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Home›Art Courses 2022-2023 FREE list of Final year complete full project work topics and materials download pdf & doc in Nigeria | Projects | Projectslib.com›Accounting 2022-2023 FREE list of project topics and materials pdf & doc›THE IMPACT OF FINANCIAL CONTROL INSTITUTIONS IN PROMOTING FINANCIAL ACCOUNTABILITY IN NIGERIA: A STUDY OF IMO STATE NIGERIA UNDER DEMOCRATIC REGIMES
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THE IMPACT OF FINANCIAL CONTROL INSTITUTIONS IN PROMOTING FINANCIAL ACCOUNTABILITY IN NIGERIA: A STUDY OF IMO STATE NIGERIA UNDER DEMOCRATIC REGIMES

ABSTRACT
This research is on The impact of financial control institutions in promoting financial accountability in the Nigeria: a study of Imo state under democratic regimes. Financial matters are so important that they receive constitutional recognition. To avoid abuse, the 1999 Constitution of the Federal Republic of Nigeria, provides a series of checks and balances over public finance by sharing financial responsibilities among the Executive, the legislature and the Office of the Auditor-General. The research sought to evaluate the effectiveness of the checks and balances on public finance in IMO State. The research also set out to recommend measures that will enhance the discharge of financial accountability. In this research, four hypotheses were formulated and tested. The primary data was obtained through the administration of questionnaires, interviews and actual observation. This was supplemented with secondary data. The technique of simple random sampling was used in the questionnaire administration. The population of the study was 386 out of which a sample of 160 was studied. The chi-square (x ) test statistics was used to test the four hypotheses. Percentage analysis was used to investigate issues considered relevant to this research but were not covered by the hypotheses. The findings of this research indicate that the public budget is not a significant instrument of legislative control over public finance in IMO State; the reliance of Auditor- General on the financial statements prepared by the Executive arm of government does not significantly influence his performance; the quality of legislative financial oversight has a significant effect on the State Auditor-General and qualification of State Treasury staff is independent of the number of financial records kept by them. The research shows that budgetary non-compliance is quite common. Infringements on financial rules and regulations are also common. The Public Accounts Committee of the State Legislature never met to consider the report of the Auditor- General between 1999 and 2003. The implications of these findings are that the legislature is unable to discharge its Constitutional responsibility using the public budget; the weakness of the legislature adversely affects the Auditor-General and poor financial record keeping is not solely attributed to the qualification of those who maintain them. The study recommends a balanced redistribution of financial powers among the Executive, the Legislature and the Auditor-General to promote the discharge of financial accountability in IMO State.

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THE IMPACT OF FINANCIAL CONTROL INSTITUTIONS IN PROMOTING FINANCIAL ACCOUNTABILITY IN NIGERIA: A STUDY OF IMO STATE NIGERIA UNDER DEMOCRATIC REGIMES

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

Nigeria has been divided into six geo-political zones – South-South, South-West, South- East, North- East, North -West and North- Central. IMO State falls within the geo-political zone of North-Central. The State was first created as Benue-IMO in 1967. It later became IMO State with the creation of Benue State in 1976. Nassarawa State was also created out of IMO State in 1996.

The Nigerian public sector consists of the governments at the Federal, States, Federal Capital Territory, Local Governments and all government parastatals. The public sector plays an important role in economic development. It provides services which the private sector may not be willing or able to provide. Chan (1988:15) argues thatthe public sector provides many essential services to society. It plays an essentially compensatory function; that is, it performs those functions that the market economy does not do efficiently or lacks the incentive to do at all.

Musgrave and Musgrave (1976) classify these functions as;

  1. Resource Allocation: The provision of public goods and services.
  2. Income Distribution: The adjustment of the distribution of wealth or income in the society to conform to some principle of fairness.
  3. Stabilization: The use of fiscal policies to achieve high employment, price stability and economic growth.

In a Federal system like Nigeria, the different tiers of government perform these functions in varying degrees. Governments at all levels desire to deliver good governance to all their citizens. This is because “good governance is central to creating and sustaining an enabling environment for development” (Asselin, 1995:3). A strong link exists between economic development and good governance, and between good governance and fiscal transparency.

The importance of good financial management in achieving the objectives of government has not lost its relevance. Because of this, the financial accountability of most countries is enshrined in the Constitution to facilitate the discharge of financial accountability. Oshisami and Dean (1984:36) remark thatin recognition of the importance of finance as a basis for political power, and the opportunities which absolute control offers for its abuse, power over finance is divided, the division being formally recognized constitutionally in virtually all countries Global practice shows that power over finance is shared between the Executive and the legislature and in some cases with an independent body – the Supreme Audit Institution. Has this Constitutional sharing of power over finance achieved the desired result? In view of the enormous responsibilities placed on government for the welfare of its citizens, the public sector needs a lot of resources. In pursuit of this, the government needs to put up a framework for the management and control of the public purse. The formalities established in relation to accounting and financial control support the process of governance

  • Financial Control

The term ‘control’ has long been recognized as one of the principles of management. Control exists in most human endeavors. Most authorities agree on what constitutes control. Lucey (1996:137) states that control is concerned ‘with the efficient use of resources to achieve a previously determined objective, or set of objectives, contained within a plan’. Similarly, Koontz, Donnel and Wiehrick (1980:81) define control as the measurement and correcting of activities of subordinates to assure that events conform to plans. Ekwonu (1996:35) states that control ‘is the measurement of the performance of the activities of subordinates in order to make sure that objectives and plans devised to attain them are being accomplished’. All these definitions point to the fact that control exists to ensure that organizational objectives are met through measurement of performance. The control process according to (Koontz et al 1980:722) involves three steps:

  1. Establishing standards
  2. Measuring performance against these standards and
  3. Correcting deviations from standards and plans

Finance occupies a special place in the conduct of government business. Public finance has been defined by Buhari (1993:66) as ‘a branch of economics concerned with the finance and economic activities of the public sector’.

From these definitions, we can state that public finance not just deal with the ways government raises money, but also the manner such money is expended with the aim of achieving economic growth.

In Nigeria, the Federal government raises money through the following major sources: Petroleum profit tax, Mining, Company income tax, Import duties, Export duties, Excise duties, Interest and repayment of loans granted by the government (Buhari, 1993:169).

Others include; Education tax, Value added tax, Pay-as-you-earn, Fees and charges, Royalties, Rent of government property, Grants, aids and loans.

The money raised through the above sources is expended on the following items: Administration, Infrastructural services, Productive services, Defense, Interest on internal and external loans, and Diplomatic missions (Buhari, 1993:168).

In connection with government finance, we can identify two basic groups of control- administrative and financial control; the former referring to those techniques which have indirect bearing upon expenditure operation while the latter denote techniques of control relating to fiscal control. The emphasis of this study is on financial control.

Financial control is a very important type of control in the management of government finance. Oshisami (1992:29) defines it as the process which ensures that financial resources are obtained at cost considered to be economical and utilized efficiently and effectively for the attainment of established objectives.

A comprehensive definition of financial or fiscal control is given by Ekwonu (1996:33) as

the sum total of the work, which guides, directs and interprets the budget cycle. It covers the activities of the Executive branch, involving finance and the ministries… the audit department and the legislature…

In a democratic era, financial control may operate internally and externally.

Within the Executive arm of government control by the finance ministry is internal while audit by the Auditor-General and legislative oversight constitute external control.

  • STATEMENT OF THE PROBLEM

Control of public finance is very important to public governance. That is why power over public finance is enshrined in the Nigerian Constitution. To promote financial accountability in IMO State, power over finance is shared between the Executive, Legislature and the Supreme Audit Institution or the Office of the Auditor General. Have these institutions been able to play the roles assigned to them?

