THE MANAGEMENT OF INSURANCE COMPANIES TOWARDS THE DEVELOPMENT OF BUSINESS ENTERPRISES

 

CHAPTER ONE: INTRODUCTION

1.1  BACKGROUND TO THE STUDY

Life is full of risk and every human being is confronted with possibility that one day one of these hazards which form part of life may befall them because one financial loss or the other. The purpose of insurance is to indemnify the victims for the financial loss they might have suffered as a result of these risks. Risk is a  concept that denotes a potential negative  impact to an  asset or some characteristic of  value that may arise from some present  process or future  event. In everyday usage, "risk" is often used synonymously with the  probability of a known loss. Paradoxically, a probable loss can be uncertain and relative in an individual event while having a certainty in the aggregate of multiple events (see risk vs. uncertainty below). Risk is the possibility of an event occurring that will have an impact on the achievement of objectives. Risk is measured in terms of impact and likelihood.

Insurance was not set out to climate and cannot soften the blow in a purely financial sense of obtaining monetary compensation to the victims thereby placing them in a financial position.

The purchasing of an insurance has been earlier describe as the insured person as a policy holder in order to protect himself against a particular risk, take out a policy with an insured, thereby passing over the risks to the insured on a payment of a fee known as premium.

Life is associated with different kind of risk some of this risk are insurable while some are not. The insurance industry in each devices different type of insurance policy to

carter for each one to the insurance risk. life, aviation, motor, person, accident and a lot of others.

Insurance as an industry did not exist in Nigeria until the later part of the twentieth century. However, there existed in Nigerian communities, some form of organize mutual social insurance schemes which had the future of modern insurance.

THE ROLE OF POLITICAL PARTIES IN DEMOCRATIC GOVERNANCE IN NIGERIA (PARADOX WITH PEOPLE’S DEMOCRATIC PARTY (PDP))

CHAPTER ONE:

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

Democratic governance with its ideal of elective representation, freedom of choice of leaders, rule of law, freedom of expression, accountability etc. has become the acceptable system of government all over the world. It is a form of government in which the supreme power of a political community rest on popular sovereignty. According to Oyovbaire (1987), democracy as a system of government seeks to realize a generally recognized common good through a collective initiation and discussion of policy concerning public affairs and which delegate authority to the agent to implement the broad decisions made by the people through majority vote. Thus, in contemporary times, democracy has been referred to as the expression of popular will of the political community through elected representatives. The contemporary democracy according to Raphael (1976), rest on representative government.

Democratic governance in Nigeria has been a different thing when compared to what is obtainable in other part of the world. The respect for human right and the rule of law which are the main features of democracy are not visible especially; election rigging and gangsterism is the order of the day that one can hardly differentiate between democratic government and autocracy.

In modern societies, political parties are very essential to political process. They have become veritable instrument or adjunct of democracy in any democratic system. Political parties are not only instrument for capturing political power, but they are also vehicles for the aggregation of interests and ultimate satisfaction of such interests through the control of government. Obviously political parties are crucial to the sustenance of democratic governance. As Agbaje (1999) notes that the extent to which political parties aggregate freely, articulate, represent and organize determines the level of accountability in public life including access to and use of power as well as political performance. 

THE IMPACT OF SMALL AND MEDIUM SCALE INDUSTRIES ON THE ECONOMIC GROWTH OF NIGERIA (1986 –2010)

CHAPTER ONE INTRODUCTION

 1.0              BACKGROUND TO THE STUDY.

In recent time, the fortune of small scale and medium scale Industries attracted the attention of government world-wide and thus has been the focus of general interest and research, especially in developing Countries due to the importance of small scale and medium scale Industries.

Their importance cannot be over emphasized as they constitute a whole virile vehicle for the generation of vast production of outputs and job creation. They are also act as catalyst for restructuring and diversifying the productive base of an economy and for the Industrial economy and for the Industrial economy take-off and growth of such an economy. The small and medium scale Industries are seen to hold the key to future expansion of the Industrial sector.

In Nigeria, evidence has shown that in 1986, small scale and medium scale Industries accounted for 70% of all firms, employing millions of Nigerians (first Bank of Nigeria report, 1987). By the end of 1979, over 80% of all establishments licensed under the factory act were small and medium scale Industries (Onwuala, 1987). This made the importance of this economic unit to be unelectable.

Small scale and medium scale Industry in its widest sense implies the urgent response to the challenges of developing countries, of which Nigeria is not an exception. Small and medium scale Industries should be practiced with due regards to the importance of available local raw materials in its environs because the challenges facing small and medium scale Industrialist are enormous.

