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THE ROLE OF MORTGAGE INSTITUTION IN HOUSING IN NIGERIA (2006-2014)

THE ROLE OF MORTGAGE INSTITUTION IN HOUSING IN NIGERIA (2006-2014)

(A CASE STUDY OF ANAMBRA HOME LIMITED 

 

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Abstract

This research work focuses on the “The role of mortgage institution in housing delivery in Nigeria. A case study of Anambra Home Limited (2006-2014). The study aimed at finding out how to reduce the cost of housing in Nigeria and to find out how to deal with the problem of over population in Nigeria effectively so that there will be an effective housing delivery. The instrument used in this research work is questionnaire. In analyzing the data collected the researcher checked all the responses to ensue that each question was well responded. I found out that over population is one of the major problem of housing delivery in Nigeria since Nigeria population seek to rise every day and the government are not doing anything to control it. Though mortgage institution have tried to solve housing problems in the country, but they still have a lot to do. The federal government still needs to asset much in financing the institution to enhance the capability. Therefore. I recommend that the capital based of mortgage institution should be reviewed to enable them function effectively and finance huge and monumental projects without shaking.

 

 

 TABLE OF CONTENTS

 

CHAPTER ONE:

1.0    Introduction ………………………………………………………1

  • Background of the study ………………………………………1
  • Statement of problem……………………………………………5
  • Objective of the study………………………………….……6
  • Research questions…………………………………………..….6
  • Significance of the study………………………………………..7
  • Scope of the study………………………………………………..8
  • Plan of the work ………………………………….……………8
  • Definition of terms

CHAPTER TWO

Review of Related Literature …………………………………10

2.0    Introduction

2.1    Brief overview

2.1.2 Roles of mortgage institution in Housing delivery in the country.

2.2    Model an Theory Relevant to the research question

2.2.1 Operational modalities and performance of mortgage institution

2.2.2 Characteristics of mortgage institution in Nigeria

2.2.3 Problem effecting the operation of mortgage institution  in Nigeria.

2.3    Current literature relevant to research question

2.3.1 Suggested solution ot the problem of mortgage institution

2.4    Summary of the Related literature

CHAPTER THREE:

Research methodology ………………………………………..25

3.0    Introduction

3.1    Researh Design

3.2    Area of the study

3.3    Population of the study

3.4    Sampling technique

3.5    Sources of data collection

3.6    Instrument for data collection

3.7    Validity and Reliability of the instrument

3.8    Distribution and Retrieval of the instrument

3.9    Method of data analysis.

CHAPTER FOUR:

Data Presentation Analysis and interpretation of result. ………

4.0    Introduction

4.1    Data presentation and Analysis

4.2    Data interpretation and Analysis

4.3    Discussion of findings.

CHAPTER FIVE:

Summary of finding,  Conclusion and Recommendations

  • Summary of research findings ………….………40
  • Conclusion ……………………………………………….……..41
  • Recommendation …………………………………………..….41
  • Limitations of the study………………………………….……42
  • Suggestions for further Research……………………………43

References…………………………………………………..……44

Appendix A

Appendix B

Questionnaire ………………………………………….……….51

 

 

CHAPTER ONE

  • INTRODUCTION

1.1     Background of the study

It is very obvious that today in our society, housing is on of he basic needs of humanity it is essentially for this reason that housing has remained central to all national development effort of successive government in the country and the entire world over.

Housing market remain one of the most dynamic and suitable areas of investment in property world demand for housing still remains due to some factors like high rate of urbanization and rural urban migration, the need to replace dilapidated building in the country’s population and the popularity of residential real estate as a lucrative areas of investment capable of yielding better return than other classes of investment.

Although these characteristics are well understood and recognized in Nigeria, housing still remain an area where there is acute shortage due to inadequate access of basic resources needed especially land and finance.

Primary mortgage institution emerged after eighties and early nineties, following the establishment of the national housing fund by decree (N0 53 of 1989) and the announcement of the 1991 national Housing policy.

The primary mortgage institution decree was passed in 1993 to facilitate speedy implementation of financial return envisaged under the national policy.

The purpose was to encourage the establishment of financial institution capable of mobilising saving and facilitation greater access to loan in other to popularise home by individual wishing to build or buy their own house and for large scale private builders producing house for sale

 

1.2     STATEMENT OF THE PROBLEM

          The statement of the problem are as follows:

High cost of housing in Nigeria has posed a very big problem to citizens in Nigeria as most citizens cannot afford to pay for a house.

