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. A history of identities, violence, and stability in nigeria. Doc mergers and acquisitions in nigeria chukwuemeka. Labour unions and the transformation of the nigerian civil. Nigeria joined the ranks of oil producers in 1958 when its first oil field came on stream producing 5,100 bpd.
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. 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. Since then there have been increased discussion and awareness on merger and acquisitions in nigeria. 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. The abductees and their families are traumatised by the ordeal of kidnapping. In october 1963, nigeria altered its relationship with the united kingdom by proclaiming itself a federal republic and promulgating a new constitution. Political leadership and corruption in nigeria since 1960.
Nigeria became an independent country taking over the control of territories, politics and that of military. 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. The oyo expanded over the next several centuries to cover much of the southwest area. The widening scale of insecurity in nigeria is a cause for concern as all are affected by it. Truth is colonialism plays a big role in the history of nigerias economy. 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. The former biafra regions are reintegrated into nigeria following a surrender by biafras leaders. 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. But the elections were marred by widespread fraud, violence and open ballot rigging. Folake eliasadebowale is a corporate partner and head of the firms private equity and oil and gas teams. The term national interest is characterized with inconsistency.
The geography ranges from southern coastal swamps to tropical forests, woodlands, grasslands, and semidesert in the north. This paper evaluates the impact of mergers and acquisitions on performance of banks in nigeria. People do hide under the cover of national interest to project and protect their own individual or group interest. Churches, mosques, markets, schools, homes and the highway, all are susceptible to this menace.
Until 1914, britain governs over nigeria through indirect rule, using local leaders. 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. Post merger and acquisition and performance of deposit money. First, the spread of islam, predominantly in the north but later in southwestern nigeria as well, began a. Brief history of nigeria from 1960 till date oasdom. 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. 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. To the north were the hausa kingdoms and the bornu empire. By examining key themes such as colonialism, religion, slavery, nationalism, and the economy, the authors show how nigerias history has been swayed by the. An independence movement gained nigerias independence on october 1, 1960. There were very promising signs about nigerias economy after the country gained independence from britain. The effects of mergers and acquisition on corporate. A total of ten incorporated banks were selected using simple random sampling technique.
Numerous ancient african civilizations settled in the region that is today nigeria, such as the kingdom of nri, the benin empire, and the oyo empire. 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. 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. 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. 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. Nigeria has a lot of historic empires and cultures compared to other countries in africa. Theoretical framework this study is anchored on the following theories. 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. Geography nigeria is the most populous country in africa and accounts for over half of west africas population. 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 act also provided that the central bank is the. 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 contains more historic cultures and empires than any other other nation in africa. 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. First, the spread of islam began a millennium ago, predominantly in the north but later on extended to southwestern nigeria. Islam reached nigeria through the borno empire between 1068 ad and hausa states. Business combination through mergers and acquisitions has become a global phenomenon to achieve economies of scale and higher productivity. Under the constitution, each of the three regions retained a substantial measure of selfgovernment. O1 ayanwale 2s and nwankwo e 1department of economics, accounting and finance, college of management sciences, bells university of technology, ota, nigeria. The principal law that governs the merger and acquisition in nigeria is the investment and securities act isa 2007. In may 1999, the former junta head olusegun obasanjo 1976 to 1979 took office as elected president. Geographical, historical and political profiles of nigeria. The discovery was made by shellbp, at the time the sole concessionaire. National interest and national development in nigeria.
He was re elected in 2003, and the ruling party pdp confirmed its domi nant position in the parliamentary elections. 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. Get a printable copy pdf file of the complete article 257k, or click on a page image below to browse page by page. This study examines the impacts of merger on deposit money banks performance in nigeria between 2000 and 2009.
Umoren and olokoyo 2007 studied merger and acquisition in nigeria. Lagos, is an associate professor in the department of history and strategic studies, university of lagos, nigeria. 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. Tafawa balewa, a hero of nigeria, rose from poor background and became prime minister of nigeria.
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 history of nigeria before independence in order to understand the current nigerian politics and society, three dominant characteristics need to be taken into account. Neighboring countries include benin, cameroon, chad, and niger. The period was characterized by financial deregulation, the global economic crisis, and bank restructuring programs. Mechanics of mergers, acquisitions, workshop, 2005 created date. 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. A businessman by the name adeshigbin inaugurated his tikatore press in 1910. 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. Nigerias flag consists of three equal vertical bands of green, white, and green. Acquirer acquirer acquirer scenario identity acquirer target new identity. Oil production in nigeria is cut in half as a result of strikes and militant attacks on oil pipelines.
Its seven most populous cities each house more than one million people, and about one out of two west africans is from nigeria. 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. Post merger and acquisition and performance of deposit money banks in nigeria imeokparia, lawrence ph. Post merger and acquisition and performance of deposit. The opening up of the early printing industry in nigeria. To do this, premerger and post merger financial statements of two. 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. The court may by the order sanctioning the merger or subsequent order make provision for any or all. Several dominant themes in nigerian history are essential for understanding contemporary nigerian politics and society. In the south the yoruba kingdom of the oyo developed around 1400. In a situation such as this, national interest does have a negative contribution to national development. The effect of merger and acquisition on the performance of. Laws that govern merger and acquisition in nigeria. 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 history of nigeria can be traced to prehistoric settlers nigerians living in the area as early as 1100 bc. Determinants of selected banks performance in the pre and post merger period. 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. Determinants of selected banks performance in the pre and. Over history several kingdoms and societies have developed in the land of nigeria.
See concise details of gentle and humble nigerian hero. Full text full text is available as a scanned copy of the original print version. History of nigerias economy dated back to before independence on october 1960. A history of identities, violence, and stability in nigeria by eghosa e. The theory of efficiency according to the value increasing school, mergers occur, broadly, because mergers generate synergies. 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.
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. Paton report which emanated from the enquiry was the basis for the first banking ordinance of 1952. Pursuant to the provisions of the isa, the key regulator for merger and acquisition is the securities and exchange commission sec rules. Analysis of performance pre and post consolidation of thirteen mega banks in order to consider if there had been improvements. 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. 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. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. Parties to a small merger may voluntarily notify the sec of the merger at any time. 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, 2014.1488 502 1250 1180 79 185 580 175 107 723 258 1216 915 141 789 652 249 594 151 796 1273 431 1278 1186 675 1015 778 590 191 1216 265 950 903 718 673 1011 612 1474 741 1078 905 785