CHECKING DISTRESS IN THE NIGERIAN BANKING SECTOR THE ROLE OF ACCOUNTANTS AND AUDITORS [A CASE STUDY OF FIRST BANK OF FIRST BANK OF NIGERIA PLC, AWKA ). A RESEARCH PROJECT MATERIAL ON ACCOUNTING
PROPOSAL
The objective of this research work is to check the distress in the banking sectors, the duty of the accountants and auditors to make sure that it does not occur. The method of research used is both primary and secondary that is, the primary method will be in-form of interviews and administration of questionnaires while secondary will be using literature etc. The limitation to be faced while carrying out this project is lack of money, time and data constrain. At the end of the research I believed that there will be a way to solve this issue of distress in the banking sectors
CHAPTER ONE
BACKGROUND TO THE STUDY
1.1 INTRODUCTION
Distress in the Nigerian banking sectors is a problem that bank has in this recent time. This seems as if the regulatory authorities appeared to be fighting a losing battle to sanitise the system.
Ebtiodaghe (1996) observed that banking distress occurs when customers were unable the loss of their deposits and consequent breakdown of their contractual obligation. The central bank fails to meet its capitalization requirements, has a weak deposit base and is afflicated by mismanagement. Aderiu (1997) said that distress in banks I based on the banks examination rating system with the word “CAMEL” that is C=capital adequaate, A = Asset quality, Management competence, E = earning strenght, L = Liquidity sufficiency. The above mentioned is the aggregate areas that really qualifies a bank to be branded “ healthy or sick”.
A bank is considered healthy by the CBN if it maintians six criteria for instance capital paid up capital, sound management i.e bank meeting up with CBN rules, satisfy customers and shareholders interest, minimum liquidity of 30% not less than 10% of its liquid assets to be in treasury bill and certificates. In a situation where a bank defaults in one or few of the above criteria and fails to rectify its default position within a month, it is indeed qualified to be classifeid as distressed.
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