAPITALIZATION…………………………………..
2.2 THE ROLE OF CAPITAL IN BANKING…………………………….
2.3 COMPONENTS OF BANK CAPITAL………………………………
2.4 MAJOR OPTIONS IN BANK RECAPITALISATION………………
2.5 FOREIGN INVESTMENT OPTION IN BANK RECAPITALISATION……………………………………………….
2.6 DEBT RECOVERY AND COST REDUCTION…………………….
2.7 LOAN RECOVERY STRATEGICS ……………………………….
2.8 BANK AQUSITION AND MERGER ………………………………
2.9 RESTRUTURE AND SELL OPTION
REFERENCE
CHAPTER THREE

3.0 RESEARCH DESIGN AND METHODOLGY
3.1 RESEARCH DESIGN
3.2 METHODS OF INVESTIGATION
3.3 RESEARCH POPULATION
3.4 SAMPLING SIZE DETERMINATION
3.5 SAMPLE TECHNIQUES
3.6 RESEARCH INSTRUMENT USED
3.7 METHOD OF PRESENTATION
3.8 TECHNIQUES OF DATA ANANLYSIS

CHAPTER FOUR
4.0 PRESENTATION OF DATA AND ANANLYSIS
4.1 DATA PRESENTATION ANANLYSIS
4.2 TESTING OF HYPOTHESIS

CHAPTER FIVE
5.0 FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 FINDINGS
5.2 CONCLUSION
5.3 RECOMMENDATION
BIBILIGRAPHY
APPEDIX
(1) LETER TO THE RESPONDENTS
(2) QUESTIONNAIRES

CHAPTER ONE

1.0 INTRODUCTION
1.1 BACKGROUND OF STUDY
The issue of financial distress in the Nigerian banking industry has became the ‘Conequences of bnak failures, the problem has became a major source of concern to the government, the regulatons of financial institutions and to the general public. The experience of Nigerians during the first era of bank failures in Nigerian between 1953 to 1959 was such that generated understandable apprehension among the banking public. Unfortunately, the problem has reducing up till now in the Nigerian financial system. Also distress in Nigerian banking system is a phenomenon that must be tackle with every amount of Vigour in order to minimize its occurrence in the economy.
Although, Nigerian thought this was a good own for the economy, it soon downed on them that the perceived boom was a mirage and gross mismanagement. The increasing number of distress in the nations banking industry has impacted negatively on the economy by slowing down the tempo of business activities. The courage also effects some government and some healthly banks which have cost some of the confidence which they had enjoyed before the issue of banking distress become pronounced.
1.2 STATEMENT OF PROBLEMS
Financial distress in the Nigeria banking industry will therefore occure when a fairly reasonable proportion of banks in the system are unable to meet their obligations to their customer as well as their owners and the economy as a result of weakness in their financial, operational and managerial condition which have rendered them either insolvent. Also is a situation in which a sizable

THE ROLE OF THE STOCK EXCHANGE MARKET IN THE ECONOMY.

 

 

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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. 

Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

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

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

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.

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ABSTRACT
The research into the role of the Nigerian stock exchange market can be emphasized due to its roles. However, those roles are meant to be a strong and very important sources of capital in the capital market for the development of the West African sub-region. But though there are important role performed by the organization, there are certain problems militating against the growth and development of the Nigerian stock exchange market such as: unstable market growth, low level of income saving, corruption, inflation of market peace and lack of interest. Those and many more have made the NSEM to lose focus, thereby causing a downward movement of the economy.
Conclusively, from the above, efforts were to ensure that reliable and valid data are gathered for this empirical study thus to know the objectives, function, Activities and make positive suggestions on how to resolve the prevailing situation in the NSEM.
Table of content

CHAPTER ONE
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective of the study
1.4 Significance of the study
1.5 Scope and limitation of the study

CHAPTER TWO
2.0 Review of related literature
2.1 Background to the establishment of the study
2.2 Stock exchange market (SEM)
2.3 Structure of the stock exchange market
2.4 The objectives function/role of the stock exchange market
2.5 System of operation in the exchange
2.6 Listing requirement in the exchange
2.7 Problems of the stock exchange market
2.8 Internationalizing the Nigeria stock exchange.

CHAPTER THREE
3.0 Research design and methodology
3.1 Sources of data (secondary data)
3.2 Location of data
3.3 Methods f investigation
CHAPTER FOUR
Findings

CHAPTER FIVE
5.0 recommendations and conclusion
5.1 Recommendation
5.2 Conclusion
Bibliography

CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The stock exchange is a vital economic institution. The height of development the world has attained makes the stock exchange market services indispensable. The SEM is seen as a vehicle of fund mobilization and the development of local capital in Nigeria. It provides the facilities that make it possible for buyers and sellers to meet. Perhaps, An example of a stock exchange market is the Lagos stock exchange established in 1961 through the Act of parliament as a result of the need for a market for the selling and buying of securities. The stock exchange market is meant to be a strong and very important source of capital in the capital market for the development of the West African sub-region.
Over the years, the stock exchange market has been on the downward swing and is characterized by low growth. The market has defied all necessary changes made to strengthen of the SEM is characterized by unstable market growth, low level of income saving, corruption, inflation of market prices and lack of interest. These and many more have made the SEM to lose focus, thereby causing a downward movement of the economy.
It is this necessary to direct a searchlight on the activities of the SEM as a body where in lies the hope of our economical development so as to assess its achievement, problems and prospects in helping to actualize the noble objectives of acts that set it up.

1.2 STATEMENT OF THE PROBLEM
When the Nigerian stock Exchange market was established in 1961 Nigerians from all works of life thought it a step in the right direction. It was hoped that with the establishment of the SEM, our economy could by better for it.
It is against this back-drop that the researcher has set out in a bid to find lasting solutions to these