CASH BUDGETING AS A BASIS FOR DECISION MAKING.

(A CASE STUDY OF AGUATA LOCAL GOVERNMENT AREA).

ABSTRACT

 

The research project was on cash budgeting as a basis for decision making (A case study of Aguata Local Government Area).

The whole work has been divided into five chapters.

Chapter one, Introduces the project

Chapter two, talks on literature review

Chapter three takes care of the methodology

Chapter four is about data analysis and

Chapter five is about summary, conclusion and recommendation.

In carrying out this project the researcher applied two pronged approaches to sounding of data.

The two approaches were the primary and secondary source of data collection.

In case of the primary approach researcher developed a list of questionnaire which she distributed to respondents.  The second data collection utilized library research, textbooks, journals and unpublished lecturers.  The questionnaire is attached as an appendix on the end of the work.

The data were analysed in form of hypothesis by using chi-square form of analysis the researcher found out that some project were started and abandoned half way while some other establishments adhere strictly to their cash budgets.

In her conclusion, the researcher said that cash budgeting is an important management tool both in public and private sectors.

Finally, the researcher recommended that orientations programme should be organised for new staff, that modern accounting equipments should be bought and put in use, that monthly cash budget should be introduced to take care of fluctuations in the economy and that management should install effective financial rewards as motivation towards meeting the organisations budget objectives.

PROPOSALS

 

In management audit they attempted to aid the management of the organisation by providing it with information and analysis useful in the process of control.

Management audit can also be significant in financial accounting area.

For many year now, stockholders, potential investors and other interested parties have been concerned with the annual reports of major co-operations and the attached letter from the president of the corporation.

Accountants have been attempting to deal with this problem for some years now and many proposals have been presented to which management audit is the one that I think that has the greatest potential for the future.  For both internal and external reporting purposes.

Who are capable for appraising performance both for accounting data and management analysis.  If this appraisal were made and an opinion rendered, the management audit would be of significant benefit to internal and external parties alike.

The purpose of the audit is being the attestation of management’s representations of an independent examiner.  By attestation I refer tot he reliability of management statements regarding its own decisions as proven by an independent third party.

The auditor’s financial statement examines the performance of the company accountable tot he stockholders for its decision.

Also management audit is a way of evaluating the performance of management in regard tot he decisions made, the efficiency of its operating and the attainment of corporate goals.

To this date, there has been little empirical research to determine the potential value of the management audit to users of the willingness of management audit process.

However, the management audit concepts it carefully designed could prove to be a most important development in the management appraisal field.  With a view to improving management efficiency.

This research is intended to investigate the extend to which management auditing is applied by organization in Nigeria.

For example it is utilized by organisation as a tool of improving management efficiency made.

This research involves, library work, periodicals and consulted published professional journals.

CHAPTER ONE

1.1     Introduction`

1.2     Statement of problem

1.3     Purpose of study

• Significance of study
• Scope and limitation
• Formation of hypothesis
• Definition of terms

Brief history of aguata local government area

Reference

 

CHAPTER TWO

• Review of related literature
• Budgeting as a decision-making tool
• Benefits/advantages of cash budgeting
• Preparation of cash budget
• Functions of the budget committee
• Stages of cash budget preparation
• Guideline for cash budget preparation
• Objective of cash budgeting
• Essential of budgeting

Reference

 

 

 

CHAPTER THREE

• Research design
• Sample size
• Method of data collection
• Method of data analysis tool
• Decision rule chi-square

Reference

 

CHAPTER FOUR

4.1     PRESENTATION AND ANALYSIS OF DATA

 

CHAPTER FIVE

• Summary
• Finding
• Recommendation
• Conclusion

Bibliography

Questionnaire

 

 

CHAPTER ONE

 

• INTRODUCTION

“For which of you desiring to build a tower does not first      sit and account the cost whether he has enough to complete it” (Lk. 14:28).

Every rational economic unit has some objectives to attain. Individuals, corporate bodies or governments have     objectives to achieve.  To achieve their respective objectives,           resources have to be made available.  Unfortunately nature did       not distribute her resources abundantly, whilst objectives and        needs are numerous and varied as there are various economic           units.  But the means (that is resources) to satisfy those needs        are very scarce.  Thus one has to utilize his available resources   effectively in order to realise what one want.  To maximize the    objective of an economic unit requires that one has to plan.

