The Impact of Effective Credit Management on the Profitability of First Bank

The Impact of Effective Credit Management on the Profitability of First Bank

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CHAPTER ONE

1.0    INTRODUCTION

1.1    BACKGROUND OF THE ESSAY

Credit generally denotes loans and advance made either directly by a credit (lender) or a debtor (borrower) on the principles of different payment. The banks as a lender, provides credit facilities by making funds available to customers in agreed terms and condition of payment. The gain of credit to the bank is purposed to be huge profit instead of this over year, modern banks (particularly First Banks) have been recording huge amount of bad debt provision which increase with each consecutive.

 

The term credit is the granting of money (loan) and advances to borrowers with the general expectation that they would honour their obligation to repay the fund or without interest when due.

 

Credit is the means by which we are able to obtain immediate benefits of goods and services upon the promise of payment at a future date. One of the main reasons for obtaining credit is that money which is our recognized unit of exchange is kept in relative short supply and although we may have enough credit for those items which require but cannot immediately afford and as these problems is not confined to individuals. A banks objective is to make money and one of the methods used to achieve this by loans.

 

However, loans are only granted to those whom they have every confidence in them as often as not, demand some form of security. The motive for lending money is therefore to acquire profit for themselves and not out of favour to the customers. Although, we are not able to adapt such stringent attitudes, our motives for granting credit must be the same.

 

It is however, dishearten to note that not withstanding the level and magnitude of impact that the banks have on economy in terms of importance which is unarguably immense. Whenever money is always certain a risk of not getting it bank from such customers. It is this (non payment of loan) that has made it necessary for this research to go into area of credit management. The impact of effective credit management as a process is very essential for banks because poor credit revaluation leads to poorly unstructured loans facilities that reduce the profitability and liquidity of the banks.

 

First Bank of Nigeria Plc is a leading banking institution in Nigeria with over a hundred years of banking experience, founded in 31st March 1984 by a shipping magnate from Liverpool, Sir Alfred Jones. It commenced as a small business bank in the Office of Elder Dampster and Co. in Lagos. Today, First Bank of Nigeria Plc has diversified into a wide range of network of banking activities and services including commercial, become appetent factor in the development of the country.

 

It was incorporated as limited liability company in London, with its Head Office in Liverpool under the corporate name “Bank of British West Africa”, with a paid up of Twelve Thousand Pounds Sterling (E12,000). It commenced business after it had absorbed its predecessors assets in the African banking of the pre-eminent position which the bank was established in the banking industry in Wet Africa.

 

In 1896, a bank was opened in Accra, Gold Coast (now Ghana) which another was established in Freetown Sierra Leone in 1898. This marked a milestone in banks intentionally banking operations thereby justifying its West African coverage operationally. The second branch in Nigeria was situated in the old Calabar in 1990 and two yeas later, it services had extend to Northern Nigeria with a branch network of 291 in 1996 spread throughout the federation, including London. The bank has the highest number of branches in the banking industry.

 

The banking has experience a phenomenal growth over years with a share capital of 55.6 million in 1980, which rose to N684 million in 1995, the banks total assets currently stand at N69.82 million, supported with a deposit based on N41.641 million.

 

When the bank began operation in 1894, it has a staff of six composing of 3 Europeans and 3 African today, the bank is virtually fully Nigerianalized. This is of course has been the result of planning responsiveness of the yearning of the Nigeria people and government as well as the banks determination to identify with the aspiration of the country in its march towards national development.

 

As a result of corporate policy to clivas its portfolio of noncore activities and in order to meet the bank of England’s regulatory requirement of the banks foreign partners, the standard chartered banks of Africa Plc, have reduced their shareholding to 9.9% following the offer of 120.941.195 share to the Nigerian public, thus bringing the equity holdings by Nigeria to 90.1%.

 

The bank has maintained its leadership in financial long-term lean to the colonial government. Today, the bank boast of a diversified loan portfolio to various sectors of the economy. The banks rural banking record is unmarked by army banks while its agricultural credit facilities through the community farmers tremendous access to the much needed bank credit.

 

In meeting the challenges of the second century the First Bank of Nigeria Plc is committed to put a smile on the face of every customer.

 

1.2    OBJECTIVE OF THE ESSAY

The objectives of the extended essay include the followings:

  1. To examine the various considerations and analysis in the impact of credit management for lending purpose in the principal industries especially the First Banks.
  2. To assist practitioners in the banking industries to acquire the high degree of unperformed credits as presently carried in their debt portfolios and assist in sound and reasonable credit aimed at minimizing the incident of bad debt.
  • To suggest the portion of lending (i.e. advances and loans) that should be allotted to individuals customers.

To find out from all available data the lending structure of

 

 

 

 

This article highlights various college of education, polytechnics, universities website in Nigeria.

