The Impact of Economic Meltdown on the Nigeria Banking Industry (a Case Study of Intercontinental Bank Plc).

13502 Words Aug 27th, 2012 55 Pages
ABSTRACT
This study tends to unravel the effects of economic meltdown on employee productivity in the Nigerian banking system using the August 14, 2009 CBN intervention into commercial banks (as a result of the meltdown originating from unsecured credits and poor bank management in the Nigerian commercial banking system) as a benchmark to analyze the effects. Data was collected from journals, interviews and direct data from specific units of the bank. The appraisal of the staff of Intercontinental Bank was used to assess performance under the first hypothesis. The second hypothesis tends to seek the staff opinion on effects of policy changes in the system and their performance. The study suggests that the economy
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In this research work, the impact of the economic meltdown and recent banking reforms in Intercontinental Bank Plc has been critically analyzed and its impact on employee performance will be identified and ways to ensuring a positive productive effect will be discussed.

2.2 STATEMENT OF PROBLEM
There has been a number of banking reforms in Nigeria with varying attendant effects. However, the effect of the current reform originating from the conspicuous effect of the economic meltdown has become of great concern. While the reform of 2004 cannot be exonerated from its attendant casualties of job loss among others, the current reforms seems to have raised some dust. Following the financial stringencies in the economy and the role of banks in a depressed economy, the CBN governor, Mallam Sanusi Lamido Sanusi, on August 14, 2009 relieved some banks’ CEOs of their duties for wrong exercise of executive responsibility.
As the unexpected turn in financial market prevails, forecasting economic changes is growing more difficult, employees which are the success tools of any organization are in no small way impaired in their level of productivity. For most bank employees in Nigeria today, the economic crisis has led to a wave of financial anxiety. Most bankers start to ask themselves questions like, “What if I lose my job, will I be able to cater for my family and other needs?
The economic meltdown has put to threat job security and an enhanced sustainable juicy