FINANCIAL LIBERALIZATION: IT’S EFFECT ON NIGERIA STOCK MARKET (A CASE STUDY OF NIGERIA STOCK EXCHANGE)


FINANCIAL LIBERALIZATION: IT’S EFFECT ON NIGERIA STOCK MARKET (A CASE STUDY OF NIGERIA STOCK EXCHANGE)   

ABSTRACT

The whole of this project work deals with the concept of total quality and corporate productivity in Banking Industry using Wma Bank Plc as Case Study.  Chapter one, dealt with the background of the study, which consists of the following:

The statement of the problem and formulation of research question deals with the problems of management concept, it passes some question that is relevant to the study such as.

1. Does total quality management boost the morale of workers.?

2. What is the level of quality management in Nigeria? V

3. What is the relationship between the total quality management and corporate productivity?

Chapter two, is concerned about the literature review in reviewing related literature on the research study, effort were made to critically examine all available literatures. Quality tools used were also discussed. Authors view total quality management, as appositive concept that every organization must embrace also there is a pattern and framework in which this concept undergoes which enhance corporate productivity. In related literatures reviewed, total quality management has a positive impact in a deregulated economy like Nigeria.

Chapter three, is on the research methodology, the research design used (survey design) characteristics of the study population were also identified

TABLE OF CONTENTS

Title Page i

Certificationii

Dedication iii

Acknowledgment iv

Abstracts v

Table of Contents vi

CHAPTER ONE

1.1 Background of the Study 1

1.2 Statement of Problem  3

1.3 Objective of the Study 4

1.4 Scope of the Study  6

1.5 Formulation of Research Question  6

1.6 Significance of the Study  7

1.7 Limitation of the Study 8

1.8 Definition of Terms  9

1.9 Brief History of the Case Study  14

CHAPTER TWO

LITERATURE REVIEW

2.1 Total Quality Management 20

2.2 The Pattern and Framework of Total Quality Management 21

2.3 What is Total quality management all about?  23

2.4 Why Total quality management in Nigeria  25

2.5 Total Quality management in a Deregulated Economy  29

2.6 The Quality Tools 31

2.7 Important of Total Quality Management  36

CHAPTER THREE

RESEARCH METHODOLOGY

INTRODUCTION  38

3.1 Re-Statement of Research Question  39

3.2 Research Design  40

3.3 Characteristics of the Study Population 41

3.4 Sampling Design and Procedure  42

3.5 Data Collection Instrument 43

3.6 Pilot Study: Validity and Reliability  43

3.7 Administration of Data Collection Instrument 44

3.8 Methods of Data Processing 44

3.9 Limitation of the Methodology 44

CHAPTER FOUR

PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA

4.0 Introduction  45

4.1 Characteristics of Sample  45

4.3 Interpretation of Finding Research Question One 50

4.8 Analysis of individual Statements  67

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATION 73

5.1 Summary  73

5.2 Conclusion  74

5.3 Recommendation  75

5.4 Suggestion for Further Studies  76

REFERENCE  77

APPENDIX 79CHAPTER ONE

1.1 BACKGROUND OF THE STUDY 

In time past, product was all about profit maximization. Producers of goods and services are profit oriented irrespective of consumer’s tastes. But now things have changed, the international business world of the last quarter of the twentieth century, focus change not only change but change which is taking place at an unprecedented rate. The world is transforming from domestic nationally centered economic system to the global place.

The contemporary global market is closing in one big market due to the global end toward quality standardization. Hence, the business organization is not isolated. It needs to be able to conduct their business worldwide.

Business future development, the result it can achieve and the constraints within which it operates are all function of the environment factor it. It is often said that a business organization has to be efficient yet even the most efficient manufacturer will find himself in trouble in an industrialized society.

  The ability to scan the environment to analysed and interpret event and to predict future trends is one of the most important ingredients of effective management. It would be dangerous to approach the environment with the aim of the businessman intention to manipulate the environment in order to suit his private purpose.

Although there are environment such as government policies that can be influenced by industry leader or other organized groups.

