ABSTRACT
The small-scale businesses are recognized as integral component of economic development and a crucial element in the effort to lift countries out of poverty. They are the driving force for economic growth, job creation, and poverty reduction in developing countries. They have been the means through which accelerated economic growth and rapid industrialization have been achieved. Furthermore, small scale businesses have been recognized as a feeder service to large-scale industries. While the contributions of small businesses to development are generally acknowledged, entrepreneurs in this sector face many challenges that limit their long-term survival, growth and development. Some researches into small-business development have shown that the rate of failure of small scale businesses in developing countries is higher than in the developed world as a result of inadequate support and incentive programmes by financial institutions. This thesis assesses the contributions of Union Bank Nigeria Plc and Fidelity Bank Plc on the development and growth of small-scale businesses in Abia State. In this study, five research objectives were indentified which includes: to highlight the roles of small-scale businesses in economic development; to examine the various challenges facing small scale businesses operating in Abia State; to determine the various measures that can be introduced by the banks to boost the operations of small scale businesses in Abia State, among others. Also, five research questions were posed and five research hypotheses were formulated respectively. The researcher adopted survey design. Data were collected from the staff of the two selected banks and operators of small-scale businesses in Ariaria International Market located in Aba City, Abia State using questionnaire. Observations were also done. Using Taro Yamane formula, 276 sample size was drawn from 891 population under study. However, 250 copies of questionnaire retrieved were used for the analyses of data. The instrument was validated using the construct validity and Cronbach alpha for the reliability. All the Hypotheses were tested with Correlation analyses and Simple Linear Regression, while ANOVA and T test analyses were used to analyze all the data. Results of the study among others principally show that there are roles played by small-scale businesses in economic development; there are significant challenges facing small scale businesses operating in Abia State, there are positive measures that can be introduced by the banks to boost the operations of small scale businesses in Abia State, there are federal government activities and policies that affect small-scale businesses in Nigeria among others. The above results led to the recommendations that Union Bank Nigeria Plc and Fidelity Bank Plc should endeavour to maintain their significant assistance which aids in the promotion of small-scale businesses in Abia State and other banks should join forces with Union Bank Nigeria Plc and Fidelity Bank Plc, through their lending activities, to see to the development and growth of small-scale businesses in Abia State, Nigeria.
Keywords:
Banks, Assessment, Contributions, Development, Growth, Small-scale businesses.
TABLE
OF CONTENTS
Title Page i
Declaration ii
Certification iii
Dedication iv
Acknowledgements v
List of Tables vi
List of Figures vii
Abstract viii
CHAPTER 1 Introduction
1.1 Background of
the Study 1
1.2 Statement of the
Problem 3
1.3 Objectives of
the Study 5
1.4 Research
Questions 5
1.5 Research
Hypotheses 6
1.6
Significance of the Study 6
1.7 Scope
of the Study 7
1.8 Limitations of the Study 7
1.9 Operational
Definition of Terms 8
1.10 Brief history of the organizations 9
1.10.1 Union Bank Nigeria Plc 9
1.10.2 Ariaria international market, Aba, Abia State 12
CHAPTER 2: LITERATURE REVIEW
2.1 Conceptual
Framework 15
2.1.1 Concept of
small scale business 15
2.1.2 Classifications of small
scale businesses in Nigeria 19
2.1.3 Characteristics of small
scale businesses 20
2.1.4 Functions of small scale business operators 21
2.1.5 The Dark side of small-scale business operations 23
2.1.6 Advantages of small scale businesses to the owners
and others 26
2.1.7 Roles of small scale businesses in economic
development 27
2.1.8 Problems/constraints/pitfalls
of small scale businesses in abia state 28
2.1.9 Contributions
of Union Bank Plc and Fidelity Bank to the Growth and
development of
small scale businesses in abia state. 29
