Employment Law Essay Example | Topics and Well Written Essays - 1500 words

Employment Law - Essay Example The company should complete the ET3 form so that they can be able to defend the claimant’s claim of unfair dismissal then present it to the employment tribunal within 28days from the time it received the claimants form. The Employment tribunal is mandated to listen to cases that arise in employment, concerning the employer or the employees over their employment rights. If the company does not present its ET3 form to the employment tribunal default judgment is likely to be entered against them, which will then preclude the company from taking part in the proceedings. If the respondent presents their ET3 form to the tribunal, the tribunal has the power to order for disclosure of all the relevant materials pertaining to the case. The employment rights are enumerated under the employment rights act. The act provides under section 36 that an agreement will be deemed to be terminated upon the last day of the period that is agreed upon. The company gave Jack a notice of termination o f his employment and therefore by virtue of the notice his employment was terminated upon the lapse of the period given for termination. ... When it comes to poor performance and misconduct the employment rights act stipulates under sections 38(2) and (3) that an employer shall only terminate the employee’s contract of employment if there is no other cause of action that can be taken. Further, the act states that, when there is a charge made against the employee for misconduct or poor performance the employee should be given the chance to respond to such a charge. It is after the employee has responded to such a charge that the employer can then effect his termination. Gross misconduct is whereby the employee conducts himself so badly that his behaviour ruins the relationship between him and his employer that leads to immediate dismissal. In the above case, the company did not give the employee an opportunity to reply to a charge of misconduct or poor performance. The company raised the allegations of his misconduct and poor performance after his contract had already been terminated. We see that it is only after th e termination of Jack’s contract that the employer became aware of the fact that he had a drinking problem and discovered the empty bottles of alcohol in his desk. Apart from Jack coming to work in an unacceptable condition, all the reasons were brought up after the employee had left the premises of the company that proves that he was not given a chance to respond to any charge that was brought against him and he was neither given a reason for his termination. The company acted wisely in giving the employee a notice of termination instead of instant termination. The tribunal considers instant termination seriously; it looks to see if the employer’s reasons for termination were reasonable and if it was fair considering the circumstances of the case. This will mean

Philosophy questions Essay Example | Topics and Well Written Essays - 250 words

Philosophy questions - Essay Example The other key responsibility of a CFO is to come out with such financial statements that accurately and in a transparent way reflect on the financial health of the firm (Korey 72). Though, the drafting of the financial reports happens to be the responsibility of all the executives, it is the CFO who has the eventual determining influence on such financial reports. So, while drafting such financial reports, I will always try not to be influenced by any other concern and be above board and professional in the discharge of my duties. One serious responsibility that I will be required to perform will be to honestly and accurately detail the board, if I feel that the CEO tends to differ with me regarding any reporting protocol, and one’s views are misplaced and faulty. No doubt, the board and the investors will look up to me for facts, and not basing my reporting on facts will amount to being unethical on my

Reaction Paper Essay Example | Topics and Well Written Essays - 250 words - 8

Reaction Paper - Essay Example Einstein then concludes that scientific discovery invokes a high-leveled religious awareness that is above the religion that other people understand (Letters, p. 1). After reading the letter, I imagined a persuasive, sensitive, and informed communicator. He uses a neutral and impersonal approach to judge the scientists’ idea about religion. He does not criticize opinions of the scientists. He also does not directly agree with them but says that the scientists’ opinions on religion do not agree with that of the common people. The scientists however know that religious power is present. This idea is true because scientists have not succeeded in explaining all occurrences. The failure therefore shows that there are some forces, beyond scientific knowledge, and the scientists know it. I also liked his neutral approach that is sensitive to the children who are still immature in thinking. This is because he succeeds to eliminating possible dilemma that could disturb the children’s

World War Two Sources Questions Essay Example for Free

World War Two Sources Questions Essay 1) Source A is a primary source. Its a message sent by Commander Paulus (of Sixth Army) to the Germany Army High Command, on 24th January 1943. We expect to find that the source is genuine and unbiased, considering the message has been sent from one German to another. The message was also not an attempt of propaganda as it was kept top secret between army generals. The information is regarding the surrender of the Sixth Army in Stalingrad in 1943. The German Army was losing considerably and couldnt keep up the strong fighting, as known in 1939 onwards. The source tells us that supplies were gravely low, and command was no longer possible. It is a very adequate explanation of why the German Army had to surrender. One main reason for the defeat of Russia was to do with the strategic positioning of the army. Almost half of the original army going to Stalingrad was redirected to the Caucacus. This caused problems later on. We also know that the Luftwaffe wasnt delivering the required amount of supplies, although Goering had promised. Not nearly half of the ammunition, food and medical supplies were being flown in. The source tells us that the front lines were crumbling. We understand that the German Army had conquered approximately nine tenths of Stalingrad, but still couldnt manage to hold the most important area, the banks of the Volga. Russians were bringing in fresh troops and supplies constantly during the night, and the Luftwaffe wasnt strong enough to eradicate the Russians during the day. The Germans were eventually pushed further back out of the city as the armys numbers dwindled. There could be however, one false interpretation of the source. Paulus asks the High Command if he could have permission to surrender (in order to save lives). This could be interpreted as the reason why they finally surrendered, but in actual fact it wasnt. Hitler had denied the request of Paulus, he expect Paulus to fight till death; every last solider. The final collapse of the Sixth Army was when Stalin and Zhukov decided to finish the Germans off. Two Russian armies went around the city from either side, eventually meeting up in the centre. They had the Germans surrounded. On the 10th of January the Russians opened fire and thousands of Germans were killed, many more taken prisoners. Finally on 31st of January 1943, Soviet troops captured Pauluss headquarters in the basement of the Univermag department store on Red Square. He and his generals and the remaining troops in the city surrendered without a fight. Therefore we can see that the source gives us a very good explanation of the background information as to why the Germans surrendered. However, the actual surrender could be misleading, and we also need to know of the Russians participating role in the whole situation. 2) Source B is a photograph of Stalingrad, entitled The Russians recapture Stalingrad. It is a primary source, however we have to be careful, because photographs can be false. They can be changed in anyway for propaganda purposes. Stalin was well known for this. Photographs are also only an instant in time, and could be misleading in many ways (we dont get to see the whole picture). Because Stalin was renowned for his propaganda methods, it is probably that the picture was taken for such an effect. Stalin wanted to show the people that Russia was strong and powerful. In the picture we can a Russian soldier holding the Soviet flag. Stalin is trying to convey the message that although Germany conquered Western Europe, Russia will never be defeated. It symbolises victory to the nation, and raises the morale after so many people had died. The buildings in the background seem to be quite stable and healthy looking, whereas we know that most of the city was covered in rubble. This was probably to give the message that the Germans didnt actually do that much damage. In the background on the picture, we can see military vehicles. It is also hard to decipher whether or not they are Russian or German vehicles. If they are German, then they were put there to show people that the Russian army is strong and powerful, and have managed to round up the German troops and keep them under control. However, I think it is more probable that they are Russian. They are military and supply vehicles. Just to re-reinforce the fact that they are able to get resources in for their people, and to make a stand. A little like when a flag is put in the centre of a newly conquered territory. To let the other side know it belongs to them. Therefore all in all, I think that the photograph was another method of propaganda, to raise the morale of the civilians. To let them know that Russia will not be conquered. The photograph shows us that. 3) Source C, a letter from an unknown soldier in 1943, is another primary source, again expected to be genuine (because it was sent from one German to another and was not a form of propaganda). The source isnt really useful in telling us why and how the defeat of the Germans came about. It doesnt mention the Russian army, or the lack of supplies and men. However, it does show us what the view of a German soldier is at the time. We can see that many Germans were dying I have seen hundreds fall and die. The Germans felt helpless and deserted. They had the view that Hitler had let them down, failed to keep his promises. The soldier now realises that Hitler had deceived them in many ways. The source can show an historian that the defeat of the German army was terrible and severe in Stalingrad. We can see that the morale had disappeared and were ready for surrendering. Source D, a cartoon by David Low (British newspaper cartoonist), is also a primary source, but a method of propaganda. We can see how the interpretation of the defeat of the German Army was being conveyed to the British public. It is quite important to an historian because it shows the outcome of the war and also Britains role in the war. The British were obviously supporting Russia, as we know that they were sending in troops. But also that the cartoon shows us that Russia was greater than Germany. Russia was really an enemy to Britain, but Germany was more of a threat to Britain (so they took the side of Russia). The cartoon shows us that the German army was small in comparison to the Russians. We can also see that it was the Russian civilians who were fighting. This is depicted by the man with a scythe and hammer in his hands, representing the industrial and agricultural workers. They were strong and brave. I think both sources are just as useful as each other. Source C shows an interpretation of the Germans, and Source D shows the interpretation of the British. But thats all, therefore I think the limitations outweigh the positive values. We dont see why it happened or how. However, there are a limited amount of sources which are able to tell all three qualities, why, how and the effects. We do however, have the valuable explanation of the effects. How people were feeling in 1943. 