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A STATISTICAL ANALYSIS ON THE IMPACT OF STUDENT’S ATTITUDE TOWARDS ENTREPRENEURSHIP DEVELOPMENT

A STATISTICAL ANALYSIS ON THE IMPACT OF STUDENT’S ATTITUDE TOWARDS ENTREPRENEURSHIP DEVELOPMENT

 

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ABSTRACT

 

The study is an empirical work that attempted to investigate the background of analysis of impact of students disposition in business attitudes within the context of their educational endeavour and personal behaviours are explored within the individual concept of interest. The study analyzed and compared the differences in entrepreneurial potential and perception about entrepreneurship by graduating students of Delta Polytechnic. Scholars were consulted to determine their contributions to the body of knowledge within the confines of research study. The total research population was 3804 with a sample size of 370 as the respondents using stratified research design to achieve the objectives of the study and primary data collected by means of closed-ended questionnaire as instrument. The statement of hypothesis to be tested: H1: An individual student’s course of study has significant positive impact on students’ tendency to be an entrepreneur; H0: An individual course of study has no significant impact on a students’ choice of being an entrepreneur. Frequency distribution tables were used for the analysis of data collected while the hypothesis was tested using the Chi-square (X2) and the effect of each variable on the sample subjects. The study revealed that entrepreneurship practice is never restricted to one particular descriptive but applies to all aspects of human endeavour and also contributes to human and economic development of a nation. Recommendations as to the roles of individual and stakeholders were put forward particularly that the governments at all levels need to cerate a favourable business climate to boost entrepreneurial development in Nigeria.

TABLE OF CONTENTS

Title Page    –        –        –        –        –        –        –        –        –        i

Declaration –        –        –        –        –        –        –        –        –        ii

Approval    –        –        –        –        –        –        –        –        –        iii

Dedication  –        –        –        –        –        –        –        –        –        iv

Acknowledgement         –        –        –        –        –        –        –        v-vii

Abstract      –        –        –        –        –        –        –        –        –        viii

Table of Contents –        –        –        –        –        –        –        ix-xi

 

CHAPTER ONE:

1.0     Introduction         –        –        –        –        –        –        –        1-2

1.1     Background of the study         –        –        –        –        –        2-5

1.2     Statement of the problem        –        –        –        –        –        5-6

1.3     Objectives of the study  –        –        –        –        –        7

1.4     Significance of the study         –        –        –        –        –        7-8

1.5     Research questions        –        –        –        –        –        –        8-9

1.6     Statement of hypothesis          –        –        –        –        –        9

1.7     Delimitation / scope of the study      –        –        –        –        9-10

1.8     Definition of terms         –        –        –        –        –        –        10-12

CHAPTER TWO: LITERATURE REVIEW

2.0     Introduction         –        –        –        –        –        –        –        13

2.1     Historical perspective of research area       –        –        –        13-15

2.2     Conceptual definition of entrepreneurship –        –        15-18

2.3     Concept of entrepreneurship and entrepreneur    –        18-20

2.4     The process of entrepreneurship       –        –        –        –        20-22

2.5     Concept of development         –        –        –        –        –        23-24

2.6     Meaning of entrepreneurship development –        –        24

2.7     Factors influencing entrepreneurship development in the 21st century       –        –        –          –        –        –        –        25-30

2.8     Characteristics and skills of an entrepreneur       –        31

2.8.1  Entrepreneurial characteristics          –        –        –        –        31-34

2.8.2  Entrepreneurial skills     –        –        –        –        –        –        34-35

2.8.3  What is entrepreneurial spirit  –        –        –        –        35-36

2.9     Dynamics of the brain as the seat of entrepreneurial empowerment –        –        –        –          –        –        –        36-37

2.10   Functions of entrepreneurship –        –        –        –        37-39

2.11   Benefits of entrepreneurship   –        –        –        –        40-42

2.12   Factors determining the extent of entrepreneurship       42-43

2.13   Factors influencing the development of the individual entrepreneur –        –        –        –          –        –        –        44-46

2.14   The role of marketing in entrepreneurship development in Nigeria  –        –        –        –          –        –        –        –        46-48

2.15    Challenges of entrepreneurship development in Nigeria          46-48

2.16   The role of entrepreneurship in the development of enterprises       –        –        –        –          –        –        –        50-51

2.17   The role of government towards entrepreneurship development in Nigeria         –        –          –        –        –        51-56

2.18   The role of entrepreneurship in economic development 56-59

 

CHAPTER THREE: RESEARCH METHODOLOGY

3.0     Introduction         –        –        –        –        –        –        –        60

3.1     Area of study       –        –        –        –        –        –        –        60

3.2     Research design    –        –        –        –        –        –        –        60

3.3     Justification for its adoption   –        –        –        –        60

3.4     Population of the study –        –        –        –        –        61

3.5     Sample size and sampling techniques         –        –        –        61

3.6     Justification for sampling section     –        –        –        –        61-62

3.7     Methods of data collection      –        –        –        –        –        62

3.8     Instruments used in data collection   –        –        –        62

3.9     Method used in presentation and analysis of data collected (Data analysis techniques)          –        –        –        –        –        63

3.10   Limitations –        –        –        –        –        –        –        63

 

CHAPTER FOUR: PRESENTATION AND ANALYSIS OF DATA

4.0     Introduction         –        –        –        –        –        –        –        64

4.1     Respondents characteristics and classification     –        64

4.2     Presentation and analysis of data     –        –        –        65-72

4.3     Answer to research questions and or test hypothesis    72-76

 

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.0     Introduction         –        –        –        –        –        –        –        77

5.1     Summary    –        –        –        –        –        –        –        –        77-78

5.2     Conclusion –        –        –        –        –        –        –        –        79-80

5.3     Recommendations         –        –        –        –        –        –        80-82

Bibliography

Appendixes


CHAPTER ONE

1.0     INTRODUCTION

Entrepreneurship  has been recognised as the determinant or pivotal element of economic growth and development (Kidane and Harvey,

