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EQUIPMENT
LEASING AS A SOURCE OF FINANCE IN CONSTRUCTION INDUSTRY
ABSTRACT
The aim of
this study is to find out how the establishment of Equipment Leasing in the
Federation has helped in financing investment. To carry out this study, four
research questions were formulated. In this study, a questionnaire was used to
collected relevant data from the staff of Marlum Construction Company, Emene,
Enugu. The findings revealed that Marlum has a positive perception that the
established of Equipment Leasing in the federation helped in improvement of
investments while lessens also have positive perception, better perception in
all the issues raised in the research work. The relative recent development of
leasing in Nigeria as compared to other forms of finance have been said to be
the reason for the stunning lack of information about it and the options it
offers to the business concern in Nigeria. This lack of information is pitiful
in that most members of the public are not even aware of its presence in
Nigeria. The need for organized and comprehensive information could not be over
emphasized.Furthermore, being new most investors are not really well informed
as to the profitability or otherwise of leasing as a finance option, hence the
low level of firms that engaged in leasing which goes to compound the problem
of the Nigerian investors not having much choice as to the best alternative
available to him. Subsequently, this study will go a long way in projecting the
profitability and future prospects of leasing business in Nigeria and also
contributing to the development of leasing in Nigeria which under the present
economic condition its impatience cannot be over emphasized.
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Equipment
leasing started in Nigeria in early 60’s through off-shore United Kingdom
leasing companies. Awelewa (1989, pp.20) with the outbreak of civil war in
1967, these leasing transaction became impossible due to difficulties in
exchange control measures introduced by the military Government.
The Marlum
Civil Engineering and construction Company, Enugu is not an exception in the
equipment leasing. The Marlum have been in existence from 2002 to date in this
leasing process.
Equipment
leasing was their main source of finance. The leasing increased their paid up
capital. At a time it started to dwindle due to the lessor could not meet up to
the expectations of demand by the construction company. Sometimes, the lessor
may not use the equipment as a result of depreciation occurance.
Delay in the
payment caused the dwindle. The lessor may not finish the payment until he
died.
Before
leasing the equipment, the lessor has to write the designated place where the
equipment has to be used. The person has to be registered in a well-know
company. The purpose of which the equipment you want will be indicated in the
form.
Most
problems are encountered by Marlum Construction company is over used and
breakdown of equipment.
The lessor
does not give adequate information about the equipment after used. When another
lessor comes to use the same equipment
, the
damages which have been caused by the former, will be noticed.
The company
has been suffering from this because of insecurity in the use of equipment.
1.2 STATEMENT OF THE PROBLEM
Marlum had
been suffering financial problems as a result of the delay in payment by the
lessor and it had equally denied them cash for working capital.
Some of the
lessor could not meet up with the company demand in leasing out the equipment
as a result of restricted guideline.
The Marlum
security officers were not always at their duty post and this negligence of
duty created a lot of problems to the extent that they were present even when
equipment is returned.
Marlum
spends so much time and money in the courts because of the litigation of all
types particularly with respect to recovery of bad debts or doubtful debts.
1.3 PURPOSE OF THE STUDY
The past
development of leasing in financing organization and options it offered to
marlum construction company Emene, Enugu.
However, in
the purpose of the study, the researcher intends to identify the mistakes and
possible solutions to such.
To find out
how the marlum had suffered financial constraints
To find out
why the lessor could not meet up with the guidelines
To
investigate why security officers are not on their duty post when at work.
To find out
how marlum had been able recover their debts.
1.4 SCOPE OF THE STUDY
The
researcher encountered numerous difficulties ranging from finance, time
consuming and personal comfort.
In as much
as the researcher is student and carries out the research work with a limited
amount of money, he is bound to have financial problems hence the researcher
work required much money for producing questionnaire or interview guides and
transportation. The financial problem prevented the researcher from traveling
to other parts of the country for effective data collection, hence only Enugu
Metropolis was used.
1.5 RESEARCH QUESTIONS
Does Marlum
suffer financial problems as a result of delay in the payment by the lessor?
Do the
lessor meet up with the company demand in leasing out the equipment as a result
of restricted guideline?
Do marlum
personnel spend so much time and money in the cause of recovering bad and
doubtful debts?
1.6 THE SIGNIFANCE OF THE STUDY
There is a
strong need to study the equipment leasing as a source of finance in Nigeria.
It is necessary that this study be done so that this practice, prospectus and
problems will then be examined and tackled by the authority in-charge for
smooth running of the company. This study will also give an idea into ways of
under taking smooth leasing system.
This study
will also be very useful in the school system to enrich the academics in the library.
It will also
serve as a useful guide for any person intending to go into leasing practices. It will also be very
useful to the policy makers of marlum Construction Company in tackling
management issue on leasing.
1.7 DEFINTION OF TERMS
There are
some words considered technical which if not defined might be in impediment to
an ordinary man’s understanding and appreciation of the research work.
They are:
LEASING:-
Any reference to leasing in this study is deemed to mean alternative source of
finance.
LESSOR:- For
the purpose of this study, this refers to some one who grants a lease.
LESSEE:-This
refers to someone who is granted a lease or whom the property is been leased.
LEASE:-
Legal agreement under which the owner of property allows another party to use
the property for a specified period and previously arranged payments.
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It was great to see someone write on this topic. Thanks for sharing your thoughts. Equipment Leasing Solutions.
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