2.2 Theoretical Framework 32
2.3 Empirical Review 41
2.4 Gap in Literature 51
2.5 Summary of Literature Review 52
CHAPTER
3: RESEARCH
METHODOLOGY
3.1 Research Design 54
3.2 Sources of Data 54
3.3 Methods of Data Collection 54
3.4 Population of the Study 54
3.5 Sample Size Determination 55
3.6 Sampling Technique 55
3.7 Description of the Research Instruments 56
3.8 Validity of the Instruments 56
3.9 Reliability of the Instruments
56
3.10 Methods of Data Analyses 57
CHAPTER 4: DATA PRESENTATION, ANALYSES AND DISCUSSIONS
4.1 Questionnaire Distribution and Return
Rate 58
4.2 Data Presentation 59
4.3 Test of Hypotheses 66
4.4 Discussion of Results 75
CHAPTER
5: SUMMARY
OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Summary of Findings 65
5.2 Conclusion 65
5.3 Recommendations 66
5.4 Areas of Further Studies 67
References 68
Appendices 72
LIST OF TABLES
Page
2.1: Comparison of small firms in the UK
and low income countries 51
3.1: Reliability
Statistics 56
4.1: Table showing the distribution and
retrieval of questionnaires 58
4.2: Demographic data of Respondents 59
4.3:
Distribution of Present Academic
Qualifications of the Respondents 66
4.4: Distribution
of Job Position of the Respondents 67
4.5: Distribution
of Job status/levels of the Respondents 68
4.6: Distribution
of Job/business experience of the Respondents 69
4.7: Distribution
of the Respondents by workplace 70
4.8: Correlation Result of hypothesis 1 71
4.9: Correlation Result of hypothesis 2 72
4.10: Correlation Result of hypothesis 3 72
4.11: Simple Linear Regression Result of
hypothesis 4 73
4.11: Model Summaryb 73
4.12: ANOVA table 73
4.12: Coefficients 74
4.13: ANOVA table 75
4.14: Coefficients 75
CHAPTER 1
Introduction
1.1 BACKGROUND OF
THE STUDY
Over the years, the small
scale businesses of the Nigerian economy has been facing problems of slow or
stagnating development. This problem has continued to serve as a cog in the
wheel of progress of the overall economic development in the country. This stampede
of the growth of small scale businesses in Nigeria is now threatening to
deprive the nation of the much needed benefits of poverty reduction, employment
generation and wealth creation, which by implication should have set the
country's ball rolling for sustainable growth and development (Agu, 2005). One
major problem, which is indisputable in all quarters, is the lack of sufficient
fund to set up and run small businesses. Lack of funds and access to credit
facilities are significant obstacles to the development and sustainability of
small scale businesses that discourage those with entrepreneurial skills to
join the chariot. Small scale businesses seeking bank loans face considerable
credit constraints in that they receive credit much less frequently than larger
ones. It is also known that many entrepreneurs would like to start up their
businesses, but refrain from doing so due to the lack of credit to finance
their initial or subsequent operations.
Chukwuemeka (2011) opines
that for any business to grow, credit is essential; lack of credit is a barrier
to the development and growth of the incomes of households and small scale
businesses. Access to credit enhances the adoption of new and more advanced
technologies that will enable the small scale businesses expand their
agricultural and nonagricultural enterprises, which in turn improve their
income levels, and hence help in reducing the incidence of poverty (Abubakar,
2011). Despite the fact that credit has been recognized as an essential tool
for promoting small scale businesses, savings also plays an important role next
to credit (Olaitan, 2006). Generally, the savings culture in Nigeria,
particularly among small scale businesses in rural dwellings is low, as such
mobilizing start up and operational capital by small scale businesses is always
a difficult task. The significance of savings on the advancement of small scale
businesses is very profound. With more financial savings and credit facilities,
small scale businesses stand a good chance to accumulate huge capitals, and
therefore greater capability for self-investment is enhanced; the need to
borrow at high interest rates from private money lenders is reduced and the
ability to purchase more productive assets improved. The recent shift in terms
from micro-credit to micro-finance reflect that both loans and saving services
may help to improve the wellbeing of small scale businesses (Vonderlack, 2001).