Planning, therefore is the process of determining the future    course of action in order to attain a desired objective or a set      goal.  A business enterprise may have as its objective the           erection of an addition factory in say, seven years time.  It     therefore draws up a plan to accomplish the task it has set for itself.

Because finance is scarce, thus each year the enterprise has to plan towards the building of the factory.  This yearly explain is         known as budgeting – a subset of corporate plan.

To a lay man, budget is just an estimate of how to spend money.  To the government budget is an estimate of a plan of     how resources are going to be supplied and utilized stated a quantitative and monetary terms within a specified period.

To accountant therefore budget is a quantitative statement    in financial terms, prepared for a specific period, it may be one       year for the realization of enterprise set goals.  It is thus a very    important decision-making instrument.

A budget is defined as a financial or quantitative statement,   prepared and approved prior to a defined period of time, of the      policy to be pursued for the purpose of attaining a given objective.

(A budget is the conversion usually by segments and on short range basis of plan into figures, an accounting as it were for the future).

A comprehensive budget is made up of functional or sub-      budgets.  Some of them are, sales budget, production budget,      material purchase budget, factory cost budget, selling and administrative budgets, capital expenditure budget etc.

All these functional budget are summarized and compressed in       one budget called the MATER BUDGET.

This is defined as a total debuget in which are packaged in    one statement the sale; expenses on production, capital         movement on land, equipment and cash budgets of an organization.

 

CASH BUDGET

Since cash is the most active financial account in a business, the key in preparing a financial budget is therefore, a forecast of cash flows leading to a cash budget.  A cash budget is one of the most important budgets prepared in an organisation.  It shows in summary form, the expected cash receipt and expected cash payment during the budget period, liquidity and cash flow management are key successful operations of any organisation and it is with good reason that cash budget should receive close attention from accountants and managers.  A cash budget is defined as the planed cash position by interim period for a specific time span” it consists of two parts.

1. The planned cash receipt (inflows)
2. Planed cash disbursements (outflows)

It is concerned with ways to speed up the inflow of cash, ways to delay outflow of cash, sources of cash and temporary uses of excess cash²

Cash budget shows the effect of the budget activities selling, buying, paying wages, investing in capital equipment and so on, on the cash flow of an organisation, it is a continuous activity with budgets being rolled forwards as time progress³.

Cash budget are prepared in order to ensure that there will be just sufficient cash in hand to cope adequately with budgeted activities.  The cash budget may show that there is likely to be a deficiency of cash in some future period in which cash over draft or loans will have to be arranged or activities curtailed or alternately the budget may show that there is likely to be cash surplus in which case appropriate investment or use for the surplus can be planned rather than merely leaving the cash idle in current account.

 

• STATEMENT OF PROBLEM

Budget is one of the controlling instrument by Management.

It is a plan or estimate to be attained by an enterprise.  The problem is why budget goals in some cases failed to be realised.  It is because of insufficient capital.  There are numerous needs but resources to satisfy these need are very scarce.  It is with the view to find solution to these problems that the researcher has undertaken this study with Aguata Local Government Area as a cash study.

 

• PURPOSE OF STUDY

This study is embark upon in order to assist organizations and other interested groups who use cash budget in decision makings.  Infact the objectives of this research are: To inform an organisation of its cash position at any point in time.  To explain how situational variable could effect budget goals and to point out budget limitations.

• SIGNIFICANCE OF STUDY

The significance of the cash budgeting are:

1. Cash budgeting instills in executive as well as their sub-ordinates the habit of basing decision on investigations studies and research.
2. It provides the yard stick for control of operations is a business firm or any organisation.
3. It makes possible the control over operation, revenue and cost.

 

• SCOPE AND LIMITAITON

In carrying out this work the researcher encounter some constraints.

 

1. Money: A huge amount of money was needed in printing out the questionnaires and equally large amount of money was needed in shuttling between one office and the other in distributing the questionnaires and in collecting them back.

 

1. Time: The time allotted for the research work was not enough as to enable the research give an in-depth treatment to is.

 

1. Low Response by the respondents: Some of the respondents would tell you to come and collect the questionnaire in about two days time, only to be met with their absence on the day appointed.

Then to reduce this constraints made the researcher to

chose Aguata Local Government Area which is nearness as a scope of study.

 

• FORMATION OF HYPOTHESIS

Based on the statement of the problem the following

hypothesis has been formulated.

