Entries on Banking
The traditional way of struggling to be financially free is to earn, save and invest in activities or assets that generate additional money for you. While this sound simple and straight forward, it hardly go smoothly as expected, the result that have kept many ambitious people hustling throughout their life without achieving their heart desire of being financially free. Less than 1% of self-made millionaire can proof themselves using this method.
When I read briefly on my mobile phone about the CBN decision to commence penalizing people engaging in cash transaction by charging some percentage on such money, I felt unconcern, since for long I personally have being discouraging such act where substantial amount is involved in any transaction I am part of. But the need to further get full details came up when people who are ignorant and are not aware of the rules and regulations behind it nor the benefits of such policy are taking it to be a way of frustrating the masses, which is not so.
Research shows that poor governance, illiteracy, disease and lack of political will are the major factors hindering development. Our government need act now!
PREFACE The book “Public Enterprises Management in Nigerian” has three parts with twenty-two chapters. In part, one we have defined the concept public enterprises, the origin of Public Enterprises, the justifications, objectives and reasons for the creation of public enterprises are enumerated and the criteria for identifying public enterprises were equally addressed. This part also discussed the classification of Public Enterprises based on Functions and Objectives. The Second part presents a brief history of public enterprises in Nigeria. We also discussed and drew the organisation structure of public enterprises; listed the sources of finance, staffing, control and accountability of public enterprises. Also we contend that the control functions of the key actors in the evaluation of public enterprises performance; enumerated performance measures of public enterprises and the problems of public enterprises in Sub Saharan Africa. This part concludes by positing that the success of public enterprises depends on the strict application of management principles and practices. There is no short cut to efficiency and effectiveness. The resort to sale of public enterprises confirms the fact that inefficient management cannot produce the desired results. The problems of public enterprises in Sub Saharan Africa should be addressed as a means of improving their performance. The concept of public enterprises as a developmental strategy cannot be overruled. However, the management of these enterprises in Sub Saharan Africa and in Nigeria in particular leaves much to be desired. The success of public enterprises in Nigeria is a function of the will of government. Part 3 exposes the student to the concept of privatization and commercialization of public enterprises. The forms, strategies, objectives, legal and institutional framework of privatization and commercialization are discussed. The reasons for the privatization and commercialization of public enterprises among which are poor performance of these enterprises are highlighted. This part also discusses privatization of public enterprises in the Sub Saharan Africa in general and Nigeria in particular. It listed the factors that led to the emergence of privatization; enumerated the modalities for privatization; listed and discussed the different types of privatization as well as explained the problems of privatization in Nigeria.
Axiomatic to posit that the banking sector in Nigeria is yearning for better, skills to reduce distress, and further drive the economy. In recent times, the industry has been bugged by recession, occasioned by mismanagement of funds, inability to adhere to ethical standards, employment of below- average workers, and misplacement of priorities. Many banks have ventured into areas where they lacked the required competence, and, in the process, made traditional, or deposit banking to suffer. One of the major fallouts of this misplacement of priorities is the current pendulum swinging against shareholders as they lose their in vestments, relevance, appeals and contacts to the market. These have occasioned the current job losses in the sector. This article seeks to address the impacts of the economic meltdown on the banking sector and the current job losses triggered by the down turn. The paper concludes by positing that there is a need to redefine the roles banks play in an economy through effective risk management.