2009: Nafukko and Muyia, 2010 and Kavitha et al, 2013). This is because Entrepreneurship leads to the creation of small and medium scale businesses,providing employment opportunities, income generation, uplifting of standard of living, and utilization of human, material and financial resources of a country in the right direction. Many countries have placed intensive and frantic efforts and programmes towards development of Entrepreneurship. Because of the importance and role of Entrepreneurship in the economy, the federal government of Nigeria through national universities commission introduced  Entrepreneurship education course under general studies programmes which is mandatory for all undergraduate students in the country. It is believed that it will facilitate the development of favourable attitude towards Entrepreneurship and its education. Similarly,the federal government has established Entrepreneurship study centres in all the federal universities in the country in order to facilitate towards development of

entrepreneurs. According to federal government through the Ministry of Education in conjunction National Universities Commission (2011) has approved the establishment of Entrepreneurship Study Centres (ESCs) in all federal own Universities in the country. The establishment of the  centres is to be funded by Educational Trust Fund (ETF).The ministry has also approved the establishment of

project implementation committee to fast track the establishment and development of entrepreneurship education in the universities (NBF News, 2011). The primary role of the centre is stimulation of

entrepreneurial competencies among students, staff and the community. The Entrepreneurship Study Centre is expected to: Develop and offer courses, seminars, workshops and conferences to advance and propagate entrepreneurship, Offer a 2-credit units course to semifinal/ final-year students, Provide entrepreneurial clinical services in entrepreneurship to students, staff and members of the public, Serve as a National Centre for the training and development of experts in entrepreneurship, Promote research and experimentation in entrepreneurship.

The rate of unemployment among school graduates is quite alarming in Nigeria. As part of measures to ameliorate the growing ugly situation, government at all levels (federal, state and local) are putting in place measures to encourage self-reliance, creativity and innovation drive through entrepreneurship development in Nigeria. To understand entrepreneurship and development is to discover why Nigeria is described as a developing economy. Developing economy explains the extent by which men and women should contribute to develop workable ways or strategies in order to achieve economic growth and development. It revitalizes the dominant potentialities of every youth in providing job employment for others rather than seeking out for employment. It also assists to underscore the responsibilities of the government in fostering an environment of growth for entrepreneurial initiatives. It further opens avenues for the government to develop the right strategies especially in addressing poverty in the country (Erlinda D, 2011).

1.1   BACKGROUND OF THE STUDY

It is envisaged that government at all levels will have to put in place all necessary infrastructures to promote the growth and development of small and medium scale enterprises (SME) in the country to enable Nigeria attain the Millennium Development Goals (MDGs) target set by the United Nations by the year 2012 and Nigeria vision 20-20-20. A vibrant SMSE sector is critical in the realization of MDGs objective. Experts have observed that Nigeria may not likely meet the MDGs target by reducing poverty by 50% by the year 2015 considering the present status of SMSE operations in Nigeria. It is universally accepted that Micro (Small) and Medium Scale Enterprises are the engine of development of any nation. A nation’s rate of development is determined by the number of SMEs in the country. Statistical studies have shown that 40 – 50% SMEs in most advanced countries of the world are owned by graduates or those who passed through Colleges. Given this facts in Nigeria, the opposite seems to be the case (Business Day Newspaper 9th Jan., 2007, pg. 13). Scholars have divergent views on who is an entrepreneur and who is not. While the first school of through is of the opinion the entrepreneurs can be made (taught through formal classes) the other group however are of the opinion that entrepreneurs are born (an inheritance). They argued further that entrepreneurs possess special qualities and must have the right attitude and disposition towards entrepreneurship.

This development is likely to inculcate in students the right aptitude and attitudes to starting their won business and by implicating making them a better entrepreneur. Considering the fact that the key factors that give rise to enterprise are personal, sociological and environmental factors. For quite some time now by statistical analysis, over 3 millions Nigerians in a given year become qualified to form the labour market largely from both Universities and Polytechnics but, regrettably, not more than 10% of this population are likely to gain employment to join the formal sector. The International Labour Organization collaborated this very poor level graduates, employment yearly (Bugaje, Hamalai & Indabawa, 2002). Indeed, it is obvious that with the level of development and attendant threats in Nigeria, the possibility of government having the capability of leveraging poverty and meeting the United Nation target on MDGs 2012 is remote. Inspite of the Federal Government of Nigeria’s effort towards setting up institutions such as National Poverty Alleviation Programme (NAPEP), Small and Medium Scale Enterprises Development Agency (SMEDAN), National Directorate of Employment (NDE), National Economic Reconstruction Fund (NERFUND) and other relevant programmes with other world bodies and NGOs, the piece of entrepreneurship development is still low when compared with other developing countries with developed nation taking the lead. Thus, this research work is an attempt to investigate the individual characteristics of graduating students with a view to understand whether some students are more likely to take to entrepreneurship than others irrespective of their course of study. Attempt will be therefore be made to understand the possible influence of a students course of study in their desire to start a business of their own.

 

1.2     STATEMENT OF THE PROBLEM

Substantially, governments of Nigeria (federal, state and local) are making effort to promote the development of small and medium scale enterprises and other related programmes in support but then, much is still desired interms of commitment of funds, mobilization, minimization of corruption and performance evaluation mechanisms and above all leveraging on the macro environmental operations variables (Mawoli, M.A. and Aliyu, A.N, 2010). Nigeria still falls far short of the economic and social progress required to impact the well being of average Nigerian given that over half of the population lives on less than one dollar a day (Otah, Erlinda, 2011). Nigeria is also one of the top three countries in the world that has the largest population of poor people. Nigeria remains off-track on achieving the Millennium Development Goals (MDGs) including the goal of having the number of people who live in extreme poverty. The enormity of the challenge is corroborated by Nigeria’s low score on the Human Development Index (HDI), an index that means the average achievement of a country in terms of the welfare and quality of life of its people. It was reported that Nigeria is one that has the highest infant mortality rate in Africa and indeed worse than those of Ghana, Burkina Faso and Benin. In education, the quality of schooling is adversely affected by large class sizes, lack of teaching materials and equipment, and lack of qualified teachers, etc. Doing business in Nigeria is hampered by poor access to infrastructure and insecurity of lives and property, political instability in some quarters. The supply of electricity is often unreliable thereby distorting business climate. According to World Bank / IFC business ranking 2008, Nigeria ranked an aggregate 125 out of the 183 economies assessed (Erlinda D. 2011).