It is observed that there is the problem of non or partial implementation of the budget by the Executive arm of government in IMO State. The budget is the legislative instrument of control over public finance.

Related to the issue just raised above, is the problem of spending without legislative authority. The checks and balances on public finance requires that the

Executive cannot spend without legislative approval. Even where voted funds fall short of requirements, the spending agency must apply for supplementary appropriations provisions and obtain legislative approval for such additional expenditure before incurring them. It has been alleged that this requirement of the law is not usually followed.

The Executive arm of government which implements budgets is required to ensure that expenditures are properly covered in the relevant Appropriation Acts. Funds are supposed to be apportioned to spending departments in line with the approved budget. It has been noted that public expenditure are frequently made on items not budgeted for, which of course means that such expenditure have no legislative approval. Once the budget has been approved, it is alleged that funds are shifted to purposes other than those for which they were meant.

Limits of expenditure are imposed by the budget. However, spending agencies do not observe these limits when incurring expenditure. In the course of budget implementation, a vote book is maintained to ensure that approved budgetary limits are not exceeded. This aspect of expenditure control is often abused. We may ask, why should spending agencies not respect limits when incurring expenditure? With all these abuses, what has happened to the legislative oversight function?

The performance of the Auditor General in IMO State has been called to question. It is alleged that the Auditor General is incapable of discharging the functions of his office which is constitutionally prescribed. If this is true, why?

The IMO State Legislature is seen to be weak and unable to discharge its constitutional responsibility of exercising its power of financial oversight on the

Executive arm of government. This problem is alleged to have adverse effects on the performance of the State Auditor General.

Public financial control in IMO State also suffers from poor financial record keeping. Where financial records are poorly maintained, can the reliance of the Auditor General on these records adversely affect his performance? In addition, if it is true that financial records are poorly maintained in IMO State, is this a function of the qualification of those who keep these records? How do these problems listed above impact on financial accountability in IMO State?

  • Research Questions

The questions of this research are as follows:

  1. Is the Budget a significant instrument of Legislative control over public finance in IMO State?
  2. Are the rules and regulations governing the use of public funds being observed in IMO State?
  3. Does the quality of legislative financial oversight enhance the performance of State Auditors?
  4. Does the reliance of the Auditor-General on financial statements prepared by the Executive enhance his performance?
  5. Is there any relationship between educational/professional qualification and the number of financial records kept in IMO State?
  6. Do the formal institutions of financial control play their roles as spelt out by the Constitution?
  • OBJECTIVES OF THE STUDY

This research sets out to evaluate the role of the formal institutions of financial control over public finance in IMO State. Specifically the research has the following objectives:

  1. To evaluate the significance of the public budget as an instrument of legislative control over public finance in IMO State.
  2. To determine whether the reliance of the Auditor-General on the financial data supplied by the Executive enhances his audit work.
  3. To examine the quality of legislative oversight function on State Audit performance.
  4. To investigate the significance of the qualification of Treasury staff on the number of financial records kept.
  5. To recommend measures on how to improve financial accountability in IMO State.
  • HYPOTHESES OF STUDY

Hypothesis One

Ho: The public budget is not a significant instrument of Legislative control over public finance in IMO State.

H1: The public budget is a significant instrument of Legislative control over public finance in IMO State.

RATIONALE/JUSTIFICATION

The budget is an expression of legislative approval on how public funds should be disbursed. Budget implementation is used to judge the Executive’s conformance to this legislative approval.

This hypothesis is formulated to find out whether or not the Executive complies significantly with Legislative approval during budget implementation.

Hypothesis Two

Ho: The performance of the Auditor-General is not significantly dependent on the financial statements prepared by the Executive arm of government.

H1: The performance of the Auditor-General is significantly dependent on the financial statements prepared by the Executive arm of government.

RATIONALE/JUSTIFICATION

The Auditor-General is an agent of the Legislature. The Auditor-General has the duty of overseeing the management of public funds and the quality and credibility of governments’ reported financial data. The Auditor-General ensures that the budget is implemented according to legislative approval. This hypothesis will reveal whether or not the Auditor-General is able to exercise his duties inspite of his reliance on the financial statements prepared by the Executive.

Hypothesis Three

Ho: State Audit performance is not significantly dependent on the quality of legislative financial oversight.

H1: State Audit performance is significantly dependent on the quality of legislative financial oversight.

RATIONALE/JUSTIFICATION

This hypothesis seeks to establish whether the quality of legislative oversight (through its public accounts committee) has any influence on State Audit work. Does the quality of legislative financial oversight influence the work of State Auditors?

Hypothesis Four

Ho:   There is no significant difference between the qualification of treasury operating staff and the number of financial records kept.

H1:   There is significant difference between the qualification of treasury staff and the number of financial records kept.

RATIONALE/JUSTIFICATION

Where there is a culture of poor financial record keeping, no meaningful control can be exercised. Good financial record keeping is a necessary condition for the production of auditable financial statement. The aim of this hypothesis is to evaluate whether qualification has a significant effect on financial record keeping in IMO State.

  • SIGNIFICANCE OF THE RESEARCH

A research on the public sector, especially on financial control is very important. This research is significant in a number of ways.

The research will assist financial policy makers in IMO State and indeed other States in Nigeria formulate policies that will promote financial accountability. The academic community will benefit tremendously from this research. Other researchers may use this research to investigate further issues on public finance control.

The three formal institutions of financial control in IMO State, that is, the Executive, the Legislature and the Auditor General will discharge their financial responsibilities effectively if the recommendations of this research are implemented.

  • RESEARCH SCOPE

This research evaluates the role of the formal institutions of financial control over public finance under a democratic setting. This is because the institutions of financial control are fully operational only during democratic dispensations. The Legislature does not exist during military rule.

The role of the informal institutions of financial control such as the media, the organised civil society and international donor agencies though important are not the immediate focus of this research.

IMO State which is chosen as the case study is an old State – first created as Benue-IMO State in 1967. The State has witnessed flashes of democratic rule from 1979 to date.

The research period covers years under democratic regimes. These are 1979­1983; 1991-1992; and 1999-2003. The research period covers ten years of democratic rule. The broken periods are periods of military rule.

The research covers only ministries. Parastatals are excluded because the 1999 Constitution S. 85 (3) does not authorize the Auditor-General to audit or appoint external auditors for government parastatals. Local governments are also excluded since they are guided by a different financial rule called the financial memoranda.

  • RESEARCH LIMITATIONS

A number of limitations were encountered in this research. The major ones included:

