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MORTGAGE ARRANGEMENT IN DEPRESSED ECONOMY

MORTGAGE ARRANGEMENT IN DEPRESSED ECONOMY

(A CASE STUDY OF FEDERAL MORTGAGE BANK AWKA BRANCH.

 

 

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ABSTRACT

The title of the project is MORTGAGE ARRANGEMENT IN DEPRESSED ECONOMY (A CASE STUDY OF FEDERAL MORTGAGE BANK AWKA BRANCH. The objective of the study is to find out the causes of unemployment and causes of high rates of business failure. To find out how government policies discourages the emergency of vibrant mortgage bank. To know why mortgagors default and strategies to use to recover unpaired loan.To know the causes of inflation in an economy. To offer suggestion that will help mortgage banks in creating a conducive working environment. The instrument used in data collection is secondary source which comprises textbooks, libraries professional, trade organisation, questionnaire and internet services. Consequently to this analysis a summary of finding was obtained that most of the respondents companies about rate of payment it also discover loan foreclosures and loan disbursement. In the case of the study it recommends that government should provide adequate fund and also create secondary / intermediary mortgage institution. It also recommend that central bank should review the interest rate structure and a review of payment terms.

 

 

CHAPTER ONE

1.0      INTRODUCTION

A prominent feature of real property investment is that it involves the expenditure of money. As a result, investors in real property hardly fund the project alone, instead they borrow part or all their capital requirement from financial institutions.

Leanders usually require collateral securities form their borrower before granting loan to them. This provides an avenue through which loan made to borrower could be recovered in the event of unfavourable business condition or default by the borrower

1.1      BACKGROUND OF THE STUDY

HISTORY OF MORTGAGE

Mortgage is Norman french term which originated from the various modes of operation of pledges (walmsely (P.56).

A debtor in the olden days pledges his farm land to a creditor by transferring the physical enjoyment to him, if the revenue were large enough, they repay the loan immediately but if not the money for repayment had to be raised separately.

The former arrangement was called a “phle pledge” (mortgage) while the later a “dead pledged” (mortgage) thus the word “mortgage was formed from dead pledge” mortgage which represent a situation where the proceed from a security could not repay the loan borrowed.

Resulting in a search for alternative loan through which repayment could be made.

As the practice of mortgage developed further, it becomes usual to transfer the debtors landout-right to creditor on the ground that the debtor could redeem it, if the debtor defaults the land automatically becomes the creditors own.

The principal is still effective till date and maintains that property serves as security only and should therefore be released whenever the loan is repaid.

In Nigeria today there is large-scale default in mortgage repayment due to the adverse economic circumstance. Lenders thus resort to auction their operating cost.

This practice however is usually against the intention of most financial institution in Nigeria because of harsh picture it points such an establishment in the eyes of the society.

 

1.2      STATEMENT OF PROBLEM

This research is intended to look into problems facing mortgage banks such as:

Development problems like unemployment, low production and high rate of business failure. Governmental policies and economic factors which discourages the emergency of vibrant mortgage bank.

Default by mortgagor’s in paying back the loan they borrowed from mortgage banks. Inflation in economy and high cost of construction.

Problem of uncondusive working environment for the development of mortagage bank.

1.3      OBJECTIVES OF THE STUDY

The objective of this study is to ascertain how to arrange mortagage banks in a depressed economy. Other objectives include:

(i)        To find out the causes of unemployment and causes of high rate business failure.

(ii)       To find out how government policies discourages the emergency of vibrant mortagage bank.

(iii)      To know why mortgagors defaults in paying back the loan and plot strategies to use to recover unpaid loans.

(iv)      To know the causes of inflation in an economy.

(v)       After suggestions aimed to help mortagage banks in finding a conducive working environment.

 

1.4      RESEARCH QUESTIONS

  1. i) What is unemployment and causes of unemployment?
  2. ii) How do government policies effect the emergency of vibrant mortagage bank ?

iii)        Why do mortagagor’s default?

  1. iv) What is inflation and caues of inflation
  2. v) Give suggestions on how mortagage banks can create a condusive working environmemt.

1.5      SCOPE OF THE STUDY

The scope of this study is “mortagage arrangement in depressed economy.