 

 

 

 

 

1.3     OBJECTIVES OF THE STUDY

The research work is designed to achieve the following specific objectives:

  1. i) To reveal the impact of students attitudes towards entrepreneurship development.
  2. ii) To identify the reasons for the slow pace of entrepreneurship growth and development in Nigeria.

iii)     To identify the environmental factors influencing individual entrepreneurial spirit.

  1. iv) To reveal the extent to which government is contributing to entrepreneurship development.
  2. v) To identify the roles of entrepreneurship towards the development of Nigerian economy.

 

1.4     SIGNIFICANCE OF THE STUDY

the research study would serve as a reference library to so many students of marketing in their quest for further investigation on the subject matter.

Thirdly, the study reveals the inherent prepositions or benefits of being self employed as against being an employee throughout one’s life.

This is so because the concept ideally promotes creativity and drivers of innovation thereby bringing to bear informed decisions and generation of great investment potentials.

Fourthly, the general public stands to benefit from the study as an emerging field but critical to socio-economic development of any nation and host of others.

1.5     RESEARCH QUESTIONS

The following research questions would be used to achieving the stated objectives:

  1. i) What are the factors responsible for the slow pace of entrepreneurship development in Nigeria?
  2. ii) What are the likely impact of students attitude towards their individual entrepreneurial disposition?

iii)     What are the environmental factors influencing individual entrepreneurial spirit?

  1. iv) To what extent is the government contributing towards entrepreneurship development?
  2. v) What is the role of entrepreneurship toward the development of Nigerian economy?

 

 

 

1.6     STATEMENT OF HYPOTHESIS

The following research hypothesis was used in achieving the stated objectives:

H1:     An individual student’s course of study has significant positive impact on a students’ tendency to be an entrepreneur.

H0:     An individual course of study has no significant impact on a student’s choice f being an entrepreneur?

 

1.7     DELIMITATION / SCOPE OF THE STUDY

The study covers the indepth analysis of the target student’s psycho-variables, personality and background of individual to determine their disposition for self employment irrespective of their course of study.

 

1.8     DEFINITION OF TERMS

This is all about defining some of the concepts within the confines of the subject matter:

  1. Entrepreneurship: Entrepreneurship is the process of ideation, conceptualization, enterprise creation, commercialization and business growth.
  2. Development: It is the process of unfolding and realization of man’s creative potential that enables him to improve his material conditions and living through the use of resources available to him.
  • Economic Growth: It shows or it’s the ability of the country to satisfy the needs and wants of their people.
  1. Value Creation: This is the process of making products and providing services that customers find consistently useful and profitable to providers
  2. An Entrepreneur: The individual who possess the drive, ambition, foresight and imagination to break through traditional barriers, overcome social inertia, and transform theory into practice
  3. Entrepreneurship Development: A process of advancing or improving the entrepreneurial ability of an individual by means of the re-orientation and reorganization of the entire economic and social systems
  • Creativity: The ability to process information in such a way that the result is new, original and meaningful.
  • Innovation: The ability of an entrepreneur to develop new products, new technology, new distribution outlets and supply modification for enhanced services.
  1. Marketing: As a social and management process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others.
  2. Marketing Mix: This refers to all elements of an organization strategies, tactics, programmes and techniques which are designed in relation to available resources to meet marketing objectives and ultimately the needs and wants of the customers.
  3. Advertising: It is a non-personal form of communication, involving persuasion and promotion of ideas, goods or services through paid media under identified sponsorship.
  • Public Relations: It is a non-personal stimulation of demand for a product, service or business unit by planting commercially significant news about it in the media, without paid sponsorship

 

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Management of life assurance fund in nigeria insurance industry

Management of life assurance fund in nigeria insurance industry

(a case study of union assurance limited)

 

Table of Contents

Chapter one

Introduction

Literature review

  • Background of study ——————————–1
  • Statement of problem ——————————-5
  • Objective of the study ————————— —5
  • Research questions ——————————- -6
  • Research hypothesis ——————————–7
  • Significant of the study —————————–7
  • Scope and limitation of the study —————-8
  • Definition of the terms —————————–9

 

Chapter two

Literature review

2.1   an overview —————————————– 12

 

2.2   historical development of the case of study —-14

2.3   history of life assurance program  ————- -16

2.4   meaning and purpose of fund ——————–17

2.5   management of insurance fund ——————21

2.6  model to guide life assurance fund—————-22

2.7   problem recounted red in investment of insurance fund—————————————————–24

2.8   prospect of adequate management ————— 26

 

Chapter three

Research methodology band design

3.1   an overview ——————————————-30

3.2   source of data —————————————-31

3.3   population of study———————————–33

3.4   sampling size determination ———————–34

3.5   questionnaire administration ———————-35

3.6   method of data analysis—————————–36

Chapter four

Data presentation analysis and discussion of findings

4.1   data presentation———————————38

4.2   testing of hypothesis——————————53

4.3   discuss of finding ——————————— 56

 

Chapter five

Summary of finding conclusion and recommendation

5.1   summary of finding———————————58

5.2   conclusions——————————————61

5.3   recommendation————————————64

5.4   suggestions for further studies——————–65

Bibliography ——————————————67

Appendix———————————————-69

Research questionnaires———————————-70

 

Abstract

It is common to see report of business falling than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation, the company will not meet their solvency margin thereby running away from their obligation as to settle claims which in turn portray ugly insurance image. This study there for is exploratory study designed to determine how life assurance fund are properly managed. The population of the study comprises both staff and customers of union assurance enugu. A sample size of fifty (50) was selected made up of 20 staff and 300 customer both primary and secondary data were collected. Questionnaire coupled with personal interview were the main research instrument. The data was analyzed by the use of chi square statistical method. The study came out that for proper management of life insurance fund, the premium should be invested both in short band long term investments so that insurance company will meet their obligation as to settle claims. It was recommended that all the stakeholders, including management of insurance companies, policy makers and policy holder should collaborated come out with conductive business climate to ensure effect management of life assurance funds for great returns to investors.

