Although the years since nigeria s return to civilian rule in 1999 have seen an increased interest in its history and politics, nigeria remains one of the most underresearched african countries. Theoretical framework this study is anchored on the following theories. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. The governor of central bank of nigeria, professor charles soludo in defense of the new capital base of n25billion and consolidation by merger and acquisition did analysis of the position of the government of the federal republic of nigeria and their reform programme to have a banking system that will be a strong bedrock for economic building. Brief history of nysc with a view to the proper encouragement and development of common ties among the youths of nigeria and the promotion of national unity. An independence movement gained nigerias independence on october 1, 1960. Folake eliasadebowale is a corporate partner and head of the firms private equity and oil and gas teams.
Todays uba emerged from the merger of the dynamic and fast growing standard trust bank, incorporated in 1990 and uba, one of the biggest and oldest banks in nigeria. Nigeria joined the ranks of oil producers in 1958 when its first oil field came on stream producing 5,100 bpd. Pursuant to the provisions of the isa, the key regulator for merger and acquisition is the securities and exchange commission sec rules. Neighboring countries include benin, cameroon, chad, and niger. Brief history of nigeria from 1960 till date oasdom. Mechanics of mergers, acquisitions, workshop, 2005 created date. It operates the presidential system of government with three distinct but complementary arms namely the executive, the legislature and the judiciary, each acting as a check on. The company, with the availability of sufficient funds, was able to purchase a printing plant sufficient to set up a printing house capable of publishing the nigerian. Nigeria has a lot of historic empires and cultures compared to other countries in africa. Doc mergers and acquisitions in nigeria chukwuemeka. The effects of mergers and acquisition on corporate. Political leadership and corruption in nigeria since 1960. Against this background this study seeks to examine the performance of the nigeria banking sector in the pre and postmerger and acquisition periods in order to ascertain whether or not the exercise led to significant difference in the performance of the banking sector between the periods.
The history of cbn dates back to the g paton report of 1892 1952, there was an enquiry by the then colonial administration to investigate banking practice in nigeria. First, the spread of islam began a millennium ago, predominantly in the north but later on extended to southwestern nigeria. The case of nigeria fienekiegha randolph iwo brown submitted to the institute of graduate studies and research in partial fulfillment of the requirements for the degree of master of science in banking and finance eastern mediterranean university february, 2014. If the merger is approved by the sec, the parties can apply to the court nigerias federal high court for the merger to be sanctioned after which, the merger will become binding on the companies in question. Get a printable copy pdf file of the complete article 257k, or click on a page image below to browse page by page. A total of ten incorporated banks were selected using simple random sampling technique. Acquirer acquirer acquirer scenario identity acquirer target new identity. A history of identities, violence, and stability in nigeria. Until 1914, britain governs over nigeria through indirect rule, using local leaders. The former biafra regions are reintegrated into nigeria following a surrender by biafras leaders. A landmark in the history of printing in nigeria was made with the inauguration of the nigerian printing and publishing company in 1925 to publish the nigerian daily times.
In october 1963, nigeria altered its relationship with the united kingdom by proclaiming itself a federal republic and promulgating a new constitution. Post merger and acquisition and performance of deposit money banks in nigeria imeokparia, lawrence ph. First, the spread of islam, predominantly in the north but later in southwestern nigeria as well, began a. Labour unions and the transformation of the nigerian civil. Truth is colonialism plays a big role in the history of nigerias economy. The opening up of the early printing industry in nigeria. Its seven most populous cities each house more than one million people, and about one out of two west africans is from nigeria. Under the constitution, each of the three regions retained a substantial measure of selfgovernment.
They date back as far as the 5th century bc, when communities living around the southern slopes of the jos plateau make wonderfully expressive terracotta figures in a tradition known now as the nok culture, from the nigerian village where these. Nigeria is the most populous cou ntry in africa, the second biggest economy, the third largest military power and the biggest oil producer 10th oil producer in the world. Several dominant themes in nigerian history are essential for understanding contemporary nigerian politics and society. In may 1999, the former junta head olusegun obasanjo 1976 to 1979 took office as elected president. Merger oa merger is the combination of two or more separate firms into a single firm xthe firm so formed can take any of the new identities. In the south the yoruba kingdom of the oyo developed around 1400. Oil production in nigeria is cut in half as a result of strikes and militant attacks on oil pipelines. The geography ranges from southern coastal swamps to tropical forests, woodlands, grasslands, and semidesert in the north. Since then there have been increased discussion and awareness on merger and acquisitions in nigeria. The effect of merger and acquisition on the performance of. Nigeria contains more historic cultures and empires than any other other nation in africa.
To do this, premerger and post merger financial statements of two. This paper evaluates the impact of mergers and acquisitions on performance of banks in nigeria. Churches, mosques, markets, schools, homes and the highway, all are susceptible to this menace. Geography nigeria is the most populous country in africa and accounts for over half of west africas population. A businessman by the name adeshigbin inaugurated his tikatore press in 1910. Over history several kingdoms and societies have developed in the land of nigeria. Umoren and olokoyo 2007 studied merger and acquisition in nigeria. In nigeria, merger and acquisitions remain few and unpopular. Post merger and acquisition and performance of deposit money. National interest and national development in nigeria. Following the history of labour crises and agitations in nigeria, it is imperative to draw the attention of labour unions to the need to make efforts in curbing the persistent poverty of public service delivery which has culminated into the failure of various administrations in nigeria. The methodology used is a survey of companies incorporated in nigeria under the companies and allied matters act 1990, which have undergone a merger or an acquisition process. Nigeria gained full independence in october 1960, as a federation of three regions northern, western, and eastern under a constitution that provided for a parliamentary form of government.