4) The two interpretations of why the Battle of Stalingrad came to an end, are different because the authors intended different points of view to go to a different class of audience. Source E, a primary German broadcast, is intended for the German public, therefore biased and another method of propaganda. This is contrasted with the selected piece from a Russian textbook, a secondary source, therefore biased towards the Russians. Source E, is explaining to the German public that the war had come to and end, with the German Sixth Army being defeated. That the soldiers were brave and the war was not a waste of time. The German Army had held out for a long time. The broadcast tries to get the view across that the German Army is still strong and the reason for their failure was the encirclement of the army and unfavourable circumstances confronting the forces. The reason why this interpretation is different to Source F is because the media had to send out information to make the public still feel safe, and for them not to lose their morale. They make Germany out to still be strong and that they should re-unite even further. Because it needs to give the public a sense of gain instead of loss, it leaves out the bad parts of the war. That the army wasnt supplied well enough. And that Hitler hadnt let them surrender in order to save thousands of lives. The source therefore is giving a biased view on the battle, favoured more for the German government. This is then compared with Source F, which is also biased, in favouring Russia. The source talks about a Great Patriotic war, making them seem more important than the Germans. Most of the source is correct according to the facts, for example that Hitler refused the surrender of the Sixth Army. However, it is written to interpret the German Army as being incompetent compared to the Russian civilians. However, there are limitations to the source. It says that the battle of Stalingrad was the greatest military and political event of the second world war. We know that it was the first turning point, and helped stopping Japan becoming even more involved than it already was. However, there were many important battles and turning points in the war (for example the U.S.As nuclear attack on Japan), therefore the source is biased favouring the Russians as the most important country at that time in the world. Therefore the reason as to why the two sources differ in many ways is because they were intended for different audiences. The Germans had to raise the morale of the civilians, and Russia wanted to make its people think it had the most important role in the war. Neither of the sources committing truth to the facts. 5) The Nazi defeat at Stalingrad was more important to the Russians than to the Germans. This statement is both true and false. In many ways both countries needed to win for many different reasons. For the Germans as a whole the defeat of Stalingrad was not really a necessary thing. Source G, a British secondary source tells us that maybe the battle wasnt a decisive turning point in the second world war, and that Germany was still strong. The Germans had already taken over the Caucacus, receiving the benefits of Russias main coal supplies. However, it was Hitler who had an urge to take over Stalingrad. It was mainly because the industrial town bore the name of the countries leader and possibly held an important position. It was also quite an important town to Russia, and the defeat of it would give Hitler even more power. We know that it didnt really have much benefit to Germany as a whole, as they ended up taking over most of the town with no beneficial effects occurring. As seen is sources A and C, all that happened was that thousands of men were captured and over a quarter of a million men were killed, in the biggest military blow to Germany during the second world war. However, it would have stood them in good stead for the take over of Russia. Germany failed because there werent enough supplies as the reinforcements couldnt keep up, plus the winter had a great catastrophic effect. If Germany had won, then there may have been different consequences. Russia for sure would have been turned into a superpower, with possibly billions of people under the control of Hitler. Britains hopes of winning the war could possibly be over too. If Russia was out of the war, that would strongly increase Japans power, possibly even conquering the U.S.A. Hitler occupied a huge part of Europe. He had to make sure that he kept everyone happy, especially in Germany where revolts and rebellions could have serious consequences. He had to keep the public morale high, which he had done up to now. However, the defeat of Russia would have raised morale even more. Source E and H confirms this view. Source E tells us of the type of propaganda used, and how it needed to be used to keep the people at peace. Source H a second British secondary source which states that the German people started to have doubts about their Fuehrer. They had been following him blindly, receiving victory after victory and now this, the first crisis. This is also backed up by source C, the letter from a German soldier saying he had been deceived and tricked. For Russia the defeat of the Germans was also quite important. Stalingrad was an important industrial town. It would have also been an important step for Germany to taking over the whole of Russia. The town was also not evacuated, it gave the Red Army an incentive to fight for. Also Stalin needed to keep the hopes of the Russian people of a communist state alive. He needed victory for support. Sources B and F show us how important the public view of Russia is. Source B, was predicted to be a propaganda method, trying to make the Russians look good and patriotic. It helped the Soviet morale grow stronger. Source F, which is written much later not only supports the facts but gives a biased view as well. Even years later they seem to need to make themselves look good. All this propaganda is helped again with source D. It shows the united Russia, of agricultural and industrial workers, working to fight the Germans off their territory. They were strong and patriotic. From this we can see that the take over of Stalingrad was necessary for both sides but for the different factors mentioned. Hitler needed the area for a further attack and then finally the elimination of Britain and the U.S.A in the war. Stalin needed to keep Stalingrad as it was a main industrial area and the morale and support of the people needed to be kept high. It was also quite a crucial turning point in the history of the second world war.

Motives of Bank Mergers and Acquisition

Motives of Bank Mergers and Acquisition Chapter One 1.0 Introduction Over the years, the world have witnessed growth and development in the business world and will still record a lot more due to rapid technological growth in recent times. Merger and Acquisitions (MA) has contributed immensely to the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic development and also helped indirectly to create stability in some industries in both developing and developed nations. A merger is usually the amalgamation of two or more companies running commercial activities. On the other hand, acquisition is where one company takes over another and the identity of the other company can be eradicated as it becomes part of a larger company. Most MAs between companies have occurred as a result of achieving economies of scale and penetrate into new markets. Many bank employees regard MA as a threat to their jobs as the period will record shareholders demand for reduction of workforce. It will also be problematic to execute Human resource management with, and the environment of MA due to t he changes that will be recorded in the procedures and practices in the new company. The vast majority of mergers acquisitions research is correctional and focuses on publicly traded corporate entities, using quantitative secondary data made available by large number of databases (Meglio and Risberg, 2010). Background to the Study A significant change has been witnessed in the Nigerian banking sector over the years, in respect to ownership structure, number of institutions and locations, as well as the profundity of operations. There are some numbers of effects when companies merge or when one company acquires another company (Cigola and Modesti, 2008). This include reduced expense in production and management cost, deriving It was observed that downsizing, mergers, and acquisitions are examples of the radical organizational responses to increase global completion, improvements in technology, and government deregulation (Shook and Roth, 2010). The changes so far recorded have been predisposed mostly by the challenges posed by issues as globalization, deregulation of the financial sector, and the implementation of a decision making and prudential requirements that are in line with international standards. This is why some companies may deliberately choose to merge with any other readily available in its line of business. The benefits in most cases are much more than the losses if any is recorded. Mergers have also had effects on employees as the process usually leads to an upward or downward review of wages and salaries. There are also cases where the MA leads to downsizing of workforce as new technological operation techniques will be adopted and there will be less needed for human resource compared to the former way of operation. Bank Mergers and Acquisition A significant amount of research has been done to ascertain the success rate of MAs in banks to be able to draw conclusion on its profitability and efficiency (Behr and Heid, 2011). It was pointed out that despite the considerable prospective U.S banking mergers in the 1980s; many of them were not successful in achieving their aim due to the cost of efficiency. Banks have diverse reasons why they merge which relates to the business motives behind it such as managerial incentives (Wood, 2006). The banking industry was partly strengthened through MA as they use the merged assets to build a strong capital base for the bank and more assets that have appreciated value. Soludo (2004) enumerated the fundamental problems of the banks, particularly those classified as unsound, have been identified to include; persistent illiquidity, poor assets quality and unprofitable operations and further mentioned that their major problems also included weak governance , weak capital base, late publicatio ns of annual reports, gross insider abuses and over dependence on public sector deposits. Many literatures indicates that banking sector reforms in Nigeria propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial design; and involve a banking sector that is consulting with regional integration requirement and international best practices (Somoye, 2010). Nigerian Banking Industry In the recent past, Nigerian banks have adopted poles apart strategies to achieve a predetermined least amount capital base during the banking sector consolidation in the year 2004 and 2005 which was put at twenty five billion Naira (Alao, 2010). This process saw a lot of banks in Nigeria to source for funds from all forms of businesses to meet up the demand and at a point, it was observed mergers or acquisition of smaller banks was the only way out of the regulation. MAs is a global phenomenon with an estimated four thousand deals taking place each year. Elumilade (2010) mentioned that banks are the linchpin of the economy of any country. He mentioned that banks in any every country play a vital position in respect to