 

1. Ho: my organization has been operating a system of cash budgeting.

HA:   My organisation has not been operating a system of cash budgeting.

 

1. HO: Operating of cash budgeting in my organisation has been continuous

HA:   Operating of cash budgeting in my organisation has not been continuos.

 

1. HO: If my organisation experiences any cash budget surplus, it invests it to field income

HA:   If any organisation experiences any cash budget surplus, it does not invest.

 

• DEFINITION OF TERMS

 

CASH:                 Money inform of coins and notes rather

than cheques.

 

BUDGET:            A financial summary of estimated income and expense of a government, business or household for a given period of time, usually one year.

CASHFLOW:       The flowing of money into a business (as income and out of business wages materials).

 

MANAGEMENT:         The body of these in positions of

administrative authority.

CREDITORS:      Persons, group of organisation to when money is owned.

 

DEBTORS: Person, group or organisation that owns money.

 

SURPLUS: Amount left over after one has used all that one needs amount by which money received is greater than money spent.

 

DECIFIT:             Amount by which something especially sum of  money is too small.

 

 

 

          BRIEF HISTORY OF AGUATA LOCAL GOVERNMENT       AREA

Aguata Local Government Area was one of the oldest Local Governments in the Eastern Nigeria.  It was created by then colonial master through the indirect rule system.  The came and sought for a land to build and administrative centre to facilitate easy administration and bring their government nearer tot he people that was the year 1918.  A renounced traditional rules and prominent warrant Chief Ezeabasili (Gbulie Aku 1 of Isuofia) showed them a virgin land that is now the headquarter of Aguata Local Government Area to build according to him their temporal office which thought would be temporal.  The district officer (D.O) as he was called then accepted the offer with good faith and started the building.

The district officer was told that the name should be named Aguata meaning land of grasses.  With advent of fine the site had undergone many changes.  Now the headquarters is now an attraction centre with many magnificent buildings here and there.

By then the towns that made up the local government were forty-five (45) in number.  After the independence many of them agitated to carve out their own local government out of their mother local government.

The people of Orumba was granted an autonomy in 1988 by then government of Col. Nnaemeka Akonobi.  Again it was spitted into Orumba North and Orumba South in 1990.

Presently the Aguata Local Government Area is made up of  fourteen (14) town namely:

Achina, Aguluezechukwu, Akpo, Amesi, Ekwuluobia, Ezinifite, Igbougwu, Ikenga, Iusofia, Nkgologwu, Oraeri, Uga, Umuona, Umuchu..  Almost all these communities have one or more secondary school many commercial schools (both approved and inspected, but yet to be approved, are more than 100 primary schools and nursery school.

The Local Government area is bounded in the nest by Anaocha Local Government Area and in the Eastern part by Orumba North Local Government Area.  in its Northern part Anaocha Local Government area on the boundary.  While Ideato Local Government of Imo State is on its southern part.

The Local Government Area is made up of department namely, health and agricultural department and finance department.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REFERENCE

Buter C. I.                      Principles of cost accountancy

Cassell limited, London,

4^th Edition 1973 pg. 467

 

Howard B. B                 Introduction to Business Finance

And Uption M.              Mc. Grawhill Book Company

Incorporated American

1^st Edition, 1953,pg. 169

 

Monwuba A. O              Principles and practice of cost accounting Publisher – Enugu Nigeria

1^st Edition, 1995 pg. 150

 

Enclychlopedia:             Americana Enclyclopedia Vol. 5

new standard Enclyclopedia Vol. 3 pg. 484.

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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AUDITING AS AN AID TO ACCOUNT ABILITY

(A CASE STUDY OF SHARON PAINT LTD.)

ABSTRACT

 

The situation of society corruption rate is increasing day by day irrespective of their social, cultural and political status. The abuse of authority and responsibility by managers of resources is becoming unbearable because of the way officers embezzle, defalcate public treasury in their custody.

The work is therefore aimed at evaluating the roles of auditing and available instruments in achieving accountability in the organization of the economy. In carrying out the survey researcher made rise of questionnaires , personal interviews and observation in obtaining the relevant information.

The project is organised in five chapters. One is introduction and focuses attention on the background of the study, statement of the problem, objectives, significance, scope and limitations of the study.

Chapter Two is the literature review which review, diversed opinion and view of the various authors in related subjects.