According to the World Bank Report (2009) cited in Maksudova (2009), around 1.4
billion people globally live on less than one dollar per day, facing poverty,
social and financial exclusion, while recent economic crisis has thrown
millions into extreme poverty. In emerging economies like Nigeria, government
embarks on a series of policies and institutional reforms aimed at enhancing
the flow of financing from the Banking system to small scale businesses, as
well as those involved in the petty business (micro) activities at the informal
level. In particular, the important objective of boosting the performance of
small scale business activities has not materialized. This is because
commercial banks like Union Bank Nigeria Plc., and Fidelity Bank Plc, perceive
micro-activities of small scale businesses as bad risks (Akinboyo, 2007).
The Nigeria
economy, being capitalist oriented is driven by the principles and practices of
the market economy. As opine by Anyanwu (2004), the unwillingness or inability
of the formal financial institutions like Union Bank Nigeria Plc., and Fidelity
Bank Plc respectively, to provide financial services to small scale businesses,
coupled with the lack of sustainability of government sponsored development
financial schemes has not contributed to the growth of small scale businesses
in Nigeria. Before the emergence of big financial institutions, formal
microfinance institutions and informal microfinance activities flourished all
over the country and operated under different names. Informal microfinance is
provided by traditional groups that work together for the mutual benefits of
their members. These groups provide savings and credit services to their
members. Yet, little impact is felt by their services. It therefore becomes
pertinent that big financial giants like Union Bank Nigeria Plc., and Fidelity
Bank Plc should answer the clarion call of these various small scale businesses
to contribute to their growth, survival and development. It is against this
backdrop that this research work is resting.
1.2 STATEMENT OF THE
PROBLEM
No one needs any prophet to
acknowledge that small scale businesses play major roles in the sustenance and
development of the local, state and national economy. Agbaeze (2007) postulates
that small businesses also play vital roles in the sustainability of the big
ones and that some small scale businesses can evolve into corporate giants.
Unfortunately, in developing countries like Nigeria, smallness in business has
no sustaining appeal. Chukwuemeka (2011) observes that in Nigeria, we think big
and boast beyond our capabilities, hence we denigrate small scale businesses;
we only see the negative aspects of smallness and hardly recognize that Rome
was not built in a day. Businesses of small size require small capital for a
take off. On the aggregate, it has the widest scope in national coverage and
maximizes the effective use of the nation’s resources in the production of many
and diverse types of goods and services for national economic growth. The
researcher has observed with concern that these roles have not been adequately
cherished by the national government, no wonder many of them are degenerating.
Like any other business, small scale businesses cannot be carried on
extensively unless funds are available for procurement of the necessary inputs
as well as the maintenance of the businesses. The fund provided by the owner
(owner capital) may not be enough to carry on the business operations. Small
scale businesses therefore need assistances from various sources, especially,
from financial institutions like Union Bank Nigeria Plc and Fidelity Bank Plc.
These gigantic banks can go a long way to ensure that they supply the needed
credit facilities at a reduced rate that will assist the small scale businesses
to be in existence. Three types of credit are usually required: short-term
credit, medium term credit and long term credit. The short-term credit or loan
is one that is used for yearly operation until the products or proceeds from
the business are sold. The amount involved is usually small. The medium term credit
is the type of loan that is for more than one year maturity period but not
exceeding three to five years. This is mostly required for acquisition of
inexpensive equipment with relatively short life span. The long term loan is a
type of credit that is necessary for acquisition of major industrial machines,
improvements on industrial equipment building and land. (Adopted from Union
Bank Plc Bulletin, 2016).
