Information And Communication Technology Commerce Essay

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Perhaps one of the most asked question in business is "what can we do to make our business stay alive and grow in a world that is rapidly changing into a small village with numerous opportunities and pitfalls at any moment?" It is in this regard that this paper assesses the practice of Information and Communication Technology (ICTs) and corporate governance in the Nigerian financial sector. Ecobank was used as case study and thirty customers were selected. Data were collected from the prospectus and simple percentage was sued to analyze the customer's responses. The paper concludes that there is great benefit derived from Information and Communication Technology (ICTs) and good corporate governance. It recommended the collaborative efforts of agencies in the Nigerian financial sector.

INTRODUCTION

World over, there is no commerce or meaningful economic growth without dynamic system. The strength of an optimistic economy is the solidity of its financial system especially banks, for financial resolution and fund show. Banking has gone beyond bricks and mortar, personal interaction has given way to more versatile faceless transaction courtesy of advanced technology and to an extent various gadgets taken over most of human activities in the banking halls, today everything in the financial sector is being re-engineered including training in order to remain in business, make good profit and provide reliable service. The essence of a formidable and dynamic financial system is not only to boost profitability and contribute to national economic growth and development but financial sector has blazed the trail of technological embracement and put on added responsibilities of preventing "technology black out" of the nation (Idowu 2005).

Nigerian banking sector, an important sub sector in the financial sector while trying to ensure that Nigeria have a fair share of growth in e-commerce, and e-banking which is now a world phenomenon has to contend with the following problems, weak technological base, poor banking habit and high level of illiteracy that has encouraged predominant cash based transactions. These problems as there were the Nigerian banking sector still has to continue playing her financial intermediation role. (Wonerem 1997). Good corporate governance facilitated by the corporate organs charge with the responsibility insures among other things that investment decisions of companies are based on rational economic judgment and prudent risk analysis thus guaranteeing higher chances of corporate success. The lack of it on the other hand, precipitates economic crisis which could be severe, long lasting and difficult to remedy for any company or even nation. Corporate governance become a field of study and practice out of necessity arising from increasing number of high profile corporate failures around the world. Companies that had become well established and respected over decades were found to have been involved unethical practices.

In view of the effects of corporate failures on companies and national economies, countries including Nigeria all over the world have taken one step or the other to ensure good corporate governance. The practice of good corporate governance makes a company to conduct its business in an ethical manner. This builds a good reputation for the company. This good reputation makes investors always willing to invest in it and lending institutions will have no hesitation advancing credit facilities. This results in increased profits and sustainable growth for the company thereby, strengthening the financial sector.

METHODOLOGY

Data was collected from the prospectus and annual report of Ecobank, Thirty customers of the bank were selected and their responses analyzed using percentage, text books and little research on the internet.

THE CONCEPT OF INFORMATION COMMUNICATION TECHNOLOGY

Information and Communication Technology (ICTs) is the synergy among computers and communication devices and forms in an important part of the modern world. Information and communication Technology (ICTs) features in more and more courses as its use to expands ahead of computing and information systems into other areas of study; It also allow users to contribute in a rapidly changing world in which work and other activities are ever more changed by access to speckled and rising technologies. Information and communication technology (ICTs) tools can be used to find, explore, analyze, exchange and present information sensibly and without bias. Information and communication technology (ICTs) can be employed to give users quick access to dreams and experiences from a wide range of people, communities and cultures.

Key Concepts in Information and Communication Technology is a wide-ranging dictionary with entries arranged alphabetically. It is designed to provide an easy reference guide to the confusing array of terms and concepts that students are likely to meet as part of their course.

Information technology is more than computers it means the data that a business creates, generates and uses as well as a wide range of more and more convergent and linked technologies that produce such data. Thus, information technology relates to the application of technical process in the communication of data (Idowu 2005), information and communications technology refers to any activity that uses it to complete its mission. This includes tasks that involve acquiring, building, maintaining, operating, emanating and supporting the system that collects and process information (Hasan 1997). Essential information technology translates to the use of computer system and telecommunication facilities by technology. Information and communication technology has impact on social, economic and economic development; bellow is the brief explanation of the impacts of information and communication technology:

Economic impact

In current decades widespread incorporation of Information and communication technology (ICTs) into many tiers of business, political processes and structuring of the global economy. Information and communication technology (ICTs) have improved global interconnectedness and speed up the process of  globalization. There have been information and communication technology (ICTs) in combination with globalization and the information rebellion have reshaped the workforce. By growing the speed of global communication, information and communication technology have enabled corporations to contract out jobs, both in the developed as well as professional sectors. While this lowers creation costs, and as a result, the cost of goods, it has also had basic and often harmful impacts on labor situation.