APPLICATION OF MARKETING CONTROL TECHNIQUES IN MANUFACTURING FIRMS IN ENUGU L.G.A OF ENUGU STATE (A CASE STUDY OF EMENITE LIMITED EMENE ENUGU STATE)

 

CHAPTER  ONE: INTRODUCTION

1: 1   BACKGROUND OF THE STUDY

Marketing plays a dominant role in the successful management of business in the world of Drucker [1973; 9] business enterprises have two basic functions, marketing and innovation. Only marketing and invocation produce results; all the rest are cost. Marketing as the only revenue generating functions; must make plan attempts to implement and control such plans to the extent that its objectives are achieved.

Developing good strategies and tactics, after analysis the marketing environment are only the beginning toward the successful managing of the marketing efforts, usually surprise occurs during the implementation of marketing department therefore must engage in marketing control system and essential in making sure that the company operate efficiency and effectively. As a plan implementation and control are related. All resource available to any business whether human or otherwise must be mobilized into a daily; monthly, yearly and even annual activities that will cause the strategic plan to work well. Management should develop its basics control process along the following step as suggested by Koontz and Weihrich [1988).

WORKING CAPITAL MANAGEMENT AS A TOOL FOR COST MINIMIZATION AND PROFIT MAXIMIZATION

 

 

 

 

 

 

 

 

 

 

 

 

CHAPTER ONE

 INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Capital can be classified into two broad categories based on tenure viz. long term and short term capital.

The long term capital of firms is committed to investment in fixed assets. It includes shareholders. On the other hand, short term capital is applied for investment in current assets such as cash, marketable securities and short- term credits. Current assets are usually acquired very often in varying

quantities depending on the demand structure for the firm’s product. Each time a decision to acquire current assets is taken, finance becomes inevitable.

However, it does not necessarily mean that cash has to be paid each time an order for recurrent production input is placed, rather it implies that just like in the case of fixed assets, every decision on current assets has financial implications. For instance, a firm hasto decide how much of the material used for production of goods and services are to be on credit or on cash and carry basis. it also has to determine what proportion of its sale has to be on credit. Also both the optimum and minimum stock levels for raw materials and work-in-progress (WIP) have to be determined and maintained at a given point in time.

THE ROLE OF STOCK MARKET IN THE GROWTH OF NIGERIAN ECONOMY (1980 – 2010)

CHAPTER ONE

INTRODUCTION

1.1  Background of the Study

Stock Market is viewed as a medium to encourage savings, help channel savings into productive investment, and improve the efficient and productivity of investment. The emphasis on the growth of stock markets for domestics‘resource mobilization has also been strengthened by the need to attract foreign capital in non-debt creating forms. A viable equity market can serve to make the financial system more competitive and efficient. Without equity markets, companies have to rely on internal finance through retained earnings. Large and well established enterprises are in a privileged position because they can make investment from retained earnings and bank borrowings, while new companies do not have easy access to finance. Without being subjected to the scrutiny of the stock market, big firms get bigger, and for the emerging smaller companies, retained earnings and fresh cash injections

from the controlling shareholders may not be able to keep pace with the needs for more equity financing which only an organized market place could provide. The corporate sector would also be strengthened by the requirements of equity markets for the development of widely acceptable accounting standards, disclosure of regular, adequate, and reliable information. While closely held companies can camouflage poor investment decisions and low profitability, at least for a while, public held companies cannot afford this luxury. The availability of reliable information would help investors

make compares‘ of the performance prospects of companies; corporations to make better investment and strategic decisions; and provide better

statistics for economic policy makers.

THE IMPACT OF LABOUR MARKET CRISIS ON DEVELOPING ECONOMICS THE NIGERIA EXPERIENCE [1980- 2010]

 

CHAPTER ONE

1.1  BACKGROUND OF THE STUDY

The Nigeria labour market in recent years has experienced problems such as strikes, unemployment and reduction in productivity.

Labour conflict is a phenomenon that most often takes the form of strikes [where they are permitted] or, as in the public sector in the united states the arbitration procedures. In the United states arbitration is frequently used in the public sector when strikes are forbidden. The arbitrators are generally experts picked by the employers and unions following a procedure setout by the government.

Unemployment is one of the developmental problems that face developed and mostly developing economics of which Nigeria constitute 2/3 [two third] of the population of developing countries. During the last 30 years, the industrialized countries have evolved in different directions with respect to unemployment.

A REVIEW OF MOTIVATION AS A MANAGEMENT TOOL FOR INCREASING THE PRODUCTIVITY OF EMPLOYEES

CHAPTER ONE:INTRODUCTION

1.1              BACKGROUND OF THE STUDY.

In every organization, large or small, private or public enterprise, human

resources (employees) are always the pillar to the success of the organization. These human elements have their individual drives, desires, needs, wishes and similar forces which they intend to satisfy when they are coming into an organization. Satisfaction or non-satisfaction of these needs by the organization has an impact on the behaviour or performance of the employee and eventually on productivity.

