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ABSTRACT
The study access the impact of merger and acquisition on shareholders wealth in Nigeria. The need to carryout the research is permeated by under capitalization, decline in profitability and poor investment potentials. The research objectives is to merger the impact of merger and acquisitions on profitability of commercial banks in Nigeria, to access whether consumer M/A helps to improve consumer deposit DMBs and to measure the impact of M/A on shareholders wealth. The research adopted an expost factor research design which borders on annual reports and account of UBA BANK, ZENITH BANK, ECO BANK, GTB BANK and FIRST BANK PLC from 1999-2012. Research segmented the 14 years into two period which are pre M/A[1999-2005] and post M/A[2006-2012]. Frequency distribution table and descriptive statistics was use for data presentations and analysis while paired sample t-test was used to test the three research hypothesis. It was discovered that M/A does not impact on profitability of commercial bank and that customer confidence is restored through M/A. It was thereafter recommended that management of the selected banks should work in order to control the cost of their operations which affects the dividend paid to the owners
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND/OVERVIEW OF THE STUDY
In recent times business synergy have been identified as a key factors
of corporate profitability, survival and competences. To this end,
Mantravadi and Reddy[2008] noted that corporate institutions worldwide
have been aggressively trying to build new competencies and
capabilities to remain competitive and to grow profitability. Business
organization are established to achieve certain corporate objectives
including corporate growth and increase in profitability. Growth is a
major yardstick by which the success of a business organization operate
in dynamic macroeconomic environment such growth is threatened in
periods of volatile economic instabilities[Weston and Copeland, 1989].
The resultant effect of recent world economic meltdown is a financial
crisis among corporate organization. One strategy open to corporate
during the period of economic crisis is merger and acquisition.
Companies have been combining in various configuration since the early
days of business, little wander, Ismail et al[2011] see M/A as the best
way to go ahead and expand corporate boundaries.
Olaguna and obademi[2012] noted that different organization adopt
different strategies such as internal reorganization, external
reconstruction and so on, they consider appropriate to overcome these
pressure and meet stakeholder expectations. When the measure fails to
produce the desired result, the affected organization may go into
business combination either in the form of merger and acquisition as a
way out of unfavourable situation. To this end, Naba and chen[2014] see
M/A as one of the features of globalization and may be driving forces
of non competitive banks. Oloyede and sulaiman[2012][ posted that
merger and acquisition is perceived by many firms in Nigeria to be a
long term business strategy to improve avenue to achieve synergy, large
economic of scale expand business operation and reduce cost. However,
the success of M/A largely depends on the extent of management
efficiency and discipline. Merger and acquisition is simply another way
of saying survival of the fittest that is to say a bigger, more
efficiency better capitalization, more skilled industry. It is primarly
driven by the business motivates and market forces and regulatory
interventions[olaguague/obademi2012].
In view of the foregoing, it is pertiment that the
study be conducted to assess the relevance of M/A on not only cooperate
performances to cases of undercapitalization, low profitability and
increase in corporate failure which itself is the rational behind the
adoption of merger and acquisition business strategy.
1.2 STATEMENT OF THE PROBLEM
Imeokpaia[2014] observed that Nigeria corporate institutions,
particularly the banking system today is fragile and marginal. The
system faces enormous challenges which if not address urgently, could
snowball into a crisis in the near future to, onalapo, and Ajala[2013]
described the recent outbreak of bank mergers and ac questions in
Nigeria is attracting much attention, partly because of heightened is
what motivates firms to merger and low merger and acquisition affects
performances or efficiency. However this paper investigates effects of
merger and acquisition on the performance of bank and explores the
sources of any merger induced changes in performance. It is motivated
by the relatives dearth of empirical evidence on the impact of merger
and acquisition involving Nigeria banks.
The need to embark on research work is a direct reflection of
challenges which trail corporate entities in Nigeria. These includes;
1] Under capitalization
2] Decline in profitability
3] Poor investment potentials, viz-a-via decease in shareholders wealth.
4] Loss of public confidence amongst others.
In line with above submission, Muhammed[2005] most
Nigeria banks were becoming personalized in ownership and management
structure which made the banks incapable to finance large scale and
long terms project due to limited liquidity at their disposal. The
sectors was characterized with import financing rather than encouraging
domestic growth in the economy there was loss of public confidence due
to fear of liquidation, customs disatification on banking services as
well as some obnoxious, unprofessional and other sharp of industry .
All these caused great distortion in the financial system resulting to
financing inefficiency which made investors not to get constant in high
dividend as a result of inefficiency in terms of gross earnings, profit
after tax and net assets. When the period of economic boom in Nigeria
was over, economic downturn and business failures emerged as a result
of adverse macro economic conditions. Consequently, business expansion
became hindered and operating earnings shrank. Consequent upon the
challenges many firms resorted to adoption of various survival
strategies such as divestiture of seemingly non profitable lines of
business, internal and external capital reorganization,
recapitalization, merger and acquisition and so on. Olabode and
makinde[2003] assert that business combination which is commonly used
as one of the last survival options has an edge over the other in terms
of optimization resources[udeh and igwe2013].
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