MERGER AND ACQUISITION IN THE BANKING INDUSTRY IN NIGERIA
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ABSTRACT
Banking is in the midst of change that has arisen due to economic depression. As government seek to improve economic efficiency and better allocation of resources to solve the problem of economic depression, policy makers are shifting towards openness, competitiveness and market discipline. In response to the developments, Deposit Money Banks in. Nigeria engaged in financial sanitizing, management strengthening, corporate refocusing, Business. Process Re-engineering (BPR), mergers and acquisitions in order to survive the depressed economy. This whole process is called mergers and acquisition. The study made efforts to discuss issues, facts and environmental factors surrounding the wave of Nigerian Bank's survival. The impact of this research in banks was gleaned from five performance indicators' namely total assets, total deposits, loans and advances, profit before tax and shareholders' funds, of-First Bank of Nigeria Plc. The research looked at the position of these indicators before and after the sanitizing exercise undertaken by the banks for survival and also, its impact on the entire banking system bearing in mind the effect of globalization on the financial market in particular and the economy at large. Findings revealed that merger and acquisitions in general has positive impact on the profitability of banks in Nigeria. This is the direct impact of the government .induced banks consolidation that took place in 2005, following the recapitalization policy to raise their capital base to N25 billion. Recommendations indicate that mergers and acquisition brought about profitability in the bank's performance as depicted by the performance indices; therefore Mergers and Acquisition should not be seen as an end in itself, rather it is a means to an end. So, the process should continually evolve with a review and amendment of the existing process.
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