MANAGEMENT CRISIS IN BANKING INDUSTRY (A CASE STUDY OF SOME DISTRESSED BANK). A RESEARCH PROJECT MATERIAL ON BANKING AND FINANCE
ABSTRACT
The banking industry of the Nigerian economy is today passing through what might seem the roughest phase in its history. The wave of insolvency or distress in the sector is very unprecedented comparable only to what happened during the 1st era of bank failure in Nigeria 91953-1957) and the era of free banking (1892-1952) was such that generated under stand able apprehensive among the banking public. Because of the prominent and sensitive role the banking industry plays in the determination of the buoyancy of any economy, its present state has agitated the government and people of Nigeria. In a bid to correct this unhealthy development the regulatory authorities ie. The central bank of Nigeria (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) have devised and implemented many novel policies to check this drift. Yet the cankerworm continues to eat deeper into our banking system. The issue of problems banks and management crisis in the banking industry has become a disturbing one in Niger. Given the consequences of bank failure, the problems has become a major source of concern to the government the regulators of financial institution and to the general public.
CHAPTER 1: INTRODUCTION
Background of the Study
The development of banking in Nigeria can be traced to 1891, in that year, a company known as the African Banking Corporation opened a branch office in Lagos. Incidentally, it happened that the bank was a South African organization. By January 1892, ABC acquired a License to import and distribute coins from Britain to Nigeria. In 1984, the ownership of the bank changed hands when a British out fit acquired it and its name was changed to British Bank for West Africa (BBWA). The BBWA has since changed name again to standard bank of (Nigeria) plc. A few other banks were opened after this.
The development of Banking in Nigeria can be conveniently categorized into eight (8) stages for the purpose of analysis. The stages are as follows:
Era of free Banking (1892-1952)
Era of 1st Bank failure (1953-1959)
Era of consolidation (first decade of independence 1960-1969).
Era of indigenisation (Oil boom period (1970-1979).
Period of depression (first stage of expansion 1980-1985).
Era of Universal Banking (2001-2004)
The Banking Seltor Reforms (2004-2006)
Structural Adjustment programme (SAP) period (Era of deregulation
2nd stage of expansion 1986-1993)
Era of regulation (period of 2nd Bank failure 1994-1995).
Era of guided de-regulation (1995-till date).
One of the main features of the era of free banking was lack of controls or banking regulations. Al that was required was registration under the company’s ordinance. The ordinance allowed anybody or group to engage in the business of banking like any other business.
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