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Information and Communication Technology (ICTs) is the synergy between 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 TechnologyÂ 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:
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 ofÂ 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 toÂ contract out jobs, both in the developed as well asÂ professionalÂ sectors.Â 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 ofÂ product chains, in which creation of goods occurs in particular plants in diverse locations, often traversing global limitations.Â 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 inÂ developing countries and weaken the bargaining power of prepared labor inÂ 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 theÂ digital split.
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, manyÂ 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.
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.Â The World Bank has collaborated with theÂ International Finance CorporationÂ to improve access to information and communication technology (ICTs), a proposal which it describes as one of its most victorious.Â In 2006 theÂ United NationsÂ launched an initiative called theÂ 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 ofÂ processes,Â civilization, institutions,Â laws, andÂ policiesÂ touching the way aÂ businessÂ (orÂ company) is directed, controlled or administered. Corporate governanceÂ also includes the relations among the numerousÂ stakeholdersÂ concerned and the goals for which the business is governed. The main stakeholders are theÂ shareholders, management, and theÂ board of directors. Other stakeholders include employees, customers, regulators, suppliers, creditors and the community at large.
Corporate governance is a comprehensive subject.Â A significant theme of corporate governance is to guarantee theÂ responsibilityÂ of certain individuals in an organization through mechanisms that try to decrease or eradicate theÂ principal-agent problem. An associated but split strand of negotiations focuses on the impact of a corporate governance system inÂ economic competence, with a burly accent on shareholders' welfare. There are yet other aspects to the corporate governance subject, such as theÂ stakeholder viewÂ 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.Â (formerly WorldCom)Â andÂ Enron Corporation. In 2002, theÂ U.S. federal governmentÂ passed theÂ 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 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 support for Nigeria's financial markets is on the rise. 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 local knowledge that can encourage new investment, provide access to finance to new market segments, like small and medium enterprises, and strengthen the base of the economy.Â
International Finance Corporation (IFC)'s current activities in Nigeria's financial sector comprise several transactions to support trade finance, credit lines to banks such as United Bank of Africa, and an equity investment in Leadway Assurance Company.Â
International Finance Corporation (IFC) has also provided loans and suggested services to many institutions to advance housing finance and mortgages, women entrepreneurs, consumer banking, small and medium enterprises and other crucial financial services. The rapid pace of support has translated into a collection in the financial sector that now comprises over 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 steady pace of regulatory reforms in Nigeria's financial markets has led to consolidation in the industry and created well-capitalized banks, International Finance Corporation (IFC) is committed to working with financial institutions and the government of Nigeria to sustain the pace of reforms, and we are looking to enter new segments of the market where we can further contribute to developing the country's financial sector."
The financial sector reforms implemented by Nigeria's government in the last few years have stridently increased investor coolness in the sector. The reforms began in 2004, when Nigeria's central bank stridently increased the capital condition for the country's banks by 1,150 percent. The spike brought about a rapid consolidation that slashed the number of Nigeria's banks to 25 from 89, other reforms soon followed. The government increased capital necessities for insurance companies, many of which were strictly undercapitalized. The change brought about a similar rapid consolidation in the sector.Â
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 foundation; political changes or upheavals are far less likely to impact Nigeria's financial market institutions in the future than they were in the past.