More so there is a problem of ineffective provision of financial services like mortgage services, this has been a very big problem to the Nigeria citizens.

However there is a problem of over population which has affected the citizens as there will be no effective housing delivery.

Moreover there is a problem of inequitable distribution of lending facilities which has also posed a big problem to the Nigerians as only some citizens benefit from the lending activities while others do not benefit form the lending activities by mortgage institution in Nigeria.

1.3     OBJECTIVE OF THE STUDY

The objective of this research study are compose into the following.

–         To find out how to reduce the cost of housing in Nigeria so that all citizens would be able to pay for a house.

–         To find out how to provide financial services like mortgage services effectively so that all the citizens can benefit from it.

–         To find out how to deal with the problem of over population effectively so that there will be an effective housing delivery.

–         To find out how to distribute lending facilities equally so that all citizens would benefit from it.

 

1.4     RESEARCH QUESTION

          The research question are as follows:

  • Do you think that cost of housing can be reduced in Nigeria?
  • Do you think financial services like mortgage services can be provided effectively?
  • Do you think the problem of over population can be solved in Nigeria?
  • Is there any way lending facilities can be distributed equally to all citizens of Nigeria

 

1.5          SIGNIFICANCE OF THE STUDY

The role of mortgage institution in housing delivery in Nigeria cannot be over emphasized. The significance of this research work are as follows:

The research work will prefer solution on how to reduce the cost of housing in Nigeria so that all the citizens can be able to afford a house.

Moreso the research work will map out solution on how to provide mortgage services effectively so that every citizens will benefit from it.

Also this research work will map out solution on how to handle the problem of over population so that there will be effective housing delivery in Nigeria and all citizens will also benefit from it.

Finally the research study will proton solution on how to distribute lending facilities effectively so that all citizens irrespective of your status will be able to benefit form it.

 

1.6          SCOPE OF THE STUDY

This research study is concerned with the role of mortgage institution in housing delivery in Nigeria.

This research work was carried out in Anambra state of Nigeria. In Anambra state it was specifically carried out in Oko and Awka both in Anamra state with Anamra Home ownership limited as a case study.

It was limited to these areas because of some factors which things difficult for the researcher during this research work.

These factors includes time and finance and also could with fact that this work was done when the researcher is preparing to write examination.

 

1.7     PLAN OF THE WORK

          In these research work. it is mad up five chapters which comprises chapter one to chapter five.

Chapter one states, background of the study, statement of the problem, objective of the study, research question, significance and scope of the study etc.

In chapter two which states the review of literature, model and theory relevant to the research questions etc.

Chapter three carries the research metholody.

While chapter four talks about data presentation and analysis, data presentation and analysis etc.

Finally, in chapter five the research work was concluded with findings and recommendation. Also in this project work, you will encounter the abstract and other preliminary pages.

 

1.8     DFINITION OF TERMS

ROLE: This refers to parts or contribution expected from an individual or an organization to make the achievement of a particular goal or objectives

LAND:                 The principles of common law define land as a hereditament, and it includes everything up to the sky and down to the centre of the earth.

LENDING:          This is the act of advancing money by

mortgage institution to their customers in form of a loan which are usually paid back at a particular period.

HOUSING:          This means physical structure where people live but with all modern convenience include. Probably a

relaxing place and other security gadgets.

FINANCE:           This is the money used to run a business, an

activity or a project.

 

 

MORTGAGE:     In practice of banking (2013) Onyagba said

that mortgage is an arrangement where by a borrower called the mortgagor supplies a security for money advanced to him by a lender called the mortgagee.

 

 

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THE IMPACT OF THE NIGERIAN DEPOSIT CORPORATION (NDIC) ON THE OPERATIONS OF THE NIGERIA BANKING INDUSTRY

THE IMPACT OF THE NIGERIAN DEPOSIT CORPORATION (NDIC) ON THE OPERATIONS OF THE NIGERIA BANKING INDUSTRY

 

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ABSTRACT

The study is an empirical analysis of the impact of The Nigerian Deposit Insurance Corporation of the Nigerian Banking Industry. The broad objective of this study is to determine how the NDIC has aided the operations of banks. Extensive field survey and library research was carried out and data collected were subjected to thorough analysis. Questionnaires were distributed to respective respondents so as to get their views. The percentage method of data analysis was however used to analyze the data. The findings show that the supervisory function of the Nigerian Deposit Insurance Corporation is not sufficient to guarantee effective banking practices in Nigeria. The need to increase the maximum insurance coverage due to the effect of the inflation and persistent fall in the value of the Naira, the need to disclose transactions continuously to ensure financial prudence through regular supervision and monitoring of the financial health of local banks etc. The conclusion/recommendations are as follows; banking laws, rules and regulations should be harmonized by the CBSA for the adoption and execution by all licensed banking institutions. The CBSA, which should have an administrative secretariat should meet quarterly, if not more frequently etc.