This researach is carried out at mortagage bank of Nigeria Plc Awka branch. This research tends to highlight the impact of arranged mortagage bank in a depressed economy and to what extent it has contributed to the effectiveness and efficient operation of mortagage bank and to the development of the economy in general as the study covers the year from 2008-2014.

1.6      SIGNIFICANCE OF THE STUDY

This research work is carried for the benefit of certain group of people who may need this work. These include housing sectors, financial institutions, researchers, students and any person who may read it.

Housing sectors:- It provides the information like procedures, requirements and implication of default to pay back loans borowed from mortagage banks.

Financial institutions:- Provides financial institutions on technology methods to use in order to enhance its profitability and create a strong relationship between the bank and their customer’s.

Researchers:- Researchers have to read this work so as to make further researches

Students::- Students who are asked to carry out a research work will find this work beneficial because it serves as a guide to carryout a good research work and also make them to acquire knowledge of the banking systems.

Any person who may read it:- Any body who read this work must achieve something from it because it provides banking and advisory services and undertakes activities concerning housing.

Finally, it will contribute to the existing literature by identifying the major barriers to the adoption of arranging mortagage banks in a depressed economy.

1.7      DEFINITION OF TERMS

MORTGAGE:            This can be described as the transfer of legal or equitable

interest in property of the borrower to lender as a security for loan with a promise for redemption.

MORTGAGES:          Is a person who lends money to another under the condition

stated above.

THE DEBT:                 In respect of which the property is created is called mortagage

dest.

MORTGAGE TRASACTION:           Is a person who borrows money with a property

known as mortagagor. It involves the acquisition of a loan with an

interest in property as security.

MORTGAGE TERM: Also empowered the mortagage to reclaim his property after

repaying his debt.

MORTGAGE TRANSFER: His real property to the mortgage to declear his

willingnessto repay a loan and also provide means by which such

loans can be directly recovered.

LEND:    It is the process of giving or granting loans or advances by banks to

their customer who wishes to or for his personal investment with his property as security.

REDEMPTION:         Is the way of returning back the loan on agreed time to the bank who gives the loan.

LENDER:        Is a person who borrowed the loan for his personal project.

MORGAGOR:           Is a person who gives a mortagagor on his property.

ECONOMIC DEPRESSION: Refers to a period of general downswning to the bussiness cycle.

 

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THE CONTRIBUTIONS OF INFORMATION TECHNOLOGY IN THE OPERATIONS OF BANKS IN NIGERIA

THE CONTRIBUTIONS OF INFORMATION TECHNOLOGY IN THE OPERATIONS OF BANKS IN NIGERIA

 

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THE ROLE OF MICROFINANCE BANKS IN THE ALLEVIATION OF POVERTY IN NIGERIA.

THE ROLE OF MICROFINANCE BANKS IN THE ALLEVIATION OF POVERTY IN NIGERIA.

( A Case Study of Oha Microfinance Bank Ogui Road Branch, Enugu State)

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ABSTRACT

This study explores the immense role of the microfinance banks in the alleviation of poverty in Nigeria. The researcher revealed that the rate at which rural dwellers deposit their money in their pillows rather than in microfinance banks is high. Data were collected through primary and secondary sources. As regarded to primary sources, questionnaires and interviewed were used. The chi-square (x²) method was used for testing of hypotheses. Responses to the questionnaires were analyzed using percentage method of analysis. Based on the findings of this study, an attempt on the role of microfinancing as stimulus to poverty alleviation in Nigeria may lack adequate knowledge of various financial transactions available and how the rural dwellers can access them. In conclusion, it hoped that the recommendation will help the microfinance banks to strengthen its weakness for better and effective services in order to achieve its sets of goals and socio-economic advancement for the alleviation of poverty in Nigeria.

