In this research study titled an evaluation of the role of NDIC to bank depositors and their services adequacy. The objective of the study was to know if the purpose of introduction of NDIC in the Nigeria financial institution has actually actualized its aim sine 1989 till date. The researcher used oral interview and questionnaire to obtain all the necessary information including secondary data. It was discovered that within the period the number of bank distress reduced and people are now having confidence in the Nigerian commercial banks. It was also discovered that it does not allow commercial banks to relax they check their activities from time to time. It is also being understand that banks are business which is intermediations conpced with the activities of the Apex bank as a regulatory body.
1.1 Background of The Study
The introduction of banking system emerged in 1891 but actually started in 1892. The ACB bank, but when the bank was managed by colonial masters there was a lot of disparity in employment given out loans to Nigeria indigenes and also having their head office in London. The Nigeria citizen objected to that and formed their own bank which was ruined by poor management, fraud, inadequate capital and other problems.
Bank distress has always being the case, in 1950’s we have 25 banks got distressed. In 1980’s the IBB Babangida Administration introduced SAP to reduce the over dependence on oil sector to Agricultural sector and bank deregulation. Many banks also got distressed, because of these, in march 1988, the Nigeria government thought of establishing Deposit insurance scheme as obtainable in other countries of the world like in America it was introduced in 1933 to regulate and monitor banks failure and distress because of this, the Nigeria deposit insurance scheme was into operation in June 1989 to regulate and monitor the activities of the commercial banks and also to protect bank depositors and also to restore confidence in the banking industry. Since then, the issue of bank distress has reduced the case in front is to know the roles activities of the Nigeria deposit insurance and to know if the services are adequacy both to the bank depositors and the Nigeria economy.
1.2 Statement Of The Problem
The problem under the study is to reveal the activities of the Nigeria despot insurance since it was established in 1988 and know the situation before their establishment. In a nutshell the statement of the study are:
1. The purpose of the establishment of Nigeria deposit insurance.
2. If their services are adequate.
3. If not adequate what are the areas for improvement.
1.3 Objective Of The Study
In this study, the objective can be summarized thus.
a. Why was NDIC established
b. What are the roles they play
c. Who are they protecting
d. Does it has any change whether positively or Negatively
e. Are their services adequate what are the area of improvement
1.4 Significant Of The Study.
In this study a lot of importance will be derived such as
1. The bank depositors will know what created bank distress or stress.
2. It will bring bank depositors confidence
3. It will reduce or stop bank run
4. It will bring overall development in Nigerian economy
5. The foreign investors will invest in Nigerian
6. It also be partial fulfillment for the award of National Diploma to the student who is researching
7. It will be a reference point to other further researchers
1.5 Scope And Limitation Of The Study
The scope of the study is limited to Nigerian Deposit insurance office at independence layout Enugu, which services as their regional office.
The limitations of the study are:
1 TIME: the researcher is a final year student coupled with finding area of industrial attachment and academic work involvement.
2. MONEY: money is scare of everybody let alone a student who is not working so they all contributed to the impediment but something was achieved at the end, hence this project that is above to be completed.
1.6 Definitions Of Terms
1. NDIC: Nigeria Deposit insurance scheme
2. – Services adequacy: they regulates Banking and insurance industries.
3. – Distress: Suffering and problem caused by not having enough money
4. – Failure: lack of success or not successful in doing something
5. – SAP: structural Adjustment programmed
6. – Regulation: it will bring about a depositors confidence
7. – Legislation: the process of making and passing Law
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