 

 

 

CHAPTER ONE

1.0      INTRODUCTION

1.1      BACKGROUND OF THE STUDY

The banking sector in an economy serves as a catalyst for growth and for development. Banks are able to perform this role through their crucial functions of financial intermediation, provision of an efficient payments system and facilitating the implementation of monetary policies. It is not surprising therefore, that governments the world over attempt to evolve an efficient banking system, not only for the promotion of efficient intermediation, but also for the protection of depositors, encouragement of efficient, competition, maintenance of public confidence in the system stability and protection against systemic risks and collapse.

Worldwide, the banking business is highly regulated. This is because of the pivotal position the financial industry occupies in most economies. An efficient system, it is widely accepted, and is a sine qua non for efficient functioning of a nation’s economy. Thus, for the industry to be efficient, it must be regulated and supervised in view of the failure of the market system to recognize social rationality and the tendency for market participants to take undue risks which could impair the stability and solvency of their institutions.

According to Iwuchukwu (2013), Regulation and supervision of banks remain an integral part of the mechanism for ensuring safe and sound banking practice. At the apex of the regulatory and supervisory framework for the banking industry is the Central Bank of Nigeria (CBN). The Nigerian Deposit Insurance Corporation (NDIC) however, exercises shared responsibility with the Central Bank of Nigeria for the supervision of insured banks. Active co-operation exists between these two agencies on both the focus and modality for regulating and supervising insured banks. This is exemplified in the coordinated formulation of supervisory strategies and surveillance on the activities of the insured banks, elimination of supervisory overlap, establishment of a credible data management and information sharing system.

However, bank supervision entails on-site examination of the institutions and off-site analysis of periodically rendered prudential returns, a process called off-site surveillance. The two activities are mutually reinforcing and designed to timely identify and diagnose emerging problems in individual banks with a view to prescribing the most efficient resolution options.

In line with prevailing international standards, this agency (NDIC) has continued to emphasize risk focused bank supervision in Nigeria. Similarly, it has developed twenty-five (25) core principles for effective banking supervision as enunciated by the Basle committee on banking supervision as the pivot of the framework for bank supervision. Okafor (2011) noted that it is worthy to note that, what is currently happening in Nigeria does not differ widely from what happened in other nations. Over the years, and specifically since when the first banking ordinance was promulgated, several other statutes have also been put in place to serve as legal backbone for the actions of the monetary authorities in regulating the banking industry.

Furthermore, as part of efforts to ensure the stability of the banking industry and in response to the lingering problems of distress in the sub-sector, the regulatory/supervision authorities have been applying various failure measures since the early 2010. Hence, depending on the severity and peculiarity of the distress, NDIC In collaboration with the CBN, has over the years, successfully adopted with measures as provision of liquidity support through accommodation bill, imposition of prompt corrective actions, assumption control and management, restructuring and sale of some distressed banks as well as liquidation of the terminally distressed banks as a last but unavoidable option.

1.2 STATEMENT OF THE PROBLEM

        Bank regulation/supervision is implemented to ensure a sound and safe financial system in the economy. The measures are mainly concerned with the quality of risk assets in banks, compliance with key ratios such as liquidity ratio, cash reserve ratio, capital adequacy ratio amongst others, the quality of management and other corporate governance issues. The problems of the study are:

  • Inadequate supervisory frame-work
  • Lack of an effective risk asset data base
  • Inadequate information sharing
  • Poor management of consolidation policy
  • Inadequate governmental support

1.3 AIMS/OBJECTIVES OF THE STUDY

The general aim of this research work is to determine the impact of the Nigerian Deposit Insurance operation of Nigerian banks.

