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Chapter One of Mismanagement in Financial Institution (Banks) in Nigeria
INTRODUCTION
BACKGROUND OF STUDY
The master key to the success of any cooperation or institution (financial and non financial) is the effective management system. This could be achieved through hard work. This could be achieve through hardworking of the directors managing directors, management staff and all other workers in the organization. The major role lies on the head of the board of directors (BOD) and the managing director.
Management simply means the organizing planning, implementing, controlling and directing of resources in an organization. This study is based on financial institution. This study is based on financial institution like banks, and there are two types of resources that can be found in a bank. They are human and material resources.
Material resource include and other inanimate objects found in banks. Management is a personal thing that requires a personal touch. In these recent years, banking services and its management are becoming more complex, difficult and demanding.
This is why all management staff should be more serious, honest, careful and committed to their jobs. These are lacking mismanagement involves the whole stem of the organization. Mismanagement in banks is so rampant in Nigeria, and have destroyed and led many banks to an unexpected liquidation mismanagement in banks affect human and material resources.
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Mismanagement could arise through these listed ways below in banks they are:
Managing people that are working in banks
Preparation of staff policiesย Communication and industrial relations
Environmental and employment conduction (if adverse, it will hamper the achievement of the desired goal in a bank.
PURPOSE OF THE STUDY
The purposes of the study are as follows:
To find out the causes of mismanagement in banks
To study how it is executed by the appointed officers and staff of banks.
To know its influence on the banks affected and the government
To determine whether it affect the economy of the nations
To find out the means that can be adopted by banks to solve and put to end the mismanagement of resources.
SCOPE AND LIMITATION OF THE STUDY
The study treat on mismanagement in financial institution (banks) in Nigeria, causes, effect and solution. It is not limited to a particular state. The respondent during my interview base their answer on what is happening in their banks branches in Nigeria I encountered some problems and limitation in the course of my study. They are as follows:
Inadequate finance to use in carrying out the investigation.
Non response, mainly from senior staff in the banks visited
Bias response from the junior staff in banks due to fear that it could be used against them.
DEFINITION OF TERMS
Mismanagement simply means bad management
Material resource in bank are the inanimate things found in the banks like, money, books, computers, furniture, and other material being used in the banks. Also, its building and environment.
Human resources in bank mean the labour force or people working in the banking industries.
Appointed mean the appointed board of director
Liquidation mean to put to end an unsuccessful business company
Bank can be defined as any person or corporation that provides the minimum banking services and which is licensed as a bank by the federal government of Nigeria as a banking institution.
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