MANAGEMENT OF PENSION FUND IN NIGERIA: CHALLENGES AND PROSPECTS

ABSTRACT

This project work is focused on management of Pension Fund in Nigeria: challenges and Prospects The project is aimed at examining the challenges faced by management of pension fund in Nigeria and achievement or prospects recorded so far. The writer in reviewing literature of this work employed a historical method. In chapter three the researcher made use of survey research plan in which questionnaires were split into section, stratified random sampling were equally applied and statistical data were extracted and used. Furthermore, the writer formulated hypothesis in line with the problems and objectives of the study. However, product moment coefficient of correlation were used to test the hypothesis in which the following result emerged. The amount of pension fund contribution has a high positive relationship with asset investment portfolio and prospect on amount of contribution were recorded. The FGN bond capital market has a high positive relation with asset investment of pension fund which created prospect to pension fund investment system in Nigeria. Biometric system assists to dictate fraud and encourage proper investment of pension fund in Nigeria. Data collected were analysed and presented with tables and percentages. In view of the findings made, the following recommendation accrued from the result of the research work: Ethics and moral standard should be built. Prompt and regular payment of pension should be adopted, proper investment and expansion of asset investment portfolio should be encouraged. Adequate training should be given to management on how to make effective and efficient use of biometric system.

                                      CHAPTER ONE

                                      INTRODUCTION

1.1    BACKGROUND OF THE STUDY

The management of Pension Fund in Nigeria is as old as Nigeria itself. Pension fund was introduced by the colonial masters to provide income and security for old age British citizens working in Nigeria upon retirement as a post-retirement benefit to employees. In the view of Adesina (2006:7), Nigeria Legislative instrument on pension matters was the pension ordinance of 1951 which had retrospective effect from 1st January, 1946. In 1961 National provident from (NPF) scheme was established with the legislation to address pension matters n private organizations. Eighteen years later Pension Fund Act No. 102 with Armed Forces Pension Act No. 103 came up the same year in 1979. In 1987 police and other Government Agencies Pension was enacted under Pension Act No. 75.

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MANAGEMENT OF PRODUCTION PROBLEMS IN MANUFACTURING COMPANIES IN ENUGU STATE

MANAGEMENT OF PRODUCTION PROBLEMS INMANUFACTURING COMPANIES INENUGU STATE. A CASE STUDYOF ANAMMCO,PRODA,SUNRISE

Abstract

This study has examined the efficient management of production problems in manufacturing companies in Enugu state. The selected companies were ANAMMCO, PRODA AND SUNRISE.The research design used for this research work was descriptive research design. The questionnaire was the instrument distributed to the participants which was later retrieved. Frequencies, arithmetic means, standard deviations and statics were used to analyze the data. The findings of the study, showed that availability of raw material significantly enhance production. When the raw materials are available at the needed time, it is easy for manufacturing firms to meet production targets. However, another finding of this study is that adequate financial base enhances production. Manufacturing firms cannot function effectively or even produced goods without adequate capital. Based on the findings of this study, the researcher recommends as follows; there is a need to ensure that raw materials are available when needed. Thus, management should give production a priority in the manufacturing firms by ensuring that vitally needed raw materials are provided. Above all, management should endeavor to keep abreast of government policies on importation, taxes, tariffs which greatly influence production especially ANAMMCO, which relies partly on foreign spare parts for production.

CHAPTER 1

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

       Production can be defined as the process by which good and services are created. It is a process by which a set of desired inputs is converted into a set of desired output. Production includes all activities wherein something of value is created.

       It includes services such as those provided by hospitals, universities, insurances etc. manufacturing, on the other hand, refers to production of tangible goods such as books, automobiles and food products.

       In the evolution days, production was, in a sense, almost an isolated function many companies. It jobs was, to take the designer’s blue-print and produce a product. Whether the product was accepted or not, there were barriers, in communication andcooperativeness between manufacturing and other functions of the company. Since production entails employment of the bulk of manpower, utilization of the physical assets and engagement of the bulk of the financial resources; pressures in the organization great; failure to deliver, an idle machine, a line of an unsafe process all demand attention in order to attain the corporate objectives.