the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial system and they could be regarded as vital agents for development process. Banks also are relevant through financial intermediation services and promote economic growth (Afolabi, 2004). According to Ibru (2006), there was an embryonic phase of the Nigerian banking industry which began with the first set of banks started with the African banking corporation which had its headquarter in south Africa and was pioneering by the Nigerian banking system in 1892. In 1894 the British bank for West Africa which now known as the first bank while union bank of Nigeria plc formerly known as the Barclays D.C.O started in 1925. The British and French bank now united bank for Africa was established in 1949. Many other indigenous banks were established and they ushered in the era that saw the constant monopoly erstwhile enjoyed by the foreign owned banks (CBN, 2008) Central Bank of Nigeria and Market Recapitalization The Central Bank of Nigeria (CBN) in 2004 introduced a policy that made it mandatory for recapitalization to be carried out in the banking industry. This was mentioned as the fourth phase of the banks restructuring scheme and all banks should comply strictly before the end of 2005 (Afolabi, 2004). This led the emergence of twenty five consolidated banks and the process encouraged mergers and acquisition in many cases. They were 89 members of the Nigerian banking industry (NBI) prior to the recapitalization. It was recorded that the CBN in 2009 provided two hundred billion Naira to four undercapitalized banks after an audit was carried out which reported that they could face liquidity problems and needed funds to continue normal operations. In addition, the CBN decided to stabilize the system and return confidence to the markets and investors, an addition injection of six hundred and twenty billion naira of liquidity into the banking sector and there is a replacement of leadership in eight banks which has given sector a little more balanced than its formal position (Sanusi, 2010). Relevance of the Research After the bank consolidation in 2005, it was mentioned in a CBN report that UBA Plc and First Bank of Nigeria have been effectively competing with multinationals in various aspects of international business. CBN Report (2007) also revealed that some Nigerian banks after the consolidation were able to register their presence in the developed countries like United States of America and United Kingdom as participate in foreign market areas of funds transfer and loans servicing. Mergers and acquisitions have for long attracted interest of many researchers in academics in trying to predict the outcomes of the deals (Meglio and Risberg, 2010). They further explained that the inconsistency in some research findings has necessitated the need for more integrative frameworks to grasp the complete phenomenon. Also, the researchersà ¢Ã¢â€š ¬Ã¢â€ž ¢ opinion aiming to explain mergers and acquisition outcomes in general have not been able to successfully develop and test a grand theory about MAs. Aim of the Study This research aims to look into the overall motives of banks mergers and acquisition as well as its impact on the Nigerian economy. Research Questions and Objectives Research Questions What are the implications of bank mergers and acquisition? What are the motives behind bank merger and acquisition? How does merger and acquisition impact on efficiency? How can merger and acquisition effect competition in the Nigerian banking sector? Research Objectives To critically evaluate mergers and acquisition in the banking sector To analyse the impact of merger and acquisition in the Nigerian banking sector To evaluate the success of UBA merger and acquisition To identify the success factors of UBA in Nigeria Banking sector Plan of the study The plan of this work has been structured to begin by providing a background of the area under discussion and justifying the need for the study in the first chapter. This would be immediate followed by review of literatures relating to similar issues and traditional views of mergers and acquisition in chapter two. The research method which will highlight how I intend to gather data will be presented in the third chapter. The data analysis and findings will be presented and discussed in chapters four which will be followed by the summary, conclusion and recommendation in chapter five. Summary This chapter gives an insight into the subject matter by examining the different related aspects of the subject that will contribute to the major focus of the other chapters. It is a known fact that MA has positive and negative impacts in any sector or environment where it has occurred and this will give us the opportunity to draw the impact of competition that will bring in the absence of a monopoly situation. Chapter Two Literature Review Recent studies show that the bank recapitalization process that took place in Nigeria in 2005 has been of great importance to the sector. Merger and acquisition across the world have had positive impact in the strength of the firm in most cases. The banking sector in Nigeria across the world has had course to experience MA in some cases and this helped them in restricting in various forms. The UBA merger with STB was a success as the experience of the first generation bank and agility of a new generation bank was put together to produce a stronger UBA Plc. History of Mergers and Acquisitions MA history time and again have surprises many people when they realise that the concept of MA are not new, and on the converse they are progressing from the early years. It helps us to understand the evolution of the concepts in the world. The economic watch (2011) mentioned that there are five major stages of MA which discussed as wave period. Each of these waves recorded its progress associated with it and has a technological support that gave rise to the era. Past experience has also shown that MA are triggered by economic factors. The period between (1897 1904) saw a lot of horizontal mergers as companies which enjoyed monopolistic competition over their area of production such as electricity and transcontinental railroads merging with others in same area. It mainly occurred between heavy manufacturing industries at that time. A lot of mergers failed towards the end of this phase as they could not get the desired efficiency and the state of world economy as at 1903 as well as th e stock market crash on 1904 did not help matters. Chu (2010) reflected to the mergers in Canadian banks in 1889 to 1926 which could be referred to as both the first and second wave period. He explained that economist has not fully explored the mechanisms through which financial developments affects economic growths. Canadaà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth trough MA under the period was under study was also associated with higher banking concentration and a wider branch network. Kling (2006) also agreed that the German universal system emerged around 1914 as the big banks in Berlin acquired smaller banks. This development supported industrial enterprise and external growth through industrial enterprise. The second wave or MA was recorded between 1916 and 1929 which were more between oligopolies as that of monopolies in the first era. The post world war economic boom after the First World War supported these mergers. Also, government policies as at that time started to encouraged companies to work together and technological innovation in areas of transportation provided the needed for such MA. Most of the mergers at this time were mainly horizontal or conglomerate in nature. Producers of key metals, petroleum products, food products, chemicals and transport equipments were mainly involved in the mergers of this period. Investment also supported very in merger as at the period but the great depression of 1929 and the stock market crash in same year brought period to an end. There were mainly conglomerate mergers as at 1965 to 1969 which was stimulated by sky-scraping stock prices, interest rates, and stringent enforcement of antitrust law in the third wave merger. This period did not end well as government were becoming too harsh towards them end of the period but a few companies did well in the 1970s. The fourth merger wave was within 1981 to 1989 recorded mergers in some industries such as airline, banking, oil and gas and pharmaceutical. There many cases of foreign takeovers and the period ended with anti takeover laws, reforms in financial institution and the gulf war. Kim and white (1998) analyzed almost all commercial banks mergers in the united states between 1985 and 1991, and found out evidence of decreasing cost efficiencies in most mergers, except for mergers between very large financial institutions. The small and medium commercial banks decreased efficiencies after merger. Globalization, stock market boom and deregulation in the telecommunication, banking and petroleum industries were major characteristics of the fifth merger. Most of the mergers at this time were geared towards profit maximization but the burst of the stock bubble also ended this era. Huyghebaert and Luypaert (2009) states that in the year 2007 alone, there almost forty thousand deals announced in respect mergers and acquisitions across the world. This accounted for an aggregate value deal value of one thousand, three hundred and forty-five billion dollars. Ernst and Young (1995) also identified the alternatives of acquisition: financial, geographic, and symbiotic and absorption acquisitions. In the case of financial is where a company is bought into a holding company for the purpose of restructuring. The main objectives for the acquisition are mainly to eradication, reduce cost and improved efficiency. There are so many firms with ideas to change the world of business but lack the financial muscle to improve in research and development and or invest more into the existing findings. Any business speculator that gets hold of this will ensure that these ideas see the light of the day by an outright acquisition so as to finance the company for growth. Geographic acquisitions are intended to expand the acquirerà ¢Ã¢â€š ¬Ã¢â€ž ¢s core business across new frontiers. The term emerging markets rings a bell in business as every investor want to sell products and services where there is a ready market with a thriving huge population. In the rece nt years, most businesses have moved their production sites to Asia where there cheap labour and n emerging market for the product. Some parts of Africa where there reasonable levels of stability have also seen to be good to expand into as a new frontier. The sales of mobile phone handsets the Nigerian market could be seen as a good example a new frontier for Chinese or Japanese phone manufacturers. Companies merge with others in a different location just to get access to the new location as well. Symbolic acquisitions are described as where newly acquired products and competencies are absorbed into the parents business but the acquired company retains a level of independence, absorption acquisition imply that the two businesses are fully integrated, with one effectively loosing identity. This is an effective business strategy as the name of the former company is like an asset and most customers may not continue with the product or services if the name is changed. The case of Tata acquiring land rover in 2009 is a suitable case where the name Tata is known for production of trucks and military vehicles, but land rover is known for luxury cars and as such the change of the name perceived with strength should remain to keep the market moving smooth. The case of absorption acquisition as mentioned before where one companies gradually losses identity could be seen in the case if Safeway supermarket and Morrisonà ¢Ã¢â€š ¬Ã¢â€ž ¢s supermarket where Safeway gradually