Credit facilities for small scale
businesses can be a very powerful instrument in bringing about a revolution in
industrial practices and in productivity especially if supplied in sufficient
quantity and used efficiently. However, the problem of credit to small scale
businesses may not necessarily be as a result of financing insufficiency but
rather for some, other reasons among which are insufficient preparation on the
part of the small scale entrepreneur in the request for credit assistance,
information gaps as to range of funding institutions and scope of services
available in these institutions, the risky nature of servicing small scale
businesses and the likes. It is a well known fact that the development of small
scale businesses and attainment of self reliance in industrial production
coupled with the provision of raw materials for other industries or businesses
should be among the top priorities of the federal government of Nigeria. In
addition, the continuous escalation of Nigeria’s Import Bill and unemployment
are threats to the country. The researcher therefore identifies the above
problems faced by small scale businesses and considers it necessary to carry
out a study on them.
1.3 OBJECTIVES OF
THE STUDY
The major objective of this study is
to determine the extent to which Union Bank Nigeria Plc and Fidelity Bank Plc
have contributed to the growth and development of small-scale businesses in
Abia State. However, it is set to achieve the following specific objectives:
i. To highlight the roles of small-scale
businesses in economic development.
ii. To examine the various challenges
facing small scale businesses operating in Abia State.
iii. To determine the various measures that
can be introduced by the banks to boost the operations of small scale
businesses in Abia State.
iv. To identify the federal government activities
and policies and how they affect small-scale businesses in Nigeria.
v. To examine how the banks can assist in
the promotion of small scale businesses in Abia State.
1.4 RESEARCH QUESTIONS
Emanating
from the objectives above, the following research questions were posed:
i. What are the roles of small-scale
businesses in economic development?
ii. What are the various challenges facing
small scale businesses operating in Abia State?
iii. What are the various measures that can
be introduced by the banks to boost the operations of small scale businesses in
Abia State?
iv. How does the programmes and policies of
the federal government affect small-scale businesses in Nigeria?
v. How can the banks assist in the
promotion of small scale businesses in Abia State?
1.5 RESEARCH HYPOTHESES
In
pursuance of the above stated objectives and research questions posed, the
following research hypotheses were formulated:
Ho1: There are no roles played by small-scale
businesses in economic development.
Ho2: There are no significant challenges facing
small scale businesses operating in Abia State.
Ho3: There are no measures that can be
introduced by the banks to boost the operations of small scale businesses in
Abia State.
Ho4 The federal government programmes and
policies do not affect small-scale businesses in Nigeria.
Ho5: There is no significant assistance from the
banks in the promotion of small scale businesses in Abia State.
1.6 SIGNIFICANCE OF THE STUDY
This
research work was very significant in a number of ways. First, it will expose
the enormous benefits derivable from the operations of small scale businesses
in Abia state and the country as a whole. Therefore, the outcome will put small
scale businesses in the limelight of serious business knowing that they are
very instrumental tools to the economic development of the nation. This work will no doubt expand the
scope of knowledge of the academia on the topic or related topics. This work
will guide entrepreneurs on how to approach these banks for credit facilities
to run and expand the scope of their small businesses. In
addition, this work will spark off the light of increased commitment on the
part of financial institutions in their negligent contributions to the growth
and development of small scale businesses, not just in a state, but in all the
states that make up the federation. Moreso, this work will add to existing
stock of knowledge for future researchers on the topic or related topics under
study. Finally, this work was of great benefit to the owner of this research
work as at will serve as part of the fulfillment of the requirements for the
award of Master of Science, (M.Sc) in Business Administration. In a nut-shell,
this work wasnefit:
a. Small-scale
business operators and entrepreneurs in Abia State on how to access loans from
financial institutions like Union Bank Nig Plc and Fidelity Bank Plc.
b. Research
studies as it was used as a reference material on the topic or related topics.
c. Abia
State government to alert them on the challenges of the small-scale business
operators and how to assist them.
