Conceptual explanation it has been discussed and agreed at many fora that the discussion of contemporary federalism seems to have started with kenneth c. Post merger and acquisition and performance of deposit money banks in nigeria imeokparia, lawrence ph. The term federalism is derived from the latin word fidere meaning to trust or to entrust some agreed values to a central entity of a given country 5. Our pdf merger allows you to quickly combine multiple pdf files into one single pdf document, in just a few clicks. The crisis in the financial sector reached a peak in july 2004 when the then governor of central bank of nigeria. The chapter evaluates the effectiveness of federalism in the quest for national integration in nigeria. Therefore, the problem with federalism in nigeria is the mixapplication or nonapplication of this clause especially as it has to do with power distribution awa, 1977.
It is a unique field in the nigeria legal system, and. Societe generale bank of nigeria, assurance bank, all state trust bank, hallmark bank and lead bank. Assessing the petroleum fiscal regimes of nigeria, ghana, and cameroon sara zedingle ghebremusse master of laws faculty of law university of toronto 2014 abstract petroleum extraction is a lucrative source of tax revenue for many governments in subsaharan africa. Iclg merger control laws and regulations nigeria covers common issues in merger control laws and regulations including relevant authorities and legislation, notification and its impact on the transaction timetable, remedies, appeals and enforcement and substantive assessment in 55 jurisdictions. Nigeria witnessed an unprecedented wave of mergers and acquisitions in its banking sector in the post1995 and 2009 periods as a result of regulatory mandates issued by the central bank of nigeria, aimed at strengthening the capital base of nigerian banks. This gave rise to the thinking that federalism is a process of formation of a particular kind of political union, with at least two autonomous but interdependent levels of governments 6, that form of government where. Merger and acquisition is to bring the two organizations together with different cultural values, personality and cultures 3. Since then, the nigerian federation has had chequered history.
Democratization and national integration in nigeria. Spearheaded by the announcement by the central bank of nigeria on july 6, 2004 about a major reform program that would transform the banking landscape of the country, an unprecedented process of merger and acquisition had taken place in the nigerian banking sector. The period was characterized by financial deregulation, the global economic crisis, and bank restructuring programs. Parties to a small merger may voluntarily notify the sec of the merger at any time. According to ndanusa 2004, the reason for the slow pace of merger and acquisitions in nigeria may be attitudinal. Umoren and olokoyo 2007 studied merger and acquisition in nigeria. It has been through four phases, namely, colonial, civilian, military and postmilitary. Fiscal federalism, governance and internally generated. Impact of mergers and acquisitions on the performance of. Historical background of nigeria nigerias current population of between 140 and 150 million is multiethnic. Post merger and acquisition and performance of deposit.
Merger control 2020 laws and regulations nigeria iclg. Communal land acquisition and valuation for compensation. The governor of central bank of nigeria, professor charles soludo in defense of the new capital base of n25billion and consolidation by merger and acquisition did analysis of the position of the government of the federal republic of nigeria and their reform programme to have a banking system that will be a strong bedrock for economic building. Simply put, a merger is a combination or integration of existing companies to form a single company. Merger of ministries, departments and agencies mdas. Merger and acquisition as a means of corporate restructuring.
An overview of mergers and acquisitions under nigerian law omotayo akinrinwa abstract this essay seeks to explore the legal framework governing the operation or activities of mergers and acquisitions in nigeria. Mechanics of mergers, acquisitions, workshop, 2005 created date. A merger is an integration of two or more firms into one and firm agrees to share the control of joint business with other owner. These fears and suspicions had led to the emergence of aggressive political and economic competitions along ethnoregional lines. Governor bernard bourdillion 1935 1943 recommended the replacement of the provinces by regions which arthur richards constitution later implemented in. Nigeria s federalism, theoretical underpinning of the subject matter, federalism and nigeria s and unity in diversity and finally conclusion and recommendations. Pdf merge combine pdf files free tool to merge pdf online. An overview of mergers and acquisitions under nigerian. Nigerias efforts at achieving national integration have remained largely unrealized.
The banks shrink will let nigeria enjoy maximum patronage of foreign investors and fully open nigerian economy to the world according to the nigerian financial system strategy fss 2020, with a. The number of banks further declined to 24 in 2007 following the market induced merger of ibtc chartered bank plc with stanbic bank ltd. In spite of this confusion, we can still conceptualize federalism. Folake eliasadebowale is a corporate partner and head of the firms private equity and oil and gas teams. The court may by the order sanctioning the merger or subsequent order make provision for any or all. Fiscal federalism has occupied the front burner of political discourse in. And without a vision, that party at the centre has led nigeria from one crisis to. Examining weak subnational finances in nigerian states chukwuma agu african institute for applied economics,enugu, nigeria abstract one of the most crucial challenges to nigerias ailing fiscal federalism is the inability of states to raise, retain and manage revenue.
Local government autonomy as an imperative for true. D, fca department of financial studies college of management science redeemers university km 46 48 lagos ibadan express way redemption city, mowa ogun state, nigeria. How to merge pdfs and combine pdf files adobe acrobat dc. Kupoluyi department of political science and public administration babcock university,ilishanremo, ogun state abstract. Notification is mandatory for acquisitions involving companies with assets or turnover of n500,000,000 and above which do not qualify for the exemptions referred to in 1. E 2 1 department of public administration, federal polytechnic kauranamoda, zamfara state nigeria email. Nigeria to which the term federalism has properly been applied. The position of this paper is that the place of local councils as enshrined in. The effect of merger and acquisition on the performance of banks in nigeria ajayi lawrence boboye obisesan oluwaseun grace department of banking and finance, faculty of management sciences, ekiti state university, adoekiti, nigeria.