faded away. Chen and Tan (2011) examined how the deregulation of financial services industry has intensified in some European countries a significant portion of business handled by banks. This is because the deregulated banks have more financial capacity to manage and finance businesses with a confidence of measuring up at the end of the day. There were two hundred and thirteen mergers during 1989 to 2004 with the acquirer of a European bank and the target of an insurance company. This was because the growth and success rate of mergers was lucidly clear to business world at time, in that firms were on the lookout for a similar thriving company that they could merge resource and ideas together to achieve economies of scale and reduced overhead cost. Koetter (2007) was of the view that prior to the merger targets perform poorly compared to acquirers in many merger cases. The increasing efficiency of a firm reduces the hazards of takeovers but increases the risk if bank failures. Therefore, the probability of takeovers and failures is influence significantly by efficiency. Imala (2005) identified eight reasons for merger and acquisitions in the financial service sector. The identified reason are in relation cost savings attributed to economies of scale as well as more efficient allocation of resources; revenue enhancement which is derived from the impact of consolidation on bank size, scope, and overall market power; risk reduction due to change in organisational focus and efficient organizational structure; new development which imposes a high fixed cost and need to spread these costs across a large customer base; the advent of deregulation which removed many important legal and regulatory barriers; globalisation which engender a more globally integrated financial service and geographical expansion of banking operations; financial stability characterised by the smooth functioning of various components of the financial system, with each component resilient to shock; shareholders pressure on management to improve profit margins and returns on investment made possibly by new and powerful shareholders blocks. Nigerian Banking Environment According to Adegbaju (2007), there have been remarkable developments in the Nigerian banking sector over the years. Mergers and acquisition in Nigerian banks to took place in 2004 / 2005 commenced after an announcement by the CBN that all commercial banks in Nigeria should upgrade their minimum capital base too twenty five billion Naira before the end of December 2005. Umoren, (2009) examined the benefits of the fortification and consolidation of the Nigerian banking system as it could be seen as the first phase where by such reforms are made to help to guarantee a well built and reliable banking sector that is also considered to be diversified to ensure depositors safety. The role of money in the development of any nation cannot be over emphasized and the Nigerian economy needs to be capable and competitive in the African continent particular as well as the world in general. Madabueze (2008) mentioned that the recent reforms in Nigeria banking sector which required the banks to source for high capital base to the tune of twenty five billion naira which is put at approximately one hundred and ninety million dollars, recorded a sharp drop down of the number of banks from eighty-nine to less than twenty-four currently in operation. He further argued that this will enable the Nigerian banks to become relevant and active players in the international scene, helping the image of Nigeria as a financial capital of some sort of (china of Africa). The Nigerian economic policy was regarded as an economically fragile policy some decades before then but the recapitalization process has enable two recent developments which is a positive message to the international community. The CBN governor at that time, prof. Charles Soludo explained that before the recapitalization commenced, the Nigerian banks have not played their role in economic development because of their fee ble and frail capital base and as such, there was a great need to strengthen them through the consolidation process. Madabueze (2007) opined that the crusade requesting the CBN to be flexible with their position of recapitalization did not involve bankers alone as members of the national assembly in Nigeria also requested the CBN to reverse its decision of recapitalization to the amount twenty five billion naira. Is was further observed as he mentioned that members of the public were completely against the move as they felt the process will worsen the situation and many of them started making panic withdrawals from their accounts. On the other hand, the CBN also had its fair supporters which included the former president of the federal republic of Nigeria, Olusegun Obasanjo who publicly showed his support for the twenty five billion capital base for banks, the Manufacturers association of Nigeria (MAN) who were completely in support of the policy claiming that it will enlarge the national economic base and help to position the real sector. Ogundele (2008) agreed that mergers are essentially the amalgamation of two or more companies that of all or the parties must be in existence legally and the surviving company continues to function in its originally registered name. In some case, merged companies find themselves out of business and leave its assets and liabilities to the acquiring company. Williams and Rao (2006) focus on mergers and acquisition because they are events that correspond to considerable changes in the asset structure of the bank. Commercial bank faces different risk, capital structure and regulatory environments as against firms that have been traditionally studied for governance effects and managerial risk aversion. Owokalade (2006) observed the definition of mergers as posited by the company and allied matters act decree of 1990 that any amalgamation of the undertakings of two or more companies or the undertaking of two or more companies and one or more bodies corporate. He emphasized that a form of dealings combination whereby two or more companies join collectively to become one; being voluntary liquidated by having it interest taken by the other and its shareholders becoming shareholders in the blown up existing company. Kurfi (2010) is of the view that mergers as a principle of the combination of two or more companies that translate same business purposes and agree to come together and decide whichever the given name of one of the companies or absolutely take a new name. He further mentioned that amalgamation is another word for merger. Mergers usually occur between firms of almost same size and are usually friendly. In the case of Stanbic bank and IBTC bank, they arrive at a name StanbicIBTC bank plc after their merger and the resultant name was due to the friendship earlier involved and almost same size of the banks. Kazmi (2006) grouped merger into four: horizontal, vertical concentric and conglomerate mergers. Further explanation revealed that horizontal mergers takes place where there is a combination of two or more firms in the same business, or an organisation engaged in certain aspects of the production and marketing process. When there is a merger of two or more firms but necessary in the same business which might be complementary in supply of materials or marketing is referred to as a vertical merger. The concentric merger takes place when there is a combination of two or more firms related to each other in line of function, customer group or alternative technologies used. Conglomerate merger occurs when there is a combination of two or more firms that are unrelated in customer function, customer group, and alternative technologies. There are situations where a company gets involved in all the above listed forms of mergers. For example, HP a computer and printers giant has merged with Com paq recently and before then acquire Apollo computers which related, acquired Agilent technologies which were into chemicals and medical business, acquired Mercury Interactive which was a software company. The UBA Merger Mergers and acquisition is simply a different approach encourage survival of the fittest is to give rise to a stronger, more efficient, better structure and skilled industry. The Guardian Newspaper reported in 2005 the UBA merger started with separate meetings where that boards of directors of UBA and Standard Trust Bank Plc accepted the arrangement for a union of both financial institutions. The bank aimed to become the biggest bank in West African and one of the largest in Africa. When they considered the assets of both banks before the merger, it was observed that had a formidable asset base after accessing their portfolios at that time and when is been concretised, they could customers from all sectors of the economy. It has over 100 branches spread out strategically across the country in what is described as the largest truly online real-time banking network in sub-Saharan Africa. It is often referred to as Nigerias neighbourhood bank. This derives from its national orientation in terms of geographic spread and continuing national expansion. Wheelen and Hunger (2008) confirmed that UBA the former Trade bank and Citi express bank because the firms were different in sizes and as such they can either be friendly or hostile. Todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s UBA is a merger between two predecessors banks, legacy UBA and Standard Trust Bank (STB) which were ranked third and fifth in size respectively prior to the 2005 CBN reform and consolidation programme. It was a huge success as the ability to anticipate industry trends, coupled with the banks agility, enabled them to be the first successful merger in the history of Nigerian banking industry, thus creating the current UBA plc which its management rates as the largest financial services institution on West Africa. As the economies of Nigeria and Africa continues to improve, following the established path of the emerging market; i.e. increased political stability, improved government finances, growing domestic consumer demand, high commodity prices and significant improvement in the economic indicators, the UBA is well positioned as a warrant on the African renaissance story. The presence of UBA in all commercial centres and major cities in Nigeria and Ghana has earned the bank the nickname: the neighbourhood bank. This appellation ties in with the UBA brand promise. à ¢Ã¢â€š ¬Ã…“The wise choiceà ¢Ã¢â€š ¬? and guides our retail distribution strategy which enable us to deliver exactly should be expected by both potential and existing customers of the bank in respect to proximity, choice, convenience and customization. UBA is a bank that is operating out of two of the most vibrant economies in the sub region; Nigeria and Ghana, the new |UBA combines the financial strength of fifty-seven year UBA and the young , innovative and technology driven dynamism of the then STB. UBA has maintained a consistent and solid financial performance in its forty-five year history since it began business in 1961. The bank has record history of leading and pioneering innovations in Nigerian financial sector. It is the first ever and only Nigerian bank to surpass the one trillion balance sheet size with contingents inclusive. It is the only sub-Saharan African bank excluding republic of South Africa that has a branch in New York, USA. UBA was ranked the number one bank in Nigeria in 2007, and bank of the year award (Thisday, 2007). This was due to the banks outstanding performance in the banking sector. Euromoney (2000) confirmed that UBA was the best domestic bank in Nigeria and was the first among international banks to be registered under Nigerian law. The bank has received excellence credit ratings both short and long term, global credit rating (SA) AA+ and A+ in 2005.UBA is the first Nigerian