1.7 SCOPE OF THE STUDY
The
study focused on the concept of small business, their classifications,
characteristics, advantages, roles in economic development, their
constraints/problems, some environmental factors facing small scale businesses
or impact their survival, growth and development, the necessary theories
backing the topic and the empirical reviews of related concepts of the topic. This
work also x-rayed the contributions of Union Bank Nigeria Plc and Fidelity Bank
Plc, in the growth and development of small scale businesses including their
corporate social responsibility obligations toward small scale businesses in
Abia State. However, this study was carried
out in Abia State only and therefore restricted to the operations and
contributions of Union Bank Nigeria Plc and Fidelity Bank Plc in Abia State.
1.8 LIMITATIONS OF THE STUDY
A
number of limiting factors constrained this research work. This ranged from
work schedule to financial constraints to elicit information from the
respondents, especially the two banks because it is not easy for financial
institutions or their staff to release information about them. However, these
limiting factors were overcome to ensure that this work becomes a huge success.
1.9 OPERATIONAL DEFINITION OF TERMS
Assessment: This
is the ongoing process of gathering information, analyzing and reflecting on
evidence to make informed and consistent inference or judgment.
Contributions: This
has to do with imposed or required payments. It is payments exacted for special
purposes.
Growth:
This refers to an economic expansion as measured by any of a number of
indicators such as GDP.
Economic growth: This
is increase in a country’s productive capacity as measured by the GNP of the
previous year.
Development: This
is the act or process of growing or causing something to grow or become larger
or more advanced.
Small scale businesses: These are privately
owned partnerships or sole proprietorship that have fewer employees and/or less
annual revenue than a regular-sized businesses whose total capital outlay is below sixty thousand naira (N60,000) and whose total employment is not
more than fifty (50) persons.
Banks:
A financial institution that keeps custody of things such as money, guide
jewelries, etc. They are institutions responsible for collecting and giving out
funds to individuals, firms, organizations, customers on special charges.
Business failure: The
inability to sustain the life of a business venture to a very foreseeable
extent.
Financial institutions: Are
institutions responsible for collecting and giving out funds to individuals,
firms, organizations, etc for business purposes.
Grant: It
is a financial assistance by financial institutions or government to
individuals or investors which is not repayable.
Loan: Are
financial assistance by financial institution to borrowers with interest
attached. It is repayable and collateral is required before the financial
institution can grant them.
Overdraft:
It is a kind of loan granted by banks, but before this loan is granted, the
person who wants the loan must have account where an account holder withdraws
above the amount he/she has in his/her account.
1.10 BRIEF HISTORY OF THE ORGANIZATIONS
1.10.1 Union Bank Nigeria Plc
The rich history of Union Bank Nigeria Plc can be traced
to 1917 when it was first established as colonial bank and was acquired by
Barclays Bank of London in 1925. As a result of the acquisition, the bank was
renamed Barclays Bank (Dominion, Colonial and Overseas), Barclays Bank (DCO) to
reflect the new ownership structure. Following Nigeria’s independence and the
enactment of the Corporate Affairs in 1968, the bank was incorporated as
Barclays Bank of Nigeria Limited in 1969 (BBNL), to comply with the new banking
regulations adopted in 1968. Between 1971 and 1979, the bank went through a
series of changes including its listing on the Nigerian Stock Exchange and
share acquisition/transfers driven by the Nigerian Enterprises Promotion Acts
of 1972 and 1977. This resulted in its evolution into a new wholly Nigerian
owned entity. To reflect the new ownership structure and in compliance with the
Companies and Allied Matters Act of 1990, it assumed the name Union Bank
Nigeria Plc, (UBN), “The bank” or Union Bank.