The main objective is;

  • To examine thoroughly how inadequate supervisory framework of the regulators (NDIC) impacts on Nigerian banks
  • To determine how lack of effective risk asset data affects the impacts of NDIC in banking supervision
  • To determine the level to which inadequate information has affected the NDIC in banking supervision
  • To test the effectiveness of managements on consolidation issues as it affects NDIC in banking supervision
  • To determine how inadequate governmental support has impacted on NDIC in banking supervision

 

1.4 RESEARCH QUESTIONS

  1. Does inadequate supervisory framework have effect on the NDIC?
  2. Does lack of an effective risk asset have any impact on the NDIC?
  3. Does inadequate information sharing affect the NDIC in banking supervision?
  4. How does poor management of consolidation policy affect the NDIC?
  5. Does inadequate governmental support have any effect on the NDIC?

 

 

 

1.5 SIGNIFICANCE OF THE STUDY

The study is significant in that it will help depositors of funds in financial institutions to fully understand the mechanism of banking supervision and the provisions of the law as it relates to the deposit insurance scheme. It also provides a platform for the regulatory authorities to appreciate the impact of their activities on the banking industry, and underscore areas for improvement.

It is also imperative to state that a study of this nature provides an independent platform via which the regulators can appraise fundamental tools of supervision in a bid to make reasonable adjustments where necessary.

The findings of this study will be of immense benefit not only to the Nigerian banking industry and its related institutions, but also to those interested in understanding the inter-relationship between the actions of the regulators on one had and the banking institutions on the other as well as providing a platform for promoting an efficient banking practice.

The significance becomes more prominent when the effect of regulation and supervision is examined against the background of the consolidation exercise of the present policies of the Central Bank of Nigeria. It is worth mentioning that the present state of the nation’s financial industry precipitated out of the supervisory framework of the NDIC, hence this study would attempt to examine what impact the present consolidation exercise would have on the regulatory framework.

 

 

1.6 SCOPE OF THE STUDY

The study will cover the operation of the regulatory authorities as it relates to the banking industry in the past four years prior to the E-banking era and thus, would be limited to the period of 2010-2015.

Secondly, the study assumes that the banking system has remained deregulated during the period covered in this study, as most banks practice universal banking, while the NDIC act as the regulatory authority and supervisor of banks in the banking sector.

 

 

1.7 DEFINITION OF TERMS

FINANCIAL INTERMEDIATION: Financial intermediation is the mobilization of funds from the surplus spending units at a cost or lending of such funds to the deficit spending units at a price both within and outside the shores of the country.

BANK REGULATION: A body of specific rules or agreed behavior either imposed by some governmental or other external agency, or self imposed by explicit or implicit agreement within the industry that limits the activities and business operations of financial institutions e.g. the CBN and NDIC.

BANK SUPERVISION: Is the process of monitoring banks to ensure that they are carrying out their activities in accordance with laws, rules and regulations, and in a safe and sound manner.

STABLE BANKING SYSTEM: A stable banking system means that banks have the ability and capacity to meet maturing obligations as they fall due, and are making adequate profits from authorized banking business to justify their investments while at the same time keeping banking failures at a minimum within the country.

PRUDENTIAL GUIDELINES: Is a body of specific rules imposed by government through the central bank, aimed at ensuring prudent management and administration of banks’ funds so that reports of financial institutions are correct and reflective of their true portfolio.

DEPOSIT INSURANCE SCHEME: Is primarily intended to promote stability of the financial system and to protect the less financially sophisticated depositor by minimizing the risks that depositors will suffer, lender of last resort, effective bank regulation and supervision and efficient payment system.

FINANCIAL STABILITY FORM (FSF): This states that a deposit insurance system needs to be supported by strong prudential regulations and supervision, sound accounting and the enforcement of effective laws.

 

 

 

 

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PROBLEMS OF BUDGETARY CONTROL AS MANAGEMENT TOOL FOR PLANNING AND CONTROL

PROBLEMS OF BUDGETARY CONTROL AS MANAGEMENT TOOL FOR PLANNING AND CONTROL

(A CASE STUDY OF FIRST BANK NIGERIA PLC ASABA BRANCH

DELTA STATE) 2010 -2015

 

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Account Name: 3059320631

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ABSTRACT

The research on problem of budgetary control as a management tool for planning and control. Its source is mainly concentrated at Asaba capital city of Delta as a result of the lack o implementation of budget and management of budget in he financial industries and organizations. The objective is to identify the cause of poor performance in an organization also to examine the problem of inadequate allocation of resources to meet organizational goals, standard for prediction of past and present budget for future reference. The researcher examines this work by using primary and secondary data, personal interviews and questionnaire, the yaro yemen’s formula (n=N/ 1+n (e)2) was used. In the chapter four, the data was analysed by percentage and the findings were properly discussed. From the findings, he researcher observed that forecasting should be used in predicting the future budget, also lack of management of fund causes inadequate allocation of resources and equal relationship exist within the organization in conclusion. The research recommended that there should be equal relationship within an organization and forecasting should be used in prediction of future budget and finally, management auditors should be called in from time to time to make enquiry in reducing the stress and constrain involved in effective management.