Strengthened by the reforms, banks are now exploring new opportunities in markets such as customers and pension administration, retail banking, mortgages, and other areas of the capital markets. They are also increasing 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.Â 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.Â
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.Â
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.Â
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.Â
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.Â
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.Â
"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.Â
"The market needs a combination of indigenous and foreign financial institutions as this increases competition, raises standards and improves the quality of the system."Â
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.Â
"We expect to see significant amounts of capital from China flowing into the construction and oil sectors, with banks trapping these flows," Sanusi says.Â
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.Â
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.Â
"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.Â
"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."Â
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.Â
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.Â
"We were looking for international partners and the first one we saw was China Eximbank," said Roberts Orya, NEXIM MD and CEO.Â
"We visited China to identify areas of cooperation and want to strengthen our relationship with the appropriate banking institutions there."Â
Orya expects NEXIM to sign memorandums of understanding in order to boost bilateral trade deals.Â
"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."Â
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 that three decades on, the family business would be a huge conglomerate.Â
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.Â
"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 rising over 8 times its previous size, and we captured 70-80 percent of the market-and that was in sewing machines alone."Â
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.Â
"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.Â
"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."Â
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."Â
Emel is now looking into generators, medical supplies, pharmaceuticals, building materials, and even automobile rental, based on the Beijing Automobile World model.Â
"Even though these developments are at an early stage, it is my belief that Chinese and Nigerian business links have to develop further," Asnani says." Chinese products are suitable for the Nigerian market, their labor-intensive industries and product pricing are right, and Nigeria's development has to follow the same path as China and India."Â
And, to ensure Emel's trusted reputation stays intact, Asnani has been careful not to compromise on quality. "Price alone is not the right tactic for identifying partners," he says. "We have always found Chinese companies that give us the right quality/price balance. Our expertise assures that our products stand up under scrutiny and do not disappoint the customers."Â
In the same way, Asnani's local knowledge ensures only the best distributors are used back on Nigerian soil. "We have to push for innovation, as local distributors can see little advantage in changing habits," he says. "This is exactly why local knowledge is important, and knowing how to deal with the national business community.""Â
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 basis of the current banking reforms is to improve on corporate governance and risks management in the financial services sector.
Sanusi Lamido Sanusi, the CBN Governor, who was represented by Kinsley Moghatu, his duty in charge of financial system stability, said that the reform is projected to enhance the quality of the banks, to ensure financial stabilization through the proposed Asset management company (AMC), to encourage sound evolutions of the financial system, and to connect the financial sector to the real 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 noted, Most of the banks in Nigeria did not really understand how important corporate governance is to their business continuity". He said many banks took this for granted because "a lot of the banks were essentially one-man shows", adding, "When you do not have should corporate governance framework, the reliance on the judgment or the views of one person or a small group of persons becomes a very fundamental risk exposure for the bank's survival.
Speaking generally on the reforms, Mr. Sanusi noted that majority of the people had concentrated more on the removal of some bank's Chief Executive officers than of the findings of the bank audit, which "revealed a serious systematic stress threatened 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:
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?
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 underlying the Group's governance's structure are as follows:-
The parent company, ETI acts as "strategic architect" with appropriate involvement in operational management and decision making at subsidiary level.
Operational decision making is decentralized and is maintained at a level, as close as possible to required action and the customers. Individual's accountability and responsibility is institutionalized and embedded through empowerment and the granting of relevant levels of authority.
Coordination in the corporate centre and group level is achieved through high levels of interaction between the group head office and subsidiaries as well as amongst subsidiaries at board and executive management levels. Clear terms of reference and accountability for committees at board and executive levels, and Effective communication and information sharing outside of meetings.
These principles guide the operations of the governance units listed below:
ETI Board of directors
Country Board of directors
Group executive management Committee
Country Executive management committee
Annual country Heads meeting
Appropriate sub-committees are also set up, either on a permanent or ad hoc basis to handle issues as they arise. A brief overview of the roles of each of the governance unit is provided in the following paragraphs.
The ETI board of directors is accountable to the company's shareholders for the proper and effective management of the Ecobank Group. Their primary responsibility is to foster the long term success of the company consistent with its judiciary responsibility to the shareholders. The Group Governance charter requires the board of directors to be guided by the following principles.
Clear delineation and separation of responsibilities between executive management and board to ensure non interference 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 care and in the best interest of the group and shareholders fulfillment with applicable laws and regulations interest 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 interest between directors and the business of Ecobank Group and Full revelation of accurate, adequate and timely information regarding personal interest of Directors.
SUMMARY AND CONCLUSIONS
It could therefore be concluded that there is great benefit to be derived form the use of information and communication technology (ICTs) 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.