Nigeria witnessed an unprecedented wave of mergers and acquisitions in its banking sector in the post1995 and 2009 periods as a result of regulatory mandates issued by the central bank of nigeria, aimed at strengthening the capital base of nigerian banks. Introduction nigeria is usually characterised as a deeply divided state in which major political issues are vigorously some would say violently contested along the lines of the complex. See concise details of gentle and humble nigerian hero. By examining key themes such as colonialism, religion, slavery, nationalism, and the economy, the authors show how nigerias history has been swayed by the. History of nigerias economy dated back to before independence on october 1960. There were very promising signs about nigerias economy after the country gained independence from britain. The history of nigeria can be traced to prehistoric settlers nigerians living in the area as early as 1100 bc. Brief history of nigeria from 1960 till date pdf finally, the agitated freedom was bagged from the british rule. Parties to a small merger may voluntarily notify the sec of the merger at any time. History of the nigerian petroleum industry oil was discovered in nigeria in 1956 at oloibiri in the niger delta after half a century of exploration. The act also provided that the central bank is the. The history of nigeria before independence in order to understand the current nigerian politics and society, three dominant characteristics need to be taken into account. Islam reached nigeria through the borno empire between 1068 ad and hausa states. Tafawa balewa, a hero of nigeria, rose from poor background and became prime minister of nigeria.
The oyo expanded over the next several centuries to cover much of the southwest area. Apr 14, 2020 brief history of nysc with a view to the proper encouragement and development of common ties among the youths of nigeria and the promotion of national unity. In a situation such as this, national interest does have a negative contribution to national development. Notification is mandatory for acquisitions involving companies with assets or turnover of n500,000,000 and above which do not qualify for the exemptions referred to in 1. The abductees and their families are traumatised by the ordeal of kidnapping. The participation of business people and organizations who saw the great potentials in nigeria s emerging and burgeoning printing industry took the industry to great heights. The term national interest is characterized with inconsistency. The effect of merger and acquisition on the performance of banks in nigeria ajayi lawrence boboye obisesan oluwaseun grace department of banking and finance, faculty of management sciences, ekiti state university, adoekiti, nigeria. Full text full text is available as a scanned copy of the original print version. The court may by the order sanctioning the merger or subsequent order make provision for any or all. He was re elected in 2003, and the ruling party pdp confirmed its domi nant position in the parliamentary elections.
Paton report which emanated from the enquiry was the basis for the first banking ordinance of 1952. The history of nigeria can be traced back to as early as 11,000 bc when a number of ancient african communities inhabited the area that now makes nigeria. Nigerias flag consists of three equal vertical bands of green, white, and green. But the elections were marred by widespread fraud, violence and open ballot rigging. A brief history of nigeria from 1960 till date a brief history of nigeria from 1960 till date i am a nigerian and a bona fide citizen of the country, it is key to be well grounded about the history of nigeria, not only for the sake of gaining knowledge but also for the benefit of generations to come.
Formed in february 20, the party is the result of a merger of nigerias three biggest opposition parties the action congress of nigeria acn, the congress for progressive change cpc, the all nigeria peoples party anpp, a faction of the all progressives grand alliance apga and the new pdp a faction of then ruling peoples democratic party. The theory of efficiency according to the value increasing school, mergers occur, broadly, because mergers generate synergies. Analysis of performance pre and post consolidation of thirteen mega banks in order to consider if there had been improvements. The period was characterized by financial deregulation, the global economic crisis, and bank restructuring programs. Against this background this study seeks to examine the performance of the nigeria banking sector in the pre and post merger and acquisition periods in order to ascertain whether or not the exercise led to significant difference in the performance of the banking sector between the periods. Although the years since nigerias return to civilian rule in 1999 have seen an increased interest in its history and politics, nigeria remains one of the most underresearched african countries.
The purpose of the scheme is primarily to inculcate in nigerian youths the spirit of selfless service to the community, and to emphasize the spirit of oneness and brotherhood of all. Geographical, historical and political profiles of nigeria. People do hide under the cover of national interest to project and protect their own individual or group interest. The next landmark in the history of banking business was the enactment on 15th may 1958, of the central bank of nigeria act which provided for the establishment of a bank to issue, the notes and coins of which should be legal tender throughout nigeria. Lagos, is an associate professor in the department of history and strategic studies, university of lagos, nigeria. Nigeria is a country located in west africa with a coast on the gulf of guinea and the atlantic ocean. The discovery was made by shellbp, at the time the sole concessionaire. A history of identities, violence, and stability in nigeria by eghosa e. Determinants of selected banks performance in the pre and post merger period. D, fca department of financial studies college of management science redeemers university km 46 48 lagos ibadan express way redemption city, mowa ogun state, nigeria. Determinants of selected banks performance in the pre and. Laws that govern merger and acquisition in nigeria.