The rate of technological change also depends on part on the allocation of resources by the private sector. But for the most part the environment functions depend on the manager’s will.

Many programmes have been developed all in the name of boasting or to promote quality of their organization, so as to achieve organization productivity.

Nations and organization have joined the quality train they have come to acknowledge that quality is the most potent defense against competitors. It ensures customers loyalty and allegiance and paves way for sustained growth and earnings.

Management practice in Nigeria to not has been encouraging most especially when Nigeria experienced an old boom in the early 70s to recession in 1980. The adverse affect in the economic policy embarked upon by the government tagged, structural. Adjustment programmer SAP, has really constrained many industries in the country while surprising enough, some companies have been able to perfect their own success.

The evolvement of many modem management technologies by some scholars and management practitioners has really proved the quality of many managers of different organizations techniques such as management by objectives strategic planning, effective communication participative management delegation of responsibilities and authority has really come as an instrument for manager to achieve their result.

1.2 STATEMENT OF PROBLEM 

There is no management concept or tool without its problem that may be encountered during the implementation of modern management, the problem statements are:

• What is the level of quality management in Nigeria?

• What is the relationship between total quality management and organization effectiveness.

The answer to these questions could be descriptive or empirical.

RC Parker (MD, Mobil Corporation Nigeria) Robert Desat Milt (University of Virginia) D. M. Jurman O’Neil (1990) provides facts. Described the relationship between total quality management, consumerism and organizational productivity.

Henry J. Nasella (president of staples Mc) says it does not take much brain power to figure out why customer don’t complain, they just decide to stop somewhere else” if they are not satisfied. 

1.3 OBJECTIVE OF THE STUDY

We have seen from the recent past that most organizations run into problems, which could lead to the company being merged with or acquired by another company.

These companies could as well run bankrupt, have liquidity problems or worst still fold up. Evidence shows that the main cause of this is the scarcity of resources to meet the organization objectives and also the inability to properly forecast and provide for the future.

With this project work, business administrator, managers and whoever is responsible for the running of an organization will be able to adequately study, forecast and provide for unforeseen contingencies which could pose threats to the effective functioning and existing organization alike. Knowing the problems is solving part of it when managers are able to identify these problems and perspective and also provide for them, organization will be unaffected by total quality management but will rates adapt to them.

Administration as well as managers should prepared to face challenges, provide against these variables which all contents with the corporate existence of many organizations.

1.4 SCOPE OF THE STUDY 

This study will focus on some selected companies in Lagos with the aim of investigating (both empirical and descriptive) analysis of quality management with the aim of determining the usefulness of the programme in improving the corporate productivity in the Nigeria manufacturing and serve service sector.

1.5 FORMULATION OF RESEARCH QUESTION 

The research question in relevant to the study are as follows:

⦁ Is the organization producing the required output?

⦁ Are employees involved in decision-making?

⦁ Is there adequate pay and good working condition in the organization satisfactory?

⦁ Are the employees given adequate training?

⦁ Are the customer’s needs are met and are they satisfied with the level of services rendered?

⦁ Does the organization respond promptly to customers complain?

⦁ Does the organization take advantage of any total quality over their competitors and does it really boost the morale of employee?

⦁ Can the level of education of the employee determine the success of style adopted?

⦁ Does the organization achieve high degree of effective communication?

⦁ Is quality in conformity the set standard?

⦁ Are there increases in productivity and what is the rate of defects in production?

⦁ Are the employees satisfied with the job?

1.6 SIGNIFICANCE OF THE STUDY 

The study will be theoretically and practically significant. The study will be relevant or useful of other students or scholars of management who will have the intention of knowing the programme and its effects on organizations.

Practically it will be significant to management practitioner who does not know the importance of organization quality proper into the curriculum of the organization and define the words to them, so as to enable them know that it is not the quality of their product that matters but total quality as pointed out by Christopher bowel that marketers who figure out how to add value and practice total quality management will thrive even in these tough times but the one who treat volume and total quality management as the jargon of the age may end up wishing they had never heard of value marketing and total quality management.

1.7 LIMITATION OF THE STUDY 

The compilation of this project work total quality management and corporate productivity has not been an easy task, as there were little texts available on the topic due to the fact that the subject matter has not been properly addressed in the past.