       However, management scholars having identified several problems in the production process for instance, low capacity utilization, poor quality and inadequate personnel, have tried to evolve an efficient production system that would attract profits at low cost and thus enhance the survival and growth of the organization.

       More importantly, management experts have deduces that decisions and actions relating to production seriously affect the success of a firm. Good judgment in location and layout of the production facilities can produce cost savings and efficient operations. Effective purchasing and control of materials minimize the chance of operation interruptions. Careful production scheduling and quality help to assure that customers will get on-time delivery and quality products.

       Regrettably, despite all effort by scholars aimed at evolving an efficient production system, many manufacturing companies have persistently failed to pay attention to planning and control of the production process which includes among others, quality, material and inventory control etc. This has been responsible for the colossal decline in factory profits with its attendant problems.

       Industrialization is the only vehicle to a great tomorrow, to security, to higher income and to a higher standard of living. Industrialization changed Japan form fended aristocracy to a buoyant economy.

       Industrialization will change the face of Africa, Asia then production will have to be provided with the attention, motivation, and infrastructural facilities it desires.

       This will enable production function assume its role of stimulating our technological take-off and thereby create enough wealth to improve the standard of living of present and future generation of Nigerians.

       The facts above underscores the need to delve into problems encountered in production and thus put forward better ways of managing the production process so as to enhance the overall growth of the manufacturing industry.

1.2  STATEMENT OF THE PROBLEM

       Most manufacturing firms in Nigeria are faced with declining profits due to focus on capital investment as a means to reduce labor and consequently ignore the huge profits to be gained through improved quality, reduced inventory and more timely introduction of new products. In a desperate bid to make and meet the demand, many of such companies are operating below their installed capacities. Some have retrenched their staff while yet others have shut down production. Often times, some of the problems have been attributed to; inability to procure vitally needed machinery, raw materials and spare parts. Other includes low managerial skills and inadequate infrastructure.

Some of the man-made constraints to raw materials procurement include lack of technical personnel to direct the manufacturing process. However, it has been observed that most companies fail to pay attention to managing these problems associated with production of goods. This has largely contributed to inefficiency in production system, lack of growth and declining currently being faced by most manufacturing firms.

1.3 OBJECTIVES OF THE STUDY.

  1. To find out if the unavailability of raw material affect production.
  2. To ascertain to what extent the provision of the infrastructure facilitate production.
  3. To ascertain the extent adequate financial base enhance production.
  4. To verify how effective staff motivation have significant impact on their performance.

1.4  RESEARCH QUESTIONS

  1. Has the unavailability of raw material affect production?
  2. To what extent has the provision of the infrastructure facilitate production?
  3. To what extent has adequate financial base enhance production?
  4. Does effective staff motivation have significant impact on their performance?

1.5 SIGNIFICANCE OF THE STUDY.

       The study is significant in many ways. In the first instance, a review of the production system and its design will provide valuable information on the problem inherent in varied methods in production and thus reveal the appropriate way to plan production activities in the manufacturing sector.

       Furthermore, production management personnel, organization specialists and others will be provided with additional knowledge on ways of coping with the onerous difficulties in production aimed at enhancing production efficiency and thus the overall growth of the organization.

       Above all, this work will also create awareness for management scholars on the need to manage production since it will offer helpful recommendation on the benefits likely to be achieved in organizations that execute production activities properly.

1.6  SCOPE /DELIMITATION OF THE STUDY.

       The manufacturing companies are categorized under Auto-industry, Ceramic company and flour producing company.

       The researcher out of the different categories randomly selected one from each of the categories. The selected companies are: “Anambra Motor Manufacturing Company”(ANAMMCO, Project Development Institute(PRODA) and Sunrise Flour Mills Limited (Sunrise).

       The scope of the study is restricted to investigation production problems and exploring way by which the production process could be better managed to enhance growth and efficiency in the manufacturing industry.

