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FINANCIAL STRATEGY AS SUPPORT DETERMINANT FOR THE AVOIDANCE AND RESOLUTION OF DISTRESS IN THE NIGERIAN BANKING INDUSTRY

NCIAL STRATEGY AS SUPPORT DETERMINANT FOR THE AVOIDA AND RESOLUTION OF TRESS IN THE

 

CHAPTER ONE

1.1 BACKGROUND OF THE EXPERIMENT

In common usage, the term distress denotes an unhealthy condition or state of in or weakness that impedes the attainment of one’s goals and aspirations. A financial institution is deemed unhealthy when it exhibits severe financial, operational, and managerial weaknesses, and lacks business sustainability and stability.

A business is any activity that seeks to earn a profit by providing goods and services to society by utilizing inputs from the environment and transforming them into outputs that enrich human life. A business may be one’s regular employment, profession, or occupation, or it may be an organization established through the pooling of resources by multiple investors with the purpose of providing goods or services to the , contributing to its growth, and earning a profit on their investments.

Private enterprises, Private Limited Liability Companies, and Publicly Traded Corporations are the three major categories for categorizing Nigerian businesses. The banking industry is comprised of private limited liability companies and publicly traded corporations. Some banking institutions are owned privately by investors, while others are publicly traded on the Nigerian Stock Exchange.

The banking sector is a component of the Nigerian financial system, which comprises all regulatory and participating institutions, as well as financial markets and instruments, involved in the process of financial intermediation. Investing in the banking sector is primarily motivated by the desire to provide financial services to the and earn a return on capital employed.

The Bills of Exchange Acts, Cap. 21, Laws of the Federation of Nigeria, 1958, des a “banker” as a group of individuals, whether incorporated or not, who engage in the banking business. By S.2 Coins Act Cap 34, laws of the Federation of Nigeria,

1958, bank and banker refer to any person, partnership, or corporation engaged in the business of bankers, as well as any savings bank established under the Saving Bank Ordinance and any banking incorporated under any ordinance enacted or to be enacted relating to such incorporation. S.21 (1) of the Nigerian Evidence Act, Cap.62, laws of the Federation of Nigeria, 1958, similarly provides.

(Olulana, :16). The Banks and Other Financial Institutions Act No. 25 of 1991 des a bank as one licensed under the Act and banking business as the business of accepting deposits on current, savings, or similar accounts and paying or collecting cheques-S.62. BOFIA. The industry enables national and global payment systems by facilitating trade transactions within and between numerous national, regional, and international institutions.

 

 

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NCIAL STRATEGY AS SUPPORT DETERMINANT FOR THE AVOIDA AND RESOLUTION OF TRESS IN THE

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