INSURANCE BUSINESS AND ITS IMPACT ON THE GROWTH OF THE NIGERIAN ECONOMY

CHAPTER ONE

INTRODUCTION

THE LEADING ASSURANCE COMPANY (NIG) LTD

Leading assurance did not progress with 1970. The lead way company was incorporated in 1970 to make out full assurance business in Nigeria. The company registration office is in Kaduna.

The Head Quarter of lead way assurance is located at Kaduna town in Kaduna State. They have branches, which are refers to as ‘collecting centres’. These collecting centres are situated in almost every state of the federation.

Some of them are found in the following towns, Abuja, Akure (Ondo State), Bauchi (Bauchi state), Ibadan (Oyo state), Port Harcourt (River state) Sokoto (Sokoto state), Zaria (Kaduna state), Warri, Yola (Adamawa state), Gboko (Benue state), Jos (Plateau state), Kano (Kano state), Ikeja (Lagos state), Makurdi (Benue state) and Maiduguri (Borno state).

In these companies the following forms of the insurance business are: fire policies, motor vehicle business policies, accident policies, workmen compensation and life assurance policies.

BACKGROUND OF STUDY

Before the 19th century, there was nothing existing like Insurance business, nevertheless there were some association or communities who were organized in the form of material, social insurance schemes which had the common feature of today’s modern insurance. Among such were the age grade associations, extended family system and the cultural unions. These unions and associations maintained funds collected periodically from members out of which financial assistance were extended to decease members of the family who has experience some calamity.

In Nigeria, even up till today, this system of social insurance still exists as part of cultural life or many communities. In addition, we have the emergence of social club of Nigeria the kook kats club of Nigeria among many others which provide some form of social insurance schemes to their members as well as use part of the accumulated premiums for national development and charity donations.

The modern insurance business was first introduced in Nigerian 1921 by the Royal exchange assurance company Ltd and it remained the only insurance company in Nigeria. Until 1949 when three other British owned insurance companies were also established. Before 1921 however, some form of insurance business operated in Nigeria, mainly in marine (for export produce) sector, and a few in the motor insurance sector. One can understand the reason for this because by 1920 records showed that there were about 300 cars and a total of 17 miles of tarred roads in Nigeria, so the chance of knocked down a motor vehicle were very slight.

By the time Nigeria got her Independence in 1960, the number of Insurance companies operating in Nigeria had risen to 25. They were all mainly foreign-owned. However, by 1984, there were 88 insurance companies operating in Nigeria most of which are now indigenous companies. In addition to that there were no registered insurance brokers.

Available statistical information that the insurance market in Nigeria has grown rapidly since 1960, not only in numerical strength but also in assets. By 1983, the insurance business in Nigeria attracted a gross premium income of N634 million.

The first insurance act was promulgated in Nigeria in 1961 by the federal government known as “the insurance companies Act 1961”. The act introduces for the first the necessity for the registration or licensing of the insurance companies. At the same time there came the marine insurance Act 1961, which still governs the operation in Nigeria.

There were subsequent registration, the most prominent being the Nigeria insurance Decree 1976, which was promulgated to regulate the insurance business the way previous legislation did not do.

The federal ministry of finance and the office of the director of insurance altogether control insurance companies in Nigeria and the insurance business. The insurance department of this ministry is responsible for controlling the activities of insurance companies so as to ensure compliance with the provision of Nigeria insurance Decree 1996 and other relevant regulation to the business of insurance in Nigeria.

Some of the major insurance companies operating in Nigeria are under the National Corporation of Nigeria, which was established by Decree No. 22 of 1969 to transact the business of insurance in Nigeria.

STATEMENT OF THE PROBLEMS

Insurance business in Nigeria specifically offers a number of protections to many risks to which the economy is exposed. Insurance companies perform a good number of functions in the Economic development of the country. Prominent among them is:

Safe-guarding the immeasurable risks to which capital is exposed and

Reducing the burden of loses for the entrepreneur or investors.

In as much insurance business facilities safer economic development many mere people are yet to recognize the relevance of this sector of trade.