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MANAGEMENT OF LOANS AND ADVANCES IN NIGERIAN COMMERCIAL BANKS. (A STUDY OF FOUR COMMERCIAL BANKS IN ENUGU)

CHAPTER ONE:

                     1.0 Introduction

1.1     Background of the Study

Commercial banks are “retail banking institutions” that accept deposits and make short-term, medium-term, and long-term credits available to government, public/private business enterprises, and individuals. Some of their functions include accepting deposit through current and savings accounts; fixed deposit and others, granting of loans and advances, equipment leasing, loan syndication; financing advisory services; trade and export finance; other investments and foreign remittances. The relationship between Commercial bank and others financial institutions in terms of functions, limits, and modus operandi are spelt out in the Bank and other financial institutions Decree 25 Banking and other financial matters decree (BOFID)of 1991. The Banking and other financial matters decree (BOFID) Decree 25 of 1991 in particular permits some other financial institutions like Merchant Bank, Development Bank and Insurance companies to engage in granting loans through mostly medium and long- term in nature.

This research work is mainly done on the management of loans and advance (short, medium-term, and long-term) granted by the Commercial bank in Nigeria. Granting of loans and advances is an integral part of the functions of the Commercial Bank but one of the most risky one. It is based on its risky nature that made it an interest of study focus in terms of its management by the commercial banks.

Filder (1982:249), states that it is a known fact that loans and advances are granted at a profit. Most loans and advances are granted out of the deposits accepted by the commercial banks or funds borrowed at a lower interest rate. The difference between the interest paid out plus share of management cost and the loan interest received makes up the profit to the commercial bank.

The success or failure of the Commercial Banks in achieving their profit objective very much depends on how well the loans and advances are managed.

An efficient lending policy will in every ramification reduce the incidence of bank distress and generally increase the wealth of the owners of the bank as a business. It will equally help in revitalizing and boosting the economic activities in the country.

According to Teriba (1990:21), a situation where the bank lending policy is weak and inadequate makes loan and advances management difficult and this result to shoot-outs of several problems in the development of the economy. Any economy with inadequate level of loan and advances, stringent lending policy and obvious huge bank bad-debts and provisions has a dull future in terms of its overall development. It is this incidence of poor management of commercial bank loan and advances in the Nigerian economy that has promoted my idea of instituting this scholarly investigation as a way to findings lasting solution to the problems.

1.2     Statement of the Problem

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IMPACT OF PROBLEM SOLVING TECHNIQUE ON PERFORMANCE OF TRANSCORP HILTON HOTEL ABUJA, NIGERIA

IMPACT OF PROBLEM SOLVING TECHNIQUE ON PERFORMANCE OF TRANSCORP HILTON HOTEL ABUJA, NIGERIA

ABSTRACT
Problem solving technique is a veritable tool for today’s management to utilize for optimal result. This research work used the Impact of Problem Solving Technique on Performance of Transcorp Hilton Hotel Abuja, Nigeria as it investigates on skills in problem solving on customer satisfaction, evaluate whether there is a significant relationship between decision making styles on employee satisfaction, ascertain the usefulness of brainstorming guide on net profit margin and To assess employees assertiveness and self confidence in achieving profit via problem solving technique. The population size of the organization under study was 320 after the use of a statistical tool called Taro Yamane was used to determine the sample size and questionnaire prepared and administered. The first hypotheses indicates that Skill and Customer satisfaction were positively and significantly related (x2=17.96**> x2 Tab=9.487). This means if the Skill is effective, it will have a great impact on Customer Satisfaction. Hence, we reject the null hypothesis and accepted the alternate which state that “Skill have significance on customer satisfaction in Transcorp Hilton Hotel Abuja, Nigeria” the second hypotheses indicate that Decision Making styles and Employee satisfaction were positively and significantly related (x2=15.78**> x2 Tab=9.487), This means if decision making is effective, it will have a great impact on Employee satisfaction. Hence, we reject the null hypothesis and accepted the alternate which state that “There is a significant relationship between decision making style of problem solving and employees satisfaction at Transcorp Hilton Hotel Abuja, Nigeria”, the third hypotheses indicate that there is a correlation between Brainstorming Guide aids return on Investment as they were related (r=0.551**, p<0.000). This shows that Brainstorming can contribute or aid Transcorp Hilton Hotel Abuja, Nigeria’s return on investment. Hence, we reject the null hypothesis and accepted the alternate which state that ‘Brainstorming guide in problem solving does aids return on investment of Transcorp Hilton Hotel Abuja, Nigeria and the last hypotheses show that there is a tie Correlation between Assertiveness/Self confidence and Profitability as they were related (r=0.614**, p<0.000). Hence, we reject the null hypothesis and accepted the alternate which state that ‘Assertiveness and self confidence in problem solving impact positively on the profitability of Transcorp Hilton Hotel Abuja, Nigeria. The research findings which show that problem solving technique skills impact on customer satisfaction in the organization, there is significant relationship between decision making styles of problem solving and employees satisfaction, brainstorming guide in problem solving does aids return on investment and Assertiveness and self confidence in problem solving does impact positively on the profitability. The following recommendation put was put forth, that Transcorp Hilton Hotel Abuja, Nigeria and other hospitality firms must imbibe the spirit of research in their decision making. The use of haphazard method of decision should be totally disallowed and problem solving technique must be adopted, furthermore, the success of any firms largely depends on their workforce. There should be proper human resource and personnel management efforts. The workers of the firm must be adequately motivated and remunerated to build enhanced performance. Finally, there should be care and precaution in the application of problem solving technique because of the quantitative analysis that may be involved. A little mistake in the improper utilization of these techniques can lead to organizational failure.