  1. Literature Review – Getting materials for literature review was difficult – An extensive search for literature took over one year. The cost incurred in obtaining the relevant materials was also enormous.
  2. Questionnaire Administration – During the main research, we had to deal with an enlarged number of participants in the research. Since the questions were randomly administered, many of the participants were seeing the questions for the first time. Many of them felt that participating in this research would amount to “leaking of government secret”. They were visibly uncomfortable – that was even in spite of assurances given by research assistants that the information required was strictly for research purposes. Some of them asked for time to make up their minds as to whether to complete the questionnaires. For this category of respondents, research assistants had to plead and make repeated visits before the questionnaires were completed and returned.
  3. Secondary Data Collection – Getting information on public sector activity is difficult. But it is even more difficult getting information on financial activities. Information that is supposed to be publicly available is treated as confidential. Enquiries for financial information are viewed with suspicion. A very high official must authorize the release of such financial information. But getting such an official to authorize the release of the information is pretty difficult. The research assistants were suspected to be agents of opposing political parties. They were thus to be kept at arms’ length. It took a long time to convince the custodians of the required information to release the information.
  4. State of Emergency – The state of emergency declared in IMO State on the 18th of May 2004 adversely affected this research. The IMO State House of Assembly, it will be recalled was also suspended during the period. Reaching out to the suspended members to participate in the research was difficult. Even where contacts were established eventually, completing the questionnaire was not seen to be of any immediate importance. Some of the lawmakers told me that their immediate concern was whether they would be reinstated. They eventually participated. Democratic structures were restored at the end of the state of emergency in November 2004. To God be the glory.
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SettingsTHE IMPACT OF FINANCIAL CONTROL INSTITUTIONS IN PROMOTING FINANCIAL ACCOUNTABILITY IN NIGERIA: A STUDY OF IMO STATE NIGERIA UNDER DEMOCRATIC REGIMES removeIMPACTS OF ACCOUNTING SYSTEM COMMON IN PUBLIC SECTOR, Nigeria removeEVALUATION OF CHALLENGES OF FINANCIAL MANAGEMENT IN NIGERIA LOCAL GOVERNMENT SYSTEM: A CASE STUDY OF IVO LOCAL GOVERNMENT COUNCIL OF EBONYI removeMARKETING OF BANKING SERVICES IN NIGERIA A STUDY OF FIRST BANK PLC removeIMPACT OF FINANCIAL INFORMATION ON THE PROFITABILITY OF BUSINESS ORGANIZATION IN NIGERIA removeThe Impact of product development on banks performance ( A Case study of first bank plc ) remove
NameTHE IMPACT OF FINANCIAL CONTROL INSTITUTIONS IN PROMOTING FINANCIAL ACCOUNTABILITY IN NIGERIA: A STUDY OF IMO STATE NIGERIA UNDER DEMOCRATIC REGIMES removeIMPACTS OF ACCOUNTING SYSTEM COMMON IN PUBLIC SECTOR, Nigeria removeEVALUATION OF CHALLENGES OF FINANCIAL MANAGEMENT IN NIGERIA LOCAL GOVERNMENT SYSTEM: A CASE STUDY OF IVO LOCAL GOVERNMENT COUNCIL OF EBONYI removeMARKETING OF BANKING SERVICES IN NIGERIA A STUDY OF FIRST BANK PLC removeIMPACT OF FINANCIAL INFORMATION ON THE PROFITABILITY OF BUSINESS ORGANIZATION IN NIGERIA removeThe Impact of product development on banks performance ( A Case study of first bank plc ) remove
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DescriptionABSTRACT This research is on The impact of financial control institutions in promoting financial accountability in the Nigeria: a study of Imo state under democratic regimes. Financial matters are so important that they receive constitutional recognition. To avoid abuse, the 1999 Constitution of the Federal Republic of Nigeria, provides a series of checks and balances over public finance by sharing financial responsibilities among the Executive, the legislature and the Office of the Auditor-General. The research sought to evaluate the effectiveness of the checks and balances on public finance in IMO State. The research also set out to recommend measures that will enhance the discharge of financial accountability. In this research, four hypotheses were formulated and tested. The primary data was obtained through the administration of questionnaires, interviews and actual observation. This was supplemented with secondary data. The technique of simple random sampling was used in the questionnaire administration. The population of the study was 386 out of which a sample of 160 was studied. The chi-square (x ) test statistics was used to test the four hypotheses. Percentage analysis was used to investigate issues considered relevant to this research but were not covered by the hypotheses. The findings of this research indicate that the public budget is not a significant instrument of legislative control over public finance in IMO State; the reliance of Auditor- General on the financial statements prepared by the Executive arm of government does not significantly influence his performance; the quality of legislative financial oversight has a significant effect on the State Auditor-General and qualification of State Treasury staff is independent of the number of financial records kept by them. The research shows that budgetary non-compliance is quite common. Infringements on financial rules and regulations are also common. The Public Accounts Committee of the State Legislature never met to consider the report of the Auditor- General between 1999 and 2003. The implications of these findings are that the legislature is unable to discharge its Constitutional responsibility using the public budget; the weakness of the legislature adversely affects the Auditor-General and poor financial record keeping is not solely attributed to the qualification of those who maintain them. The study recommends a balanced redistribution of financial powers among the Executive, the Legislature and the Auditor-General to promote the discharge of financial accountability in IMO State.ABSTRACT This project is on Evaluation of challenges of financial management in Nigeria local government system: A case study of Ivo local government council of Ebonyi. The third tier level of government in Nigeria is tier called Local Government.  it was established with the aim and the specific function to assist the higher s of government thus, the federal and state to bring effective rural development and good governance at the grassroots level. Both fiscal and physical evaluation of the performance and effectiveness of the third tier level of government carried out revealed that this tier of government has performed below expectation. This research work which is challenged of financial management in Nigeria local Government system: A case of Ivo local Government council of Ebonyi State was undertaken to anticipate and comprehensively entrench or discuss those inhibitive factors to proper financial management in Nigeria local Government system. It recommended that local Government council should adapt and put in place efficient financial management to maximize the utilization of the available scarce financial resources. This is necessary for good and fascinating infrastructural development and provision of social amenities which will in are way or the other promotes the living standard of the grassroots level.ABSTRACT This research is on Impact of financial information on the profitability of business organization in Nigeria. Basically aims at ascertaining how financial information reporting has helped in advancing the objectives of corporate organizations. In the process, it investigated the effected that financial information bear on the performance of a business. Furthermore, if sought to ascertain the compliance of relevant statues by corporate organizations and the overall satisfaction of stakeholders in a corporate organizations. The study obtained its data basically from primary and secondary sources. The primary sources of data collection employed were questionnaire, oral interview and observations, while the secondary sources of data included textbooks, journals. in the analysis of the data collected, the chi-square was used to analyze the responses gathered. The study revealed that a loot of problems were inherent in financial reporting ranging from non-disclosure of vital information, subjective judgments of prepares of the financial information and most times non-compliance to relevant statues. There were recommendations given such as strict compliance to the relevant statute were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure that the financial statements show a ?true and fair view and comply with the relevant statues at all times.
ContentTHE IMPACT OF FINANCIAL CONTROL INSTITUTIONS IN PROMOTING FINANCIAL ACCOUNTABILITY IN NIGERIA: A STUDY OF IMO STATE NIGERIA UNDER DEMOCRATIC REGIMES CHAPTER ONE INTRODUCTION 1.1 BACKGROUND TO THE STUDY Nigeria has been divided into six geo-political zones - South-South, South-West, South- East, North- East, North -West and North- Central. IMO State falls within the geo-political zone of North-Central. The State was first created as Benue-IMO in 1967. It later became IMO State with the creation of Benue State in 1976. Nassarawa State was also created out of IMO State in 1996. The Nigerian public sector consists of the governments at the Federal, States, Federal Capital Territory, Local Governments and all government parastatals. The public sector plays an important role in economic development. It provides services which the private sector may not be willing or able to provide. Chan (1988:15) argues thatthe public sector provides many essential services to society. It plays an essentially compensatory function; that is, it performs those functions that the market economy does not do efficiently or lacks the incentive to do at all. Musgrave and Musgrave (1976) classify these functions as;
  1. Resource Allocation: The provision of public goods and services.
  2. Income Distribution: The adjustment of the distribution of wealth or income in the society to conform to some principle of fairness.
  3. Stabilization: The use of fiscal policies to achieve high employment, price stability and economic growth.