 

 

 

 

 

 

 

TABLE OF CONTENTS

Cover page

Title page

Approval page…………………………………………………………………………….i

Dedication ………………………………………………………………………………..ii

Acknowledgement…………………………………………………………………….iii

Abstract……………………………………………………………………………………iv

Table of contents………………………………………………………………………..v

CHAPTER ONE:

1.0     Introduction ……………………………………………………………………..1

  • Background of the study ……………………………………………………1
  • Statement of problem…………………………………………………………4
  • Purpose of the study…………………………………………………………..5
  • Research questions…………………………………………………………….5
  • Significance of the study……………………………………………………6
  • Scope of the study……………………………………………………………..7
  • Definition of terms…………………………………………………………….8

 

CHAPTER TWO

  • Literature Review …………………………………………………………..11
  • General Concepts Genesis of Budget ………………………………..11
  • Models and Theories Relevant to the Research Question……..13
    • Meaning of Budget………………………………………………………….13
    • Classification of budget……………………………………………………14
    • Method of budget…………………………………………………………….17
    • Manner of budget preparation ………………………………………….19
    • Preparation of a typical budget………………………………………….21

2.3     Current Literatures Relevant to the research questions ………..23

2.4     Summary of Literature review…………………………………………..25

CHAPTER THREE:

Research methodology …………………………………………………….27

  • Introduction ……………………………………………………………………27
  • Research designed. …………………………………………………………27
  • Area of the study……………………………………………………………..28
  • Population of the study…………………………………………………….28
  • Sampling techniques………………………………………………………..29
  • Source of data collection …………………………………………………30
  • Instrument for data collection …………………………………………..31
  • Reliability and validity of the instrument……………………………32
  • Distribution and Retrieval of the instrument for data collection …………32
  • Method of data analysis……………………………………………………32

CHAPTER FOUR:

Data presentation and analysis of Data ……………………………………….34

  • Introduction ……………………………………………………………………34
  • Analysis of data………………………………………………………………37
  • ………………………………………………………………………..41
  • Discussion of findings …………………………………………………….43

CHAPTER FIVE:

Summary of findings, conclusions and Recommendation

  • Summary of findings. ……………………………………………………..44
  • Research conclusions……………………………………………………….46
  • Recommendation ……………………………………………………………47
  • Limitations of the study…………………………………………………..48
  • Suggestions for further research………………………………………..49

References……………………………………………………………………..51

Appendix A ……………………………………………………………………53

Questionnaire …………………………………………………………………54

 

 

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY:

Fundamentally, management is the coordination of human effort that is art of accomplishment of goods by utilizing the effort of other people. The management process may be varied as the total management effort operating in a particular endeavor that include decision making, the application of selected techniques and producers and the motivation of individual and groups to accomplish specified objective. One of the most important approaches that have been developed for facilitating effective performance of management process is budget and budgetary control. As consequence, the concept has found wide acceptance in recent years in the better managed companies / organizations. A budget, according to Horgen et al (2013:59), as a qualitative expression of a plan of action and, an aid to coordination and implementation.

Every organization has an implicit and explicit objective, it hopes to achieve in a given period of time such objective is translated into plan through the formulation of policies and selections of programmes in other to check derivation from it, hence most organization normally use budget as an action plan, a budget is therefore a parameter, which measures actual achievement, Budgetary control as sample used to institute control for the plan, this is because budgetary control takes target of desired performance as its standard than systematically collected information relating to actual performance and identifies variance between targets and actual performance. Budgetary control is more than an administrative technique which aims to ensure the managerial function are in fact carried out a well organized and coordinated fashion hence budgetary control apart from being a longer  system which involves setting objectives concerning alternative programmes and incorporating them into the formulating authorization and implementation of budget, accounting per and reviewing of findings to check deviation from actual plan in order for corrective measures to be taken on time.

Budget which is required to achieve different aims within an organization starts with the setting out of the objective of the organization by the management for the budgeted year according to government fiscal and monetary policies, guidelines and the approval of the management centered in carrying out the plans which are contained in each budget.

In conclusion, for management to provide adequate control over the budget of an organization, it could coordinate all the collaborated responsible parties in achieving the actual result with the budget to  establish the variance, hence budget is therefore a primary tools for planning while the process of budgetary control is both planning and control device.