Chapter Three deals with the research design and methodology.  The data collected are presented and analyzed in chapter four. The recommendations based on the findings and conclusions are giving in chapter five.

CHAPTER ONE

• Introduction 1

1.1     statement of problem                                                     2

• Purpose of the study 3
• Significance of the study 4
• Statement of hypothesis 4
• Scope of the scope study 5
• Definition of terms 7

References                                                                      9

CHAPTER TWO

• Review of related literature 10

2.1     What is auditing                                                            10

• Accountability and the need in organization. 12
• Classification Of Auditing 14
• Historical origin and development of auditing. 17
• Purpose of auditing in an organization 25
• Rights and duties of auditing of auditors 27
• Objectives of an audit 36

 

          CHAPTER THREE

• Research design and methodology 45

3.1     Research Question                                                                   45

• Research design 47
• Sources of data 48
• Questionnaire Design 50
• Sample collection                                       51
• Method of data analysis 51
• Limitation of the methodology 52

CHAPTER FOUR       

• Presentation, analysis and interpretation of data 53

4.1     introductions                                                                 53

• Presentation of data 54
• Test of hypothesis 65

Appendix

 

 

 

CHAPTER ONE

 

INTRODUCTION

Obviously, the central feature of our modern economic system has been the emergence of the enterprise as a routine of fund flow and supply of human resources. Presently, small and large scale enterprises collect millions of funds generated by investors and lender and deploy the fund in business operation throughout the country. The management manage the fund of the investors and gives the investors their right as interest or dividend depending on the term of contract subsisting between the owners of the equity and the private sector organization. Thus the management of the business organization to whom the resource of the equity owners is entrusted for optimum utilization that will yield maximum profit, which is the ultimate aim of every organization in our economy.

Therefore the relationship subsisting between managers of organization and equity owners call for proper accountability and stewardship over the resources entrusted to them. And this can be achieved by instituting standard internal and external audit in the particular business organization that will ensure credence of record they are reporting to the entire nation.

To ensure that fiduciary responsibility is uplifted in business organization there is need for communication network between the parties involved that will check and control the affairs of the organization periodic. This issue requires professional responsibility of duty of care from an auditor that is qualified and confirmed by the regulatory framework.

Hence, auditing as an aid to accountability with case study of Sharon paint limited will be an in depth study to point out how auditing have helped to maintain certain standard of accountability in the entire business operation of the company and ensure going concern.

 

1.1     STATEMENT OF PROBLEM

The indiscriminate public outcry of fund in our business operation has become the concern of all individual. This problem is due to uncontrollable abuse of authority and responsibility through obnoxious attitude by the staff of business organizations at various forms. This study therefore attempts to find out the authenticity and reality of these allegations “It is know that it is a waste of effort and resource for physicians to continue giving prescription to a patient without first diagnosis” therefore we must identify the root of the problem in our business operations and find solutions to these problems accordingly.

The auditor stands in a better position to prevent and control these problems of fraudulent practice and requires that emphasis should be made on the activities of the auditor in a business organization.

 

1.2     objectives of the studY

The objective of this study is to point and identity the following areas. (a)         The role of auditors independence and integrity toward ensuring proper accountability of the operations of sharing paint limited.

• To what extent those roles have contributed to achievement of its organization desired objective.
• The significance of auditing to management for effective control of the resource of the organization through the process of examination and evaluation.
• Offer useful and substantial findings base on this report.

1.3     SIGNIFICANCE OF THE STUDY:

          The significance of this study cannot be over emphasized in the economic world. It tries to ascertain, if auditing has affected any control measures on persistent occurrence of frauds and errors in records of business organization. Thus, it also investigates the cause of these mal-practices in the economy and as well as suggest nice solution to them.

The study will bring to light the relevance of auditing to the resource entrusted to their custody. Furthermore, will highlight certain difficulties encountered by the auditor in performance of the legal duty.

 

1.4       STATEMENT OF HYPOTHESIS:

Hypothesis as a basis for reasoning a supposition formulated from proved data and presented as a temporary explanation of occurrence, as in science in order to establish a basis for future research. The purpose of hypothesis therefore is to enable one make inference about anything.

In order to prove the effectiveness of auditing toward achieving accountability it is necessary to list the hypothesis below.

Alternative Hypothesis                               HI

Null hypothesis                                 Ho

HI:       Audit work has enhanced accountability in

Nigerian business organization.