Secondly, most organization was not ready to give adequate information pertaining to how quality management affects their output service.

This endangered most at the efforts made to gather professionally the very many but scattered information that exist on the subject matter as at the time of this project work.

Hike in transportation fares coupled with the harsh economic condition prevailing in the country has also affected the research work adversely. Lastly, a sample size of 40 cannot be said to be a true representation of Wema- Bank? Hence the findings in the study cannot be said to be conclusive.

1.8 DEFINITION OF TERMS 

STRATEGY: forging of company missions objectives for the organization

In light of external forces (according to Olaniyan)

POLICY: guide implement on action (according to Mr. Ebeloku)

QUALITY: systematic study of the way specific task is organization

(According to A. S Mohammed)

ATTITUDE: feeling linked to evaluation and tendencies to behave in a

Particular way (according to A. S. Mohammed)

MISSION STATEMENT: The ethics and values business philosophy of an organization (according to A. S. Mohammed)

ELEMENTS OF SERVICE QUALITY

According to A. P. Osamaiye (management partner pet Naïve Consult) he said for any company to provide consistently good services quality, it has to commit itself to incorporating the five key efforts.

(a) Communication cares.

(b) Customers care.

(c) Flip or frontline people care

(d) Leadership care.

(e) And quality care

(a) COMMUNICATION CARE

A satisfied customer is one who sees very little differences what is expected and what are received companies think that advertising is a way of developing message that enhances their service and forget that they answer the phone, their documentation and their billing procedures.

The following tools of communication are vital in telling customers how important they are: 

• Now employees answer the telephone.

• The reception area where are received should be suitable for the type of content they have with the staff.

The company’s document bill, reminders brochures must be written in customer’s friendly language.

(b) CUSTOMER CARE

Customer care says that the customers are in the company marketing the business revolve round the customer is the key to improving service quality. No customer means no business, when you care for the customer, you are gaining more as those who have been well cared for will tell others thus reducing the perceived risk of loosing your company’s service.

A company can demonstrate that he cares for customer in five key ways.

• By getting customer the point of view.

• Make the customer the star of the show.

• Respond to all customer complaint.

• The customer dictates service delivery.

• Over respond to customer.

(c) FLIP (FRONTLINE) CARE

Caving for your frontline people is the third important effort to developing good services quality. A company can not expect its frontline the people to perform well for customer if it does not care for the them. Equip and support them because they are a t where the battle is lost or won. Aim with courage initiative and pride so that they can respond to and care for customers, frontline people will smile when the customers feel everything has been done to help them so they serve the customers right ways to improve service quality through the frontline people.

⦁ Ask the frontline people for their contribution to the quality process

⦁ Give them the tools to help them do their jobs.

⦁ Develop a big brother and sister system so that experienced employees can teach new workers and help to integrate them into the organization quickly.

⦁ Have the rest of the organization serve the frontline people as internal customer so that they can feel supposed.

⦁ Recognize and regard extra ordinary performance of the employees who contribute to quality

⦁ Give frontline staff members the authority to rectify problem tell them how far they can go to satisfy customers.

(d) LEADERSHIP CARE

Most quality improves processes fail because there are discrepancies between what the management says and what the management does. People judge commitment to a programme objective or effort by getting concrete signals from the managers.

These signal and action constitute leadership care.

To the answers before making decisions, you will get the message across much more quickly by giving a beautiful speech t the Christmas part.

⦁ Saying thank you.

⦁ Setting the example: This takes multiple forms. Answering calls from fellow managers telling your secretary where about and never being less demanding of your self than you are of others. Good managers will put their team forward to receive comments from the top or help their team where they met them.

1.9 BRIEF HISTORY OF THE CASE STUDY  

Wema Bank Plc formerly known as “Agbomagbe Bank Limited” Was incorporated on the 2nd of May 1945 as a private limited liability a commercial banking company with an authorized share capital of N15,000.00 fully paid jointly owned by chief M. A. Okupe and Mr. A.A. Alade the bank was incorporated with the following stated objectives.