If the merger is approved by the sec, the parties can apply to the court nigerias federal high court for the merger to be sanctioned after which, the merger will become binding on the companies in question. Analysis of performance pre and post consolidation of thirteen mega banks in order to consider if there had been improvements. The question addressed is whether federalism has been helpful to nigerias ethnic minorities in their quest for selfdetermination and equality in the power equations in the country. Our vision for a new nigeria when this democratic dispensation commenced in 1999, the federal government that emerged did not tell nigerians what its vision was for the country. The phrase merger or acquisitions are mostly used interchangeable 4. Nigerias past and present political dispensations and concludes that the present merger of these political parties into apc may not likely provide nigerians alternative to the pdp governments that have ruled the country for 14 years now, because of some obvious reasons. Between may and july 1966, it briefly ceased to be a federation. Among the principal ethnic group are the hausa, igbo, yoruba, fulani, edo, efik. The paper argues that local government is not mutually exclusive of other levels of government and that as such there is bound to be an interaction between the local and other levels of government. The study reveals that intergovernmental relations among the. However the generation of oil tax revenue can be limited by the need to. The paper is an empirical theoretical expositions of the chequered relationship that has existed between the three tiers of government in nigeria since political independence in 1960 to date. From my understanding, the neoliberal school advocates free trade, is antiunion, anti government intervention etc. It is unfortunate that a simple policy initiative, merger of ministries and agencies of government for ease of bureaucratic business by the oneyear.
Nigeria, just like those of advanced democracies is germane to this study. Download free research project topics and materials in nigeria. In 1995, 60 out of 115 banks in nigeria were considered to be distressed umoh, 2004. In nigeria, merger and acquisitions remain few and unpopular. Wheare who saw federalism as a constitutional arrangement which divides the lawmaking powers and functions between two levels of. There are agitations for more power to be given to local government in the spirit of true federalism. As a result of the nature of the multiethnicity of nigeria, it has brought about the issue of minorities which has constituted to one of the major problems militating against the development of the nation. Conditions of borrowing and verification of compliance with limit. Communal land acquisition and valuation for compensation in nigeria sule, abass iyanda department of estate management, federal university of technology minna, nigeria abstract it is debatable that the nigerian land use act of 1978 has not absolutely transferred ownership of. Nigeria developed constitutionally till 1954 when the lyttleton constitution introduced federal principles into her body politics. The level of interference in local government administration by state governments. Beginning from 1954, the unitary colonial state saw itself being gradually federalized as it had to contend. Nigerians embraced federalism as a way of managing the conflicts and suspicions among the various constituent nationalities that make up the nigerian state. This study examines the impacts of merger on deposit money banks performance in nigeria between 2000 and 2009.
The market chooses demands and supplies based on the actual need. In nigeria, local government derives its existence and power from laws enacted by the other two superior tiers, that is, the federal and state governments. Federalism, ethnic minorities and national integration in. Easily combine multiple files into one pdf document. With elections set for next february, major opposition to nigerias president gathers forces anadolu agency. Limit on consolidated debt of federal, state and local governments. The problem here is that nigeria is only neoliberal in theory. This pdf is a selection from an outofprint volume from the national bureau. Fiscal federalism in nigeria an analysis of issues and. Local government and intergovernmental relations in. The synergistic effect of mergers and acquisitions includes economics of scale. Following the 18 months ultimatum given by the central bank of nigeria with effect from july 1, 2004 to all deposittaking banks in nigeria to increase their paidup capital to a minimum of. Fiscal responsibility act, 2007 2004 laws of nigeria. The effect of merger and acquisition on the performance of.
Fiscal federalism and resource control in nigeria ngozi nwogwugwu, phd. Nigeria can be said to be operating the federal system of government, whereas in actual practice, the country is tending towards a unitary system. The integration crisis facing nigeria is manifest in the minority question, religious conflicts, ethnic politics, resource control youth restiveness and the call for a sovereign national conference. For instance, federalism is a form of governmental and institutional structure designed to cope with the dual but equally difficult task of maintaining unity while preserving its diversity. Fiscal federalism, governance and internally generated revenue. The evolution, development and practice of federalism in. If the merger is approved by the sec, the parties can apply to the court nigeria s federal high court for the merger to be sanctioned after which, the merger will become binding on the companies in question. Assessing the petroleum fiscal regimes of nigeria, ghana.
A merger or an acquisition is a method that is carefully planned to achieve a synergistic effect akinsulire, 2002. Soda pdf is the solution for users looking to merge multiple files into a single pdf document. Federalism in nigeria refers to the devolution of selfgovernance by the west african nation of nigeria to its federated states, who share sovereignty with the federal government. Given the territorially delineated cleavages abounding in nigeria and the historical legacy of divisions among ethnic groups, regions, and sections, the federal imperative was so fundamental that even military governmentscharacteristically unitarian, hierarchical, and centralistattached importance to the continuation of a federal system of government.
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