bank to offer an IPO following its listing on the Nigerian stock exchange in 1970. UBA was the first Nigerian bank to introduce a Cheque Guarantee Scheme known as the UBACARD in 1986. It was the first bank to introduce the Nigerian Government Bond index in 2006. It was also the only Nigerian company with the GDR programme. The GDR is a negotiable certificate representing ownership of shares. They are quoted and traded in US dollars and the dividends are paid in same currency. It is specially designed to facilitate the purchase, holding and sale of non US securities by foreign investor. This GDR programme enables foreign institutional investors to hold and trade UBA shares without having to expatriate funds into Nigeria. This Depositary Receipt (GDR) is preferred by some investors who are unable to hold Nigerian securities for compliance reasons or due to a lack of the appropriate infrastructure for holding an ordinary share. The GDR also trade, clear and settle according to international market conventions rather than those prevalent in Nigeria (UBA Report, 2008) West Africa and indeed everywhere the bank has presence. It is simple, elegant, vibrant and memorable, combining the mustard seed of legacy STB and the typographic execution of the letters UBA, predominantly in red and white. During the period of the former standard trust bank plc (STB Plc) acquired 27.34% of the United Bank for Africa Plc (UBA plc) and this transaction resulted not a merger between the two banks, whereby all assets and liabilities of standard trust bank Plc were transferred to UBA Plc. The entire share capital of STB was cancelled and STB was dissolved without being wound up and the shareholders of STB were allotted UBA shares. Motives of Bank Mergers and Acquisition Motives of Bank Mergers and Acquisition Chapter One 1.0 Introduction Over the years, the world have witnessed growth and development in the business world and will still record a lot more due to rapid technological growth in recent times. Merger and Acquisitions (MA) has contributed immensely to the worldà ¢Ã¢â€š ¬Ã¢â€ž ¢s economic development and also helped indirectly to create stability in some industries in both developing and developed nations. A merger is usually the amalgamation of two or more companies running commercial activities. On the other hand, acquisition is where one company takes over another and the identity of the other company can be eradicated as it becomes part of a larger company. Most MAs between companies have occurred as a result of achieving economies of scale and penetrate into new markets. Many bank employees regard MA as a threat to their jobs as the period will record shareholders demand for reduction of workforce. It will also be problematic to execute Human resource management with, and the environment of MA due to t he changes that will be recorded in the procedures and practices in the new company. The vast majority of mergers acquisitions research is correctional and focuses on publicly traded corporate entities, using quantitative secondary data made available by large number of databases (Meglio and Risberg, 2010). Background to the Study A significant change has been witnessed in the Nigerian banking sector over the years, in respect to ownership structure, number of institutions and locations, as well as the profundity of operations. There are some numbers of effects when companies merge or when one company acquires another company (Cigola and Modesti, 2008). This include reduced expense in production and management cost, deriving It was observed that downsizing, mergers, and acquisitions are examples of the radical organizational responses to increase global completion, improvements in technology, and government deregulation (Shook and Roth, 2010). The changes so far recorded have been predisposed mostly by the challenges posed by issues as globalization, deregulation of the financial sector, and the implementation of a decision making and prudential requirements that are in line with international standards. This is why some companies may deliberately choose to merge with any other readily available in its line of business. The benefits in most cases are much more than the losses if any is recorded. Mergers have also had effects on employees as the process usually leads to an upward or downward review of wages and salaries. There are also cases where the MA leads to downsizing of workforce as new technological operation techniques will be adopted and there will be less needed for human resource compared to the former way of operation. Bank Mergers and Acquisition A significant amount of research has been done to ascertain the success rate of MAs in banks to be able to draw conclusion on its profitability and efficiency (Behr and Heid, 2011). It was pointed out that despite the considerable prospective U.S banking mergers in the 1980s; many of them were not successful in achieving their aim due to the cost of efficiency. Banks have diverse reasons why they merge which relates to the business motives behind it such as managerial incentives (Wood, 2006). The banking industry was partly strengthened through MA as they use the merged assets to build a strong capital base for the bank and more assets that have appreciated value. Soludo (2004) enumerated the fundamental problems of the banks, particularly those classified as unsound, have been identified to include; persistent illiquidity, poor assets quality and unprofitable operations and further mentioned that their major problems also included weak governance , weak capital base, late publicatio ns of annual reports, gross insider abuses and over dependence on public sector deposits. Many literatures indicates that banking sector reforms in Nigeria propelled by the need to deepen the financial sector and reposition for growth, to become integrated into the global financial design; and involve a banking sector that is consulting with regional integration requirement and international best practices (Somoye, 2010). Nigerian Banking Industry In the recent past, Nigerian banks have adopted poles apart strategies to achieve a predetermined least amount capital base during the banking sector consolidation in the year 2004 and 2005 which was put at twenty five billion Naira (Alao, 2010). This process saw a lot of banks in Nigeria to source for funds from all forms of businesses to meet up the demand and at a point, it was observed mergers or acquisition of smaller banks was the only way out of the regulation. MAs is a global phenomenon with an estimated four thousand deals taking place each year. Elumilade (2010) mentioned that banks are the linchpin of the economy of any country. He mentioned that banks in any every country play a vital position in respect to the countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s financial system and they could be regarded as vital agents for development process. Banks also are relevant through financial intermediation services and promote economic growth (Afolabi, 2004). According to Ibru (2006), there was an embryonic phase of the Nigerian banking industry which began with the first set of banks started with the African banking corporation which had its headquarter in south Africa and was pioneering by the Nigerian banking system in 1892. In 1894 the British bank for West Africa which now known as the first bank while union bank of Nigeria plc formerly known as the Barclays D.C.O started in 1925. The British and French bank now united bank for Africa was established in 1949. Many other indigenous banks were established and they ushered in the era that saw the constant monopoly erstwhile enjoyed by the foreign owned banks (CBN, 2008) Central Bank of Nigeria and Market Recapitalization The Central Bank of Nigeria (CBN) in 2004 introduced a policy that made it mandatory for recapitalization to be carried out in the banking industry. This was mentioned as the fourth phase of the banks restructuring scheme and all banks should comply strictly before the end of 2005 (Afolabi, 2004). This led the emergence of twenty five consolidated banks and the process encouraged mergers and acquisition in many cases. They were 89 members of the Nigerian banking industry (NBI) prior to the recapitalization. It was recorded that the CBN in 2009 provided two hundred billion Naira to four undercapitalized banks after an audit was carried out which reported that they could face liquidity problems and needed funds to continue normal operations. In addition, the CBN decided to stabilize the system and return confidence to the markets and investors, an addition injection of six hundred and twenty billion naira of liquidity into the banking sector and there is a replacement of leadership in eight banks which has given sector a little more balanced than its formal position (Sanusi, 2010). Relevance of the Research After the bank consolidation in 2005, it was mentioned in a CBN report that UBA Plc and First Bank of Nigeria have been effectively competing with multinationals in various aspects of international business. CBN Report (2007) also revealed that some Nigerian banks after the consolidation were able to register their presence in the developed countries like United States of America and United Kingdom as participate in foreign market areas of funds transfer and loans servicing. Mergers and acquisitions have for long attracted interest of many researchers in academics in trying to predict the outcomes of the deals (Meglio and Risberg, 2010). They further explained that the inconsistency in some research findings has necessitated the need for more integrative frameworks to grasp the complete phenomenon. Also, the researchersà ¢Ã¢â€š ¬Ã¢â€ž ¢ opinion aiming to explain mergers and acquisition outcomes in general have not been able to successfully develop and test a grand theory about MAs. Aim of the Study This research aims to look into the overall motives of banks mergers and acquisition as well as its impact on the Nigerian economy. Research Questions and Objectives Research Questions What are the implications of bank mergers and acquisition? What are the motives behind bank merger and acquisition? How does merger and acquisition impact on efficiency? How can merger and acquisition effect competition in the Nigerian banking sector? Research Objectives To critically evaluate mergers and acquisition in the banking sector To analyse the impact of merger and acquisition in the Nigerian banking sector To evaluate the success of UBA merger and acquisition To identify the success factors of UBA in Nigeria Banking sector Plan of the study The plan of this work has been structured to begin by providing a background of the area under discussion and justifying the need for the study in the first chapter. This would be immediate followed by review of literatures relating to similar issues and traditional views of mergers and acquisition in chapter two. The research method which will highlight how I intend to gather data will be presented in the third chapter. The data analysis and findings will be presented and discussed in chapters four which will be followed by the summary, conclusion and recommendation in chapter five. Summary This chapter gives an insight into the subject matter by examining the different related aspects of the subject that will contribute to the major focus of the other chapters. It is a known fact that MA has positive and negative impacts in any sector or environment where it has occurred and this will give us the opportunity to draw the impact of competition that will bring in the absence of a monopoly situation. Chapter Two Literature Review Recent studies show that the bank recapitalization process that took place in Nigeria in 2005 has been of great importance to the sector. Merger and acquisition across the world have had positive impact in the strength of the firm in most cases. The banking sector in