Adeyemi College of Education, Ondo,

Alvan Ikoku College of Education, Owerri,

Alvan Ikoku College of Education, Owerri,

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Federal College of Education, Okene,

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Federal College of Education, Pankshin,

 Federal College of Education, Yola,

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Federal College of Education (Technical), Akoka,

Federal College of Education (Technical), Asaba,

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Federal College of Education (Technical), Gombe,

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State college of education

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Akwa-Ibom State College of Education, Afaha-Nsit,

College of Education, Akwanga, ., form and admissions list

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Adamu Augie College of Education, Argungu,

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Bayelsa State College of Education, Okpoama,

Emmanuel Alyande College of Education, Oyo,

Enugu State College of Education (Tech.) Enugu,

College of Education, Ekiadolor,

Umar Suleiman College of Education, Gashua,

College of Education, Gindiri,

Michael Otedola College of Primary Education, Moforiji,

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College of Education, Ikere,

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College of Education, Warri,

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Private college of education in Nigeria

Angel Crown College of Education, Gidan-Daya, .

Elder Oyama Memorial College of Education, Ofat-Adun,

Assanusiyah College of Education, Odeomu,

African Thinkers Community of inquiry College of Education,

Best Legacy College of Education, Ikirun,

Bauchi Institute for Arabic and Islamic Studies, .

Calvin Foundation College of Education, Naka,

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Hill College of Education, Akwanga,

Institute of Ecumenical Education, Enugu,

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Diamond College of education aba

Muhyideen College of Education, Ilorin,  

ONIT College of Education, Abagana, .

The African Church College of Education, Lagos,

St. Augustine College of Education, Yaba,

Yewa Central College of Education, Ogun,

List of Federal Universities in Nigeria

Abubakar Tafawa Belewa University,

Ahmadu Bello University, Zaria,

Bayero University, Kano,

Federal University, Gashua,

Federal University of Tech, Akure,

Federal University of Petroleum Resources, Effurun,

Federal University of Technology, Minna,

Federal University of technology, Owerri,

Federal University Dutse,

Federal University Dutsin-Ma,

Federal University, Ndufu-Alike,

Federal University, Otuoke,

Federal University, Wukari,

Federal University, Birnin Kebbi,

Federal University, Gusau

Michael Okpara Univeristy of Agric, Umudike, .

Modibbo Adama University of Tech, Yola, .

National Open University of Nigeria,

Nigeria Police Academy Wudil, .

Nigeria defense Academy, Kaduna, .

Nnamdi Azikiwe University, Awka,

Obafemi Awolowo University, Ile-Ife, .

University of Abuja, Gwagwalada, .

University of Agriculture Abeokuta,

University of Agriculture Markurdi,

University of Benin,

University of Calabar,

University of Lagos,

University of Maiduguri,

University of Nigeria Nsukka,

University of Port-Harcourt

University of Uyo, .

Usmanu Danfodiyo University,

List of State Universities in Nigeria admission list

Abia State University, Uturu,

Adamawa State University, Mubi,

Adekunle Ajasin University, Akungba,

Amrose Alli University, Ikot Akpaden,

Anambra State University of Sc. & Tech, Uli,

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Bauchi State Unibversity, Gadau,

Benue State University Markurdi,

Bukar Abba Ibrahim University, Damaturu,

Cross River State University of Sc. & Tech, Calabar, .

Delta State University Abraka,

Ebonyi State University, Abakaliki,

Ekiti State University,

Enugu State University of Sc. & Tech. Enugu,

Gombe State University, Gombe

Ibrahim Badamasi Babangida University,

Ignatius Ajuru University of Education,

Imo state University,Owerri,

Jigawa State University,

Kaduna State University, Kaduna

Kano University of Sc. & Tech, Wudil

Kebbi State University, Kebbi,

Kogi State University, Anyigba,.

Kwara State University, Ilorin, .

Ladoke Akintola university of Tech,

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Nasarawa State University, Keffi,

Niger Delta University, Yenagoe,

Olabisi Onabanjo University Ago-Iwoye,

Ondo State University of Sc. & Tech, Okitipupa,

Osun State University, Oshogbo,

Plateau State University, Bokkos,

Rivers State University of Sc. & Tech,

Tai Solarin University of Education, Ijebu-ode,

Taraba State University, Jalingo,

Umaru Musa Yar’Adua University,

Private Universities

Achievers University, Owo,

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African University of Sc. & Tech, Abuja,

Al-hikmah University, Ilorin,

Ajayi Crowther University, Ibadan,

Al-Qalam University, Katsina,

American University of Nigeria, Yola, .

Babcock University, Ilishan,

Baze University,

Bells University of Technology, Otta,

Benson Idahosa University, Benin,

Bingham University, New Karu,

Bowen University, Iwo,

Caleb University, Lagos, .