In a Federal system like Nigeria, the different tiers of government perform these functions in varying degrees. Governments at all levels desire to deliver good governance to all their citizens. This is because “good governance is central to creating and sustaining an enabling environment for development” (Asselin, 1995:3). A strong link exists between economic development and good governance, and between good governance and fiscal transparency. The importance of good financial management in achieving the objectives of government has not lost its relevance. Because of this, the financial accountability of most countries is enshrined in the Constitution to facilitate the discharge of financial accountability. Oshisami and Dean (1984:36) remark thatin recognition of the importance of finance as a basis for political power, and the opportunities which absolute control offers for its abuse, power over finance is divided, the division being formally recognized constitutionally in virtually all countries Global practice shows that power over finance is shared between the Executive and the legislature and in some cases with an independent body - the Supreme Audit Institution. Has this Constitutional sharing of power over finance achieved the desired result? In view of the enormous responsibilities placed on government for the welfare of its citizens, the public sector needs a lot of resources. In pursuit of this, the government needs to put up a framework for the management and control of the public purse. The formalities established in relation to accounting and financial control support the process of governance
  • Financial Control
The term ‘control’ has long been recognized as one of the principles of management. Control exists in most human endeavors. Most authorities agree on what constitutes control. Lucey (1996:137) states that control is concerned ‘with the efficient use of resources to achieve a previously determined objective, or set of objectives, contained within a plan’. Similarly, Koontz, Donnel and Wiehrick (1980:81) define control as the measurement and correcting of activities of subordinates to assure that events conform to plans. Ekwonu (1996:35) states that control ‘is the measurement of the performance of the activities of subordinates in order to make sure that objectives and plans devised to attain them are being accomplished’. All these definitions point to the fact that control exists to ensure that organizational objectives are met through measurement of performance. The control process according to (Koontz et al 1980:722) involves three steps:
  1. Establishing standards
  2. Measuring performance against these standards and
  3. Correcting deviations from standards and plans
Finance occupies a special place in the conduct of government business. Public finance has been defined by Buhari (1993:66) as ‘a branch of economics concerned with the finance and economic activities of the public sector’. From these definitions, we can state that public finance not just deal with the ways government raises money, but also the manner such money is expended with the aim of achieving economic growth. In Nigeria, the Federal government raises money through the following major sources: Petroleum profit tax, Mining, Company income tax, Import duties, Export duties, Excise duties, Interest and repayment of loans granted by the government (Buhari, 1993:169). Others include; Education tax, Value added tax, Pay-as-you-earn, Fees and charges, Royalties, Rent of government property, Grants, aids and loans. The money raised through the above sources is expended on the following items: Administration, Infrastructural services, Productive services, Defense, Interest on internal and external loans, and Diplomatic missions (Buhari, 1993:168). In connection with government finance, we can identify two basic groups of control- administrative and financial control; the former referring to those techniques which have indirect bearing upon expenditure operation while the latter denote techniques of control relating to fiscal control. The emphasis of this study is on financial control. Financial control is a very important type of control in the management of government finance. Oshisami (1992:29) defines it as the process which ensures that financial resources are obtained at cost considered to be economical and utilized efficiently and effectively for the attainment of established objectives. A comprehensive definition of financial or fiscal control is given by Ekwonu (1996:33) as the sum total of the work, which guides, directs and interprets the budget cycle. It covers the activities of the Executive branch, involving finance and the ministries... the audit department and the legislature... In a democratic era, financial control may operate internally and externally. Within the Executive arm of government control by the finance ministry is internal while audit by the Auditor-General and legislative oversight constitute external control.
  • STATEMENT OF THE PROBLEM
Control of public finance is very important to public governance. That is why power over public finance is enshrined in the Nigerian Constitution. To promote financial accountability in IMO State, power over finance is shared between the Executive, Legislature and the Supreme Audit Institution or the Office of the Auditor General. Have these institutions been able to play the roles assigned to them? It is observed that there is the problem of non or partial implementation of the budget by the Executive arm of government in IMO State. The budget is the legislative instrument of control over public finance. Related to the issue just raised above, is the problem of spending without legislative authority. The checks and balances on public finance requires that the Executive cannot spend without legislative approval. Even where voted funds fall short of requirements, the spending agency must apply for supplementary appropriations provisions and obtain legislative approval for such additional expenditure before incurring them. It has been alleged that this requirement of the law is not usually followed. The Executive arm of government which implements budgets is required to ensure that expenditures are properly covered in the relevant Appropriation Acts. Funds are supposed to be apportioned to spending departments in line with the approved budget. It has been noted that public expenditure are frequently made on items not budgeted for, which of course means that such expenditure have no legislative approval. Once the budget has been approved, it is alleged that funds are shifted to purposes other than those for which they were meant. Limits of expenditure are imposed by the budget. However, spending agencies do not observe these limits when incurring expenditure. In the course of budget implementation, a vote book is maintained to ensure that approved budgetary limits are not exceeded. This aspect of expenditure control is often abused. We may ask, why should spending agencies not respect limits when incurring expenditure? With all these abuses, what has happened to the legislative oversight function? The performance of the Auditor General in IMO State has been called to question. It is alleged that the Auditor General is incapable of discharging the functions of his office which is constitutionally prescribed. If this is true, why? The IMO State Legislature is seen to be weak and unable to discharge its constitutional responsibility of exercising its power of financial oversight on the Executive arm of government. This problem is alleged to have adverse effects on the performance of the State Auditor General. Public financial control in IMO State also suffers from poor financial record keeping. Where financial records are poorly maintained, can the reliance of the Auditor General on these records adversely affect his performance? In addition, if it is true that financial records are poorly maintained in IMO State, is this a function of the qualification of those who keep these records? How do these problems listed above impact on financial accountability in IMO State?
  • Research Questions
The questions of this research are as follows:
  1. Is the Budget a significant instrument of Legislative control over public finance in IMO State?
  2. Are the rules and regulations governing the use of public funds being observed in IMO State?
  3. Does the quality of legislative financial oversight enhance the performance of State Auditors?
  4. Does the reliance of the Auditor-General on financial statements prepared by the Executive enhance his performance?
  5. Is there any relationship between educational/professional qualification and the number of financial records kept in IMO State?
  6. Do the formal institutions of financial control play their roles as spelt out by the Constitution?
  • OBJECTIVES OF THE STUDY
This research sets out to evaluate the role of the formal institutions of financial control over public finance in IMO State. Specifically the research has the following objectives:
  1. To evaluate the significance of the public budget as an instrument of legislative control over public finance in IMO State.
  2. To determine whether the reliance of the Auditor-General on the financial data supplied by the Executive enhances his audit work.
  3. To examine the quality of legislative oversight function on State Audit performance.
  4. To investigate the significance of the qualification of Treasury staff on the number of financial records kept.
  5. To recommend measures on how to improve financial accountability in IMO State.
  • HYPOTHESES OF STUDY
