Retention Strategies in Post Consolidation Banking Industry in Nigeria (a Case Study of First Bank Nigeria Plc)
CHAPTER ONE
Introduction
The Nigerian banking industry is one of the most dynamic and competitive industries in the Country. The banking industry has transformed rapidly in the last ten years, shifting from transactional and customer service-oriented to an increasingly aggressive environment in which competition for revenue is top priority.
The Nigerian Bank can now fit into the global definition of bank. Consolidation of the Nigerian Banking sector is one of many reforms of the Gen. Obasanjo 's administration that Nigerians have to embrace happily. (Victor E, 2007)
Prior to the reforms, the industry was highly fragmented, with many banks having very small and undiversified capitalisation. With a much higher capitalisation base, the Nigerian banking sector will be expected to play an important role in financing economic development through increased credit to the private sector.
These reforms will also serve to highlight crucial gaps in the skills currently to be found within the banking sector and those needed within the new banking environment. Highlighting what he termed the current ‘mismatch’ of skills in the sector, the Governor stressed that the sector will now need to develop professional bankers who can develop effective banking services, structure transactions and drive down costs. (Soludo C, 2008)
The world over, human capacity development is the bedrock of any developmental initiative. And it has become a startling reality that no country can traverse the frontiers of sustainable development without first of all building and in fact developing appropriate capacity and competence needed to support such efforts.
Indeed, perhaps one of the greatest impediment of developing economies both at micro and macro levels is not only financial inadequacies but the dearth and underdevelopment of capacity and the attendant competence to create, convert, sustain and maintain the available resources to achieve desired ends.
Selecting and retaining
Introduction
The Nigerian banking industry is one of the most dynamic and competitive industries in the Country. The banking industry has transformed rapidly in the last ten years, shifting from transactional and customer service-oriented to an increasingly aggressive environment in which competition for revenue is top priority.
The Nigerian Bank can now fit into the global definition of bank. Consolidation of the Nigerian Banking sector is one of many reforms of the Gen. Obasanjo 's administration that Nigerians have to embrace happily. (Victor E, 2007)
Prior to the reforms, the industry was highly fragmented, with many banks having very small and undiversified capitalisation. With a much higher capitalisation base, the Nigerian banking sector will be expected to play an important role in financing economic development through increased credit to the private sector.
These reforms will also serve to highlight crucial gaps in the skills currently to be found within the banking sector and those needed within the new banking environment. Highlighting what he termed the current ‘mismatch’ of skills in the sector, the Governor stressed that the sector will now need to develop professional bankers who can develop effective banking services, structure transactions and drive down costs. (Soludo C, 2008)
The world over, human capacity development is the bedrock of any developmental initiative. And it has become a startling reality that no country can traverse the frontiers of sustainable development without first of all building and in fact developing appropriate capacity and competence needed to support such efforts.
Indeed, perhaps one of the greatest impediment of developing economies both at micro and macro levels is not only financial inadequacies but the dearth and underdevelopment of capacity and the attendant competence to create, convert, sustain and maintain the available resources to achieve desired ends.
Selecting and retaining