 

TABLE OF CONTENT

CHAPTER ONE: INTRODUCTION

 

1.1   Background of the study————————————————————–1

 

1.2   Statement of problems—————————————————————-4

 

1.3   Objectives of the study—————————————————————-6

 

1.4   Research Hypothesis——————————————————————6

 

1.5   Research questions——————————————————————–7

 

1.6   Significance of the study————————————————————–7

 

1.7   Scope of the study———————————————————————8

 

1.8   Limitations of the study————————————————————–8

 

 

 

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CHAPTER TWO: LITERATURE REVIEW

 

2.1   Overview of microfinance activities in Nigeria———————————–10

 

2.2   Justification for the establishment of microfinance institutions————-16

 

2.3   Microfinance policies and goals—————————————————19

 

  • Contributions of government in alleviation of

 

poverty through establishment of microfinance banks———————–23

 

  • The rate at which rural dwellers are not able to repay

 

their loans—————————————————————————26

 

2.6   Supervision of microfinance banks—— —————————————-28

 

2.7   Roles and responsibilities of stakeholders————————————–30

 

 

 

 

CHAPTER THREE: RESEARCH METHODOLOGY

 

3.1   Research Design———————————————————————33

 

3.2   Sources of data collection———————————————————–33

 

3.3   Methods of data collection———————————————————34

 

3.3.1  Primary data————————————————————————-34

 

3.3.2  Secondary data———————————————————————-35

 

3.4   Determination of population size————————————————-35

 

3.5   Determination of sample size—————————————————–35

 

 

 

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3.6   Sample procedures—————————————————————36

 

3.7   Method of data analysis———————————————————-37

 

3.8   Decision rule———————————————————————–38

 

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

 

4.1   Data presentation—————————————————————–39

 

4.2   Summary of responses———————————————————–39

 

4.3   Test of hypothesis—————————————————————–48

 

 

 

 

CHAPTER   FIVE:   SUMMARY   OF   FINDINGS,   CONCLUSIONS   AND

 

RECOMMENDATIONS

 

5.1   Summary of Findings————————————————————–55

 

5.2   Conclusion————————————————————————–56

 

5.3   Recommendations—————————————————————–56

 

BIBILOGRAPHY——————————————————————-58

 

APPENDIX A———————————————————————–60

 

APPENDIX B—————————————————————————61

 

 

APPENDIX C—————————————————————————63

 

 

 

 

 

 

 

 

 

 

 

 

 

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CHAPTER ONE

 

 

INTRODUCTION

 

 

1.1:  BACKGROND OF THE STUDY

 

 

A robust economic growth cannot be achieved without putting in place well focused programme to reduce poverty through empowering the people by increasing their access to factors of production.

 

The latent capacity of the poor for entrepreneurship would be significantly enhanced through the provision of microfinance services to enable them engage in economic activities and be more self-reliant, increase employment opportunities, enhance household income and create wealth. Micro-financing has existed for years before the introduction of conventional banking in Nigeria and the later part of nineteenth century. (Ekot, 2008)

 

The traditional Nigerian society has a system of group savings and assistance to one another. The practice was that a group of people who had needs for some form of capital or lump sum to execute a particular project which they could not raise adequate savings on their own, usually come together to form a savings group. The group may be named after the leader who is usually the initiator of the venture. The traditional microfinance institutions provide

 

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access to credit for the rural and urban low-income earners. These are mainly the informal self-help groups such as Isusu,women association like one obtainable during popular August meetings,

 

Umuada progressive women association. Other providers of microfinance services include savings collectors and co-operatives.

 

(CBN brief, 2005)

 

 

The unwillingness and inability of the formal financial institutions is to provide financial services to the urban and rural poor, coupled with unsustainability of government sponsored development financial schemes, contributed to the increase in number of private sector led micro finance in Nigeria. Thus, before the emergence of microfinance institutions, informal microfinance activities flourished all over the country. The Central Bank of

 

Nigeria (CBN) as at end of December 2009 gave an approval to 840 microfinance banks to begin operation in the country. (CBN briefs, 2008-2009)

 

Microfinance banking is about providing financial services to the economically active poor and low income household, who are traditionally not served by the conventional financial institutions.

 

These services include credit savings, micro-leasing, micro-insurance and payment transfers to enable them engage in income generating activities. (Asemota, 2002)

 

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However, the microfinance policy launched on 15th December 2005 defined the framework for the delivery of these financial services on a sustainable basis to the micro, small and medium enterprises (MSMES) through privately owned microfinance banks.

