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THE ROLE AND IMPORTANCE OF CENTRAL BANK OF NIGERIA IN THE
PREVENTION OF BANK FAILURE IN NIGERIA
TABLE OF CONTENT
TITLE PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT
TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
1.2 STATEMENT OF PROBLEM
1.3 OBJECTIVE OF THE STUDY
1.4 HYPOTHESIS
1.5 SCOPE AND LIMITATION OF THE STUDY
1.6 SIGNIFICANCE OF THE STUDY
1.7 DEFINITION OF TERMS
CHAPTER TWO
2.1 WHAT IS BANK FAILURE
2.2 TYPES OF BANK FAILURE
2.3 CAUSES OF BANK FAILURE
2.4 EFFECTS OF BANK FAILURE
2.5 HOW TO RECOGNISE A DISTRESSED BANK
2.6 PREVENTION OF BANK FAILURE
2.7 THE ROLE AND IMPORTANCE OF THE CENTRAL BANK OF NIGERIA IN
THE PREVENTION OF BANK FAILURE
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 INTRODUCTION
3.2 POPULATION OF THE STUDY
3.3 SAMPLE TECHNIQUE
3.4 RESEARCH INSTRUMENT
3.5 VALIDITY AND RELIABILITY OF DATA
3.6 METHOD OF DATA ANALYSIS
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
4.1 INTRODUCTION
4.2 PRESENTATION OF DATA
4.3 TESTING OF HYPOTHESES
CHAPTER FIVE
FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.1 FINDINGS
5.2 CONCLUSION
5.3 RECOMMENDATION
BIBLIOGRAPHY
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The history of bank failure in Nigeria can be traced back to
the early thirty’s when the industrial and Commercial Bank Limited which was
established in 1929 and went into liquidation within a year it stored operation
as a result of its generosity and liberty I extension of credit facilities
especially to “managing directors” Ugwuanyi Willy (1977) pg. 33.
A series of failure followed after the first in degree bank
failed in 1930. These failure were
attributed tot he poor banking habit of both customers and bank staff who
operated in an environment that was not guided by any appropriate authority at
the time. With the advent of the Central Bank of Nigeria (CBN) in 1958 and it
commencement of duty in 1958, there has been the restoration of sanity within
the banking industry if not for some economic distraction, which rocked the
industry for some times in recent years.
This has been a major concern to the regulatory authorities;
this is due to the fact that the banks play a very important role in the
economic advancement of nay nation that knows her worth. The absence of these duties or some of them
has led to set-backs that have being experienced in the Nigeria Economy. An example of this includes efficient
mobilization of savings from funds surplus units to funds investment to take
place, which lend to the overall economic advancement in Nigeria.
Bank Failure is not peculiar to the Nigeria economy alone,
rather, what I considered is the degree at which it occurs and its effects on
the economy.
Based on the about problem, the Apex Bank, which is the
Central Bank of Nigeria has intensified its efforts to control the failures of
banks and has proved it through “the establishment of the Nigeria Deposit
Insurance Corporation (NDIC) in 1988 by DECREE NO. 22” of that year. Ugwuanyi “its is an independent and
automations institution”. This is to add
weight to the existing supervisory and control capability of the monetary
authorities to insure in the country, provide financial and technical
assistance to them and contribute tot he guest per safe and sound banking
environment in Nigeria Ugwuanyi.
To emphasis on the importance of the Nigeria Deposit
Insurance Corporation, Emekakwue has the following to say about the importance
of NDIC as it relates to the establishment of the Federal Deposit Insurance
Corporation (FDIC) in the United State of America. “As a result of the banking crisis of 1933
where by more than seven thousand banks crashed with three thousand banks
crashing in two months February to March 1933, the Federal Deposit Insurance
Corporation was established”.
Despite all these measures, to prevent bank failure, there
have been causes of repeated failure in the Nigerian Banking Industry.