HO:     Audit work has not enhanced accountability in

Nigeria business organization.

HI:         Audit have maintained their independence in the course of

Carrying out their audit work.

HO:      Auditor have not maintained their independence in the course of carrying out their audit work.

 

• SCOPE AND LIMITATIONS OF THE STUDY

This study was restricted to Sharon Paints limited. This work while trying to obtain information relevant to the study encountered some problem, which in no measure posed a hindrance to data collection. The uncompromising attitudes of some of the respondents constitute serious problem to this study. Such attitudes include failure to keep data with the researcher, refusal to complete or even accept the questionnaires being used or grant oral interviews. Moreover, the unwillingness of some key officers (who really accept the questionnaires) to give the information as the questionnaire demands. The argue4d that they are in the world of business, facing a lot of competition therefore certain information is sensitive and must be reserved.

The study was limited by the level of resource, like time and financial available at my disposal. This factor actually reduced the scope of my project work.

 

PROFILE OF SHARON PAINT LIMITED.

Selection of this case study Sharon paint limited is based on the fact that is among the succeeding manufacturing companies in the  country. Thus the study is curious and over zealous to lok into the factors that led to the growth and mechanization of the company recently. Throughout these years ‘Sharon paint’ has been paying their worker as at when due, has adequate wor5king capital and no outstanding loan.

Nevertheless Sharon paint limited have been consistent in maintaining a very remarkable and distinguishable product that command almost the highest demand in the market with quantity and quality that will always boost or enhance the beartital work of the builders in an affordable price and moreover their profit for the year suffer the tax due for the year, practiced to ensure that the set objective and aims is achieved.

 

1.7     DEFINITION OF TERMS.

AUDITING GUIDELINE NO 7.

1. OPINION = The expression of an independent and bias free guarantee or give positive indication that the statement are completely correct.

FRAUD =            An irregularity that is intentional distortion of accounting record with criminal deception to obtain unjust benefit “AUDITING GUIDELINE NO 11)

2. AUDIT EVIDENCE = The information obtained by the auditor in carrying out the conclusion on which to base his opinion on the financial state. According to ‘’AUDITING GUUIDELINE NO 8’’
3. EMBEZZLEMENT =  Conversion of resource or property entrusted to one’s care and custody into his own benefit and use.
4. TRUE AND FAIR VIEW = The record is in accordance with fact as well as relevant and bias free, fairness is achieved through conformity with Generally Accepted Accounting Principles GAAP that is appropriate in the circumstance. Statement of Account Standard SAS I.
5. PRIVATES SECTOR = The sector of the economy which consist of privately owned organizations engaged in predicting service and goods to earn desired profit.

 

 

 

 

 

 

 

 

 

 

 

 

REFERENCE.

SIR DAVE OSUAGWU = Introduction to management Accounting 2003, revised Edition, RT ANDERSON: The External Audit Concept and Technique’’ 1977 (page 2)

 

OKORIE ONOVO : Introduction to Auditing and Investigation 2002 (2^nd Edition).

 

WELSTER NOAH: “New Wedsters Dictionary” (Delux Encyclopedia Edition) Inc USA 1981.

 

1990. LUCEY = “Cost and management Accounting”. 1990.

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THE NATURE AND CONSEQUENCES OF JUVENILE DELINQUENCY IN NIGERIA: A STUDY OF ENUGU NORTH LGA, ENUGU STATE

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

MONEY BACK GUARANTEE

AN EVALUATION INTO THE NATURE PROBLEMS AND PROSPECTS OF THE NEW PRODUCTS DEVELOPED IN THE BANKING INDUSTRY 1990 – 2003.

(A CASE STUDY OF FIRST BANK PLC, ENUGU)

ABSTRACT

This research studied the evaluation into the Nature,  problem and prospect of the New product developed in the banking industry from 1990-2003.

In this research work, the researcher choosed four of the products and measures the extent to which they have been able to satisfy the customers. The product selected are, SMART CARD, INTERNATIONAL MONEY TRANSFER, EDUCATIONAL SCHEME AND INTEGRATED NET WORK TRANSACTION.

Data for this research were collected though questionnaire and interviews by bank customers and the review of existing literature on the topic using simple random procedure and the descriptive method of research. The data so collected were analysed using the simple percentage and the formulated hypothesis were tested with chi-square (X²) method.