Hypothesis One Ho: The public budget is not a significant instrument of Legislative control over public finance in IMO State. H1: The public budget is a significant instrument of Legislative control over public finance in IMO State. RATIONALE/JUSTIFICATION The budget is an expression of legislative approval on how public funds should be disbursed. Budget implementation is used to judge the Executive’s conformance to this legislative approval. This hypothesis is formulated to find out whether or not the Executive complies significantly with Legislative approval during budget implementation. Hypothesis Two Ho: The performance of the Auditor-General is not significantly dependent on the financial statements prepared by the Executive arm of government. H1: The performance of the Auditor-General is significantly dependent on the financial statements prepared by the Executive arm of government. RATIONALE/JUSTIFICATION The Auditor-General is an agent of the Legislature. The Auditor-General has the duty of overseeing the management of public funds and the quality and credibility of governments’ reported financial data. The Auditor-General ensures that the budget is implemented according to legislative approval. This hypothesis will reveal whether or not the Auditor-General is able to exercise his duties inspite of his reliance on the financial statements prepared by the Executive. Hypothesis Three Ho: State Audit performance is not significantly dependent on the quality of legislative financial oversight. H1: State Audit performance is significantly dependent on the quality of legislative financial oversight. RATIONALE/JUSTIFICATION This hypothesis seeks to establish whether the quality of legislative oversight (through its public accounts committee) has any influence on State Audit work. Does the quality of legislative financial oversight influence the work of State Auditors? Hypothesis Four Ho:   There is no significant difference between the qualification of treasury operating staff and the number of financial records kept. H1:   There is significant difference between the qualification of treasury staff and the number of financial records kept. RATIONALE/JUSTIFICATION Where there is a culture of poor financial record keeping, no meaningful control can be exercised. Good financial record keeping is a necessary condition for the production of auditable financial statement. The aim of this hypothesis is to evaluate whether qualification has a significant effect on financial record keeping in IMO State.
  • SIGNIFICANCE OF THE RESEARCH
A research on the public sector, especially on financial control is very important. This research is significant in a number of ways. The research will assist financial policy makers in IMO State and indeed other States in Nigeria formulate policies that will promote financial accountability. The academic community will benefit tremendously from this research. Other researchers may use this research to investigate further issues on public finance control. The three formal institutions of financial control in IMO State, that is, the Executive, the Legislature and the Auditor General will discharge their financial responsibilities effectively if the recommendations of this research are implemented.
  • RESEARCH SCOPE
This research evaluates the role of the formal institutions of financial control over public finance under a democratic setting. This is because the institutions of financial control are fully operational only during democratic dispensations. The Legislature does not exist during military rule. The role of the informal institutions of financial control such as the media, the organised civil society and international donor agencies though important are not the immediate focus of this research. IMO State which is chosen as the case study is an old State - first created as Benue-IMO State in 1967. The State has witnessed flashes of democratic rule from 1979 to date. The research period covers years under democratic regimes. These are 1979­1983; 1991-1992; and 1999-2003. The research period covers ten years of democratic rule. The broken periods are periods of military rule. The research covers only ministries. Parastatals are excluded because the 1999 Constitution S. 85 (3) does not authorize the Auditor-General to audit or appoint external auditors for government parastatals. Local governments are also excluded since they are guided by a different financial rule called the financial memoranda.
  • RESEARCH LIMITATIONS
A number of limitations were encountered in this research. The major ones included:
  1. Literature Review - Getting materials for literature review was difficult - An extensive search for literature took over one year. The cost incurred in obtaining the relevant materials was also enormous.
  2. Questionnaire Administration - During the main research, we had to deal with an enlarged number of participants in the research. Since the questions were randomly administered, many of the participants were seeing the questions for the first time. Many of them felt that participating in this research would amount to “leaking of government secret”. They were visibly uncomfortable - that was even in spite of assurances given by research assistants that the information required was strictly for research purposes. Some of them asked for time to make up their minds as to whether to complete the questionnaires. For this category of respondents, research assistants had to plead and make repeated visits before the questionnaires were completed and returned.
  3. Secondary Data Collection - Getting information on public sector activity is difficult. But it is even more difficult getting information on financial activities. Information that is supposed to be publicly available is treated as confidential. Enquiries for financial information are viewed with suspicion. A very high official must authorize the release of such financial information. But getting such an official to authorize the release of the information is pretty difficult. The research assistants were suspected to be agents of opposing political parties. They were thus to be kept at arms’ length. It took a long time to convince the custodians of the required information to release the information.
  4. State of Emergency - The state of emergency declared in IMO State on the 18th of May 2004 adversely affected this research. The IMO State House of Assembly, it will be recalled was also suspended during the period. Reaching out to the suspended members to participate in the research was difficult. Even where contacts were established eventually, completing the questionnaire was not seen to be of any immediate importance. Some of the lawmakers told me that their immediate concern was whether they would be reinstated. They eventually participated. Democratic structures were restored at the end of the state of emergency in November 2004. To God be the glory.
CHAPTER ONE 1.0 INTRODUCTION 1.1 BACKGROUND OF THE STUDY This study is on Impacts of accounting system common in public sector. History has it that the concept of accountability of public funds dates backs to the history of ancient Greece. As old as theory is, it would not be enormous to say that the idea has been equally lost to antiquity although not much is known about it, this makes the subject, government accounting to remain a myth. Accounting in the public sector has received such a wide attention from scholars that the field of public sector accounting scans to be neglected. However, there is general awareness all over the world of the need to pay greater attention to the development of government accounting and financial control. The reason is obvious, government, in most, if not all nations constitute the largest single business entity in many places, the core of the economy. Government in any society is basically for maintaining law and order. With changes and the complete nature of the society, government responsibility has automatically changed from the role of maintaining law and order to business like nature in the modern era. The enormous activities of government, equally call for enlarged government accounting in order to accommodate the immense task. As a result of this development, the traditional cash procedures of accounting can hardly meet the demands of reasonable accounting for modern government in providing necessary services or information. Therefore, there is need for government accounting to be dynamic in order to accommodate both the fundamental roles and the developments. Government accounting is the process of recording, analyzing, classifying, summarizing, communicating and interpreting financial information about government in aggregate and in detail, reflecting all transactions involving the receipts, transfer and disposition of government funds and property. The purpose are to demonstrate the propriety of transactions and their conformity with established rules to give evidence of accountability for the stewardship of government resources and to provide useful information for the good control and efficient management of government operation. Financial management in the public services as can be observed has failed to encourage and promote the efficient utilization of public funds or serve as effective basis for planning and decision making as well as to ensure proper accountability. Besides, it does not mean that financial irregularities being detected in public sector at large is basically based on traditional cash procedure of accounting but it does arouse a question whether the modern system of accounting will make both modern management and financial management viable. 1.2 STATEMENT OF THE PROBLEM The problem of this research is to identify these weaknesses and limitations inherent in the cash accounting system of the public sector (in relation to the accounting system of the sample ministry). This is with a view to propose means of eliminating them completely or at least reducing them to the barest minimum. Put in question form, what are those weaknesses and limitation that militates against adequate and efficient accounting system and financial reporting in the public sector and how can they be eliminated? Some of these problem witnessed in the public sector includes: the lack of accountability and abuse of delegated authority by the officers in authority, fraud and misappropriation of government funds, as well as lack of expertise and business acumen on the part of those officers. Due to the fact that government operation have been termed ?Non-profit oriented operations?, there is no pressure on the part of these government officers to perform up to optimum expectation, accounts are kept in messy shape while the officers get away with lack of proper accountability. This research is carried out in order to examine the extent to which proper accounts are being kept in the public sector and to offer solution to the inherent problem discovered. The Enugu State Ministry of Finance and Economic Development is used as a sample ministry for this research work. 1.3 OBJECTIVES OF THE STUDY The objectives of this research work/study include the following: - To determine the extent to which the sample Ministry has installed an accounting system. - To determine the factors that promote or constrain the accounting system of the sample ministry. - To determine the impact of the accounting procedures of the sample ministry upon its financial reporting. - To make recommendations based on my findings. 