Table of content

 

 

 

Chapter one

Introduction

  • Background of the study

It is common to report of business failing than business succeeding almost always, the failure or success of a business can be attributed to its management. When a business is mismanaged, it will lead to liquidation the company will not meet their  solvency margin thereby running away from their obligation image. However it will also have a drastic effect on the nigeria economy when it failed. In order top nurture the interaction, this research focus on insurance industries and how they management life assurance premium, to know if the premium are invested as stipulated by law, how they handle claim and the beneficiaries and also how life assurance fund help in the economic development of nigeria.

Moreover, management of life assurance fund in insurance industry related primarily to the way the industry management life assurance premium in order to achieve organizational goal and objective using available fund efficiently and effectively.

However in context to management, union assurance limited. Limited is an associate of union bank of nigeria plc. The company was registered as an insurer on november 18, 1993 and actually commence business in 1998. At the time, it was the first attempt by any bank top venture into universal banking. It therefore become the life assurance specialist’s underwriter with in the same period. Recently, union assurance is redefining those strong potential to challenge industry management with the top five brackets. Apart from restructuring its operations, the company is diversifying and expanding at a period where competitor mare contracting due to uncertain economic conditions. (a new management driving change and excellence is  in place and venturing into new frontiers that were uncultivated. The changed in management has also brought to bear on the company’s operation innovation which are impacting passively on the work culture in union assurance) union assurance also has a robust investment portfolio cutting across assets in the equity, money bond and property marked totaling over n5 billion they also employs a conservative but dynamic investment strategy geared towards increasing the company income and profitability.

More so, in managing life assurance fund money is pooled together with that of other investors to create a single strong fund that provide significant investors benefits which include an instant increase in buying strength there by contributing towards economic development in nigeria. However, life assurance fund accumulate through payment made by the assured person called premium so that should death occur, prior to a specified date or upon survival at an agreed period funds would be made available from the scheme to pay whatever benefits that are due. The idea for assistance and association is not new to the nigeria society various town and clan union and social clubs have various ways of showing benevolence to their bereaved. It is customary for people to pay condolence visit and present a sympathy purse. Practices are similar to mutual life assurance.

In addition to this, there are also the long-term needs to create and sustain an enable environment that will engender safe practice against destructive runs in managing life assurance funds, protecting and ensuring fair play among insures in the industry.

 

1.2  state of problem         

Complex set of interrelated problem are identify as following:

  1. Mismanagement
  2. Inability to invest life assurance fund in varieties of security due to lack of experts.
  • Ineffective investment management of life assurance fund which affect expectations of the insuring public and growth of the industry.

 

1.3  objective of the study

Having been exposed to the problem the research tends to achieve the following:

  1. To described implication and suggest possible ways of managing life insurance fund.
  2. To assess the factors that determines the area of investments of life assurance fund.
  3. To ascertain whether life assurance fund are invested more on short- term investment than on long-term investment instrument or vice versa.
  4. To promote investors confidence toward life assurance.

 

  • Research question
  1. What appropriate strategies can be put in place to ensure effective management of life assurance funds?
  2. What factors determine the areas of investment of life assurance fund?
  3. What form of investment is life assurance fund put into most (long term or short-term investments insurance)?
  4. What are the trend expectation of the insuring public?

 

  • Research hypothesis

The research work tends the following hypothesis listed below:

Ho:   management of life assurance has no positive effect on the economic growth and development of nigeria.

H1management of life assurance fund has positive on the economic growth and development of nigeria.

 

  • Significance of the study

It is aimed that study will help the insurance to plan organize and control life assurance fund in order to maintain proficiency and standard in insurance practice thereby investing life assurance fund in varieties of investment. In turn have adequate fund to settle claim which portray good insurance image and bring development in nigeria economy.

It will also aid the candidate or student having hnd in insurance to know the various areas where insurance can invest.

 

  • The scope limitations of the study

This research work limit to one of the insurance companies in enugu, union assurance company of nigeria to be precise.

There are a lot of constraints in the gathering of information of the research work but the major constrain are following are to be precise.

  1. Time: in report to the theoretical and practical work the time allowed the project was limited beside there was carried out with other academic assessments.
  2. Financial: due to high rate of academic fees, i could not be able to carry out research with easy as i was planned.

 

  • Definition of terms
  1. Management: this is the act of running and controlling a business or similar organization so as achieve the organizational goal.

Ii.     Insurance: is a contract between two parties insured whereby the insured pay small amount of money called premium and the insurer promise to compensate the insured when the specified risk insured against occur.

Iii.    Life assurance: is a contract of insurance on party called the insurer agreed that subject to some term exception and condition and condition that he would pay some money on the dearth of life assured on the precious maturity of the policy

  1. Fund: this is an amount of money that have been saved or made available for particular purpose.
  2. Premium: is the monetary consideration paid by the insured for insurance covers ie the price of service rendered.
  3. Investment: to put money effort time into some things to make a profit or get an advantage. It can buying of property or share in a company as to make profit out of it
  • Management: to organize or control a business badly.
  • liquidation: to cause a because to close, so that its assets can be also to pay its debts ie the process by which a company or part of a company is bought to an end, and the asset and property of a company redistributed these can also be seen as winding up of a firm by selling off its free (unpledged) assets to convert them into cash to pay the firm’s unsecured creditors.
  1. Solvency margin: this is a minimum excess on an insurance assets over its liabilities set by regulator. It can be regard as similar to capital adequacy. It is also company ability to pay claim.
  2. Policyholder: is a person or a corporation whop owns an insurance policy. It also the owner if an insurance policy: usually, but not always the insured.
  3. Stakeholder: a person group or organization that has interest or concern in an organization ie person, group
  • Organization member or system who affect or can be affected by an organizations.

 

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Account Name: Chi E-Concept Int’l

 Account Number:  0117780667. 