INSURANCE BUSINESS AND ITS IMPACT ON THE GROWTH OF THE NIGERIAN ECONOMY

AMELIORATIVE EFFECTS OF KAEMPFEROL AND ZINC GLUCONATE ON HAEMATOLOGICAL, NEUROBEHAVIOURAL AND OXIDATIVE STRESS CHANGES IN WISTAR RATS EXPOSED TO NOISE STRESS

ABSTRACT

The aim of the study was to investigate effects of kaempferol and zinc gluconate administration on haematological, neurobehavioural and oxidative stress changes in Wistar rats, exposed to noise stress. Thirty (30) rats were randomly divided into five groups: Groups I and II were administered with deionised water; Group III, kaempferol; Group IV, zinc gluconate; Group V, kaempferol + zinc gluconate for 36 days. Groups II, III, IV and V were subjected to noise stress of 100 dB dose for 15 days from day 22 to day 36. Behavioural activities were assessed on days 1, 8 and 15 after noise exposure. The effects of the different treatments on body weight change, open-field activities, neuromuscular coordination, motor strength, excitability scores, sensorimotor reflexes and learning and memory were assessed in the rats. Packed cell volume, haemoglobin concentration, total erythrocyte count, erythrocytic indices, platelet count neutrophil/lymphocyte ratio, total and differential leucocyte counts and erythrocyte osmotic fragility (EOF) test were determined using standard methods. The brain was used to evaluate noise stress-induced lipoperoxidative changes, through determination of brain malondialdehyde (MDA) concentration and activities of antioxidant enzymes such as catalase, superoxide dismutase and glutathione peroxidase, using kits. The results of this study showed that noise stress-induced decrease in body weight gain was significantly (P < 0.05) ameliorated in the group treated with kaempferol + zinc (123.70 ± 0.99 g, 133.70 ± 1.59 g) than in the group treated with deionised water + noise (117.70 ± 1.02 g, 125.70 ± 1.20 g). There was a significant and consistent decrease in the EOF of rats treated with kaempferol + zinc. Kaempferol + zinc gluconate significantly (P < 0.05) ameliorated decrease in haemoglobin concentration (from 12.62 ± 0.12 to 14.32 ± 0.11 g/dL), packed cell volume (from 37.85 ± 0.35 to 43.47 ± 0.30 %) and erythrocyte counts (from 6.43 ± 0.04 to 7.20 ± 0.06× 1012/L). Values of mean corpuscular haemoglobin (20.40 ± 0.33 ρg) and mean corpuscular haemoglobin concentration (33.20 ± 0.15%) were significantly (P< 0.05) higher in kaempferol + zinc treated rat compared to the deionized water + noise treated group (18.43 ± 0.34) and (29.65 ± 0.89) respectively. Rats treated with zinc had the highest mean corpuscular volume (61.35 ± 0.67 fL) compared to the deionized water + noise treated group (58.87 ± 0.29). Platelet counts were also significantly higher (P < 0.05) in rats treated with kaempferol + zinc (609.20 ± 6.90 x 106 g/dL) compared to the group treated with noise + deionised water (439.80 ± 7.91 x 106 g/dL). Administration of kaempferol + zinc caused leucocytosis due to neutrophilia and lymphocytosis as well as a significant (P < 0.05) decrease in N:L ratio (0.25 ± 0.01) than in the group treated with deionised water + noise (0.35 ± 0.03). Combination kaempferol + zinc significantly (P < 0.05) enhanced learning (from 2.33 ± 0.33 s to 1.17 ± 0.17) and memory (from 92.17 ± 4.08 s to 106.80 ± 2.14 s). Kaempferol + zinc significantly (P < 0.05) mitigated noise stress induced impairment in neuromuscular coordination neuromuscular coordination (from 45.0 ± 1.43o to 65.06 ± 1.23o), motor strength (from 51.68 ±229 s 78.33 ± 5.69 s), sensory motor reflex (from 2.88 ± 0.16 to 4.83 ± 0.17), and motor coordination on days 1, 8 and 15 (from 10.83 ± 1.40 cm, 11.5 ± 1.18 cm, 10.50 ± 0.923 cm to 5.33 ± 1.45 cm, 4.33 ± 1.41 cm and 4.83 ± 1.35 cm) respectively. Kaempferol + zinc exerted anxiolytic effects, demonstrated in treated rats subjected to open-field test. In addition, combined treatment significantly (P < 0.05) decreased malondialdehyde (MDA) concentration (from 1.10 ± 0.20 nmol/mg to 0.70 ± 0.20 nmol/mg) and enhanced activities of antioxidant enzymes: catalase (from 32.50 ± 2.20 IU/L to 36.90 ± 2.00 IU/L), glutathione peroxidase (from 25.10 ± 1.10 IU/L to 29.40 ± 1.20 IU/L) and superoxide dismutase (from 1.80 ± 0.20 IU/L to 2.20 ± 0.30 IU/L). In conclusion, treatment with kaempferol and zinc singly and in combination ameliorated noise-induced haematological, neurobehavioral and oxidative stress changes in Wistar rats.

CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the Study

Noise is derived from the Latin term “nausea” and has been defined as unwanted sound, which is a potential hazard to communication and health (Ismaila and Odusote, 2014). Stress refers to a non-specific response of the body to unpleasant stimuli, threatening homeostasis and the integrity of the organism (Wankhar et al., 2014; Munne-Bosch and Pinto-Marijuan, 2017). It is a state of threatened homeostasis provoked by psychological, physiological and environmental stressors (Zhang et al., 2015). Noise is measured in decibel (dB) units (Ismaila and Odusote, 2014). Wang et al. (2016) reported that noise exposure is a potent stressor as it increases the levels of the stress hormone, corticosterone. Noise pollution, especially in the urban environment, is on the increase (Öhrström et al., 2006; Michaud et al., 2016; WHO, 2016) and ranks among the environmental stressors with the highest public health impact (WHO, 2016). The auditory effects include hearing impairment and permanent hearing loss due to excessive noise exposure. The non-auditory effects include stress-related, physiological and behavioural effects.

Noise stress induces increased reactive oxygen and nitrogen species (ROS and RNS) generation, which are capable of breaking down lipid and protein molecules and damaging DNA, triggering loss of function and cell death (Henderson et al., 2006; Zhang et al., 2015). The ROS also trigger apoptosis by activating proapoptotic mitogen activated protein (MAP) kinase-signaling pathways (Tao et al., 2015). Oxidative destruction has been associated with ROS-induced diseases (Messarah et al., 2011). Antioxidants are molecules that inhibit and scavenge ROS/RNS and convert them to less dangerous molecules (Michael and Peter, 2015).

1.2 Statement of Research Problem
Noise-induced hearing loss has global implications, with 10 million adults and 5.2 million children in the US, and 250 million people world-wide having a noise-induced hearing loss greater than 25 dB; a clinically significant hearing loss (Tao et al., 2015). Additionally, occupational noise accounts for 16% of the disabling hearing loss in adults world-wide, resulting in decreased economic production (Baliatsa et al., 2016). Nocturnal environmental noise also provokes measurable metabolic and endocrine perturbations, including secretion of adrenaline, noradrenaline, cortisol, increased heart rate and arterial blood pressure, and increased motility. While asleep, these biological responses to noise are mostly unnoticed (Basner and Samel, 2004, 2005; Selander et al., 2009). Data confirm that exposure to traffic noise, not specifically at night, is associated with increased incidence of diabetes mellitus (Sorensen et al., 2013), hypertension (Babisch and Kamp, 2009), stroke among the elderly (Sorensen et al., 2011), and mortality from coronary heart disease (Selander et al., 2009; Sorensen et al., 2011; Floud et al., 2013; Baliatsa et al., 2016).

According to WHO (2016), noise causes health damage every day estimated at 4 million dollars. Moreover, psychoneurotic and psychosomatic complaints are also observed due to noise exposures (Martinho et al., 1999). Zheng and Ariizumi (2007) reported that noise exposure prolongor delays healing of surgical wounds, while three days of noise exposure increases immune function, but 28 days of its exposure suppresses it. In addition, oxidative stress increases in rats subjected to 28 days of noise stress, suggesting that oxidative status at least partially accounts for the immune suppression (Cheng et al., 2011). In farm animals, noise directly affects reproductive physiology and energy consumption (Brouček, 2014). Noise may also have indirect effects on population dynamics through changes in habitat use, courtship and mating, reproduction and parental care (Rabin et al., 2003). Pigs exposed to 90 dB prolonged or intermittent noise resulted in decrease in growth (Otten et al., 2004). When poultry is exposed to intermittent loud noise, egg laying and growth rate decreases while mortality increases (Oh et al., 2011). Losses have been reported from mink farms in the form of premature births, insufficient lactation and females kill their offspring in connection with exposure to sonic booms (Algers et al., 1978). In cattle, exposure to a high-intensity noise (105 dB) results in decrease feed consumption (appetite reduction), milk yield, and effectiveness of the milk ejection reflex (Cwynar and Kolacz, 2011).