1.4 IMPORTANCE OF THE STUDY This research paper is intended to examine the accounting system common in public sector with a view to exposing and highlighting the inherent limitations in the system. Therefore, the research paper will be of interest and useful to the general publics, the government as well as the governed. Government entrust public funds in the hands of its officials hence government reporting has traditionally stressed stewardship. Original accounting emphasis has been directed towards measuring the public funds generated and expended by the government programme or activities. The traditional reporting approach is filled with many weaknesses of which it is hoped that this study will make useful recommendation on how to improve upon the accountability and financial reporting system of the government. The duty to report all its financial activities to the general public is a debt that government must pay. Such report will enable the people know how public funds entrusted in the hands of the government have been utilized, this type of report is very sensitive and useful to the public but very few of them (the public) can understand it. This study will serve as a useful medium to such member of the public who find government financial reporting very ambiguous and hard to understand. In many institution of higher learning the accounting curriculum offered is tailored specifically to provide students with an understanding of financial reporting as it relates to profit oriented enterprises. For this purpose, students are frequently surprised to discover that the basic framework of financial accounting is significantly altered when the profit motive is removed. Though the accounting terminology may initially appear to resemble foreign language to all students of accountancy, and related professions who always depraved of knowledge of accounting system of the public sector, this study will be very useful. Moreover, potential researcher in this aspect of accounting will find this research paper a very reliable reference base. 1.5 RESEARCH QUESTIONS Three dominant questions being reviewed by this research include;
  • Is the accountancy/accounting system in the public sector effective and adequate?
  • Does the accounting system in the public sector provide for proper financial control and accountability of stewardship?
  • Does the accounting system in the public sector provide useful information for the effective control and management of government operations?
1.6 SCOPE AND LIMITATION OF THE STUDY As the research topic would suggest at a glance, the scope of this, is essentially focused on the accounting system of the sample ministry as a general overview sample study of the accounting in the public sector. Therefore, this study will look into the nature of the accounting system of the sample ministry; how the system operates, the relevance of the system to the environment, problems and prospects of the system. 1.7 LIMITATION - Scarcity of material: This aspect of accountancy (as pointed out above) has received very little attention from scholars despite its long historical age. Consequently, there are few literary publication on the student; the researcher was therefore limited to reviewing few literature which are mostly in origin, through relevant to the study. - Bureaucracy: Government establishment are well known for maintaining utmost screening as regards their operations, more so, where it is a study that concerns their financial operation the researcher found it difficult to obtain material relating to the study (that is literature) and some officials who have been very elusive and uncooperative. More so the bureaucracy and protocol the research went through to obtain material and an appointment has been very discouraging. Due to all this constrains, the researcher cannot say for certain whether the study has covered very rutty gritty of the sample ministry as regards its accounting systems and procedures, but one thing is certain, enough materials have been gathered to help express an opinion as to the operative of the sample ministry. Apart from the above listed limitations witnessed by this researcher is time constraint. This is a major limiting factor as the time between approval of the study and the deadline for submission was very short. The researcher relied heavily on the good will of the research supervisor because he understands my plight. Again lack of sufficient funds to conduct an extensive study was another handicap. This was part of the reason why I had to limit my work to fewer staffs than was earlier planned. 1.6 DEFINITION OF TERMS Every field, discipline or profession has its terminology. Therefore, government accounting can never be an exception. In order to ensure easy understanding by the users of this work in relation to government accounting which are extensively applicable in public sector and or which have different meaning from private sector interpretation and usage are here by define below: (1) Accounting Entity: Clearly defined economic unit which (a) Engages in identifiable economic activities (b) Controls economic resources (for which accounting records are maintained and periodic financial statement is prepared. (c) is distinct from the personal dealings of its owners or employees. To ensure that the fundamental accounting equation always refers to the same distinct entity the boundaries of the unit, once established, must not be managed arbitrarily also called reporting entity. Accounting entity is in the accounting and auditing, banking, commerce and finance and corporate, commercial and general law subjects. Accounting entity appears in the definition of the following terms; accounting change, reporting entity, combination, fund and accounting policies.		EVALUATION OF CHALLENGES OF FINANCIAL MANAGEMENT IN NIGERIA LOCAL GOVERNMENT SYSTEM: A CASE STUDY OF IVO LOCAL GOVERNMENT COUNCIL OF EBONYI CHAPTER ONE INTRODUCTION 1.1 BACKGROUND OF THE STUDY This project is on Evaluation of challenges of financial management in Nigeria local government system: A case study of Ivo local government council of Ebonyi. According to aborisade, (2003) in his write up defined or state that financial management in any local government involves the inflows of payment, it can also be said to be the art of raising and spending money which is ever prominent facts to any local government. Financial management in any local government system is like a vehicle as whole with many parts, that when one part of it most especially the engine part is not properly perfectly maintained and guild not strictly adhered to can cause damage to the vehicle thereby and therefore affectively the various other part and will prevent the vehicle from functioning, in relate to our topic which will prevent the local government even organization from performing it’s function. Part of the responsibilities of local government is to ensure efficient service delivery to the people, and for any organization to deliver it’s function efficiently, huge amount of money is needed and efficiently financial management must be adopted. This therefore, follows Orewa, G.O (1991) whom states that finance must be handled with care and disturbed according financial regulation. The ideal is to analyze the efforts, made by the council to regenerate funds internally to supplement those from the state and federal source and finally make recommendation on some possible course of action that will enhance improving the situation. It is said that resources are limited want are uncountable. The same thing can be said of any government, be it rid federal is appreciated that the place of financial accountabilities can be recognized fully in attaining other objective of local government. Again, the issue of participatory democracy can not be consolidated fully in financial management is not well studied. The masses are represented by representatives since it is not possible for all to be in government. The only way the masses participate in government is any time their representatives are called to give account of their stewardship. The highest stewardship is financial accountability. This is necessary because governments are established to bring good welfare to the citizen. So, the stewards are always made to do this to those they are representing i.e. the masses. Finance is the backbone of any functional organization depends on the effectiveness of management of its finance to achieve the aims and objective of establishing such organization. If finance is well managed in our local government then there is no doubt that the organization will not attain it goal and objectives. The reverse is the case when there is mismanagement of finance in the local government. Lack of funds which are experienced in the local government are caused by such function such as those posed by depressed state of the nations economy. Management has to do with the aggregation of planning, organization, staffing, directing, leading and controlling. According to Pendey (1996) financial management is that management activity which concerned with the planning and controlling of firms financial resources, for the attainment of sound financial management in any organization, the functions of financial management must be well executed. This research work therefore focuses on the challenges facing financial management in Nigeria local government, which our case study will focus on local government council in Ebonyi State. Also, the importance of finance in Nigeria local government system cannot be over took, because of its contribution to the growth and development of any functioning organization which Nigeria local government is one of them. 1.2 STATEMENT OF THE PROBLEM     This study has been undertaking in order to identify and analyzed the low internally generated revenue and the challenges that hinder efficient and effective management of the council’s financial resources. This research tends to solve the following problems;
  1. To find out what was responsible for mismanagement of local government finance.
  2. To know those who are involved in the mismanagement of the local government finance.
  3. To know whether enough revenue is appropriated in the local council.
  4. To design strategies that will ensure proper accountability in the council.
1.3    RESEARCH  QUESTION.
  1. What challenges inhibit the effective and efficient management of local government Finance?
  2. What are the main sources of revenue generation in local government council in Nigeria?
  3. What the consequences of financial mismanagement in local government administration.
1.4        OBEJECTVE OF THE STUDY The following shall constitute the objective of the study.