Caritas University, Enugu,

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Covenant University, Ota,

Crawford University, Igbesa,

Crescent University,

Elizade University, Ilara-mokin, .

Fountain University, Oshogbo,

Gregory University, Uturu,

Hallmark University,

Igbinedion University, Okada

Joseph Ayo Babalola University,Ikeji,

Kwararafa University, Wukari,

Lead City University, Ibadan,

Madonna University, Okija

Mcpherson University, Seriki

Nigerian-Turkish Nile University, Abuja,

Novena University, Ogume,

Obong University, Obong Ntak, .

Oduduwa University, Ipetumodu,

Pan-African University, Lagos,

Paul University, Awka,

Redeemer’s University, Mowe,

Renaissance University, Enugu,

Salem University, Lokoja,]

Tansian University, Umunya, .

University of Mkar

Veritas University, .

Wellspring University, Edo, .

Wesley University of Sc. & Tech, Ondo,

Western Delta University, Oghara

List of all the Federal Polytechnics in Nigeria

    Air Force Institute of Technology Nigerian Air Force,

    Air Force Institute of Technology Nigerian Air Force,

    Akanu Ibiam Federal Polytechnic, Unwana,

Nigeria Army School of Military Engineering,

     Auchi Polytechnic .

     Auchi Polytechnic .

    Federal Polytechnic, Ado-Ekiti

Federal Polytechnic, Ado-Ekiti .

Federal Polytechnic, Bauchi, .

    Federal Polytechnic, Bida,

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   Federal Polytechnic, Damaturu,

     Federal Polytechnic, Ede, Osun State,

 Federal Polytechnic, Ede, Osun State,

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   Federal Polytechnic, Ida, .

  Federal Polytechnic, Ilaro,

     Federal Polytechnic, Ile-Oluji, Ondo State,

    Federal Polytechnic, Mubi,

   Federal Polytechnic, Namoda,

   Federal Polytechnic, Nassarawa,

  Federal Polytechnic, Nekede,

    Federal Polytechnic, Nekede,

Federal Polytechnic, Offa,

 Federal Polytechnic, Offa,

 Federal Polytechnic, Oko,

Federal School of Dental Technology and Therapy,

Kaduna Polytechnic, Kaduna,

Hussaini Adamu Federal Polytechnic,

Nigeria Army School of Military Engineering,

Federal College of Animal Health and Production Technology

Waziri Umaru Federal Polytechnic Birnin Kebbi,

Yaba College of Tech,

List of State Polytechnics in Nigeria

 Abraham Adesanya Polytechnic, Ijebu-Igbo,

Abia State Polytechnic, .

Adamawa State Polytechnic,

Akwa-Ibom State Polytechnic, Ikot-Osurua,

Benue State Poly, Ugbokolo,

Gateway Polytechnic, Igbesa,

Rufus Giwa Polytechnic,

Rufus Giwa Polytechnic,

The Polytechnic, Ibadan, .

Institute of Mgt. and Tech,

Imo State Polytechnic, Umuagwo

Kano State Polytechnic,

Kogi State Polytechnic, Lokoja,

Kwara State Polytechnic, Ilorin,

Lagos State Poly, Ikorodu,

Moshood Abiola Poly,

Nasarawa State Polytechnic

Nuhu Bamalli Polytechnic,

Delta State Polytechnic, Ogwashi-Uku,

Osun State Poly, Iree,

Osun State Poly, Iree,

Osun State College of Tech, Esa-Oke,

Delta State Polytechnic, Ozoro,

Plateau State Polytechnic, Barkin-Ladi,

Adamawa State Poly,

Rivers State College of Arts and Science,

Rivers State College of Arts and Science

Rivers State Polytechnic,

Gateway Polytechnic Saapade

Edo State Inst. of Tech and Mgt, Usen,

Niger State Poly, Zungeru, Niger State,

List of Private Polytechnics in Nigeria

Allover Central Polytechnic,

Crown Polytechnics,

Covenant Polytechnic,

Dorben Polytechnic, Bwari-Garam Road,

Fidei Polytechnic, Gboko,

Grace Polytechnic,

Grace Polytechnic,

Igbajo Polytechnic,

The Polytechnic, Ile-Ife, NITEL Road

Lagos City Poly, Ikeja, Lagos State,

Light House Polytechnic, Eubuobanosa,

Interlink Polytechnic,

Kings Polytechnic, Ubiaja,

RONIK Polytechnic,

Shaka Polytechnic, Polytechnic, Benin city,

Temple-Gate Polytechnic,

Wolex Polytechnic

Prime Polytechnic

The Polytechnic Imesi-Ile, Osun

Heritage Polytechnic, Ikot Udota

Ibadan City Polytechnic

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