Noise-induced hearing loss is the greatest cause of sensory disability (WHO, 2016), affecting up to 1 in 6 of the population. It is estimated that approximately 20% of the burden is generated from excessive noise exposure in occupational and leisure settings (Thorne et al., 2008). Sustained exposure to sound pressure levels greater than 85 dB, or sudden exposure to impulse noise leads to irreversible damage to the sensory structures of the cochlea. Once damaged, the mammalian sensory hair cells do not regenerate, and the loss of hearing is permanent (WHO, 2016).

AMELIORATIVE EFFECTS OF KAEMPFEROL AND ZINC GLUCONATE ON HAEMATOLOGICAL, NEUROBEHAVIOURAL AND OXIDATIVE STRESS CHANGES IN WISTAR RATS EXPOSED TO NOISE STRESS

STAFF TRAINING AS A CORRELATE OF WORKERS PRODUCTIVITY AMONGST SELECTED BANKS

ABSTRACT

The study examined the effect of training as a correlate on productivity of workers in the First Bank Nigeria Plc and Access Bank Plc located in Lagos State. The study examined four research questions and four research hypotheses which were formulated in the null forms. The significance of the study was also examined which its scope was limited to First Bank Nigeria Plc and Access Bank Plc located in Lagos State. Extensive and related literature were reviewed in relation with various authorities under the following sub-headings: Theoretical framework, concept and nature of training, the need for training employees, concept of management development, corporate productivity, identifying training needs, factors that affect employees’ productivity, the outcomes of training of workers, types of training technique, and relationship between training and employee productivity. The methodology which further dwelt on the following: research design,  population, sample and sampling technique, instrumentation, procedure for data collection and procedure for data analyses. Data analyses were carried out in which the bio-data and the questions were analysed using the simple percentage frequency count while the hypotheses formulated were tested with the application of the Pearson Product Moment Correlation Coefficient statistical tool at 0.05 level of significance. At the end of the exercise, the following results were obtained: training will significantly enhance productivity among bank workers, there is a significant gender difference in the performance of bank workers due to training, there is a significant difference in product knowledge of low income and high income bank workers, and training will significantly improve the performance of bank workers.

CHAPTER ONE

INTRODUCTION

1.1Background to the Study

The low productivity of employee could be seen as malady affecting performance of organizations. The cause of the problem could be as a result of lack of staff training on workers productivity. There may be many reasons why banks invest in training and management development for their employees. Several factors contribute to the low productivity of workers in the Nigerian banking industry. Foremost among the factors include; late payment of workers, poor salary and non-sponsoring of training programmes for workers on-the-job and off-the-job training programmes. Lack of training of bank workers may usually lead to decline in productivity.

Gender, in an organization where they do lots of marketing like the banking industries and insurance companies, research have shown that female staff perform better than their male counterparts. This is because the female marketers take their job more serious than the male marketers. They put more interest in their job by being very neat, looking attractive, being bold and mastering the job while the male marketers are less productive because it could they are not well trusted by their clients, they have other business they are doing elsewhere which make them not to have interest in their work. Their inability to compete with their female counterpart could be as a result of lack of adequate training in the organizations.

Low income could be a barrier to high productivity. For example, bank workers produce low quality services when they are not exposed to periodic training and retraining. They become non competitive with their colleagues in the other industries who are exposed to constant training. In many cases, the non-exposure to staff on the training programme has caused the folding up of banks in the past and even now. 

STAFF TRAINING AS A CORRELATE OF WORKERS PRODUCTIVITY AMONGST SELECTED BANKS