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THE ROLE OF NIGERIAN DEPOSIT INSURANCE CORPORATION IN THE MANAGEMENT OF DISTRESSED IN BANKS

THE ROLE OF NIGERIAN DEPOSIT INSURANCE CORPORATION IN THE MANAGEMENT OF DISTRESSED IN BANKS

CHAPTER ONE

INTRODUCTION

  • Background of the study
  • Statement of research problem
  • Objective of the study
  • Research questions
  • Hypothesis
  • Significance of the study
  • Scope and limitation of the study
  • Definition of terms

CHAPTER TWO-LITERATURE REVIEW

  • Rule of NDIC in sanitizing the banking sector
  • Supervisory activities of the Nigerian deposit insurance corporation (NDIC)
  • Function of NDIC
  • Off site surveillance
  • Implication and consequences of bank distress on the economy
  • Techniques for identifying financial distress in banks
  • Off site bank analysis programme
  • Management of financial distress
  • Resolution of banking distress

References.

 

CHAPTER THREE RESEARCH METHODOLOGY

  • Research design
  • Area of study
  • Population of the study
  • Sample size and sampling techniques
  • Instrument of data collection/questionnaires
  • Method of data presentation
  • Method of data analysis
  • Reference

CHAPTER FOUR DATA PRESENTATION ANALYSIS OF RESULT

  • Overview
  • Data distribution and analysis
  • Discussion of findings
  • References

CHAPTER FIVE –SUMMARY OF FINDING RECOMMENDATION AND CONCLUSION

  • Finding
  • Recommendation
  • Conclusion
  • Bibliography

Appendix a

Letter of introduction

  1. Questionnaires

 

CHAPTER ONE

1.1     BACKGROUND OF THE STUDY

The increase in the number of banks getting distressed aroused the interest in  the restructuring of backs in Nigeria. THUS the Nigeria deposit Insurance corporation was instituted for such a purpose

The increase in interest is a result is as a result of three.

  1. The increasing general awareness in the economic sector concerning the

role which an efficient financial system can play in economic growth and development.

 

  1. The recent increase in the number of banks in Nigeria , which is similar to that of the early 1950,s when Nigerian experienced dismal bank failures.
  2. The need for the depositor to have confidence in Nigerian banks deposit the increase in the inflationary trends. The deregulation of the Nigerian financial system led to the liberalization in the approval and issuance of banking licenses. The number of bank operating in the country grew rapidly. The N.D.K. annual report of 1996 reveled that there was 115 insure commercial    l banks with 2374 branches and 54 merchant an with 145 branches in Nigeria

The increase in the number of bank consequently lead to increased competition among them, which is evident in the wide responsibilities implied use of the depositors funds in the pursuit of banks liquidity and profitability at a time bank capital deposits were falling.

In order to prevent a repeat of 1959 experience of bank failures the Federal government established a deposit Insurance Scheme by decree No 22 of  15th June  1988. However, the scheme effectively took-off in 1989 as a regulatory Institution charged with the unique responsibility  of  insuring bank deposits, and ensuring safe and sound banking practices through effective supervision. It was to assist the Central Bank of Nigeria (CBN) in formulating and enforcing banking  policies to ensure monetary stability in the finance  industry. Following these analysis, the interesting questions that arise are:-

Will the experience of 1954 dismal bank failures in Nigeria repeat?

How prepared and equipped is the N.D.I.C. in supervising banks and ensuring and  promoting stability in the financial system?

Since the inception of N.D.I.C. .in 1989, has it been performing up to the expectation of Nigerians?

It is in attempt to answer these questions that the researcher will examine the role of N.D.I.C. restructuring distressed  banks

 

STATEMENT OF PROBLEM

In an attempt to prevent a repeat of the 1954 bitter experience of banks failures, the N.D.I.C. was established by decree No. 22 of 1988 to implement the new policy of the Federal government. In the economic policy mentioned, government shifted interest from direct cash support for banks to prevent failure, to protecting  the deposits of customers, especially the small customers by ensuring their deposits.

Consequently, the compulsory nature of the N.D.I.C. did not appeal to some banks. The Insurance Companies became afraid that the N.D.I.C. will take over their routine jobs, but the N.D.I.C./ CBN accommodation facilities is aimed at curbing liquidity crisis in banks. Finance analysts wanted to see  the effectiveness of the accommodation facilities while other interest groups argued that the flat premium rate charged on the deposit liabilities of insured banks will place weak banks on a competitive disadvantage. Hence the main task before this research work is to critically analyze the role of N.D.I.C. in restructuring distressed banks, protecting depositors funds and limiting the problem of bank failure in Nigeria

 

1.3     OBJECTIVE OF THE STUDY                                                             The objective of this research work is  to critically examine the role of

N.D.I.C. in restructuring distressed banks in Nigeria. It will take into consideration the achievements made so far by N.D.I.C. by verifying if the flat premium rate enhanced effective competition between banks. It will also ascertain if the N.D.I.C./CBN accommodation facility helped banks in  liquidity crisis and if the role of N.D.I.C in distressed banks will stop future bank failure. It will also suggest how the activities of N.D.I.C. can be improved for better   performance.

 

  • THE RESEARCH QUESTIONS

To effectively examine the topic under study the following research

questions are relevant and will be given adequate attention.

To what extent has the  flat premium rate charged on the deposit liabilities of Insured banks, enhanced effective competition between banks? In other words does the uniform premium rate, place weak banks on a competitive disadvantage?

Citizens and monetary authorities in Nigeria desire safe and sound banking system, to what extent has the compulsory nature of N.D.I.C. can be improved for better performance.

How effective is the N.D.I.C./C.B.N. accommodation facility created to rescue banks on serious liquidity crisis?

Will the role of N.D.I.C. effectively guard against a repeat of bank failure?

 

  • THE HYPOTHESIS

The research  work will be guided by the following hypothesis:

HO   There is no positive and significant relationship between N.D.I.C. flat

Premium rate and competitive efficiency in the banking industry.

HA  There is a positive and significant relationship between N.D.I.C flat

Premium rate and competitive efficiency in the banking industry

HO    The introduction of N.D.I.C./C.B.N. accommodation facility has not

Enhanced banks profitability.

HA      The introduction of N.D.I.C./C.B.N. has enhanced banks profitability.