  1. To identify the problems or challenges that inhibits the financial management of ivo local government of Ebonyi state.
  2. To examine and expose the prevailing consequences of financial mismanagement in Nigeria local government.
  3. To determine source ivo local government generate its funds, in order to carry out it local responsibilities.
1.5    SIGNIFICANCE OF THE STUDY.
  1. To stimulate further research.
  2. To help policy makers.
  3. It serves as literature to the general public.
  4. Finally, this study is a great importance to local government workers as it is going to bring their activities into time light through showing some areas of defects and strength.
    1.6          SCOPE OF THE STUDY. The study was restricted to Ivo local government area. However, the study looked at the various   source of financing in the local government system in Ebonyi state in particular and Nigeria in general. 1.7         LIMITATION OF THE STUDY In the course of conducting this research work, a lot of constraints were encounter. The problem of procuring accurate, relevant and current data, constituted the major constraints that affected the study. 1.8 DEFINITION OF TERMS Our definition of terms will focus on local government, finance, management, financial management, challenges and local government.
  • LOCAL: This is relating to the particular area you line in.
  • GOVERNMENT: This is a large societies special institution for making and enforcing collective decision.
  • LOCAL GOVERNMENT: This is the government of smaller units within nations or state mostly at the level of the country, town or district.
  • FINANCE: This is a term applied to purchase and sales of legal instrument that give owners specified right to a series of future cash flows.
  • MANAGEMENT: This is defined as the process of combining and utilizing allocation organization inputs(men, material and money) by planning, organization, directing and controlling for the purpose of producing outputs(goods and services) deseired organizational objective or accomplished.
  • FINANCIAL MANAGEMENT: This is that fact of management which is concerned mainly with raising funds in most economic and suitable manner.
MARKETING OF BANKING SERVICES IN NIGERIA A STUDY OF FIRST BANK PLC CHAPTER ONE 1.0     INTRODUCTION 1.1     BACKGROUND OF THE STUDY This project is on Marketing of banking services in Nigeria a study of first bank plc. A bank is a financial institution licensed by a government. Its primary activities include borrowing and lending money. Banks no longer restricted themselves to traditional banking activities, but explored newer avenues to increase business and capture new market. Grönroos., (1990)
  • In the 1990s, greater emphasis being placed on technology and innovation.
  • New concept like personal banking, retail banking, total branch automation, etc. were introduced
Banks’ activities can be divided into retail banking, dealing directly with individuals and small businesses: business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to high network individuals and families: and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profit organizations. Marketing approach in banking sector had taken significance after 1950 in western countries and then after 1980 in Turkey. New banking perceptiveness oriented toward market had influenced banks to create new market. Banks had started to perform marketing and planning techniques in banking in order to be able to offer their new services efficiently. Marketing scope in banking sector should be considered under the service marketing framework, Performed marketing strategy is the case which is determination of the place of financial institutions on customers’ mind. Bank marketing does not only include service selling of the bank but also is the function which gets personality and image for bank on its customers’ mind. On the other hand, financial marketing is the function which relates uncongenitalies, differences and non similar applications between financial institutions and judgement standards of their customers. The reasons for marketing scope to have importance in banking and for banks to interest in marketing subject can be arranged as: Change in demographic structure: Differentiation of population in the number and composition affect quality and attribute of customer who benefits from banking services. Intense competition in financial service sector: The competition became intense due to the growing international banking perceptiveness and recently being non limiting for new enterprises in the sector. Increase in liberalization of interest rates has intensified the competition. Bank’s wish for increasing profit: Banks have to increase their profits to create new markets, to protect and develop their market shares and to survive on the basis of intense competition and demographic chance levels. 1.2     HISTORICAL BACKGROUND OF FIRST BANK NIG. PLC. First Bank is one of the oldest financial institutions in Nigeria and was the first bank to be established in West Africa. The bank was incorporated as a limited liability company in March 1894 and was listed on The Nigerian Stock Exchange in March 1971. Following the Central Bank of Nigeria’s (“CBN”). induced industry-wide consolidation in 2005, the bank acquired its merchant banking subsidiary. FBN (Merchant Bankers) Limited and MBC International Bank Plc. The bank offers a wide array of financial services to a diverse customer base through its local and offshore offices, including 465 branch offices country wide and 532 ATM’s. In addition to growing organically through new products and branch development, other viable domestic acquisitions are being explored. The intention is to extend the branch network to 600 by the end of 2008. 1.3     STATEMENT OF THE PROBLEM Primarily, Banks are regarded as only interested in loan and saving and other related transaction but it is quite certain that beyond that, banks do engages themselves in marketing activities. To this effect, the problem of this research work is to know the extents and ways in which the banks carry out their marketing serving such as making use of E-banking, Core - Banking, corporate banking, Mobile banking, Plastic money. NRI banking etc in carrying out their marketing services. 1.4     OBJECTIVES OF THE STUDY The aim of this research work is to analyze the marketing of banking services and the means in which the services are rendered by the banks. It will go a long way to unveil the new innovative method of marketing services used by banking sector such as E-banking, Core - Banking, corporate banking, Mobile banking. Plastic money. NRI banking etc., it will also investigate into the use of Marketing mix of banking sector in marketing services which involve the analysis of the Banks Products, Price, Pricing, Place, Promotion, Process, Physical evidence. To examine the level of market service delivery in First Bank plc. Owerri in relation to Information Technology (IT) innovations To examine the employees’ perception of the effects of IT innovations on market service delivery in First Bank plc. Owerri 1.5     SIGNIFICANCE OF THE STUDY This work though will be carried out in reference First Bank PLC, the findings can be significantly applied to the banking industries at large. The essence of investigating into the role of marketing of banking services is to objectively unveil to improvement it has made in the banking industries in regard to the banking services delivery. 1.6     RESEARCH QUESTION In order to achieve it aims, these project will try to offer answers to the following questions:
  1. Has the marketing of banking services in the banking industries improved the banking Industries?
  2. To what extent have the E-banking helped in marketing of banking services
  3. Is the use of Core - Banking still in existence?
  4. Is corporate banking necessary in service delivery’?
These and more are the questions this research work has set out to solve. 1.7     RESEARCH HYPOTHESES For a clearer understanding of the research work and validation of information gotten for the purpose of this research, some hypothetical statement was formulated which will be tested later in chapter four (4). The hypotheses comprise of two: Null hypothesis (H0­) and Alternate hypothesis (Hi). the null hypothesis is bound for rejection if the calculated value is greater than the observed value. Hypothesis I Ho: The use of New innovative method of marketing services in the marketing of banking has not contributed to the improvement of the services delivery in first bank plc. Hi:     The use of New innovative method of marketing services in the marketing of banking has contributed to the improvement of the services delivery in first bank plc. Hypothesis II H0:     The application of marketing Mix strategies has not enhanced the quality of service delivery and customer satisfaction in first bank Nigeria plc. Hi:     The application of marketing Mix strategies has enhanced the quality of service delivery and customer satisfaction in first bank Nigeria plc. 1.8     SCOPE OF THE STUDY This study concentrated on First Bank PLC and it does not in totality analyzed the functionality of the bank but limits it self on the marketing of banking services. This study therefore examines the role the marketing of banking services ,a enhancing the marketing of banking services. Considering these factor the data and response to the questionnaire were limited to staff and customers of First Bank PLC Owerri.  1.9     DEFINITION OF TERMS MARKETING According to the Oxford Advanced Learner’s dictionary, marketing is the activity of presenting, advertising and selling an organizational products or services in the best possible way. BANKING SERVICES: Banking services can be seen as those business transactions and services the banks carries out among them and their customers to generate income for the banks and to serve the bank’s need. E-BANKING: The remote deliver of new and traditional banking products and services through electronic delivery channels. (FFIECJ). E-banking is an abbreviation for electronic banking. E-banking allows you to conduct bank transactions online, instead of finding a bank and interacting with a teller. Most U.S. banks offer E-banking, though the extent of the services may vary. For instance, some banks may offer unlimited bill pay options while others restrict online activity. CORE BANKING: Core Banking is normally defined as the business conducted by a banking institution with its retail and small business customers. Many banks treat the retail customers as their core banking customers, and have a separate line of business to manage small businesses. Larger businesses are managed via the corporate banking division of the institution. Core banking basically is depositing and lending of money. COOPERATE AND INVESTMENT BANKING: Corporate & Investment banking is a term used to describe a range of banking and investment products and services delivered to corporate clients, financial institutions, governments, agencies and, in some cases, to wealthy or ‘high-net-worth’ individuals and families, MOBILE BANKING: Mobile banking (also known as M-Banking, SMS Banking etc.) is a term used for performing balance checks, account transactions, payments etc. via a mobile device such as a mobile phone or Personal Digital Assistant (PDA). PLASTIC MONEY: Generic term for all types of bank cards, credit cards, debit cards, smart cards, etc.		