In line with its privatization/commercialization drive
in 1993, the Federal Government divested by selling its controlling shares
(51.67%) to private investors. Thus, Union Bank became fully owned by Nigerian
citizens and organizations all within the private sector. During the Central
Bank of Nigeria’s (CBN) banking sector consolidation policy, Union Bank of
Nigeria Plc acquired the former Universal Trust Bank Plc and Broad Bank Ltd and
absorbed its one-time subsidiary, Union Merchant Bank Ltd. Following the
banking crisis in 2009 and the intervention of the CBN via Asset Management
Company of Nigeria (AMCON), the bank was recapitalized in 2012 with an injection
of $500 million by Union Global Partners Limited (UGPL), a consortium of local
and international investors. UPGL acquired 65% of the bank’s shareholding and
in the last quarter of 2014, AMCON’s remaining 20% stake in the bank was
acquired by Atlas Mara. UGPL comprises: Africa Capital Alliance, ADC African
Development Corporation, Corsair Capital, FMO (the Netherlands Development
Finance Company), Chandler Corporation, Standard Chartered Private Equity. In
compliance with CBN’s Regulation, three (3) UBN is divesting of all non-core
banking subsidiaries, which aligns with her core banking business model. Union
Bank, United Kingdom (UBUK), will remain the only subsidiary of the bank. Union
Bank is a large commercial bank, serving individuals, small and medium-sized
companies, as well as large corporations and organizations. In July 2009, it
was rated the 556th largest bank in the world and the 14th
largest bank in Africa. As of June, 2012, the bank’s asset base was estimated
at US$6.784 billion (NGN:1.049 trillion. The shareholders equity at that time
was estimated at US$1.22 billion (NGN:1.884 billion).
The companies (subsidiaries) that comprise the Union
Bank of Nigeria Plc include: Union Bank United Kingdom Plc, Union Homes Savings
and Loans Plc, Union Trustees Limited, Union Assurance Company Limited, Banque
International du Benin, Cotonou, UTL Communications Services Limited, UBN
Property Company Limited, Union Capital Markets Limited, Union Registrars
Limited, Union Express Limited (Courier company). Its affiliated companies
include: Consolidated Discounts Limited, HFC Bank Ghana Limited, Unique Venture
Capital Management Company Limited.
Ownership:
The shares of Union Bank of Nigeria Plc are listed on the Nigerian Stock
Exchange under the ticker symbol ‘UBN’. As at June 2013, the owners of the
shares of Union Bank of Nigeria Plc include the following Corporate entities
and individuals.
Union Bank of Nigeria Stock Ownership
Rank Name of
Owner Percentage ownership
1 Union Global
Partners Limited 63.57
2. Other investors 15.36
3. Asset Management
Company of Nigeria 21.07
Total 100
Union Global Partners Limited is a consortium of
financial institutions that include the following: ACA Holdings Limited and ACA
Managed Fund, Netherlands Development Finance Company, Standard Chartered
Private Equity, Auctor Capital, Carlye Capital of Washington DC, High Vistar,
The Keffi Group VIII LLC (Keffi Group, JC Flowers, BGI), African Development
Corporation AG and Atlas Mara Co-Nvest Limited, Discovery Group of Connecticut,
United States of America, Asset Management Company of Nigeria is an arm of the
Federal Government of Nigeria.
Branch network:
The bank maintains a vast network of interconnected branches in all Nigerian
States. It has two wholly owned bank subsidiaries: one in Cotonou, Benin and another
in London, in the United Kingdom. It also maintains a representative office in
Johannesburg, South Africa.
Board of directors:
The bank’s activities are supervised by a thirteen-member board of directors.
Management
board: The management is chaired by Mr Emeka Emuwa who serves
as the Managing Director and Chief Executive Officer of the Bank since
November, 2012. From then, there have been various innovations to reflect the
Nigerian need and service in the bank, for example, the bank has changed its
colour from green to skye blue and many other innovations that has transformed
the banking activities into modern banking that currently (2016), the bank is
rated as the most improved retail bank in Nigeria.