TABLE OF CONTENTS

Title Page i
Approval ii
Declaration iii
Dedication iv
Acknowledgment v
Abstract vi
Table of Content vii
List of Table viii
Test of Hypotheses Table ix
CHAPTER ONE INTRODUCTION
1.1 Background of the Study 1
1.2 Statement of the Problem 4
1.3 Objectives of the Study 5
1.4 Research Questions 6
1.5 Research Hypotheses 6
1.6 Significance of the Study 7
1.7 Limitations of the Study 7
1.8 Scope and Delimitation of Study 8
1.9 Conceptual Definition of Terms 8
References 12
CHAPTER TWO: REVIEW OF RELEVANT LITERATURE
2.1 Conceptual Framework 13
2.1.1 Historical Framework on Performance 13
2.1.2 Concept of Performance Management 14
2.1.3 Concept of Organization 15
2.1.4 What is Performance Management 16
2.1.5 Performance Evaluation and Motivation 18
2.2 Performance Problem Solving 19
2.2.1 Problem Solving 21
2.2.2 The Problem at Transcorp Hitlton Hotel Abuja, Nigeria 21
2.3 Theoretical Framework 21
2.3.1 Gestalt Theory 21
2.3.2 Performance Theory: Understanding Theories 24
2.3.2.1 Goal Theory 24
2.3.2.2 Control Theory 25
2.3.2.3 Social Cognitive Theory 25
2.3.2.4 Reward Management 26
2.4 problem solving technique 26
2.4.1 Strategic Reward Characteristics and Critical Evaluation 26
2.4.2 Recurring Problems at Transcorp Hilton Hotel 27
2.5 Empirical Review 34
2.6 Summary of the Literature Review 35
2.7 Critique of the Literature Reviewed 35
References 38
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research Design 40
3.2 Sources of Data 40
3.2.1 Primary Data 40
3.2.2 Secondary Data 41
3.3 Area of study 41
3.4 Population of the Study 41
3.5 Sampling Techniques 42
3.6 Sample Size 42
3.7 Allocation of Sample Size 44
3.8 Research Instrument for Data Collection 45
3.8.1 Questionaire 45
3.8.2 Oral Interview 45
3.8.3 Observation 46
3.9 Questionaire Administration and Collection 46
3.10 Methods of Analyzing the Data 46
3.11 Decision Rule 47
3.12 Validity of Research instrument 47
3.13 Reliability of Research Instrument 48
References 50
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.1 Data Presentation 51
4.2 Testing of Hypothesis 68
4.3 Discussions of Findings 73
CHAPTER FIVE: SUMMARY, CONCLUSION, RECOMMENDATIONS AND SUGGESTIONS FOR FURTHER STUDIES
5.1 Summary of Findings 74
5.2 Conclusion 74
5.3 Recommendations 75
5.4 Suggestion for further studies 76
Bibliography 78
Appendixes 81
Questionnaires 82Download Full Material-N5000