Some of the findings are, the nature of the new product ca be measured in terms of accessibility, speed, timeliness, simplicity and reliability. Customers who patronize this products are mainly those who want money transfer both locally and internationally. Customers derived high level of satisfaction from the New products. Inadequate infrastructural level in our banking industry and high cost of installing them contributed to the problems of the New Products.

Based on the findings, the following were recommended, that banks should come together and establish a common data communication satellite to minimize constant problems.

A parallel organization that was supplying electricity in competition with NEPA should be allowed to evolved so that an efficient supply of electricity can be ensured.

Finally, since this study alone cannot be exhaustive of this vital subject, it is recommended for further studies.

CHAPTER ONE

• Background of the Study 1
• Statement of the Problems 2
• Objective of the Study 2
• Research Questions 3
• Research Hypotheses 4
• Significance of the Study 4
• Scope, Limitations and Delimitation 6
• Definition of Terms 8

Reference                                                                                 10

CHAPTER TWO

Review of Related Literature                                                             11

2.1     New Products for Effective Banking Operation                      12

2.2     The Nature of the New Products in the Banking Industry                12

2.3     Information Technology                                                                   15

2.4     Globalization of Banking Industry                                          17

2.4     The Concept of Universal Banking                                         19

2.5     Prospects and Problems of the New Products in the Nigeria   20

2.6     The Review of Other Related Completed Research Work                 24

2.7     Summary and Justification                                                      25

Reference                                                                                 27

CHAPTER THREE

• Research Design and Methodology 28
• Research Design 28
• Area of Study 28
• Population 28
• Sample and Sampling Techniques 29
• Instruments of Data Collection 29
• Method of Data Presentation 29
• Method of Data Analysis 30

Reference                                                                                 33

CHAPTER FOUR

4.1     Data Presentation and Analysis                                                        34

4.2     Questionnaire Presentation and Analysis                                34

4.3     Test of Hypotheses                                                                 44

CHAPTER FIVE

Findings, Recommendation and Conclusion                                               51

5.1     Summary of findings                                                               51

5.2     Recommendation                                                                     52

5.3     Conclusion                                                                              53

5.4     Suggestion for Further Research                                             53

Bibliography                                                                           54

 

 

 

 

CHAPTER ONE

 

1.1     BACKGROUND OF THE STUDY

The history of banking in Nigeria dates back to pre-independence period, then the establishment of banks was motivated by the urge on the part of government to inculcate banking culture in the people and the desire of the people themselves to fund a means of making financial intermediation easy.

In the recent times, between 1990-2003 a lot of techniques are sued by banks to facilitate customers services and customers satisfaction which has led to the introduction of the New Products developed in the Banking industry. These new products developed in the banking industry today revolve around electronic banking and information technology.

As a result of this, the researcher seeks to study the nature, problems and prospects of the New products developed in the banking industries between 1990-2003.

 

 

 

• STATEMENT OF THE PROBLEMS

This research is designed to find out the Nature, problems and prospects of the New Products developed in the banking industry between 1990-2003.

Therefore, the statement of the problem in the research work remain this to what extent has the New Product in the banking industry today been able to meet customers satisfaction. In looking at the statement of the problem, one needs to bear in mind that some customers come to the bank for certain needs that are peculiar to their own circumstances while some come for reasons that could be general. The ability of these new products in the banking industry is to meet customers needs ad facilitate their satisfaction determine their efficiency.

 

• OBJECTIVES OF THE STUDY

In view of the problems identified, this will achieve the following objectives:

1. To identify the nature of the New products services delivery strategies in our banks.
2. To find out if the New products develop by banks is convenient to customers.
3. To find out if these New products developed by banks satisfy customers needs.
4. To find out if fund transfer is one of the prospects new products developed by banks.
5. To find out if inadequate infrastructural level is among, the problems of the New products, in the banking industry.

 

1.4     RESEARCH QUESTIONS

1. What is the nature of the New products and services delivery strategies in our banks?
2. Is new products developed in the banking industry convient for customers?
3. Could these products satisfy customers needs.
4. Is fund transfer one of the prospects of the

 

 

1.5     RESEARCH HYPOTHESES

The following hypotheses are drawn from the study using will (Ho) and alternative hypothesis (H1).

1. Ho: New Products development has not increased banks profitability.

H1: New product development has increased banks profitability.