 

1.6        THE SIGNIFICANCE OF THE STUDY:

The study aims at tackling a problem that is currently plaguing the Nigerian financial system. It is the opinion of the researchers that the study will be of immense help to bankers who are afraid of N.D.I.C. policies. Insurance companies will nee this work to understand the operational limits of the  N.D.I.C. The study will help to enlighten the banking public on N.D.I.C. operations and the importance of that vital corporation in insuring depositors funds.

Finally the study will be helpful to N.D.I.C. officials whose official duty may not have allowed to carryout research on its activities. This may serve as a basis for further research.

 

1.7           SCOPE AND LIMITATIONS OF THE STUDY

The scope of this research is restricted to banks in Enugu state. The research will look into the operations of the N.D.I.C. from inception to date. The research work is  limited by shortness of time at the disposal of the researchers, non-cooperation by banks management personnel who are the targets of the questionnaire, and non-availability of appropriate texts. Finally, the cost of financing a project is so high that it become a limiting factor, that is  why the scope of the research work is limited to what you see here.

 

1.8        DEFINITION OF TERMS

Flat Premium Rate: This is the uniform Insurance premium charged by

N.D.I.C. on the deposit liabilities of Insured bank. It is 15/16 of one percent of total deposit in the Vault of the bank as at 31st December of the                                                 Previous year.

Accommodation Facility: It is an arrangement whereby  Accommodation bills in the form of Overdrafts are drawn on N.D.I.C. as the Acceptor and subsequently discounted at the C.B.N. to clear the overdrawn position of the Insured bank.

DISTRESSED BANK:    Banks  that are  not able to pay depts. And   Meeting up with its financial commitment  Due to inefficiency in management,                                                            Misappropriation and fraud.

Nigerian Banking System:  It is made up of The Central Bank Of  Nigeria, the Commercial banks, merchant    Banks and the Development Banks.

 

NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC  )

It is a family rules and regulations within different categories of financial arrangements, Institutions agents, and the mechanism whereby they relate to each other within the financial sector.

 


REFERENCES

EWELI MOBOR A.E(1992). The role of regulatory authorities in restructuring

insolvent banks. N.D.I.C. quarterly  report vol.2 No.2

EBHODAGHE J.U.(1990) Nigerian banks and N.D.I.C./C.B.N. Bullion vol.14

No.3 July/Sept 1990

NYONG M.O.(1994). Bank supervision and safety of the banking system

C.B.N. financial review vol.32 No.4

F.U. EZEUDUJI(1997). Bank failures in Nigeria: causes and dimensions.

C.B.N. Bullion vol.21 No.2p. 17 April/June 1997 .

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ACCOUNT NUMBER: 0138924237
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

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Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
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EQUIPMENT LEAASING AS A SOURCE OF FINANCE IN CONSTRUCTION INDUSTRY (A CASE STUDY OF MARLUM CONSTRUCTION COMPANY, ENUGU)

EQUIPMENT LEAASING AS A SOURCE OF FINANCE IN CONSTRUCTION INDUSTRY

(A CASE STUDY OF MARLUM CONSTRUCTION COMPANY, ENUGU)

 

CHAPTER ONE

1.0     introduction

1.1     Background to the study

1.2     Statement of the problem

1.3     purpose of the study

1.4     Scope of the study

1.5     Research Questions

1.6     Hypothesis

1.7     Significant of the study

1.8     Definition of terms

 

CHAPTER TWO

  • Review of Literature

 

CHAPTER THREE

3.0     Methodology

3.1     Research Design

3.2     Area of study

3.3     Population of the study

3.4     Sample and sampling Technique

3.5     Instrument for data collection

3.6     Validity of the instrument

3.7     Reliability of the instrument

3.8     Method of collecting data

3.9     Methods of data Analysis

 

CHAPTER FOUR

4.0     Data presentation and result.

 

CHAPTER FVE

5.0     Discussion, Implication and Recommendation

5.1     Discussion of Results

5.2     Conclusions

5.3     Implication of Results

5.4     Recommendations

5.5     Limitations of the study

 

References

Appendices

 

LIST OF TABLE

 

  • Analyses of Questionnaire No 1…………………
  • Analyses of Questionnaire No 2………………
  • Analyses of Questionnaire No 2………………

 

ABSTRACT

The aim of this study is to find out how the establishment of Equipment Leasing in the Federation has helped in financing investment. To carry out this study, four research questions were formulated.

In this study, a questionnaire was used to collected relevant data from the staff of Marlum Construction Company, Emene, Enugu.

The findings revealed that Marlum has a positive perception that the established of Equipment Leasing in the federation helped in improvement of investments while lessens also have positive perception, better perception in all the issues raised in the research work.

The relative recent development of leasing in Nigeria as compared to other forms of finance have been said to be the reason for the stunning lack of information about it and the options it offers to the business concern in Nigeria. This lack of information is pitiful in that most members of the public are not even aware of its presence in Nigeria. The need for organized and comprehensive information could not be over emphasized.

Furthermore, being new most investors are not really well informed as to the profitability or otherwise of leasing as a finance option, hence the low level of firms that engaged in leasing which goes to compound the problem of the Nigerian investors not having much choice as to the best alternative available to him.

Subsequently, this study will go a long way in projecting the profitability and future prospects of leasing business in Nigeria and also contributing to the development of leasing in Nigeria which under the present economic condition its impatience cannot be over emphasized.

CHAPTER ONE

 

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

Equipment leasing started in Nigeria in early 60’s through off-shore United Kingdom leasing companies. Awelewa (1989, pp.20) with the outbreak of civil war in 1967, these leasing transaction became impossible due to difficulties in exchange control measures introduced by the military Government.

The Marlum Civil Engineering and construction Company, Enugu is not an exception in the equipment leasing. The Marlum have been in existence from 2002 to date in this leasing process.

Equipment leasing was their main source of finance. The leasing increased their paid up capital. At a time it started to dwindle due to the lessor could not meet up to the expectations of demand by the construction company. Sometimes, the lessor may not use the equipment as a result of depreciation occurance.

Delay in the payment caused the dwindle. The lessor may not finish the payment until he died.