Outsourcing causes geographic disintegration of product chains, in which creation of goods occurs in particular plants in diverse locations, often traversing global limitations. Locations with no or least limitations on wages, repay and entitlements for workers therefore become economically attractive as sites of production. This can lead to the utilization of workers in developing countries and weaken the bargaining power of prepared labor in developed countries. Outsourcing causes geographic disintegration in which production of goods occurs in professional plants, often traversing international boundaries. Even with the international spread of information and communication technology, the economic impacts have been physically rough. They have exacerbated pre-existing disparities between developed countries, which can afford to produce and consume the latest technologies, and developing countries, which cannot. This gap is known as the digital split.

Social impact

Information and communication technology (ICTs) have impacted societies on many levels. They have unlimited the reach of public management, most important to a centralization of regional organization into urban centers.

They have guide to new forms of service in freshness and production of Information and communication technology (ICTs) and a demand for highly-skilled specialists. Though, ICTs have also enabled professionals in certain industries to be replaced by unskilled workers, or even made completely superfluous. Proponents of ICTs depict this as a're-skilling' of the workforce, while to detractors it is a're-skilling' process.

The dispersion of Information and communication technology (ICTs) within societies is diverse, with some institutions and sections of society having better access to Information and communication technology (ICTs) than others. These divisions are reflected in the content of Information and communication technology (ICTs). For example the English language, which is understood by only 10% of the world's inhabitants, accounts for roughly 80% of internet content. Even with these imbalances in power relatives, many communal justice movements believe Information and communication technology (ICTs) can be used to endorse equality and authorize marginalized groups. These groups support Information and communication technology (ICTs) as a means of providing nearby and reasonable information and as a stage for voices that might otherwise go to no purpose. And information and communication technology helps with hard works and business with communication and that is why information and communication technology is important.

Economic development

Information and communication technology (ICTs) have been recognized by many global development institutions as a critical element in developing the worlds' poorest countries, by integrating them into the global economy and by making global markets more reachable. The World Bank has collaborated with the International Finance Corporation to improve access to information and communication technology (ICTs), a proposal which it describes as one of its most victorious. In 2006 the United Nations launched an initiative called the Global Alliance for Information and Communication Technologies and Development.

Banking is a service delivery business in which information is pivotal, whether in the deposit of fund, transfer of fund, honoring of cheques or other withdrawal demands or in the granting of facilities. Information technology by its nature leads to faster execution of transaction through electronic integration of all banking units particularly the front and back office functions. Information communication technology then enhances product and service delivery, extends business reach beyond "bricks" and "mortal" and so lead to fast, reliable and efficient transacting turnaround.

Information technology can also help trim down transaction costs to banks; this will explain to lower price for services to customers (Stayecey 1997). Information technology in banks takes different forms. These include:

Computerization of customer's accounts and accounting configuration storage and recovery.

Deposit and withdrawal via automation e.g. Automatic teller machines (ATMs)

Networking and internet facilities to facilitate access to account anywhere

Mobile Banking using the SMS services.

MICR cheque coding and sorting

Biometric services for finger printing and hand writing identification and recognition.

No doubt ICT is of great importance in the confidence stimulation, business generation and banking profitability because it provides necessary capability that enables period customers value creation.

THE CONCEPT OF CORPORATE GOVERANCE

Governance could be conceptualized as the manner in which power is exercised in the management of economic and social property for sustainable human development. It addresses the management role in the institutional framework.