IMPACT OF FINANCIAL INFORMATION ON THE PROFITABILITY OF BUSINESS ORGANIZATION IN NIGERIA CHAPTER ONE INTRODUCTION  Background of the Study This research is on Impact of financial information on the profitability of business organization in Nigeria. The impact of financial information on the profitability of a business organization is becoming more apparent to user groups of a financial statement. Information is a not an exact science neither are business operations without some subjective and judgmental errors when it comes to reporting them. A financial reporting therefore is a document statement which informs the various interest groups to a business on the operations and performance of their business in a period under review its present state of affairs as well as its anticipated future, in accordance with the statutes. If a financial report is to service its purpose it ought to be characterized by the following;
  1. Relevance
  2. Understandability
  3. Reliability
  4. Completeness
  5. Objectivity
  6. Timeliness
In the information process of an organization is to provide the information required to prepare a financial report which shall have the above characteristics then the transaction doing the period must be recorded prompt by and accurately and interpreted in conformity with the Generally Accepted Information Principles (GAAP), Statements of Information Standard Board (NASB), International Information Standard committee and the companies and Allied Matters Act cop LFN (CAMA). Financial information reporting become necessary with the obvious need for accountability of stewardship from the managers to whom investors entrusted their financial resources. The Railway age in the UK. Occurred between 1830 to 1870 and for the first time the world same the emergence of multimillion corporations with large numbers of shareholders. It was a period of disorder but it brought the basis for the present day system of corporate financial report. Financial reporting is a duty of stewardship assigned to the directors of a company by section 334 of the company and Allied Matters Act Cap L20 LFN, equally the mandatory responsibility of companies to keep information records derives its strength from section 331 and 382 of the same act. These sections explicitly defined the necessary content and manner in which financial records should be kept. 1.2 STATEMENT OF THE PROBLEM The study “The impact of Financial information on the profitability of business organization” aims at investigating the financial reports of selected companies in Enugu State with a view to determine the following ;
  1. The extent to which a standard financial report contributes to or detracts from the growth of a business organization.
  2. The extent to which the financial reports of corporate business organization comply with statutory provisions.
  3. The uniformity and conflict which exist in the financial reporting regulations given the multiplicity of regulators.
Therefore, bused on the above statements, the researcher shall investigate the financial information reporting standards and every regulation their bear on the financial statement and to the extent the selected company (s) has either complied with or disobeyed the relevant statutes. 1.3 OBJECTIVES OF THE STUDY  The objectives of this study are to critically examine the financial reports of the selected company and to probe into the fundamental for their preparation as well as its presentation with a view to determining:
  1. The adequacy of the basis and the fundamental that guides its preparation.
  2. The degree to which the financial report meets the needs of its various users.
  3. The extent to which the financial report conform to the established standard.
  4. The influence that financial report has on business performance.
  5. Finally, to present suggestions and recommendations based on my findings.
1.4 RESEARCH QUESTIONS In order to determine the impact of financial reporting on the corporate performance of business organizations, it is pertinent to test the following question;
  1. Does the information disclosed in the financial statements adequate to support good decision making?
  2. Does the disclosure requirement of the statutes affect corporate performance positively or negatively?
  3. Do companies comply strictly with the regulation?
  4. Does the financial report meet the needs of the various users?
This study will offer solutions to ones raised it is my believe that the result of these finding will go a long why to helping researchers in this area of study, it will also enhance the understanding of the structure of published reports and accounts by the users. The various users groups of the published financial report have their benefits from this study as follows:
  1. The Potential Investors: These are groups who are interested in committing their financial resources to the buying of the company’s shares. These set of people will benefit from this study as the result of this study still arm them with the necessary tools with which to evaluate the financial report of a corporate organization as it affects them.
  2. The General Public: This group shall benefit from this report by the knowledge that the business organization exists for them and not against them, as such has to live up to its full responsibilities.
  3. The Regulators of Financial information Report: This group includes the Nigerian Information Standard Board (NASB), the companies and Allied Matters Act 2004 Cap (20 LFN (CAMA) the Banking and Other Financial Institutions Act of 1991 (BOFIA), prudential guidelines for licensed Banks. The Insurance Act 2003. The study will help them to standardize and harmonize their operations.
  4. The Employee Group Including Existing: Potential and past employees.
  5. The Government Including Tax Authorities Department who have Interest in the Financial Reports of Companies: The result of this work shall be of immense assistance to each to these user groups in the advancement of their interest.
1.5 RESEARCH HYPOTHESES The following null and alternative hypothesis shall be tested in this research works:
  1. H0: The information provided in financial statements is not adequate to support good decision making.
Hi: The information provided in financial statements is not adequate to support good decision making.
  1. H0: The disclosure requirements of statements do not affect corporate performance positively.
Hi: The disclosure requirements of statements do not affect corporate performance positively.
  1. H0: corporate organizations do not comply strictly to the statutory regulations.
Hi: corporate organizations do not comply strictly to the statutory regulations.
  1. H0: Financial reports do not meet the needs of the various users of financial information.
Hi: financial reports do not meet the needs of the various users of financial information. 1.6 SIGNIFICANCE OF THE STUDY This study is a very important one and most significant at this period of economic situation which has witnessed the collapse of giant corporate with impressive profit and loss accounts and balance sheet statement, because the financial report serves is a “prima facie” evidence on the state of attains of such companies as well as its performance and could be relied upon as a certificate because it had the auditors certification, financial reporting could be done with every serious business, utmost good faith and diligence. 1.7 SCOPE OF THE STUDY This study could have covered the impact of financial information reporting on corporate performance of all the sectors of the Nigerian economy but due to the challenges of such a task especially the financial resources with which to execute it, it is limited to braving industry. The study used the Nigerian Breweries plc, Enugu. 1.8 LIMITATIONS OF THE STUDY The limitations encountered by the researcher of this work are given as follows:
  1. The confidential nature of financial information information in the business organization posed as a problem to this business organization posed as a problem to this study.
  2. The researcher was unable to reach all the members of the sample as a result of their frequent travels and busy schedule.
  3. The sample used in the research though representative but it is relatively small compared to the population, as a result of lack of financial with which to carry out the research on a greater sample.
1.9 DEFINITION OF TERMS Auditor: A person who is qualified to examine the accounts of an organization to see that they are in order. 17 Balance Sheet: A business as at a specified date. Bank: A financial institution whose responsibilities among others is to keep deposits for their client and customers. Government: An institution of the state whose responsibility is to maintain law and order in the society. Prima facie: Sufficient to establish something legally until disprove later. Researcher: An enquiring basically concerned with search knowledge.		The Impact of product development on banks performance ( A Case study of first bank plc ) The need for this study being the impact of product development on bank performance was to determine the rate at which the performance of this product is helping the economic development an growth in the banking industry in the terms of employment and amended in 1997. The public became aware of the importance especially through the introduction of privatization and the N25 billion capital bases for banks. There is no gainsaying therefore that the Nigerian capital market has come a long way to stay as the powerhouse for mobilizing and allocating long-term capital funds for commerce and industry.
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