Nigeria across the world has had course to experience MA in some cases and this helped them in restricting in various forms. The UBA merger with STB was a success as the experience of the first generation bank and agility of a new generation bank was put together to produce a stronger UBA Plc. History of Mergers and Acquisitions MA history time and again have surprises many people when they realise that the concept of MA are not new, and on the converse they are progressing from the early years. It helps us to understand the evolution of the concepts in the world. The economic watch (2011) mentioned that there are five major stages of MA which discussed as wave period. Each of these waves recorded its progress associated with it and has a technological support that gave rise to the era. Past experience has also shown that MA are triggered by economic factors. The period between (1897 1904) saw a lot of horizontal mergers as companies which enjoyed monopolistic competition over their area of production such as electricity and transcontinental railroads merging with others in same area. It mainly occurred between heavy manufacturing industries at that time. A lot of mergers failed towards the end of this phase as they could not get the desired efficiency and the state of world economy as at 1903 as well as th e stock market crash on 1904 did not help matters. Chu (2010) reflected to the mergers in Canadian banks in 1889 to 1926 which could be referred to as both the first and second wave period. He explained that economist has not fully explored the mechanisms through which financial developments affects economic growths. Canadaà ¢Ã¢â€š ¬Ã¢â€ž ¢s growth trough MA under the period was under study was also associated with higher banking concentration and a wider branch network. Kling (2006) also agreed that the German universal system emerged around 1914 as the big banks in Berlin acquired smaller banks. This development supported industrial enterprise and external growth through industrial enterprise. The second wave or MA was recorded between 1916 and 1929 which were more between oligopolies as that of monopolies in the first era. The post world war economic boom after the First World War supported these mergers. Also, government policies as at that time started to encouraged companies to work together and technological innovation in areas of transportation provided the needed for such MA. Most of the mergers at this time were mainly horizontal or conglomerate in nature. Producers of key metals, petroleum products, food products, chemicals and transport equipments were mainly involved in the mergers of this period. Investment also supported very in merger as at the period but the great depression of 1929 and the stock market crash in same year brought period to an end. There were mainly conglomerate mergers as at 1965 to 1969 which was stimulated by sky-scraping stock prices, interest rates, and stringent enforcement of antitrust law in the third wave merger. This period did not end well as government were becoming too harsh towards them end of the period but a few companies did well in the 1970s. The fourth merger wave was within 1981 to 1989 recorded mergers in some industries such as airline, banking, oil and gas and pharmaceutical. There many cases of foreign takeovers and the period ended with anti takeover laws, reforms in financial institution and the gulf war. Kim and white (1998) analyzed almost all commercial banks mergers in the united states between 1985 and 1991, and found out evidence of decreasing cost efficiencies in most mergers, except for mergers between very large financial institutions. The small and medium commercial banks decreased efficiencies after merger. Globalization, stock market boom and deregulation in the telecommunication, banking and petroleum industries were major characteristics of the fifth merger. Most of the mergers at this time were geared towards profit maximization but the burst of the stock bubble also ended this era. Huyghebaert and Luypaert (2009) states that in the year 2007 alone, there almost forty thousand deals announced in respect mergers and acquisitions across the world. This accounted for an aggregate value deal value of one thousand, three hundred and forty-five billion dollars. Ernst and Young (1995) also identified the alternatives of acquisition: financial, geographic, and symbiotic and absorption acquisitions. In the case of financial is where a company is bought into a holding company for the purpose of restructuring. The main objectives for the acquisition are mainly to eradication, reduce cost and improved efficiency. There are so many firms with ideas to change the world of business but lack the financial muscle to improve in research and development and or invest more into the existing findings. Any business speculator that gets hold of this will ensure that these ideas see the light of the day by an outright acquisition so as to finance the company for growth. Geographic acquisitions are intended to expand the acquirerà ¢Ã¢â€š ¬Ã¢â€ž ¢s core business across new frontiers. The term emerging markets rings a bell in business as every investor want to sell products and services where there is a ready market with a thriving huge population. In the rece nt years, most businesses have moved their production sites to Asia where there cheap labour and n emerging market for the product. Some parts of Africa where there reasonable levels of stability have also seen to be good to expand into as a new frontier. The sales of mobile phone handsets the Nigerian market could be seen as a good example a new frontier for Chinese or Japanese phone manufacturers. Companies merge with others in a different location just to get access to the new location as well. Symbolic acquisitions are described as where newly acquired products and competencies are absorbed into the parents business but the acquired company retains a level of independence, absorption acquisition imply that the two businesses are fully integrated, with one effectively loosing identity. This is an effective business strategy as the name of the former company is like an asset and most customers may not continue with the product or services if the name is changed. The case of Tata acquiring land rover in 2009 is a suitable case where the name Tata is known for production of trucks and military vehicles, but land rover is known for luxury cars and as such the change of the name perceived with strength should remain to keep the market moving smooth. The case of absorption acquisition as mentioned before where one companies gradually losses identity could be seen in the case if Safeway supermarket and Morrisonà ¢Ã¢â€š ¬Ã¢â€ž ¢s supermarket where Safeway gradually faded away. Chen and Tan (2011) examined how the deregulation of financial services industry has intensified in some European countries a significant portion of business handled by banks. This is because the deregulated banks have more financial capacity to manage and finance businesses with a confidence of measuring up at the end of the day. There were two hundred and thirteen mergers during 1989 to 2004 with the acquirer of a European bank and the target of an insurance company. This was because the growth and success rate of mergers was lucidly clear to business world at time, in that firms were on the lookout for a similar thriving company that they could merge resource and ideas together to achieve economies of scale and reduced overhead cost. Koetter (2007) was of the view that prior to the merger targets perform poorly compared to acquirers in many merger cases. The increasing efficiency of a firm reduces the hazards of takeovers but increases the risk if bank failures. Therefore, the probability of takeovers and failures is influence significantly by efficiency. Imala (2005) identified eight reasons for merger and acquisitions in the financial service sector. The identified reason are in relation cost savings attributed to economies of scale as well as more efficient allocation of resources; revenue enhancement which is derived from the impact of consolidation on bank size, scope, and overall market power; risk reduction due to change in organisational focus and efficient organizational structure; new development which imposes a high fixed cost and need to spread these costs across a large customer base; the advent of deregulation which removed many important legal and regulatory barriers; globalisation which engender a more globally integrated financial service and geographical expansion of banking operations; financial stability characterised by the smooth functioning of various components of the financial system, with each component resilient to shock; shareholders pressure on management to improve profit margins and returns on investment made possibly by new and powerful shareholders blocks. Nigerian Banking Environment According to Adegbaju (2007), there have been remarkable developments in the Nigerian banking sector over the years. Mergers and acquisition in Nigerian banks to took place in 2004 / 2005 commenced after an announcement by the CBN that all commercial banks in Nigeria should upgrade their minimum capital base too twenty five billion Naira before the end of December 2005. Umoren, (2009) examined the benefits of the fortification and consolidation of the Nigerian banking system as it could be seen as the first phase where by such reforms are made to help to guarantee a well built and reliable banking sector that is also considered to be diversified to ensure depositors safety. The role of money in the development of any nation cannot be over emphasized and the Nigerian economy needs to be capable and competitive in the African continent particular as well as the world in general. Madabueze (2008) mentioned that the recent reforms in Nigeria banking sector which required the banks to source for high capital base to the tune of twenty five billion naira which is put at approximately one hundred and ninety million dollars, recorded a sharp drop down of the number of banks from eighty-nine to less than twenty-four currently in operation. He further argued that this will enable the Nigerian banks to become relevant and active players in the international scene, helping the image of Nigeria as a financial capital of some sort of (china of Africa). The Nigerian economic policy was regarded as an economically fragile policy some decades before then but the recapitalization process has enable two recent developments which is a positive message to the international community. The CBN governor at that time, prof. Charles Soludo explained that before the recapitalization commenced, the Nigerian banks have not played their role in economic development because of their fee ble and frail capital base and as such, there was a great need to strengthen them through the consolidation process. Madabueze (2007) opined that the crusade requesting the CBN to be flexible with their position of recapitalization did not involve bankers alone as members of the national assembly in Nigeria also requested the CBN to reverse its decision of recapitalization to the amount twenty five billion naira. Is was further observed as he mentioned that members of the public were completely against the move as they felt the process will worsen the situation and many of them started making panic withdrawals from their accounts. On the other hand, the CBN also had its fair supporters which included the former president of the federal republic of Nigeria, Olusegun Obasanjo who publicly showed his support for the twenty five billion capital base for banks, the Manufacturers association of Nigeria (MAN) who were completely in support of the policy claiming that it will enlarge the national economic base and help to position the real sector. Ogundele (2008) agreed that mergers are essentially the amalgamation of two or more