Reform of the Nigerian Banking System – Assessment of the Asset Management Corporation of Nigeria (AMCON) and Recent Developments

2012 ◽  
Author(s):  
Duncan Alford
Keyword(s):  
Asset Management ◽  
Banking System ◽  
Recent Developments ◽  
System Assessment ◽  
Nigerian Banking ◽  
Asset Management Corporation

Islamic Banking in Nigeria: Issues and Prospects

2016 ◽  
Vol 4 (2) ◽  
pp. 34 ◽  
Author(s):  
Nuruddeen Abba Abdullahi
Keyword(s):  
Public Awareness ◽  
Banking System ◽  
Islamic Banking ◽  
Secondary Sources ◽  
Banking And Finance ◽  
Adequate Knowledge ◽  
Islamic Religion ◽  
Developmental Opportunities ◽  
The Subject ◽  
Nigerian Banking

The Nigerian banking reform precipitated the adoption of Islamic banking and finance in 2009 as additional door to banking mechanism in the country. However, the implementation of the Islamic banking or non-interest banking has generated a lot of debate, specifically because its foundations are based on Islamic religion. This paper briefly reviews the concept, the challenges and prospects of Islamic banking in Nigeria. The paper relies on the secondary sources by reviewing and analysing various works on the subject. A reflection on the size of its population and the developmental opportunities indicates that Nigeria has the prospect of becoming the hub centre of Islamic finance in Africa. Yet there are numerous challenges to the development of the Islamic banking system in the country, including misrepresentation of the system, lack of linkages and investment institutions, lack of adequate knowledge, as well as shroud business ethos and corruption, which is endemic in the country. The paper recommends the need for greater public awareness about Islamic banking and creation of enabling environment (i.e. the legal, accounting and taxation systems) for the working of Islamic financial system.   

scholarly journals Technology innovation in the Nigerian banking system: prospects and challenges

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Adeku Salihu Ohiani
Keyword(s):  
Significant Relationship ◽  
Technology Innovation ◽  
Banking System ◽  
Developed Countries ◽  
Modern Technology ◽  
High Rate ◽  
Annual Reports ◽  
Primary Data ◽  
Content Type ◽  
Nigerian Banking

Purpose The banking system in Nigeria is gradually moving away from transactions “across the counter” to the fingertips of the customers with the adoption of modern technology. However, every development comes with its “pros and cons” because as technology innovation has improved service delivery and profitability of banks in Nigeria, crimes are also at a high side. To activating the minds of bank operators about the importance of technology adoption and its shortcomings, this paper aims to examine the prospects and challenges of technology innovation in the Nigerian banking system. Design/methodology/approach Secondary data were retrieved from the annual reports of Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) from 2013 to 2017 to know the interaction between e-banking platforms and performance of banks in Nigeria. The study administered a questionnaire to the bank customers in Lagos Island, Nigeria to understand their perception towards e-banking. This study is anchored on prospect theory to ascertain the risk orientation of the Nigerian banks regarding how they adopt technology and reasoned action theory to understand the intention of bank customers in using the opportunities of e-banking copiously. Findings The findings of this study reveal the migration from cheques to electronic related transactions. It further indicates a high rate of fraud committed through those channels. The analysis of primary data shows that innovation adoption, service quality, cybercrime have significant relationship with the competitiveness of banks, the intention of bank customers, and perception of customers towards online services. However, the rate of frauds does not have significant relationship with the usage of mobile banking products which further studies can critically examine. Originality/value This study has revealed available huge potentials in the e-banking that are yet to be used in Nigeria. However, consumer orientation needs to be worked on, because, customers still have the fear that cybercrime is mostly committed via e-banking platforms. Unlike in developed countries whereby quite good numbers of customers make use of e-banking platforms, majority of bank customers in Nigeria still prefer using manual methods and the world is already on the verge of moving into 5 G from 4 G.

Performance Assessment of a Repository for Intermediate-Level Radioactive Waste Using the Probabilistic System Assessment Program Mascot

1994 ◽  
Vol 353 ◽  
Author(s):  
J. E. Sinclair ◽  
P.J. Agg
Keyword(s):  
Performance Assessment ◽  
North West ◽  
The North ◽  
Deep Geological Disposal ◽  
Safety Case ◽  
Recent Developments ◽  
Radiological Safety ◽  
System Assessment ◽  
Intermediate Level Radioactive Waste ◽  
A Site

AbstractUK Nirex Ltd is planning the deep geological disposal of intermediate- and low-level radioactive wastes. A site close to Sellafield in Cumbria in the north-west of England has been selected for evaluation, and an extensive programme of site characterization is underway. In support of this programme of characterization, and in preparation for presentation of a post-closure radiological safety case, performance assessment using mathematical modelling has been carried out by the Disposal Safety Assessment Team at AEA Technology, on behalf of UK Nirex Ltd. This paper describes recent developments of the assessment models relating to the groundwater pathway for return of radionuclides to the environment.

scholarly journals Base, Superstructure and the Irish Property Crash—Towards a Crisis Theory of Communications

2015 ◽  
Vol 13 (2) ◽  
Author(s):  
Henry Silke
Keyword(s):  
Mass Media ◽  
Asset Management ◽  
Banking System ◽  
The State ◽  
Property Market ◽  
Market System ◽  
Crisis Theory ◽  
The Media ◽  
The Mass Media ◽  
Marxist Concept

