IMPACT OF SOCIAL RESPONSIBILITIES IN NIGERIA
(A CASE STUDY OF UNITED BANK FOR AFRICA. UBA)
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The study looked into the social responsibility of commercial banks in Nigeria With particular reference to metropolis. United Bank for Africa (UBA) was used as a case study as would be seen in chapter four. The research is geared towards finding the extent commercials banks are responsive to social responsibilities in the environments they operate and how the government encourages them in carrying such responsibilities I actual sense.
The treatment of corporate social responsibility is very complex either in theory or practice. There have been problems ranging from conceptual definition to application, problem of enforcement etc. these problems have surfaced in the Nigerian context very widely. It is the intention of this study therefore to identify the facets of corporate social responsibility, to identify being socially responsible and see the role of the government towards regulating such responses.
The questionnaire and verbal interview conducted with the official of the bank shows appreciate contribution on their part towards their social responsibility, they however, noted that the welfare and health of the people is the responsibility of the government. The satisfied with the level of cooperation received from various groups contacted in the course of writing the project hence the contribution of this to the good quality of the work. Also believed this work will assist as well as other interested members of the public. Finally, the problems were critically analysed hence useful suggestions and recommendations were made.
1.0 Introduction/Background- — — – – – – 1
1.1 Statement of general problem – – – – – – 6
1.2 Objective of the Study – – – — – – – 8
1.3 Scope of the Study – – – – – – – – 9
1.4 Significance of the study – – – – – – 9
1.5 Hypothesis – – – – – – – – – 10
1.6 Definition of Terminologies- – – – – – – 10
CHAPTER TWO – Review or Related Literature
2.1 Introduction – – – – – – – 12
2.2 Literature Review – – – – – – – 12
2.3 Summary – – – – – – – – – 27
3.1 Introduction – – – – — – – – 31
3.2 Research Design – – – – – – – 31
3.3 Population of the study – – – – – – 32
3.4 Sample Size – – – — – – – – 32
3.5 Method of data Collection – – – – – – 32
3.5 Method of Data Analysis – – – – – 33
CHAPTER FOUR – Presentation and Analysis of Data
4.1 Introduction – – – – – – – – 34
4.2 Data Presentation – – – – – – – 34
4.3 Data Analysis – – – – – – – – 38
4.4 Findings of the Study – – – – – – – 41
4.5 Summary – – – – – – – – – 42
CHAPTER FIVE – Summary, Conclusion and Recommendations
5.1 Introduction – – – – – – – – 44
5.2 Summary – – – – – – – – – 44
5.3 Conclusion – – – – – – – – 45
5.4 Limitations of the study – – – – – – 47
5.5 Recommendations – – – – – – – 48
No one question has received attention by businesses, government, politicians and people in general in the past few years than probably the question of what the social responsibility of business should be.
This question, though originally aimed at profit oriented business in now being posed to non-profit oriented business institution in the society; Universities, hospital governmental agencies, charitable organization etc. are all increasingly being confronted with similar demand and being attacked for not assuring responsibility for society’s ills and problems.
As society awakens and become vocal with respect to the urgency of social problems is asking the managers of all kinds of organizations particularly those at the top as to what they are doing to discharge their social responsibility and why they are not doing more.
About decade ago, a broad movement probably of an evolutionary nature began in the utilized countries of the world. It is movement to take institutions particularly business institutions more responsive to human needs. The business firm is thus caught up in the stream of events as it is being pressed by public sentiment and legislative and regulatory action to respond to issue beyond its traditional task of producing and distributing goods and services at a profit.
Traditionally, managers of business enterprises have been asked by society to concentrate on using efficiently the resources at their disposal to produce goods and services that customers wanted at agreed prices, they were willing to pay, maximize profits. But today, businesses are being asked to contribute more to the quality of life.
In discussing and analyzing commercial Banks and social responsibility in Nigeria, the emphasis is not on what commercial bank should or might do to tackle and solve problems of society, rather than problems of their employees, shareholders and customers. The concept of social responsibility for social and political goals and that they became the keepers of society’s concern and not merely keepers of society’s financial resources.
The emphasis is on the contributions banks can make to such social problems and social issues as support of education, health and medical care, support for disables and unemployed persons, than maintenance and restoration of the physical environment, improving public transportation and involvement in community development (e.g. borehole construction, children park, local market construction etc)
It is pertinent to point out that the, social demands on business have been and will continue to increase significantly and the role of business firms in the society.
The amount of attention give not the area of social responsibility by both management and society has increased in recent years and probably will continue to increase in the future.
Background of the Study
The modern commercial banking dates bank to the colonial period during which Nigerians was under the political administration of Britain. It is not surprising therefore that the banking scene was dominated by British banks which were affiliates of the leading banks in United Kingdom.
Banking began in Nigeria in 1892 “under the initiative of foreign investors, when the Elder Dumpster lines, a shipping company started some form of banking business in the country to facilitate to own transactions. By 1894, what was then the bank of British West Africa, later Standard Bank Ltd, and now First Bank of Nigeria plc, became the first to establish banking business in Nigeria. It remained the sole bank until 1917 when later colonial bank, later Barclays Bank of Nigeria limited and now Union bank of Nigeria Plc, open branches in the country. The British and French Bank now United bank for Africa affiliate of the banquet Nationale Pour’le Commerceetl’ Industries, a large French banking establishment, came in 1947 to make the third expatriate bank which dominated early Nigeria commercial banking. Together the banks controlled close to 90% aggregate bank deposit.
The indigenously owned commercial banks were of more recent origin, from 1914 to the early 1930’s several abortive attempts were made to establish locally owned and managed banks to break the foreign monopoly in banking many of these attempts were unsuccessfully due to under capitalization, poor management over expansion, and aggressive competition from expatriate banks.
The first ill-fated bank, the industrial and commercial bank, set up in 1929, went under in 1930 in 1931 the Nigerian Mercantile Bank was established, and dissolved in 1936. national Bank of Nigeria was set up in 1933, which turned out to be the 1st indigenous banks to survive but died down in 1990 the next private indigenous banks to be established were the Agbonmagbe Bank in 1945. the bank survived until 1969 when its assets were taken over by the then western state government and its named charged to Wema Bank
The fifth bank, the Nigeria penny Banks, setup in the early forties collapsed in 1946. African continental bank Plc came into being in 1947 and the bank of the North (now Unity Bank) was established in 1961 all the other commercial and cooperative banks were established in the later sixties or early seventies all of then being wholly owned by Nigeria institution and industrials.
The period 1892 -1952 is perhaps remembered as the period of free for all banking with no licensing required and no regulation of any sort to restrict and control the establishment and operation of a Bank. The Banking industry did not come under any regulation until the bank ordinance of 1952. besides the 1952 Bank ordinance and its amendment in 1958 the banking (amendment) Act of 1962, and the banking decree of the 1970’s took several actions to put the banking practices and operation on a sound footing.
The banking ordinance of 1958, which established the central Bank of Nigeria marked the turning point in government efforts to harness the activities of the banks for national development. This, it could be said that, the legislative control of banking activity was triggered by the crises associated with the early history of banking in Nigeria.
The number of commercial Banks and their branch offices has increased tremendously. Today there are many banks in the country although some of them are merchant and development banks.
The dichotomy between indigenous and expatriate commercial banks which was very distinct in the 1960 had been significantly blurred capital of the expatriate banks in the 80’s they have now been sold wholly to the public by government disinvestments through privatization and commercialization. These privatization and commercialization of the banks, which had started as private banks, has helped significantly to put those banks on a stronger forting to play their role in
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