The question now is, with all these measures in check, could
it be the fault of the bank examiners or that of the banks themselves can the
failure be attributed to be ups and down in the economy of some other factors
beyond the control of the supervisory and regulatory authorities and that of
banks directors.
This research seeks to find answers to these question and
many work that will be discussed in the proceeding into what will curtail these
failure from having advertise effect on the nation economy.
1.2 STATEMENT OF THE PROBLEM
The gesture of this study repots importance of banking in our
national development ad the question that could possible come to mind are:
i. What are the function of these banking industries to the
economy?
ii. What are really their caused and effect on the economy?
iii. Will the death of a greater number of distressed banks
have serious implication on the Nigeria economy?
iv. Will the economic activities be disrupted as a result of
distress in the banking sectors?
v. Is there any way wherein the play-out of distress in
banking can be arrested?
These are some of the question to which the researcher won’t
to find answers to.
1.3 OBJECTIVE OF THE STUDY
The main objective of the study is to verify or ascertain if
actually the crash of banks of failure in banks has affected the stable
economic growth in the economy. The
objectives are:
i. To examine the causes of bank failure
ii. To examine the affects of bank failure, how they can be
recognized and how they can be prevented
iii. To explain the role and importance of Central Bank of
Nigeria in the prevention of bank failure
iv. To make recommendation on the best ways to prevent bank
failure
1.4 HYPOTHESIS
1. Ho: The CBN does not play any roles in preventing bank
failure in Nigeria.
Hi:The CBN play role in preventing bank failure in Nigeria
2. Ho: The CBN does not monitor the affairs of banks in
Nigeria
Hi: The CBN monitors the affairs of banks in Nigeria
3. Ho: The CBN does not licence other banks in Nigeria
Hi:The CBN licence other banks in Nigeria.
1.5 SCOPE AND LIMITATION OF THE STUDY
This research work is aimed at explaining the role and in the
prevention of bank failure in Nigeria.
To achieve this aim, it will only cover recent causes of bank failure
with a brief flash back of the banking environment shortly before the
establishment of the banking ordinance of 1952 and before the establishment of
Central Bank of Nigeria in 1958. An
introduction will be made on a new cause of bank failure, which if not properly
handled could bring distressed.
The research covers the effect of this failure on the
economy, how the symptoms could be recognized, and how they can be prevented.
A population size of one hundred and fifty respondents was
employed for the research question asked.
As a result of transportation cost, I hunted for my research
the following areas. Enugu and Asaba.
Obtaining information was not easy such respondents
complained of time to fill the questionnaires, which prolonged the research
period and transportation cost for visitation of libraries art not exempted
including cost of making copies of relevant information.
1.6 SIGNIFICANCE OF THE STUDY
These are as follows:
i. It is for the fulfillment of academic requirement for the
award of degree.
ii. This study will serve as a source of information to
future researchers.
iii. The study will also make the public to know more about
the working operation of banks and possible reason for distress in the industry
iv. It will be great importance to both financial and indeed
the entire economy that is down turn, facing serious problem of credibility and
survival.
1.7 DEFINITION OF TERMS
CENTRAL BANK OF NIGERIA (CBN)
This is the apex bank within the Nigeria financial system,
which is responsible for the regulation named supervision of the activities of
the banks and other financial institutions operating within the system. It was established by the Central Bank of
Nigeria ordinance of 17th March, 1958.
It commenced operation on the 1st of July, 1959.
NIGERIA DEPOSIT INSURANCE CORPORATION (NBIC)
Established in 1988 by Decree NO. 22 to add weight to the
existing supervisory and control capacities of the monetary authorities to
insure the deposit liabilities of licensed banks in the country, provide
financial and technical assistance to them.
BANKING SYSTEM
A sub-see of the Nigeria financial system, which comprises of
all banks operating in Nigeria’s money and capital market.
This includes all the commercial and merchant banks.
NON – BANKING INSTITUTION (NBFI)
They are those institution that art not banks but engaged in
financial intermediation within the financial system.
These include, insurance companies, financial companies,
discount houses and so on.
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