THE INTERNAL CONTROL SYSTEM IN BANKING SECTOR IN NIGERIA AND THE PROFITABILITY. A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
ABSTRACT
For some decades, the value of Nigeria has been reducing drastically and economy of the country has been dwindling in spite of numerous economic experts, mechanisms and decrees etc. which had caused many companies and banks to be liquidated and distressed in respective order.
The government of the country finds it difficult to stabilize the foreign exchange and normalize the value of the Naira which the financial policies had put into practice and subsequently failed the international communities are making analysis of the stumbled economy of Nigeria. Also, with the emergence of capital market mechanism, has there been any changes? This study highlights impact of capital market on Nigerian economy in the Nigerian stock exchange. The study is divided into five chapters comprising of the introduction, review of existing literature, research methodology, and empirical analysis of regression result, recommendation and conclusion.
The study began with introductory discussion on the use for a study of this nature, the background statement, statement of the problems, objective, hypothesis, significance of the subject, the scope of the study and the limitation.
The project made use of the recently published literature which carefully examined the meaning and functions of capital market, reasons for its establishment and the importance of the capital market in Nigerians economy. Also examined are all one needs to know about internal control system in banking sector, which forms the case study of this project work.
The fourth chapter lucidly analyzed the regression result obtained from chapter three so as to know the effect of the different variables use in this study.
The concluding chapter dealt extensively with the findings, conclusion and the prospect of internal control system in banking sector to the next millennium in Nigerian economy which answered the test of hypothesis and problems of the research.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
Internal control, the strength of every organization has become of paramount importance today in Nigeria banks. The reason being that the control systems in any organization is pillar for an efficient accounting system.
The need for the internal control system in the organizations, especially banks, cannot be undermined due to the fact that the banking sector, which has a crucial role to play in the economic development of a nation, is now being characterized by macroeconomic instability, slow growth in real economic activities, corruption and the risk of fraud.
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