According to Kwakwa and Nzekwu (2003), "governance is a vital ingredient in the maintenance of the dynamic balance between the need for offer and equality in society; promoting the efficient production and delivery of goods and services; ensuring accountability in the house of power and the protection of human rights and freedoms". Governance is, therefore, concerned with the process, systems, practices and procedures that govern institutions, the manner in which these rules and regulations are applied and followed, the relationships created by these rules and nature of the relationships.

Corporate governance is statement that has different meaning, depending on the way an individual takes it; here I take Corporate governance as the set of processes, civilization, institutions, laws, and policies touching the way a business (or company) is directed, controlled or administered. Corporate governance also includes the relations among the numerous stakeholders concerned and the goals for which the business is governed. The main stakeholders are the shareholders, management, and the board of directors. Other stakeholders include employees, customers, regulators, suppliers, creditors and the community at large.

Corporate governance is a comprehensive subject. A significant theme of corporate governance is to guarantee the responsibility of certain individuals in an organization through mechanisms that try to decrease or eradicate the principal-agent problem. An associated but split strand of negotiations focuses on the impact of a corporate governance system in economic competence, with a burly accent on shareholders' welfare. There are yet other aspects to the corporate governance subject, such as the stakeholder view and the corporate governance models around the world

There has been rehabilitated interest in the corporate governance practices of modern corporations since 2001, mainly due to the prestigious collapses of a number of large U.S. companies such as MCI Inc. (formerly WorldCom) and Enron Corporation. In 2002, the U.S. federal government passed the Sarbanes-Oxley Act intending to restore public confidence in corporate governance.

Corporate governance, on the other hand, refers to the manner in which the power of corporation is exercised in accounting for corporation's total portfolio of assets and resources with the aim of maintaining and rising shareholder value and the satisfaction of other stakeholders while attaining the corporate mission (Kwakwa and Nzekwu, 2003). In other words, corporate governance refers to the founding of a suitable legal, economic and institutional environment that allows companies to succeed as institutions for advancing long term shareholders value and maximum human centered development. The corporation has to achieve this while lingering aware of its responsibilities to other stakeholders, the environment and the society at large.

Thus, corporate governance is also concerned with a creation of balance between economic and social goals and between individual and communal goals. To achieve this, there is the need to hearten efficient use of resources, accountability in the use of power and the position of the interest of the various stakeholders, such as corporations, individuals, and the society.

David Smith (2002), President and CEO of the Canadian Institute of Chartered Accountants sees corporate governance as a "culture that has a common understanding of the roles of management and the board". To him "corporate governance is a culture of mutual respect that both parties have for each other's role. It is a culture of continuous open dialogue and communication. In rounding up his views corporate governance, Smith noted that it's about people. "People doing not just what the rules say but about doing what is right.

Corporate governance is now widely accepted as being concerned with improved stakeholder performance. Viewed from this perspective, corporate governance is all about accountability, boards, disclosure, investor involvement and related issues. Research has shown that "firms with stronger shareholder rights had higher firm value, higher profits, higher sales growth, lower capital expenditure and fewer corporate acquisition" (McRitchehie 2007).

From the foregoing, it is apparent that no matter the angle from which corporate governance is viewed, there is always a common consensus that corporate is concerned with improving stakeholder value, and that governance and management should be mutually reinforcing in working towards the realization of that objective.

FINANCIAL SECTOR

Financial sector is a group of stocks containing companies that provides financial services to profitable and retail customers. This division includes banks, insurance companies, investment funds, and real estate. It is now extensively documented that there are tough positive linkages between the financial sector and economic development. Financial Sector Learning Program offers a range of progressive learning tricks that promote a solid base for financial services, strong capital markets, a diversified financial system, sound banking systems, and improved access by the poor and small and medium sized enterprises to financial services.

Promoting or Strengthening Nigeria's Financial Sector

Reliable and brawny financial sector reforms in Nigeria in current years have formed a single chance for International finance corporation (IFC) to strengthen institutions that can encourage the private sector in Africa's most crowded country. As a result, International Finance Corporation (IFC)'s hold up for Nigeria's financial markets is on the increase. Promoting the financial sector in rising markets offers International Finance Corporation (IFC) growth opportunities with high possible force. International Finance Corporation (IFC)'s contribution in the sector brings universal expertise to support the enlargement and extension of institutions with confined knowledge that can push new venture, supply way in to new finance market segments, like petite and medium enterprises, and strengthen the base of the economy. 