1.10.2 Fidelity Bank of
Nigeria Plc
Fidelity
Bank of Nigeria was incorporated in the year 1987 and began its operations in
1988. It initially started with a Merchant Banking license, with the objective
of positively impacting on the Nigerian economy through participation and
contribution to the growth of the Nigerian economy with the provision of
quality and timely financial services. Fidelity Bank converted to a commercial
bank in the year 1999 in an attempt to grow as a private limited company and
became a public limited company also in the year 1999 in the month of August,
it rebranded to Fidelity Bank Plc that year. It secured its universal banking
license in February 2001 and also obtained its International Banking License in
the year 2011. Fidelity Bank Plc has grown to a stable banking institution,
during the 2005 Nigerian Banking consolidation, Fidelity Bank Plc acquired FSB
International Bank Plc (“FSB”) and Manny Bank Plc to become one of the top
financially stabled banks in Nigeria. Fidelity Bank currently has presence in
all the states and major cities in Nigeria.
Over the years, the bank has been reputed for it financial stability.
Fidelity Bank Plc continues to rank among Nigeria’s most capitalized banks with
tier-one capital of nearly USD1 billion (One Billion US Dollars).
Branch network: The bank maintains a vast network of
interconnected branches in all Nigerian states and major. It has a wholly owned
bank subsidiary in Ghana.
Leadership:
Chairman –
Chief (Dr) Christopher Ezeh
Managing
Director/CEO – Nnamdi Okonkwo
Deputy
Managing Director – Mohammed Balarabe
Executive
Director – Aku, P Odinkemelu
Executive
Director – Adeyeye Olawale Adepegba
Executive
Director – Nneka Chinwe Onyealiikpe
Corporate social responsibility:
Fidelity
Bank actively has imbibed its CSR as a core function of its banking services.
It established the Fidelity Helping Hands Programme, where its area of focus is
education, the environment and the health and social welfare. It has over the years
actively engaged and supported through its CSR activities aimed at improving
its area of focus through the Fidelity Helping Hands Programme. Its headquarter
is at Fidelity Place, 2 Kofo Abayomi Street, Lagos, Nigeria. Its products are
loans. Credit cards, savings, investments, mortgages. Its total asset as at
2013 stood at USD46+ billion (NGN:1+ trillion).
Its major milestones/achievements:
In 2011, the bank was ranked the 7th most
capitalized bank in Nigeria, the 25th most capitalized bank on the
African continent and the 567th most capitalized bank in the world.
As of December 2013, Fidelity Bank Plc was a large financial services provider
in Nigeria with shareholders’ equity in excess of US$1 billion (NGN:158
billion). At that time, the bank served 2.3 million customers at about 220
branches nationally. Currently, the bank has over 400,000 diverse shareholders.
It was listed on the Nigerian Stock Exchange in May 2005 and has consistently
paid dividends annually since its listing as of June 20th, 2016
according to BGL Plc, Fidelity Bank Plc had a market capitalization of
NGN37,072,109,685.76.
1.10.3 Ariaria international market, Aba, Abia State
Its historical background dated back
to 1976 following a fire outbreak that destroyed the old Ekeoha market in Aba.
The market was originally sited in a swampy area. The market is known for its
shoe making and leather works, thus making it one of the largest leather
shoe-making markets in West Africa with an estimated two million traders. The
market cuts across three local government areas, the Aba North, Aba South and
Osisioma. The market is managed by Abia State Government. The Ariaria
International Market is an open-air market located in Aba, a city in Abia
State, South Western Nigeria and usually opens from Monday-Saturday.
The market is one of the largest
markets in West Africa and nicknamed “China of Africa” because of its
versatility in the making of wears and leather works.
Today, the
Ariaria market has provided an engine of growth for the economical survival of
not just the state where it is situated but for other states who come to buy
for resale in their own states. In addition, the market has also provided the
source of living to many residents of Aba, Abia State as many of them engage in
retailing and wholesaling of goods and services.
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