Before leasing the equipment, the lessor has to write the designated place where the equipment has to be used. The person has to be registered in a well-know company. The purpose of which the equipment you want will be indicated in the form.

Most problems are encountered by Marlum Construction company is over used and breakdown of equipment.

The lessor does not give adequate information about the equipment after used. When another lessor comes to use the same equipment

, the damages which have been caused by the former, will be noticed.

The company has been suffering from this because of insecurity in the use of equipment.

 

1.2     STATEMENT OF THE PROBLEM

  1. Marlum had been suffering financial problems as a result of the delay in payment by the lessor and it had equally denied them cash for working capital.
  2. Some of the lessor could not meet up with the company demand in leasing out the equipment as a result of restricted guideline.
  3. The Marlum security officers were not always at their duty post and this negligence of duty created a lot of problems to the extent that they were present even when equipment is returned.
  4. Marlum spends so much time and money in the courts because of the litigation of all types particularly with respect to recovery of bad debts or doubtful debts.

 

1.3     PURPOSE OF THE STUDY

The past development of leasing in financing organization and options it offered to marlum construction company Emene, Enugu.

However, in the purpose of the study, the researcher intends to identify the mistakes and possible solutions to such.

  1. To find out how the marlum had suffered financial constraints
  2. To find out why the lessor could not meet up with the guidelines
  • To investigate why security officers are not on their duty post when at work.
  1. To find out how marlum had been able recover their debts.

1.4     SCOPE OF THE STUDY

The researcher encountered numerous difficulties ranging from finance, time consuming and personal comfort.

In as much as the researcher is student and carries out the research work with a limited amount of money, he is bound to have financial problems hence the researcher work required much money for producing questionnaire or interview guides and transportation. The financial problem prevented the researcher from traveling to other parts of the country for effective data collection, hence only Enugu Metropolis was used.

 

1.5     RESEARCH QUESTIONS

  1. Does Marlum suffer financial problems as a result of delay in the payment by the lessor?
  2. Do the lessor meet up with the company demand in leasing out the equipment as a result of restricted guideline?
  3. Do marlum personnel spend so much time and money in the cause of recovering bad and doubtful debts?

 

  • THE SIGNIFANCE OF THE STUDY

There is a strong need to study the equipment leasing as a source of finance in Nigeria. It is necessary that this study be done so that this practice, prospectus and problems will then be examined and tackled by the authority in-charge for smooth running of the company. This study will also give an idea into ways of under taking smooth leasing system.

This study will also be very useful in the school system to  enrich the academics in the library.

It will also serve as a useful guide for any person intending to go into  leasing practices. It will also be very useful to the policy makers of marlum Construction Company in tackling management issue on leasing.

 

  • DEFINTION OF TERMS

There are some words considered technical which if not defined might be in impediment to an ordinary man’s understanding and appreciation of the research work.

 

 

They are:

LEASING:- Any reference to leasing in this study is deemed to mean alternative source of finance.

LESSOR:- For the purpose of this study, this refers to some one who grants a lease.

LESSEE:-This refers to someone who is granted a lease or whom the property is been leased.

LEASE:- Legal agreement under which the owner of property allows another party to use the property for a specified period and previously arranged payments.

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Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

Note:  We accept bank transfer, ATM cash transfer , Online payment using your ATM , Western union bank transfer.  We will respond to you anytime of the day. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 1 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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THE ROLE OF PUBLIC RELATIONS IN MARKETING OF INSURANCE PRODUCT IN NIGERIA

THE ROLE OF PUBLIC RELATIONS IN MARKETING OF INSURANCE PRODUCT IN NIGERIA

ABSTRACT

The research study concentrated on The Role of Public Relations in Marketing Insurance Product in Nigeria (A Case Study of ALCO Insurance Plc, Lagos). The problem that necessitated this study were lack of adequate attention given to public relations, poor management of public relations units and falling to appreciate the great value of public relations as an internal marketing communication tool in some insurance  companies. The objectives of this study were to examine the role of public relations, main tools of public relations and problem of public relations to carry out the study effectively and precisely, research questions were formulated. Questionnaire and oral interview was the research instrument used in collection of data. The data were presented in tables and analyze using Likert scale of ranking and simple percentages responses. From the findings, it was discovered that public relations played many roles in marketing insurance products. The most effective role among others were building up a good company’s image and providing more products information to customers about products and its services. Also the tools effectively and efficiently used in carrying out public relations activities are news that is creating favourable news about the company. Its products and its people and speeches that is creating products and company publicity by giving talks at sales meeting.  The major problems pubic relations activities faced among others were fluctuation of demand by clients, some public relations marketers not been familiar with public relations tools and poor communications relationship between the employee and the company. Among the recommendations were. Providing incentives to motivate ad encourage public relations marketers, promoting efficiency and professionalism in carrying out their activities and the insuring public can be encouraged to increase their demand by making prompt payment of genuine claims which will also boot the good image of the company.

CHAPTER ONE: INTRODUCTION                                  1

  • Background of the Study 1
  • Statement of the Problem 5
  • Objective of the Study 6
  • Research Questions 6
  • Significance of the Study 7
  • Scope and Limitation of the Study 9
  • Definition of Terms 10

CHAPTER TWO: REVIEW OF RELATED LITERATURE     12

  • The Definitions and Scope of Public Relations 12
  • Objectives of Public Relations 15
  • Advantage of Public Relations 17
  • Disadvantages of Public relations 19
  • The Role of Public Relations in the Marketing

of Insurance Products                                       22

  • Public Relations with the Public 25
  • Main Tools of Public Relations 27
  • Problems Affecting Public Relations Activities of

the Insurance Companies in Nigeria                           34

References                                                      37

 

CHAPTER THREE

RESEARCH DESIGN AND METHODOLOGY                     38

  • Research Design 38
  • Sources of Data 38
  • Population of the Study 39
  • Sample Size and Sample Techniques 39
  • Description of Research Instrument 42
  • Validity of the Instrument 42
  • Reliability of Study 43

References                                                      44

 

CHAPTER FOUR

SUMMARY OF FINDINGS                                      45

  • Findings 45
  • Discussion of Findings 45

 

CHAPTER FIVE

CONCLUSION, RECOMMENDATION

AND SUGGESTION                                                      48

  • Conclusion 48
  • Recommendations 49

 

Bibliography                                                    52

Appendix I                                                      54

Appendix II                                                     55

 

CHAPTER ONE

 

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Public relations as a discipline and as a profession is changing rapidly. It has undergone tremendous changes in recent years. Public relations is an important marketing communication tool that can be employed both within and outside the organization. Public relations are the activities of a corporation union, government or other organization in building and maintaining sound and productive relations with special public like customers, employee, and the public at large in order to adopts itself to its environment and interpret itself to the society.