companies that of all or the parties must be in existence legally and the surviving company continues to function in its originally registered name. In some case, merged companies find themselves out of business and leave its assets and liabilities to the acquiring company. Williams and Rao (2006) focus on mergers and acquisition because they are events that correspond to considerable changes in the asset structure of the bank. Commercial bank faces different risk, capital structure and regulatory environments as against firms that have been traditionally studied for governance effects and managerial risk aversion. Owokalade (2006) observed the definition of mergers as posited by the company and allied matters act decree of 1990 that any amalgamation of the undertakings of two or more companies or the undertaking of two or more companies and one or more bodies corporate. He emphasized that a form of dealings combination whereby two or more companies join collectively to become one; being voluntary liquidated by having it interest taken by the other and its shareholders becoming shareholders in the blown up existing company. Kurfi (2010) is of the view that mergers as a principle of the combination of two or more companies that translate same business purposes and agree to come together and decide whichever the given name of one of the companies or absolutely take a new name. He further mentioned that amalgamation is another word for merger. Mergers usually occur between firms of almost same size and are usually friendly. In the case of Stanbic bank and IBTC bank, they arrive at a name StanbicIBTC bank plc after their merger and the resultant name was due to the friendship earlier involved and almost same size of the banks. Kazmi (2006) grouped merger into four: horizontal, vertical concentric and conglomerate mergers. Further explanation revealed that horizontal mergers takes place where there is a combination of two or more firms in the same business, or an organisation engaged in certain aspects of the production and marketing process. When there is a merger of two or more firms but necessary in the same business which might be complementary in supply of materials or marketing is referred to as a vertical merger. The concentric merger takes place when there is a combination of two or more firms related to each other in line of function, customer group or alternative technologies used. Conglomerate merger occurs when there is a combination of two or more firms that are unrelated in customer function, customer group, and alternative technologies. There are situations where a company gets involved in all the above listed forms of mergers. For example, HP a computer and printers giant has merged with Com paq recently and before then acquire Apollo computers which related, acquired Agilent technologies which were into chemicals and medical business, acquired Mercury Interactive which was a software company. The UBA Merger Mergers and acquisition is simply a different approach encourage survival of the fittest is to give rise to a stronger, more efficient, better structure and skilled industry. The Guardian Newspaper reported in 2005 the UBA merger started with separate meetings where that boards of directors of UBA and Standard Trust Bank Plc accepted the arrangement for a union of both financial institutions. The bank aimed to become the biggest bank in West African and one of the largest in Africa. When they considered the assets of both banks before the merger, it was observed that had a formidable asset base after accessing their portfolios at that time and when is been concretised, they could customers from all sectors of the economy. It has over 100 branches spread out strategically across the country in what is described as the largest truly online real-time banking network in sub-Saharan Africa. It is often referred to as Nigerias neighbourhood bank. This derives from its national orientation in terms of geographic spread and continuing national expansion. Wheelen and Hunger (2008) confirmed that UBA the former Trade bank and Citi express bank because the firms were different in sizes and as such they can either be friendly or hostile. Todayà ¢Ã¢â€š ¬Ã¢â€ž ¢s UBA is a merger between two predecessors banks, legacy UBA and Standard Trust Bank (STB) which were ranked third and fifth in size respectively prior to the 2005 CBN reform and consolidation programme. It was a huge success as the ability to anticipate industry trends, coupled with the banks agility, enabled them to be the first successful merger in the history of Nigerian banking industry, thus creating the current UBA plc which its management rates as the largest financial services institution on West Africa. As the economies of Nigeria and Africa continues to improve, following the established path of the emerging market; i.e. increased political stability, improved government finances, growing domestic consumer demand, high commodity prices and significant improvement in the economic indicators, the UBA is well positioned as a warrant on the African renaissance story. The presence of UBA in all commercial centres and major cities in Nigeria and Ghana has earned the bank the nickname: the neighbourhood bank. This appellation ties in with the UBA brand promise. à ¢Ã¢â€š ¬Ã…“The wise choiceà ¢Ã¢â€š ¬? and guides our retail distribution strategy which enable us to deliver exactly should be expected by both potential and existing customers of the bank in respect to proximity, choice, convenience and customization. UBA is a bank that is operating out of two of the most vibrant economies in the sub region; Nigeria and Ghana, the new |UBA combines the financial strength of fifty-seven year UBA and the young , innovative and technology driven dynamism of the then STB. UBA has maintained a consistent and solid financial performance in its forty-five year history since it began business in 1961. The bank has record history of leading and pioneering innovations in Nigerian financial sector. It is the first ever and only Nigerian bank to surpass the one trillion balance sheet size with contingents inclusive. It is the only sub-Saharan African bank excluding republic of South Africa that has a branch in New York, USA. UBA was ranked the number one bank in Nigeria in 2007, and bank of the year award (Thisday, 2007). This was due to the banks outstanding performance in the banking sector. Euromoney (2000) confirmed that UBA was the best domestic bank in Nigeria and was the first among international banks to be registered under Nigerian law. The bank has received excellence credit ratings both short and long term, global credit rating (SA) AA+ and A+ in 2005.UBA is the first Nigerian bank to offer an IPO following its listing on the Nigerian stock exchange in 1970. UBA was the first Nigerian bank to introduce a Cheque Guarantee Scheme known as the UBACARD in 1986. It was the first bank to introduce the Nigerian Government Bond index in 2006. It was also the only Nigerian company with the GDR programme. The GDR is a negotiable certificate representing ownership of shares. They are quoted and traded in US dollars and the dividends are paid in same currency. It is specially designed to facilitate the purchase, holding and sale of non US securities by foreign investor. This GDR programme enables foreign institutional investors to hold and trade UBA shares without having to expatriate funds into Nigeria. This Depositary Receipt (GDR) is preferred by some investors who are unable to hold Nigerian securities for compliance reasons or due to a lack of the appropriate infrastructure for holding an ordinary share. The GDR also trade, clear and settle according to international market conventions rather than those prevalent in Nigeria (UBA Report, 2008) West Africa and indeed everywhere the bank has presence. It is simple, elegant, vibrant and memorable, combining the mustard seed of legacy STB and the typographic execution of the letters UBA, predominantly in red and white. During the period of the former standard trust bank plc (STB Plc) acquired 27.34% of the United Bank for Africa Plc (UBA plc) and this transaction resulted not a merger between the two banks, whereby all assets and liabilities of standard trust bank Plc were transferred to UBA Plc. The entire share capital of STB was cancelled and STB was dissolved without being wound up and the shareholders of STB were allotted UBA shares.

Overview Of The Communication Process Information Technology Essay

Overview Of The Communication Process Information Technology Essay Communication is a learned skill. We must learn to speak as well and communication effectively even most of us are born with the physical ability to talk. There are various ways to understanding the verbal and nonverbal meanings thru our speaking, learning and ability skill. We learn the basic communication skill by observing other people and modeling our behaviors based on what we see. We also taught some communication skill through education, by practicing skill and having them evaluated. In simple terms, communication can be defined as an action. Communication not only in written form or oral, even a gentle touch or a knowing look can also communicate a message loud and clear, as can an angry slap or a hard push. Take an example: babies communicate basic wants through crying. It does not include language and dont have to be vocalized. It is just a simple transmit information from one person to another person. It must have a message that being transferred from sender to receiver in every instance of communication. The sender and receiver must have some words, signs o signals in common with each other to make sure for the communication to be success so that message can easy to deliver and understood. Communication is also a two-way interaction between to parties to transmit information and mutual understanding between themselves. The interchange of information from one party to another is best when a discussion available, it can makes the communication easier because the receiver can ask questions and receive answer to clarify the massage. 1.1 Communication Process The communication process is the guide toad realizing effective communication. Effective communication leads to understanding, it is also opportunities to become more productive if that follow the communication process. Sender and the receiver take place in the sharing through the communication process. Communication process is a set of steps that will undertaken in an organization while every time formal communication. It is helps to ensure that your stakeholders are kept regularly informed. The communication process is made by four key of components. Those components include encoding, channel, decoding, and feedback. Sender and the receiver are also the two other factors in the process. The communication process begins by the sender and ends with the receiver. Noise in the communication process is any kind of interruption which can disturb the communication. 1.1.1 Sender (encoder) Sender is the boss who release the message originated. The sender must stat to encoding in order to convey meaning. You also need to be confident in the information that you communicate is useful and accurate. A positive attitude of the communicators and the meaningful symbols select by the communicators are the factor that will determine how effective the communicator will be. 1.1.2 Encoding Encoding is the process that transferring the information you want, and correctly decoded at the other end with the form of communicated. Ability of convey information clearly and simply, eliminate and anticipate sources of confusion will deeply affected whether success or not of your encoding. Knowing your audience is a important key part of encoding, result in delivering messages will be misunderstood if your are failure to understand who you are communicating with. 1.1.3 Channel (medium of transmit) Channel means use to convey the message with non-verbal and verbal interaction. The sender uses some kind of channel to begin transmit their message. The effectiveness of the different types of channels fluctuates depend the characteristic of the communication. Most channels are letters, memos, emails, reports, meeting, telephone and videoconferencing. There are different strengths and weaknesses of different channel. For example, oral communication channel become more effective when immediate feedback is necessary, because it can be cleared up on the spot of an uncertainties. So that select the appropriate channel will greatly assist in the effectiveness of receivers understandings. 