THE EFFECT OF CORPORATE GOVERNANCE ON BUSINESS FAILURE IN NIGERIA: A CASE STUDY OF SKY BANK . A RESEARCH PROJECT MATERIAL ON ECONOMICS
This study investigate attribute of financial characteristics with the survival likelihood of distress firm (Sky Bank) to address the manner in which firm evolve over time, we employ surveyor analysis technique by incorporating core proportional hazard regression. We longitudinally track an ex-ante sample of 176 financially distress firms. The result suggests that firms that replace their CEO with an outsider were more than twice as likely experience bankruptcy. Further more, larger level of block-holder and insider ownership over the sample period are positively associated with the likelihood of firm survival
Nigeria Sky Bank Development Scheme.
In the 1960s and 1970s, the focus was on state-led development, as such dialogue was sectors were not even fully matured. The government was the major actor in the economy up to the 1980s when new reforms were introduced to deal with the dwindling oil revenue. In 1989 government established the national committee on industrial development (NCID) as the main forum for dialogue with the private sector. The committee was jointly funded by the government and United Nations Industrial Development Organization (UNIDO). The committee suffered from others. Specifically, Nigeria had advanced efforts to provide universal primary education protect the environment, and develop a global development partnership. However, the country lagged behind on the goals of eliminating extreme poverty and hunger, reducing child and maternal mortality and combating diseases such as human immunodeficiency virus acquired immune deficiency syndrome (HIV/AIDS) and malaria a prerequisite for achieving many of these worthwhile objectives is curtailing endemic corruption, which stymies many development and taints Nigeria’s business environment. President Olusegun Obasanjo Campaign against corruption, which includes the arrest of officials accused of misdeeds and recovering stolen funds, has won praise fro the world Bank (citation). In September, 2005, Nigeria, with the assistance of the World Bank began to recover US $458 million of illicit funds that had been deposited in Swiss Bank by the late military dictator Sani Abacha, who ruled Nigeria from 1993 to 1998. However, while broad based progress has been slow these efforts have began to become evident in international surveys of corruption in fact, Nigeria’s banking has consistently improved since 2001 ranking 147 out of 180 countries in transparently international 2007 corruption perceptions indies and placed 108 out of 175 countries in the world Banks 2006 ease of doing business index. It will be recalled that after the re-amalgamation of Banks in Nigeria most Banks merged to re-strengthen the financial statue of Bank management.