2. Ho: The acceptability of New product by customers is not dependent on Awareness.

H1: The acceptability of New product by customers is dependent on Awareness.

3. Ho: New product development by banks has not increased customers patronage.

H1: New product development by banks has increased customers patronage.

 

• SIGNIFICANCE OF THE STUDY

This study will be capable of widening Academics by acting as a guide for future researchers. Therefore bank constitute themselves into a very powerful, instrument for fostering Economic development. Bank customers today expect a lot from their banks. Banking nature is no longer just about safety of funds and increased returns on investment from their bank as well as efficient, fast and personalized service which meet their needs.

At the end of this research, the following group of people such as the bank customers bank, govt. general public and future researchers should stand to benefit from it.

1. BANK CUSTOMERS: They will be exposed to the idea of the new developed product in the banking industry as to clear their minds to the nature prospects and problems of the new product.
2. GOVERNMENT: It will act as a starting point in arousing government policy in support of the new product developed in the bank industry which will facilitate economic development.
3. BANKS: It will help the bank to improve on their services rendered to the customers, as well as efficient fast and personalized services which meet their needs.
4. GENERAL PUBLIC: This will further encourage savings for more investment and creation of job opportunities for the timing population.
5. FUTURE RESEARCHERS: This study above cannot be exhaustive of this virtual subject. So, it is hoped that the findings and recommendations will appeal to the luguistive minds of the readers and other students as to spur them to take further studies in this area.

 

• SCOPE, LIMITATIONS AND DELIMITATIONS OF THE STUDY

The scope of this study is limited to the nature, problems and prospects of the new products developed in the banking industry. It runs across the various lines of the bank customers.

Being conducted by the banking industry in particular. Both primary and secondary data were collected and used in arriving at the findings and conclusion.

There are the major limitations of the study, because of lack of finance, time, inadequate data and attitude of some respondents.

1. Due to score resources, the researcher could not cover all the sections of the banking industry, on the new product developed in the banking industry.
2. Inadequate secondary data on the activities of the banking industry on the nature, problems and prospects of the new product developed.
3. death of literature of the area of the banking operation.
4. tight schedule and ignorant of most managing directors of the banks, interview and resulted in very brief tie allocated to the researcher during contact with them.

This researcher deems it necessary for the researcher to visit all the banks constituting the new product developed in the banking industry but because of time and finance at the disposal of the researcher, only a sample of respondents cutting across the various lines of the business is being conducted.

 

• DEFINITION OF TERMS

The following definition of terms will help those  who are experts in the field to understand certain technological jargons used in this research.

1. NATURE: The basic qualities or character of thing.
2. PROBLEM: A thing that is difficult to deal with or understand or a question to be solved.
3. PROSPECT: The chances of being successful (Hernbey 1999).
4. BANKS: A bank is any institution licensed to carryout business of banking, and they are characterized by acceptance of deposit and facilitating withdrawal, equipment leasing, by discounting on the type of bank. (Ukemenam 2000).
5. BANK CUSTOMERS: These are people or organization who have accounts with banks and carryout financial transactions with the bank (Iloh 2002)
6. NEW PRODUCTS: These are products that are introduced newly into the banking industry to enhance or facilitate bank services to both customers and bankers (Edemodu 1998).
7. UNIVERSAL BANKING: This is a concept or banking policy under which every bank is free to determine the type of banking transaction they can engage in or a situation whereby a commercial merchant banks are free to engage in any conventional activities of the either (Orjih 2001).
8. B.N.: Central Bank of Nigeria also known as the Apex regulatory bank for Nigeria Financial System (Ukemenam 2000).

 

 

REFERENCES

Hernbey A.S. (1999) “Oxford Advanced Learners

Dictionary of correct English”, 3^rd Edition London. ELBS p. 20

Ukamenam C.O. (2002) Charactered Institute Banker:

Africana Feb. Publishers. P.48

Orjih J. (2001) Seminar in Banking And Finance Enugu:

Bob Billion Publishing pp. 62-71

Ogwuma P. (1997) The Future Role of Technology in

Banking Development in Nigeria: Bullion vol. 2, No. 4, Oct-Dec. p.35.

Agene, C.E. (1995) The Principles of Modern Banking,

Abuja Gene Publishing p. 91.

Edemodu, A. (1998) “Banks New Products and Strategies

to Keep, A flat,” Guerdian vol. 15, No 71175 July, p. 25

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