International Finance Corporation (IFC)'s current activities in Nigeria's financial sector comprise a number of transactions to hold up trade finance, credit lines to banks for instance United Bank of Africa, and a fairness venture in Leadway Assurance Company. 

International Finance Corporation (IFC) has also provided loans and suggested services to many institutions to advance lodging finance and mortgages, consumer banking, women entrepreneurs, small and medium enterprises and other vital financial services. The quick velocity of support has translated into a collection inside the financial division that now contains more than half of International Finance Corporation (IFC)'s investments in Nigeria.

Solomon Adegbie-Quaynor the International Finance Corporation (IFC)'s Country Manager for Nigeria says "The stable speed of narrow reforms in Nigeria's financial markets has lead to consolidation within the company and produced well-capitalized banks, International Finance Corporation (IFC) is dedicated to running with financial institutions and the government of Nigeria to maintain the speed of reforms, and we are looking to go into new segments of the market in which we can advance donation to rising the country's financial sector."

The financial sector reforms implemented by Nigeria's government in the preceding few years have loudly improved investor coolness within the sector. The reforms began in 2004, when Nigeria's central bank loudly improved the capital situation for the country's banks by 1,150 percent. The point brought about a Fast consolidation that slashed the number of Nigeria's banks to 25 from 89, other reforms shortly followed. The government amplified capital requirements for insurance companies, many of which were severely undercapitalized. The change brought about a similar fast consolidation in the sector. 

In the meantime, the country's under funded pension system was rehabilitated, sleek and revamped to push more individual steadiness over donations and savings. The brutal reforms have fully raised standards in the financial sector and positioned it on a very solid base; political changes or upheavals are far take away probable to impact Nigeria's financial market institutions in the expectations than they were in the precedent.

Strengthened by the reforms, banks are currently exploring new opportunities in markets such as customers and pension administration, mortgages, retail banking, and other areas of the capital markets. They are also raising their reach away from Nigeria into other parts of Africa; taking advantage of the region's underserved financial markets.

Due to the issue of promoting or strengthening the financial sector of Nigeria an article with the heading China-Nigeria trade ties continue to strengthen was released by the peoples daily online on March 23, 2010, 13:20 said "The world's eighth-largest oil and gas exporter, Nigeria's socioeconomic development is being fueled by massive Chinese investment in key sectors such as energy, financial services, manufacturing, and technology. With Africa's most populous country embracing privatization and economic diversification, Chinese enterprises are flooding in and taking advantage of the numerous foreign direct investment (FDI) opportunities. 

While Nigeria's oil and gas industry is the main FDI destination, Chinese firms also have a solid presence in the construction, agriculture, education, and service sectors. Chinese investment in Nigeria is now worth an estimated $6 billion. 

Increasing demand among Nigeria's 150 million citizens for Chinese-made goods such as motorbikes, textiles and machinery has resulted in the country becoming China's second-largest African trade partner behind South Africa. 

The successful strategic partnership based on China's valuable skills, knowledge, and experience is set to strengthen over the next decade as Nigeria looks to achieve its infrastructural, economic and social goals under a development plan it calls Vision 2020. 

Charged with regulating the banking sector and managing the nation's macroeconomic policies, the Central Bank of Nigeria (CBN) has evolved from a government organization into an independent central bank. 

Since 1999, the central bank has overseen major reforms in the financial services sector such as the privatization of government enterprises and a series of consolidations and acquisitions. 

"It is in Nigeria's interests to diversify the economy and sources of capital and I would like us to enjoy strong relations with banks in Asia and the Middle East," said CBN governor, Sanusi Lamido Aminu Sanusi. 

"The market needs a combination of indigenous and foreign financial institutions as this increases competition, raises standards and improves the quality of the system." 

By focusing attention on good governance, transparency, and risk management, CBN is building trust in the nation's financial system and helping prepare domestic banks for foreign expansion and global mergers and acquisitions. 

"We expect to see significant amounts of capital from China flowing into the construction and oil sectors, with banks trapping these flows," Sanusi says. 