1.1.4 Decoding Decoding is performed in receiver side in the communication process. Decoding is once the message is received and examined, the stimulus is sent to the brain for interpreting, in order to assign some type of meaning to it. The receiver will correctly interprets the senders message is the communication takes place successful. 1.1.5 Receiver (decoder) Receiver is the person who simply receiving the message. Communication will only successful when the reaction of the receiver is that which the communicator intended. All the interpretation by the receiver is influenced by their knowledge, perception, attitudes, experiences, skill, and culture. It is actually similar to the senders relationship with recoding. 1.1.5 Feedback Feed back is the reply we receive to the message sent. It may a request for further clarification, a responses oral or written feedback, and undesirable decision or a detailed report. The sender cannot confirm whether the receiver has interpreted the message correctly or not without feedback. It also provides an opportunity for the sender to avoid the wrong action and to clarify a misunderstood message. 1.1.6 Noise Any things will interfere the understanding of communication also called as noise. In this instance, the message was not properly constructed and hence the secretary did not understand it as intended by the sender.  In any way, noise is any stimulus that will be interferes with the communicators ability to achieve the understanding. The ways to ensure the intended audience to receive right message A good communication skill can ensure the intended audience to receive the right message and it can reduce the misunderstood on message receiver. There have some effective ways to ensure the intended to get a right message: Completeness: The message must be complete to bring the desirable result. You must understand what is the reader wants or needs and you must also provide all the necessary information to answer the entire question. You can also give some extra information when desirable. Comprehensive and Conciseness: Eliminate the wordy expression, must avoid needless filter words and phrase. Inside the communication, you must include the only relevant materials, dun want include any un-relevant information to confuse the message receiver. Concreteness: Add the flashed word picture, made facts vivid into the communication. Try to add some specific facts and figure try to attractive the message receiver. Some more can put the action into your verbs. Clarity: when communication to someone, make sure u are clear about your goal or message. Try to minimize the number of ideas in each sentence. Make sure your sentence is easy to understand your meaning. Correct: Make you are fits to your audience when you are in communication. Conclusion You have to apply a communication process if you wish to communicate formally within an organization. The communication process is the perfect guide toward to achieve an effective communication. Certain barriers may present in the communication process and it may bring the negative impact on the process. By the way, you can get the feedback on the communication which have take place and it can be entre that future communication are improve. Successful and effective communication within an organization stems from the implementation of their communication skill if they follow the communication process. All members within the organization will avoid the barriers and can be improved. Communication skill is important because it can avoid the wrong message you send or receive. 2.0 Introduction A good communication between the firms and the customer is quite important. It may direct influence the popularity of the product. So there are important on which kind of advertising will you choose to promo your business. Select a right media for one to send out your message is an important step to developing your sales and marketing plan. The right media for one business may be wrong for another. Dubway is going to launch at Ipoh area. Dubway is an American restaurant, primarily they sells sandwiches, salads, and personal pizza. Target market of Dubway at Ipoh will be the people who wake up early can hope to buy a healthy breakfast quickly. As the product manager of the first Dubway of Ipoh, Im choosing the methods, the mediums and the vehicles that i would use to communicate with our target audience to persuade them to buy our product. 2.1 Advertising medium Advertising medium is the media variable to carries the advertisers message to the consumer. This is the vital connection between the product or services and the customer who willing to buy it. Usually a plural term of media is describing channel of mass communication. A common advertising media will be magazine, radio, television and newspaper. Example of other communication vehicles: direct mail, billboard, transit inflatable, blimps, balloons, interactive, fax and satellite. 2.1.1 Print Media Print media is the most effective way to disseminating the information of advertisement to the masses. Example of print media: newspaper, flyer, brochure and magazine. An advertisement in print media can reach a wide number of people in a given geographic to get the information because it is high reader involvement. In general, print media is a slightly better opportunities to catch the readers attention. But it will be not effective if your advertisement in a not obvious page or design. 2.1.2 Electronic Media Electronic media is the mode of electronic transmission. Its include television, radio, internet, CD-ROMs, DVD, cinema and etc. Electronic media of internet are unlimited distribution at little or no cost. These are also in a lower barrier to entry for content creators compared to traditional media. It can also let the huge number of people to get the information. It also provided the creativeness for the firms who want to make an advertisement. 2.1.3 Transmit Media Transmit media can be defined as a out-door media. Its may include the bus, cab, airplane with the advertisement poster, a balloon with the brand name and color or etc. But this kind of advertisement cant transmit the detail of information to the consumer. 2.2 Dubway advertising thru newspaper Dubway will choose to advertising about their information in newspaper. There are few advantage of advertise on newspaper: A reasonable cost when the firms make an advertisement in newspaper. They can also depend the price or the structure of their firms, their budget to decide the advertisement size and placement within the newspaper. This is the cost effective advertisement, its allows you to reach a huge number of people in a given geographic area. Advertisement through newspaper let the firm enjoy the high effectiveness but lower cost compare with other advertising media for example: television and magazine. Advertisement at newspaper also can unlimited exposure by firms, readers can go back to your message again and again if so desired. Usually take an advertisement at newspaper, they will free help in creating and producing and copy is usually available. Newspaper also a quick turn-around to helps the firm advertisement reflect the changing market conditions. The advertisement of firm will decide to run today can be in the customers hand in one to two days. 2.3 Dubway advertisement Dubways main product will be the sandwich. Dubway uses Eat Fresh as their slogan and there are explain how the every sandwich freshly and baked dough. Each sandwich also made by the fresh ingredients and they are exact specification in front of their customer. Now a days, most people are take care about their healthy, fast food may put into the list of rubbish food in majority people who so care about their health. So that the concept of Dubway is try to change the opinion of the people. Eat fresh be the slogan of Dubway, it try to let the people who can enjoy the healthy, full of nutrient, fast and nice food. They have a lot of choices at Dubway such as steak and cheese sandwich, meatball sandwich, roast beef sandwich, turkey breast and ham sandwich and etc. Coca-cola, Pepsi, Coffee and etc drinks also available at Dubway. Any photo makes customer has their choice to decide what flavor they likes, then, these photo should be colorful and looks freshness. However, these photos supposed to be attractive from customer. Use some of words to advertise such as eat fresh, that compare with McD or KFC will be more attractive. Because of customer prefer the food freshness. some more the name of every flavor let customers have their easier. Eat fresh this slogan is to obviously promo the product with the fresh ingredient. The nine picture of sandwich is the most popular order from customer. 2.4 Conclusion Advertising is one for the important things that present product or services of the firms. Advertising helps to keep the consumer informed about the any new product are available and trying to make a connection to the potential consumer. It helps to spread awareness about product or services that are use to consumer and potential buyers. In a successful business, advertising play an essential and important role. Advertising can increase the sales of product and service. In other way, advertising also increase the popularity of your product or services.

Benjamin Banneker :: essays research papers

  Ã‚  Ã‚  Ã‚  Ã‚  Benjamin Banneker was born in 1731 near Baltimore. His Grandmother, an Englishwoman, taught him to read and write. For several winters he attended a small school open to blacks and whites. There he developed a keen interest in mathematics and science. Later, while farming, Banneker pursued his mathematical studies and taught himself astronomy. In 1753, he completed a remarkable clock. He built it entirely of wood, carving each gear by hand. His only models were a pocket watch and an old picture of a clock. The clock kept almost perfect time for more than fifty years.   Ã‚  Ã‚  Ã‚  Ã‚  In 1791, Banneker served as assistant to Major Andrew Ellicott, the surveyor appointed by President George Washington to lie out the boundaries of District of Colombia. Secretary of State Thomas Jefferson had recommended Banneker to help in this work.   Ã‚  Ã‚  Ã‚  Ã‚  From 1791 to 1796, Banneker made all the astronomical and tide calculations and weather predictions for a yearly almanac. Banneker sent Jefferson a copy of his first almanac. With it he sent a letter in which he called for the abolition of slavery and a liberal attitude toward blacks. Banneker’s skills impressed Jefferson greatly. Jefferson sent a copy of the almanac to the Royal Academy of Sciences in Paris an evidence of the talent of Negroes. Opponents of slavery in the United States and England also used the almanacs as evidence of blacks’ abilities.   Ã‚  Ã‚  Ã‚  Ã‚  The Publishers of Banneker’s almanacs printed contributions by prominent Americans in addition to his material. In the 1793 almanac, for example, the famous surgeon and statesman Benjamin Rush proposed the appointment of a U.S. secretary of peace. Banneker himself probably contributed a few proverbs, essays, and poems.   Ã‚  Ã‚  Ã‚  Ã‚  I think Benjamin Banneker changed the world with his almanac.