Insurance industrial can make effort to market their products and to increase the goodwill of its various public through promotional communication and other categories. Insurance industries as a business organizations has to be responsive to its public to be able to make it understand.

Almost everything a business organization, do communicate to its public the type of organization it is, whether it is an efficient and effective organization that makes dependable products and also believes in fair deals and considers the interest of its customers and various public. Public relation is one of the means insurance industries can use to inform and educate members of its target audience about the existence of its products and services and to persuade them to patronize its or to develop favourable attitude and opinion towards it.

Public relations has a great role to play in the marketing of insurance products. It has its own tools or instruments which it sees to achieve its objectives of building the public image of the industry.

Insurance products can be seen as those services offered by various insurance industries to the members of the public for them to buy. These services are provided to the interest and benefits of the members of the public. Public relation is an important management function in any organization. It is developed to communicate a message that coincides with the industry’s goods and seeks to benefit mutual interest wherever possible.

Public relation is not a new marketing communication tool for marketing products and services. Its modern day origins can be traced as far back as 1807, Although evidence suggests that the ancient Greeks and Romans gave much attention to influencing public opinion. Public relations began as a government information and propaganda machine during world war one and was hence used more extensively in world war two. Industry showed little interest in public relations as a marketing communication tool after 1945, but thereafter its use increased rapidly over the next 30 years in a sort of public relation explosion. Public relations poor image over these 30 years has been as a result of amateurish practitioners. Public relations have now spread throughout industry and commerce.

At times, full time public relation appointment where less common than the use of the service of public relation consultancy, because of this slow internal adoption of professional public relations practitioners by industry and commerce, external public relations firms quickly developed, many of them lacking skilled staff of sufficient expertise, but merely taking advantage of and exploiting the boom in the pubic relation profession.

The role of public relations in achieving sound relationship in marketing practices as well as its contribution to achieving good internal marketing is to be examined in the study.

1.2  STATEMENT OF THE PROBLEMS

This research work is seeks to study the role of public relations play in promoting the marketing of insurance products in Nigerian and building favourable image of the industry.

  1. This had led to poor image for the industry by creating unfavourable public opinion about the industry.
  2. The rate at which sales are made are very poor because many people are ignorant and reluctant in buying insurance products.
  3. Some insurance firms have experience unnecessary loss in their businesses and observe poor performance of some of the industry can be attributed to the non established of public relations department and poor management of public relations units were established.

 

 

1.3  OBJECTIVE OF THE STUDY

  1. To identify and study the roles of public relation in insurance industry and marketing of its products.
  2. To discuss the efficient tools used by the insurance companies in their public relations functions.
  3. To find out the problems affecting the public relations activities of the insurance companies in Nigeria.
  4. To make recommendations based on the outcome of the findings.

 

1.4  RESEARCH QUESTIONS

To guide this research study. The following research questions were formulated.

  1. Why does the insurance company uses public relations as one of the marketing communication tool?
  2. Does the company uses public relations tools efficiently in carrying out their activities?
  3. Are there any problems affecting public relations activities of the company?
  4. Has public relations promoted the marketing of the company’s products?
  5. Does public relations create a favourable image of insurance industry with the general public?

 

1.5  SIGNIFICANCE OF THE STUDY

Public relations have a vital role to play in the creation of an effective internal marketing culture within an organization.

In this sense, it has a realization of its importance as a strategic internal communication tool throughout its development as a marketing communication tool, public relations has always been first and foremost an instrument for establishing, crystallization, lamenting and maintaining mutually beneficial relationship with various group of people or public.

This work will be helpful and important to companies and industries that are about to fall or had a negative publicity to cope up and encourage organizations that has adopt and appreciate public relations to keep it up.

The study will be very useful to insurance companies since it is evaluating the roles of public relations and the use of its tools in carrying out the marketing of their products and in building confidence of the insuring public towards them.

Finally, to those in academic, it will serve as reference point of further research work and to give them the knowledge of public relation.

1.6  SCOPE AND LIMITATIONS OF THE STUDY

The study is limited to the roles of public relations as one of the marketing promotional tool in marketing of insurance products and creating a good image of the company as well as maintaining mutual beneficial relationship between the company and its general public. It will also examine the tools used in carryout public relations functions and the problem affecting them.

The scope of the study covers the areas and branches of insurance companies Isoko, Isolo, IKeja and Ilupeju who engage fully in insurance business within Lagos state metropolis including the staff of the company. The limitations suffered by this study involves difficulty in sourcing out relevant materials needed and getting relevant information during investigation, finance, responses and the respondents and time were also limiting factors to the study.

 

1.7  DEFINITION OF TERMS

  1. Communication: This is a process of passing massage or information from the sender to the receiver through well known means. A thing is communicated.
  2. Insurance: This is a sale-guard against risk or any device aimed t reducing the chances of a risk occurring.
  3. Image: The impression that the organization gives to the general public.
  4. Marketing: The identification of the needs of consumers and how to satisfy those needs profitably.
  5. Management: The control and decision makings in a business firm or similar organization.
  6. Products: A thing that is produced usually for sale.
  7. Public: A public is any group that has an actual or potential interest in or impact on company’s ability to achieve it objectives.
  8. Promotional: This is a process of raising something to a higher position or some other activity intended to increase the sales of a product or services.
  9. Tool: Anything that helps someone to do one’s job.
  10. Roles: The degree to which something is involved in an activity and the effect that they have on it.

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Account Name : Host Link Global Services Ltd
ACCOUNT NUMBER: 0138924237
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Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
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