A pioneering player in Africa's financial services sector, Stanbic IBTC Bank Plc was established three years ago through the merger of Stanbic Bank Nigeria and industry giant IBTC Chartered Bank Plc. 

The bank offers a range of corporate, investment, business and personal banking products and is regularly working on major capital market deals. Ties between the group and the Industrial and Commercial Bank of China (ICBC) were strengthened through last year's visit of ICBC chairman, Jiang Jianqing, to its Stanbic offices. 

"Nigeria has great potential throughout every sector. Reliability, trust and transparency are highly important in financial sector operations," said Chris Newson, Stanbic IBTC Bank Plc CEO. 

"The successful visit of Jiang Jianqing was a very important step for us as our aim was to showcase Nigeria and create an understanding of how the country functions. We believe in Nigeria and that is why we have invested more than $600 million here as we see the long-term potential." 

Founded 19 years ago, the Nigerian Export-Import Bank (NEXIM) is at the core of the country's trade-oriented activities through the provision of loans to exporters. The bank provides short-term guarantees for loans granted by Nigerian banks to exporters, and offers credit insurance against the event of non-payment by foreign buyers. 

The government-owned bank has extended its reach to China through high-level talks and deals with Chinese financial institutions such as the Export-Import Bank of China. 

"We were looking for international partners and the first one we saw was China Eximbank," said Roberts Orya, NEXIM MD and CEO. 

"We visited China to identify areas of cooperation and want to strengthen our relationship with the appropriate banking institutions there." 

Orya expects NEXIM to sign memorandums of understanding in order to boost bilateral trade deals. 

"Nigeria is a land of opportunities and NEXIM is the large bridge that connects the two sides," he added. "China has huge business potential and when our clients tell us they plan to buy heavy equipment, we always advise them to buy Chinese-made machinery as the quality is excellent and the price very reasonable." 

When entrepreneur M.L. Asnani joined forces with the Shanghai Light Industry Co Ltd to bring the Butterfly brand sewing machine to Nigeria in 1988, he may not have guessed those three decades on, the family business would be a huge conglomerate. 

Now responsible for equipping millions of Nigerian homes, farms and offices with affordable goods, Emel is a Nigerian success story, with an ever-growing list of partners and subsidiaries, and a product range that covers everything from suitcases to cars. 

"We've come a long way from our first manufacturing order, which was 20,000 sewing machines a year," says Naresh Emel Asnani, son of M.L. Asnani and the company's managing director and CEO. "After the business really took off (after 1993) we saw growth raising over 8 times its previous size, and we captured 70-80 percent of the market-and that was in sewing machines alone." 

According to Asnani Jnr, the key to the Lagos-based firm's success has been cooperation and synergy with Mr Ma, director of China Unity. "He has the product knowledge and represents the partners, while I have the relationship building skills, business knowledge, and an ability to recruit the necessary partners and employees. 

"We have grown strong, and successfully, for 10 years, without any problems touching the business. We have taken part in more joint ventures, which has led to an increase in manufacturing. 

"The cornerstone is that I am a trader. I know Nigeria, I know how to bring good here, and I know how to sell them." 

Of course, Asnani also knows how to spot an opportunity. Living in a country that has some 150 million people spread out in all its corners, he and his team identified the need for reliable vehicles that could transport passengers and goods around cheaply. They partnered with Beijing Automobile Works Co Ltd, one of the pioneers of the Chinese automobile industry, to distribute minibuses and lightweight trucks. The company stays close to the customers, Asnani says "by exceeding their expectations and providing an excellent nationwide after-sales service." 

INFORMATION AND COMMUNICATION TECHNOLOGY IN NIGERIAN FINANCIAL SECTOR

Nigerian banking system witnessed repaid growth and systematic crisis within the last 20 years ranging from propagation of banks and branches of the late 80s to distress and liquidation of the 90s and culminating in mergers and acquisition as a result of N25b recapitalization of 2005. By 2003 there were 89 banks in Nigeria with over 2306 branches spread across the country. By 2006 the number of banks reduced to 25 but more feasible branches and meaningful products backed by suitable information and communication technology.