The usefulness of motivation cannot be over emphasized. Every organization depends on motivation amongst other factors for the attainment of their objectives. Organizational objectives cannot be fully achieved unless the employees are trained and motivated to acquire the necessary skills, knowledge, and ability to perform their jobs effectively and efficiently. With the drive towards technological advancement in Nigeria, motivating and training of employees are inevitable, the monetary incentives like bonuses, wages, salary increment etc. are to motivate the employees thereby making them to put more effort in their work which help to improve the level of productivity in both private and public industries.

ACCOUNTING INFORMATION SYSTEM AS A MEANS OF ENHANCING FINANCIAL MANAGEMENT OF TRANSPORT COMPANY

 

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The Nigerian Railway Corporation (NRC) has been in existence for years. It is regarded the largest transport corporation in Nigeria and has a high network operations.

The Nigerian railway corporation is One Hundred and Fourteen years (114) old and it runs a unilaterally designed track system of 1067mm charge gauge. Only 30km of its track distribution is in double track and that is within Lagos area.

Nigerian Railway Corporation actually commenced rail business activities with the construction of the first rail line from Lagos to Ibadan 193m between 1998 and 1901. By 1964 when the construction of 640km Kano-Maiduguri rail line, then known as Bornu extension, was completed, the present core of the railway network hard been put in place.

AN ASSESSMENT OF THE IMPACT OF MANUFACTURING SECTOR ON ECONOMIC GROWTH IN NIGERIA (1981 –2010)

 

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

Prolonged economic recession occasioned by the collapse of the world oil market from the early 1980s and the attendant sharp fall in foreign exchange earnings have adversely affected economic growth and development in Nigeria. Other problems of the economy include excessive dependence on imports for both consumption and capital goods, dysfunctional social and economic infrastructure, unprecedented fall in capacity utilization rate in industry and neglect of the agricultural sector, among others (Ku et al, 2010; Adesina, 1992). These have resulted in fallen incomes and devalued standards of living amongst Nigerians.

Although the structural adjustment programme (SAP) was introduced in 1986 to address these problems, no notable improvement took place. From a middle income nation in the 1970s and early 1980s, Nigeria is today among the 30 poorest nations in the world. Putting the country back on the path of recovery and growth will require urgently rebuilding deteriorated infrastructure and making more goods and services available to the citizenry at affordable prices. This would imply a quantum leap in output of goods and services.

CORPORATE SOCIAL RESPONSIBILITY

CHAPTER TWO

LITERATURE REVIEW

2.1           CONCEPTUAL FRAMEWORK

Matten & Moon (2004) presents a conceptual framework for understanding Corporate Social Responsibility (CSR), the `implicit´ versus the `explicit´ CSR.

`Explicit´ Corporate Social Responsibility is about corporate policies with the objective of being responsible for what interest society. `Explicit´ Corporate Social Responsibility can for example be voluntary, self-interest driven Corporate Social Responsibility policies and strategies.

CORPORATE SOCIAL RESPONSIBILITY

        

    

          CHAPTER TWO

LITERATURE REVIEW

2.1           CONCEPTUAL FRAMEWORK

Matten & Moon (2004) presents a conceptual framework for understanding Corporate Social Responsibility (CSR), the `implicit´ versus the `explicit´ CSR.

 `Explicit´ Corporate Social Responsibility is about corporate policies with the objective of being responsible for what interest society. `Explicit´ Corporate Social Responsibility can for example be voluntary, self-interest driven Corporate Social Responsibility policies and strategies.

 `Implicit´ Corporate Social Responsibility is a country´s formal and informal foundation that gives organizations or business an agreed share of responsibility for society´s interests and concerns. `Implicit´ Corporate Social Responsibility are values, norms and rules which result in requirements for corporations to address areas that stakeholders consider important. Business associations or individual organizations are often directly involved in the definition and legitimization of these corporate social responsibility requirements.

The issue of business corporate social responsibility has become a subject of wide discussion and growing concern to many organizations especially in the construction and telecommunication industries. Consequently, it is not easy to proffer a comprehensive definition of the concept. So many definitions have been put forward by many scholars but none has gained universal acceptance. In fact, many writers shy away from attempting a definition, because it connotes different things to different people especially in the developing world.  The stage and extent of corporate social responsibility varies as much as the various definitions social responsibility covers can be seen to reflect the society in which the writer is at the time of writing as well as the period of time. This can be seen from analysis of the various definitions of the concept put forward by different authors.