 

The Non-governmental Organizations or Microfinance institutions

 

(NGO-MFIS) are also expected to transform to microfinance banks. (Dinye, 2006)

 

Existing Community banks and NGO-MFIS that want to convert and transform respectively to a microfinance bank but do not have the required minimum capital base can increase the share capital by capital injection, merger and acquisition. These would not only enhance monetary stability but also expand the financial infrastructural development of the country to meet the national financial system and provide stimulus for growth and development

 

(Benson, 1985). It would also harmonize operating standards and provide a strategic platform for the evolution of microfinance institution, promote appropriate regulation, supervision and adoption of best practices. The establishment of microfinance banks has become imperative to serve the following purposes:

 

Improve, diversified and create a dependable financial service to the active poor, low-income earners in a timely and competitive manner that would enable them to undertake and develop long-

 

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term, sustainable entrepreneurial activities, mobilize savings for intermediation, create employment opportunities and increase the productivity of active poor and income earners in the country. Thus increasing their individual household income and capacity standard of living, enhance organized and systematic but focused participation of the poor in the social-economic development and resource allocation process. It will also provide veritable avenues for the administration of the micro credit programme of government and high net worth individual on non-resource basis. This policy ensures that state government shall delegate an amount of not less than 10% of their annual budgets for on-lending activities of microfinance banks in favour of their residents and render payment services such as salaries, pension for various tiers of government (Luck,2011).

 

1.2:  STATEMENT OF PROBLEM

 

 

Nigeria consists of different classes of individuals, who are either enterprising or industrial low class that account for over half of the population who do not have access to formal banking services. Savings have continued to grow at a very low rate particularly in the rural areas of Nigeria. One of the problems brought to bear is the inability of rural dwellers to channel their savings into banks. Most rural people keep their resources under their pillows. This

 

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method of keeping savings is risky because it might be stolen, lost

 

 

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THE ROLE OF FINANCIAL INSTITUTIONS IN EXPORT FINANCING IN NIGERIA FROM 2006 –2012

THE ROLE OF FINANCIAL INSTITUTIONS IN EXPORT FINANCING IN NIGERIA FROM 2006 –2012

(A CASE STUDY OF FIRST BANK OF NIGERIA PLC ONITSHA BRANCH)

 

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ABSTRACT

 

 

The primary objectives of this study was to examine how the financial institution export finance in Nigeria using First Bank of Nigeria Plc Onitsha branch as a case study. In carrying out this study, I used survey method in which I used the questionnaire to collect data. The target population was the staff of first bank of Nigeria Plc Onitsha Branch from which a sample of 80 was drawn. I used research questions and formulated research hypotheses. The relevant literature was reviewed for the study. The data were collected, presented analyzed and hypotheses tested using chi-square. At the end of the study a number of recommendations were made for further studies and on how to improve the Nigeria financial export in Nigeria and how to encourage the institutions for expansion and modernization.

 

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TABLE CONTENTS

CHAPTER ONE: INTRODUCTION

  • Background of the Study:……………………………………………………….3

 

 

  • Statement of Problems:.………………………………………………

 

 

  • Purpose of the Study:………………………………………………………

 

 

  • Significance of the Study:………………………………………………

 

 

  • Research Questions:………………………………………………………………8

 

 

  • Formulation Hypothesis………………:…………..……………9

 

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  • Limitation of the Study:……………………………………………………

 

 

  • Definition of Terms :…………………………………………………………

 

 

CHAPTER TWO: LITERATURE REVIEW

 

 

  • Mexim Annual Statement of Account of 1999

 

 

Foreign  Sources  ……………………………………………

 

 

  • Sources of Finance  For  Export  …………………

 

 

  • The role of Financial Institution ………………………..………………18

 

 

  • Factors Militating  Against  Export

 

 

  • Historical Background  to  Export  F

 

 

  • Policy Instrument:…………………….…………………………………………

 

 

  • Duty Draw  Back/Suspension  Manufac

 

 

CHAPTER THREE: RESEARCH METHODOLOGY

 

 

  • Area of  the  Study  :……………………………………

 

 

  • Population of  the  study:………………………

 

 

  • Sample and Sampling Technique:…………………………………

 

 