Since the onset of the “great recession” there have been key debates around various aspects of crisis theory, most notably around the areas of the rate of profit (Brenner 2009; Kliman 2012), under-consumption/overproduction (Clarke 1990a, 442–467) and fiancialisation (Duménil and Lévy 2004). This paper maintains that communications and the media are key though non-deterministic elements of the contemporary market system, and proposes a move towards a crisis theory of communications. This research reflects the Marxist concept of base and superstructure, beyond a perceived notion of economic determinism, but rather as a dialectical relationship between various superstructures, in this case the state and the media, and the economic base including the various aspects of class power inherent within. The mass media, advertising, and ICT play an increasingly important role in both market systems and capitalist crises. This role directly impinges on the dissemination of information to market actors as well as the reflexive and dialectical nature of the processes by which actors respond to market information. Further, the media serve as an ideological apparatus, resource or arena, which acts to naturalise the market through what this research describes as a market orientated framing mechanism (Preston and Silke 2011b). Peter Thompson (2003; 2013, 208–227) contends that communication is an integral and reflexive part of the contemporary market system. As he puts it, there is a complex relationship between the producers and distributors of economic information, and those who use that information to make decisions about investment and trade. Many studies point to the convergence of flows of information such as those on 24-hour news channels, business channels and Internet blogs and sites with market activity itself. For Wayne Hope, (2010, 649–669) information broadcast on such media by bankers, stockbrokers and traders themselves tends to be self-serving and inevitably leads to “a real time feedback loop that proliferates then contributes to the growth and collapse of speculative bubbles” [ibid, 665]). Finally, we must note how the mass media also play a pervasive and important role in the commodification process through advertising and indeed comprises a part of the circulation of capital itself (Garnham 1979, 122–146; Fuchs 2009b, 369–402; Fuchs 2009a). This paper, by way of example, looks at three key moments in the Irish economic crisis and briefly looks at their treatment by sections of the press: The Irish property market on the run up to the 2007 general election on the cusp of the Irish crash, the blanket bank guarantee of 2008, where the state effectively guaranteed the debts of the entire Irish banking system in its totality, and finally the introduction of the National Asset Management Agency, a state sponsored bad bank aimed at cleaning up the (then) private banking industry. The paper uses these examples to consider the role of the media and its relationship to both the markets and political policy.

scholarly journals A Tale of Two Markets: How Lower-end Borrowers Are Punished for Bank Regulatory Failures in Nigeria

2019 ◽  
Vol 43 (3) ◽  
pp. 519-542
Author(s):  
P. I. Omede
Keyword(s):  
Consumer Protection ◽  
Banking System ◽  
Credit Rationing ◽  
Formal Sector ◽  
Access To Credit ◽  
Informal Market ◽  
Global Recession ◽  
Telecommunication Companies ◽  
The Rich ◽  
Nigerian Banking

AbstractIn 2009, the Nigerian banking system witnessed a financial crisis caused by elite borrowers in the financial market. Regulatory response to the Nigerian crisis closely mirrored the international response with increased capital and liquidity thresholds for commercial banks. While the rise of consumer protection on the agenda of prudential supervisors internationally was logical in that consumer debt was the main cause of the global recession, the Nigerian banking reforms of 2009 disproportionately affected access by poorer consumers, who ironically had little to do with the underlying causes of the crisis. As lending criteria become more stringent, poorer consumers of credit products are pushed into informal markets because of liquidity-induced credit rationing. Overall, consumer protection is compromised because stronger consumer protection rules for the formal sector benefits borrowers from formal institutions who constitute the minority of borrowers in all markets. While the passage of regulation establishing credit bureaux and the National Collateral Registry will, in theory, ease access to credit especially by lower-end borrowers, the vast size of the informal market continues to compound the information asymmetry problem, fiscal policies to tackle structural economic issues such as unemployment and illiteracy remain to be initiated, and bank regulators continue to pander to elite customers with policy responses that endorse too big to fail but deems lower-end consumers too irrelevant to save. The essay concluded that addressing the wide disparity in access to credit between the rich and poor through property rights reforms to capture the capital of the informal class, promoting regulation to check loan concentration, and stimulating competition by allowing Telecommunication Companies (TELCOs) and fintech companies to carry on lending activities because of their superior knowledge of lower-end markets will facilitate greater access. The risk of systemic failure deriving from consumer credit in Nigeria is insignificant compared to the consumer vulnerabilities resulting from the exposure of consumers to unregulated products in the informal market.

Internet Banking Strategy in a Highly Volatile Business Environment

2010 ◽  
pp. 64-100 ◽  
Author(s):  
Abel E. Ezeoha
Keyword(s):  
Banking System ◽  
Research Direction ◽  
Internet Banking ◽  
Business Environment ◽  
Future Research ◽  
Online Business ◽  
Global Nature ◽  
Banking Strategy ◽  
High Degree ◽  
Nigerian Banking

Internet banking strategy can be generally very challenging, but more challenging in an economic environment infested with high degree of corruption, insecurity, bad governance, poverty, and financial system instability. Due to its global nature, Internet banking, under such situation, is threatened by the easiness at which off-line crimes are transmitted into online businesses, and the difficulty in building trusts and confidence in online business relationships. Using the Nigerian case, this chapter aims at establishing some theoretical link between offline country image and Internet banking reputation. The chapter summarizes the structural and regulatory challenges in the Nigerian banking system. It represents and relates the country’s socioeconomic conditions with its Internet business reputation; and lays down past regulatory and global efforts to control the menace of the Nigerian version of Internet frauds. The last two sections of the chapter, respectively, suggest some future research direction and conclude the chapter.

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