However, many of the software and hardware used in the financial sector are still imported even technological know how and expertise. This constitutes a drain on the national foreign reserve plus the danger of importing. Unwanted insufficient and obsolete technology. The more reason why there should be a teamwork and strategic alliance between our business and industrial among and tertiary institutions for technology development especially information and communication technology (ICT) for the benefit of all (Danny, 2005).

The Government apart from providing necessary infrastructures must also provide funds for college based research work and enforced industrial post for hand on experience and development. So far the industrial training fund is just scratching the surface of the issue for any important impact. There is need for serious pledge, determined resolved to imbibe and promote indigenous technology development such that we can measure the benefit of information and communication technology (ICTs) not only in the banking sector but in the whole economy.

Technology is the trend we are now in information age where everything is being practiced. Nobody can afford "siddon and look", therefore we must plug in". Information and communication technology (ICTs) is ravaging the world of free time, business, education, health, politics, agriculture, environmental, law, and tourism (Idowu 2005).

CORPORATE GOVERANCE IN THE NIGERIAN FINANCIAL SECTOR

The central Bank of Nigeria (CBN) states the foundation of the existing banking reforms is to advance on corporate governance and risks management in the financial services sector.

Sanusi Lamido Sanusi, the Governor of CBN, who was represented by Kinsley Moghatu, his responsibility in charge of financial system constancy, said that the reform is predictable to improve the quality of the banks, to make sure financial stabilization through the proposed Asset management company (AMC), to promote resonance evolutions of the financial system, and to attach the financial sector to the genuine economy.

Speaking on the topic, "financial system fall out in West Africa" at the third Euro Finance Annual Conference on Treasury, Risk and cash Management, in Lagos on Wednesday, Mr. Sanusi distinguished, that the majority of the banks in Nigeria did not actually know how important corporate governance is to their business continuity". He said lots of banks took this for decided because "lots of the banks were fundamentally one-man shows", adding, "When you do not have must corporate governance framework, the dependence on the ruling or the views of individual person or a petite group of persons turns into a very essential risk experience for the bank's endurance.

Talking in general about the reforms, Mr. Sanusi distinguished that many of the people had concerted additional on the taking away of some bank's Chief Executive officers than of the conclusion of the bank audit, which "exposed a severe orderly stress endangered by these banks."

The issue of corporate Governance started generating interest in Nigeria even before the spate of corporate failures that swept across the globe some years ago. But in the late 1990s, it was well spoken and placed in the agenda and growth of corporate entities. From the onward, the issue to make responsible corporate governance is a reality in Nigeria by accepting the challenges to understand the principles of corporate governance and ensure the implementation of some in their companies.

Good corporate governance will assure investors of the accuracy, realness and adequacy of the information available to them for investment choice and the defense of their rights. The absence of this will make investors very reluctant to invest no mater how high the return potentials. Good corporate governance will pledge sound and the ability of these corporate entities to shoulder their responsibilities to alls stakeholders.

At this stage I must point out that the issues that corporate governance covers are so many and varied that it has equally attracted many definitions.

RESULT OF EMPIRICAL RESEARCH

ICT BASE PRODUCTS AVAILABLE IN THE BANKS:

FACILITEIS

ECO BANK

COMPUTERS

AVAILABLE

NETWORKING (WAN)

AVAILABLE

INTERNET/SATELITE BANK

AVAILABLE

ATM

AVAILABLE

MOBILE BANKING

AVAILABLE

CREDIT/DEBIT CARD

AVAILABLE

SOURCE: FIELD SURVEY

Analysis of the above shows that the bank is now technically driven. It could also be exposed that banking is now going paperless. It is only a question of time. But its frightening to know that most of the technologies were 80% imported (Bidmus 2004).

The thirty customers selected were questioned on the level of confidence in the banking industry and state of banking culture

QUESTION: since the introduction of automation in the banking industry, has the service delivery to customers improved?

Result

Variable

Respondent

Percentage

Yes

24

80

No

02

06

Undecided

04

14

Total

30

100

Inference from the above rated the banks performance and acceptability by the customer very high 80%.

There is no doubt that since the debut of automation in the banking sector, service delivery and product availability has improved so also is improved banking habit and banks performance but these are not with out some inherent problems prominent amongst which is the growing and alarming rate and volume of fraud.

