This research studied the contribution effort of inspectorate department as an effective measure to bank for Africa, Plc Enugu.
To guide the study, four research question were formulated using questionnaire as an instrument. The data collected are analyzed using simple percentages.
Some of the funding among other is:
vInternal audit (inspectorate) department enhances effective management control in baking sector
vThe inspectorate department gives financial accountability in banking sector
vThey are to play an important function effective utilization of organizational fund by management
vThe availability of inspectorate department encourages efficiency among employee in banking sector
vThe availability of inspectorate department discourages fraud in the banking management
vThe existing statutory and other relevant regulation lay adequate consideration to the inspectorate function
Based on the finding, the following and recommendation among others
vThe management should add conscious policy of in the staff selection into the inspectorate department
vUseful information network is necessary within the segment of the banking to enable the management and employee appreciate the action of inspectorate
vCreation of the inspectorate department in the bank for effective management
vTraining and constant work up / seminar for the efficiency of inspector at report and recommendations
vEnsuring that the unit is headed and controlled by qualified and professional inspectorate
vFull control and independence of inspectorate department
vIn the present dynamic economy of Nigeria, a bank cannot retrieve without the an inspectorate concern
vI advice that all the bank in Nigeria should create inspectorate department for effective and efficient management.
1.1 BACKGROUND OF STUDY
The financial institution (banking) in Nigeria is made up of the central bank, commercial bank, merchant bank and development bank. It was later joint by community bank and people bank created by decree of the federal military government banking
However there focus no general accepted definition bank until 1969 when the act safeguarding the bank defined it as.
vThe act of receiving monies from outside sources as deposited irrespective of payment of interest and guarding of loans and acceptance of credit or the purchase and sales of securities for account of others. The incurring in respect of loans prior to their maturity a the assumption of guarantees and other warrant for others or the effective of transaction as the minister may, on the recommendation of the central bank, by order published in the federal gazette designate as banking business.
In 1982, hart described banker or bank as a person or company caring on the business of receiving monies and collecting draft for customers