  • Instrument for  Data  Collection  :…

 

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  • Validation of  the  Instruments…..…

 

 

  • Distribution and  Retrieval  of  the

 

 

  • Method of Data Collection and Analysis:……………………………..…35

 

 

  • Analysis:………………………………………………………………

 

 

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

 

 

  • Finding and Discussion of Finding Questionnaires

 

 

Distribution………………………………………………………

 

 

CHAPTER FIVE

 

 

  • Summary of findings, conclusions and  Recommendatio

 

 

  • Summary of Findings:…………………………………………….……

 

 

  • Conclusion:……………………………………………………………..………

 

 

  • Recommendations:……………………………………………………………

 

Appendix:……………………………………………………………………

Questionnaire  :……………………………………………51

 

Bibliography  :………………………………………………………

 

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CHAPTER ONE

 

THE ROLE OF FINANCIAL INSTITUTIONS IN EXPORT FINANCING IN

 

NIGERIA

 

INTRODUCTION:

 

 

Financial institutions are organizations which deal basically in money.

 

`They constitute the financial framework of an economy. Financial institutions help to pool savings and excess liquidity from millions of individuals and firms within the country and make them available to those who need them for various purposes.

 

Financial institutions include commercial bank (Joint stock banks) discount houses, the central bank, saving banks, development bank (BOI), insurance companies, hire purchase companies, the national providence fund, the stock exchange building etc.

 

Before the introduction Nigeria export- import bank (NEXIM) in Nigeria as at 1999 the commercial banks were generally referred to retail bankers, while merchant banks were known as wholesale bankers.

 

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However the two operate and offer almost the same services that any line of demarcation is now rather fussy- one can only say that the distinguishing factor between the two sectors of the banking industry is that the commercial banks are members of the central bank of Nigeria (CBN) clearing house, While the merchant bank are not members of the Central Bank clearing house.

 

Another contentious factor is the licence granted merchant banks to take companies to capital market which the Nigeria stock exchange denied the commercial licensed them to do so, the introduction of the universal banking system of divide effect. A trader could approach either commercial or merchant bank for financing facility for his transactions. They can provide both short and long term facilities and can design any product which meets any requirements of customers.

 

The Nigeria export-import bank (NEXIM) was established in 1988 but commenced operations in January 1991. The bank was established to provide mainly short term financing for exporters who need working capital to buy hair activities. Among the function of the banks is the maintenance of a foreign exchange revolution fund which

 

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is to be made available as loans to exporters who need to export machineries, raw materials and spare parts to satisfy export orders. It can also consider loans involving domestic trade which are likely to assist exports.

 

  • BACKGROUND OF THE STUDY

 

 

The banking system has been integral part of the structural reforms and it has a leading role in management of policy change. The role of financial institutions in export financing is that of a cartelist and a committed broker. It ranges from assisting company and individual on how to enter export market through financing and handing shipping document and collect export proceedings.

 

Generally an export can meet his financing needs in the following number of ways.

 

 

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ACHIEVING ORGANIZATIONAL OBJECTIVES THROUGH EFFECTIVE COMMUNICATION

ACHIEVING ORGANIZATIONAL OBJECTIVES THROUGH EFFECTIVE COMMUNICATION

(A Case study of Bank PHB PLC, Kaduna)

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ABSTRACT

Effective communication in any organization, regardless of its type and size remains critical to the achievement of organizational objectives.  This is more so, when any break communication will result in chaos, misunderstanding and conflict.  Bank PHB, PLC lays great emphasis on both oral and written communication for the successful accomplishment of its goals and objectives.

 

The objectives of this study therefore are; to find out different methods and channels of communication and how these can best be used in achieving organizational goals.  It was to also find out the barriers and problems of communication and how they can be solved.  Consequent upon which, some recommendations were to be made on how organizations can improve their system of communication for optimum performance and higher productivity.  The study adopted the descriptive method through structured means.  The data collected for this study were qualitative. Therefore, the research relied on descriptive analysis.

 

A summary of the findings indicate that effective communication is an important factor for any organization that wants to achieve its objectives.  While it was also discovered that ineffective communication could lead to difficulties such as breakdown in communication, low morale, industrial conflict and low productivity.