 

 

 

1.2     STATEMENT OF THE PROBLEM

The main focus of the problem is based on problem of poor performance in an organization due to lack of effective and efficient budgets and budgetary control system.

Also problem of inadequate allocation of resources to meet organizational goals and maximize performance.

Further more studies on problem of reflecting data of the past and present and how to enable predictions and forecasts to be made out in the future.

The study also term to discover how banking industries in Nigeria can make use of prepared budget to achieve efficient result.

Also, looking into numerous pressures in the job may impose constrains upon managers which affect the qualities of information they collected in the organization.

 

 

 

1.3     PURPOSE OF THE STUDY

The purpose of this study is to know how budget and budgetary control serve as a managerial tool for planning and controlling specifically, the study aimed at achieving the following objective:

  • To identify the case of poor performance in an organization.
  • To examine the problem of inadequate allocation of resources to meet organizational goals.
  • To provide standard on the past and present budgets in forecasting and predicting the future.
  • To identify how prepared budget can be used in achieving efficient result.
  • To under stand numerous pressure in job contraries on managers in budget preparation.

1.4     RESEARCH QUESTION

*         What relationship exists between budgetary control and organizational performance?

*         What are the cause of inadequate allocation of resources in an organization?

*         How can an organization use past and present budget in predicting the future?

*         Does prepared budget has any impact in achieving organizational goals / result?

*         Does numerous pressure in job constrain on managers affect budget preparations?

1.5     SIGNIFICANCE OF THE STUDY

The addition of knowledge is basically the aim of every research and this research work seeks to achieve more importantly, this research is necessary in understanding how the budgetary control affect organizational performance.

Also it is a tool which measures managerial performance of an organization in bring solution in allocation of resources and promote good morale and harmony in the organization.

The research apart from explaining the concept of budget and budgetary control looks into the comparison between the past and present budget in future prediction.

It will contribute immensely to the existing knowledge on the concept on how banking industry in Nigeria can part take in budget preparation in Nigeria in order to achieve an organizational goal.

In conclusion, numerous pressure that are mounted in job constrain to manager are reduced and more measures are taken in dressing the issues.

1.6     SCOPE OF THE STUDY

Element of a successful budget plan the success of the budgetary process in an organization depends on the following essential element on accurate forecasting of business activities and communicating the budget acceptance and cooperation reasonable flexibility. All in reference on first Bank Nigeria Plc Asaba Delta State.

 

1.7     DEFINITION OF TERMS

Budget:                           Budget is a plan that is usually expressed in monetary terms approved before the period of use and it usually covers one year.

Budgetary control:        According to the chartered institute of management accountants (CIMA) Budgetary control is the establishment of budget relating to responsibilities of executive to the requirements of a policy and the continuous comparism of actual with budgeted results, either to secure by individual action of the objective of that policy or provided a basis for its revision.

Savings:                          This is an account opened by individuals who wants to save small account of regular basis and income after expenditure / expenses.

Current Expenditure: Is the expenditure that are repealed yearly, example salary of cookers, road repairs and other similar expenditure of reoccurring nature.

Capital Expenditure: This is incurred when a business spends money either to buy fixed assets or to add to the value of an existing fixed asset with a useful life extending beyond the taxable year. In the national budget is the expenditure of permanent nature, the expenses are on project that will last for more years example school, roads, hospitals bridges etc.

Investment:                    Is an acquiring in share, stock debenture of other companies, investment can be acquired by an individual on company by or investing other company.

Budget Balance:             This means that planned government expenditure is equal to estimated government revenue.

Budget surplus:             This means that proposed government expenditure is less than the estimated government revenue during a financial year.

Budget Deficit:              It means that government planned expenditure is greater than its estimated revenue for one year.

Planning:                        This is he process of thinking about an organizing the activities required to achieve on objective. A process of making arrangements for in advance.

 

 

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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

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COMPLETE PROJECT  MATERIAL COST 3000 NAIRA

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:

 GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447

First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

We also accept :   ATM transfer , online money  transfer 

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

Enter Amount

form>

Call Help Desk Line :  08074466939,08063386834.

After Payment Send Your Payment Details To

08074466939 Or 08063386834,   The Project Title  You  Selected On Our Website , Amount Paid, Depositor Name, Your Email Address, Payment Date. You Will Receive Your Material In Less Than 1 Hour Once We Confirm Your Payment.

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