CORPORATE GOVERNANCE AND BOARD PRACTICES IN ECO BANK"

The Eco bank Group Corporate Governance charter was adopted in 2002 and updated in 2007. This section sets out the corporate governance polices applicable throughout the Group and defines the governance and authority structures to be implemented across the Group.

The Charter covers three essential areas:

Role of the corporate centre i.e. head office

Relationships and interface between the group and subsidiaries and

The extent of and limits to delegate powers across different levels of the group.

The key principles causal the Group's governance's configuration are as follows:-

The parent company, ETI acts as "strategic architect" with suitable participation in operational management and decision making at supplementary level.

Operational decision making is decentralized and is maintained at a level, as close as likely to necessary achievement and the consumers. Individual's responsibility and liability is institutionalized and fixed through empowerment and the yielding of related levels of power.

Management in the corporate centre and group level is achieved all the way through high levels of communication between the group head office and subsidiaries in addition to amongst subsidiaries at board and decision-making management levels. Understandable terms of orientation and liability for committees at board and executive levels, and effectual message and information distribution outside of meetings.

These principles guide the operations of the governance units listed below:

ETI Board of directors

Group executive management Committee

Country Board of directors

Annual country Heads meeting

Country Executive management committee

Proper sub-committees are as well set up, either on a stable or informal center to handle issues as they occur. A concise impression of the roles of each of the governance component is provided in the following paragraphs.

The ETI board of directors is responsible to the company's shareholders for the good and effectual management of the Ecobank Group. Their main liability is to promote the long term achievement of the company reliable with its magistrate's liability to the shareholders. The Group Governance contract requires the board of directors to be guided by the following principles.

Obvious description and division of everyday jobs between executive management and board to make sure there is no interfering of board in management prerogatives.

Objective judgment on corporate affairs dependent in particular from executive management actions on fully informed basis, in good confidence with due attentiveness and concern and in the finest concentration of the group and shareholders execution with appropriate laws and regulations awareness of stakeholders and group strategy and direction. Local legislation to tell in the event of any disagreement between ETI policies and local laws, clearness and avoidance of disagreement of curiosity among directors and the business of Ecobank Group and Full exposure of precise, sufficient and appropriate information concerning personal concern of Directors.

SUMMARY AND CONCLUSIONS

It could therefore be concluded that there is great benefit to be resulting form the exercise of ICT in the Nigerian financial sector and that best use of Information and communication technology (ICTs) has improved its products and service delivery (performance). On the other hand, the issue of corporate governance has come to stay as an absolute concept needed to achieve competence, improved productivity and growth in the Nigerian financial sector. The key to wealth creation and the preservation of a free society require that board based system of accountability be build into the corporate governance arrangement of corporations.

Since banking has been described as the pivot on which economic matter resolved (Idowu 2001) then all stakeholders must be worried and work together for its development and every fool and techniques necessary for its successful performance must be provided such that banks will donate maximally to economic turnaround. There is no doubt that banking habit has improved but things can get better as the environment get more helpful; therefore, improvement activities should not distinguish financial sector but the catalytic technology process must also be touched with reform procedure to include essential peripherals such as power supply and other infrastructures (Woreherm 1997).

RECOMMENDATIONS AND SUGGESTIONS

Events have shown that information and communication technology (ICTs) is economic enabler, therefore the government should introduce polices and programmers that will ensure technological, political and economic stability.

The desire for technology must also insist on development of indigenous technology. Government should not only see to good funding of tertiary institutions but should encourage and support locally based technology researchers, manufacturers, and producers developers.

Technology called of high investment in infrastructure. To exploit its benefit, government should do all within its power to halt epileptic power supply in Nigeria.

In view of the need to act proactively to turn away business failures and national economic problems resulting therefore, Nigerian needs to pass new legislations on corporate governance and/or reform existing laws. This more than anything else as well as, the enforcement of corporate governance laws and rules is something of global anxiety. We need to strengthen our enforcement mechanisms.

In the sprit of partnership, the regulatory institutions concerned with corporate governance matters, the financial services sector regulators and all stakeholders need to establish a forum for regular interaction on corporate governance.

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