⦁ The provision of efficient and modern businessmen banking service to the Nigeria business, traders, and craftsman at a reasonable price.

⦁ Identification of the bank with the economic and industrial aspiration of the country.

⦁ The assurance that the bank is operated on a purely commercial basis to ensure that enough funds for expansion and modem nation are readily available when and where needed.

⦁ The creation of better condition of service for its employees to ensure maximum job satisfaction consistent with the banks overall objectives. Like many other indigenous banks operating in the country then, the bank had during its early days gone through a trying period owing largely to low level of capitalization and stiff competition from other banks with foreign ownership in order to enable the bank minimize the effects of the factors listed above and substantially increase its scale of expiration its authorized share capital was increase to N25,00.OO (Twenty five thousand pounds) in the first few years of operations, only N13,535.OO (thirteen thousand five hundred and thirty five naira) was taken up by the share holders of the bank. The western Nigeria government rose up to the assistance of the bank through its agency, western Nigeria marketing Board by making a deposit of N lOO .00 (One hundred thousand Naira) out of which N80,000 (Eighty thousand Naira) was capitalized thus making the board the majority shareholder of the bank.

The bank continued its operations with this level of capitalization until 1968 when the Federal Military Government promulgated or new banking decree. The decree which raised the minimum share capital of indigenous commercial banks to N300,000.00 (Three hundred thousand Naira) resulted in market different in the ownership and control structure of the bank. Owing to the inability of the minority shareholders to meet up with the demand for proportional increase due from them and in order to protect the interest of the government to bear the entire burden of the increase in share capital requirement.

This singular act of government helped in forecasting the closing down of a potentially viable indigenous bank.

To reflect therefore the bank, the bank had to restore the much needed public confidence necessary for continued customer patronage. The name “Agbomagbe Bank Limited” was changed to (WEMA BANK LIMITED) on the 1st of June 1970. Also, the share capital of the Bank was increase from N93, 000.00 (Ninety three thousand Naira) to N500, 000.00 (Five hundred thousand Naira) during that year and N4m. (Four million Naira) later with N2.8 million (Two million eight hundred thousand Naira) duly paid up in 1981. With the creation of Oyo, Ogun, Ondo states in 1975, out of the while western States, Odua Investment Company limited was formed by the government of these states to oversee their investment inter- States in all the companies jointly owned by them of which WEMA BANK was one.

The history of Wema Bank cannot be completed without due recognition of the past and present managing Directors who in their various ways contributed to the development of the Bank. Its first General Manager (1970) was Alhaji Tajudeen Onigbanjo who was succeeded by Late Mr. OSU Adeleke in 1971. Thereafter Alhaji Y. A. Akande form 1973, Adeleke in 1981. Late Mr. J. A. COURT A Briton succeeded him in 1981 chief S. I. Adegbite become the managing Director and chief Executive officer of the bank in 1983.

Currently, the authorized share capital of the bank stands at N150,000.00 (one hundred and fifty million Naira) has been fully paid up with the public holding 50% of the equity Odua investment Company Limited representing Oyo, Osun, Ondo, and Ogun States holding 40% while the staff the balance of 10%. The bank was listed on the stock exchange in January 1991.

In its conscious effort to be national in out look, the Bank in 1989 embarks on a policy of branch establishment all over the country.

Presently, the bank has 68 (sixty eight) branches spread all over the federation.

ORGANIZATION STRUCTURE OF WEMA BANK PLC

MANAGERS

CHAIRMAN

SHAREHOLDERS

MANAGING DIRECTOR/ CHIEF EXECUTIVE 

Officer (Transport)   

International Banking   

Human Resources  

Corporate  

Operation Lagos Zone 

Financial Services 

Operation other States 

ASSISTANT MANAGERS 

Officer (Personnel Welt an)  

Officer (Committee)  

Officer (Credit) 

Officer (Savings ) 

Officer (Accounts) 

.

FINANCIAL LIBERALIZATION: IT’S EFFECT ON NIGERIA STOCK MARKET (A CASE STUDY OF NIGERIA STOCK EXCHANGE)



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