Distress in the Nigerian Banking Industry - Causes, Effects and Strategies for SolutionJournal: International Journal of Science and Research (IJSR) (Vol.3, No. 10)
Publication Date: 2014-10-05
Authors : uzokwe Nnamdi.J.; ohaeri Chibuike;
Page : 76-81
Keywords : Distress; Banking Industry; Nigeria; Economy; CBN;
The problem of distress in the Nigerian banking industry has been of huge concern to all stakeholders of the economy and the world business community at large. This paper focused on the causes, effects and strategies for solution. It sought to address the following questions: What is distress What factors bring about distress What should be done to solve the problem of distress Data for the research was gathered through questionnaire administered to 106 respondents spread over 5 commercial banks in Imo State Nigeria. In our analysis, the result indicates that both political uncertainty and institutional factors constitute 64.6 % of the factors that causes bank distress. This goes to suggest that distress in banking industry would not have occurred at the level it did but for these two factors. Aside fraud and embezzlement as noted in the research, the lingering effect of crisis associated with religion or tribal crisis has also affected Nigerian banks. Based on the findings recommendations were made.
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