 

The study proffers strategies to overcome the identified problems and also improve on the existing means of communication.

 

CHAPTER ONE

1.0    Introduction———————————————————–

1.1    History and background of the study———————————-

1.2    Statement of the problem——————————————

1.3    Objective of the study———————————————-

1.4    Research hypotheses————————————————

1.5    Significance of the study—————————————–

1.6    Scope and limitations of the study———–

 

CHAPTER TWO

2.0    Literature review

2.1    An overview of the objectives of communication——————

2.2    Organizational communication—————————————-

2.3.1 The structure of organizations—————————————-

2.3.2 Organizational chat showing the product structure—————-

2.3.3 Matrix structure———————————————————

2.4    Organizational objectives———————————————-

2.4.1 Profitability objective—————————————————

2.4.2 Employee oriented objective——————————————

2.4.3 Efficiency and Innovation objectives———————————

2.5    Communication flow in organizations——————————–

2.5.1 Communication process————————————————

2.5.2 Communication means/medium in PHB——————————

2.5.3 Direction of flow———————————————————

2.6    Communication Network————————————————

2.7    Communication Barriers————————————————-

2.8    Conquering the communication Barriers in organizations———-

 

 

CHAPTER THREE

 

3.0    Research Methodology

3.1    Introduction———————————————————–

3.2    Research Design——————————————————-

3.3    Population of the study———————————————–

3.4    Sample size and sample Techniques——————————–

3.5    Instrumentation——————————————————–

3.6    Administration of the instrument————————————

3.7    Procedure for statistical Analysis————————————

 

CHAPTER FOUR

4.0    Introduction ———————————————————-

4.1    Presentation and Analysis of Data———————————-

4.2    Test of Hypotheses—————————————————-

 

 

 

 

CHAPTER ONE

INTRODUCTION

  1. INTRODUCTION

Communication is the glue that holds organisations together.  Communication assists organizational members to accomplish both individual and organizational goals, implement and respond to organizational changes, coordinate organizational activities, and engage in virtually all organizationally relevant behaviours.  Yet, as important as this process is, breakdowns in communication are pervasive.  The anonymous with who said  “I know you believe you understand what you think I said but I am not sure you realize that what you heard is not what I meant” was being more than humorous; she or he was  describing what every one of us has experienced: a failure to communicate.

 

To the extent that organizational communications are less effective than they might be, organizations will therefore be less effective than they should be.  For example in many companies, new employee orientation programs represent the first important opportunity to begin the process of effective communication with an employee.  At Marriot International, the worldwide hotel and resort chain, 40 percent of new employees who leave the organization do so during the first three months on the job.  At least that had been true historically.  Recently, the rate of departures has been significantly reduced because Marriot has embarked on a concerted effort to improve the content and manner in which it communicates with new employees during orientation.  In addition to formally providing more information, each new employee is assigned a “buddy” who serves as a vital communication link to which the newcomer has unrestricted access. Marriot helps ensure that its frontline service personnel communicates effectively with their guests by ensuring that Marriot Communicates effectively with its employees starting from their very first day on the job.

It would be extremely difficult to find as aspect of a manager’s job that does not involve communication serious problems arise when directives are misunderstood, when casual kidding in a work group leads to anger, or when informal remarks by a top-level manager are distorted.  Each of these situations is a result of a break down somewhere in the process of communication.

Accordingly, the pertinent question is not whether managers engage in communication inherent to functioning of an organization.  Rather, the pertinent question is whether managers will communicate well or poorly.  In other words, communication itself is unavoidable.  Every manager must be a communicator.  In fact, everything manager communicates something in some way to somebody or some group  the only question is “with what effect?” This point will become apparent as you proceed through the chapter.  Tremendous advances in communications and information technology among the people in organizations leaves much to be desired.  Communication among people does not depend on technology but rather on forces in people and their surroundings.  It is a process that occurs within people. Below is a simple input-out diagram showing the process of communication flow and evaluation.

 

Communication also serves as an instrument of social interaction. It help us to understand people, to understand them and predict their responses to situations.  It is a means by which power is acquired, exercised and sustained; it is the medium through which relationships are established, attained and

 

 

 

 

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