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Consolidation and Human Resource Management in Selected Banks in Lagos, Nigeria

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Consolidation and Human Resource Management in Selected Banks in Lagos, Nigeria CONSOLIDATION AND HUMAN RESOURCE MANAGEMENT IN SELECTED BANKS IN LAGOS, NIGERIA By THEOPHILUS AKPAN JOSHUA B.A. (Hons.) Philosophy (Unilag), MILR, M.Sc (Ind. Sociology) (Ibadan) Matric No. 110320 A thesis submitted in the Department of Sociology, Faculty of The Social Sciences in partial fulfillment of requirements for the degree of MASTER OF PHILOSOPHY of the UNIVERSITY OF IBADAN 2011 DEDICATION to The Almighty God for His mercies and faithfulness ii ABSTRACT The recapitalisation policy of July 4, 2004 by the Central Bank of Nigeria (CBN) introduced consolidation as a survival option for banks. This required the harmonisation of hitherto separated structures of management and job redesign. There is, however, a dearth of data on implications of reform programmes on the management of human resources in the sector. The limited information on it are also inconclusive. The study, therefore, sets out to investigate the human resource challenges in the post-consolidation period in the specific areas of job adaptation, job insecurity, cultural integration, work relations, wage disparity and voice representation. A survey was conducted within the city of Lagos because of its prominence as Nigeria’s commercial capital. Three banks namely Union Bank, Oceanic Bank and Unity Bank were purposively selected for the study. While Union Bank has had a longer history of banking commencing from 1917, Oceanic Bank was established in 1991 in the closing period of banking expansion and Unity Bank in 2006 as a result of consolidation-induced combination of nine banks. Data were obtained through quantitative and qualitative techniques. The quantitative approach involved the administration of questionnaire on 221 employees from the headquarters of the selected banks through simple random sampling. Qualitative data were derived from four in-depth interviews involving top management staff of the three banks. Data were analysed using frequency counts, simple percentages and content analysis. Employee job adaptation improved through the employment of culture-bound strategies such as after-service delivery and personalised customer relations by bank management in the three banks. For 70% of respondents across the banks, active union participation was important for effective voice representation that could check indiscriminate job losses, and consequently improve job security. Consolidation acted primarily as a redemptive option to assist distressed banks, and to restructure the banking system for effective service delivery. Diverse cultures brought into the banks by new employees were effectively integrated according to 84.8% of respondents, particularly in Union Bank and Unity Bank. With the exception of Unity Bank, high job insecurity prevailed in other banks; 59.4% of respondents opined that staff reduction was based on employee performance appraisal. However, the high wage compensation that typically attracted employees to the sector lost its appeal due to high rate of retrenchment which was not negotiated with the unions. Nevertheless, in Union Bank and Oceanic Bank, wage compensation improved considerably in the post-consolidation era according to 83.4% of the respondents while wage cuts was a factor of job sustenance for employees of Unity Bank. Banking consolidation provided the basis for refocused strategy for banks in managing human resources and improving wages and productivity. This was carried out at the expense of job security and voice representation. Future banking reforms should be designed to avert these negative side effects on human resources. Key words: Consolidation, Human resources, Bank reforms, Job adaptation Word count: 460 iii ACKNOWLEDGMENTS I wish to express my profound gratitude to God Almighty for His grace, mercies and love through this programme. I owe all inspiration to Him. The encouragement I received from Dr. Ifeanyi Onyeonoru from the start of my Master of Industrial and Labour Relations (MILR) programme can hardly be overlooked. The events surrounding his urging me to undertake higher studies set the stage for this effort and I believe for more to come. He has been helpful financially to take each stage of my work to the next level. Thus, I have been fortunate to have in one person a friend and a brother. I am also very thankful for the support of his wife, Mrs. Inibokun Rebecca Onyeonoru and the entire family. I appreciate the immediate past Head of Department, Dr. Olanrewaju Akinpelu Olutayo for expending time and resources and ensuring the retention of my studentship when the issue came from the Postgraduate School. May the Lord reward you in ways that will make you smile. And to the current Head of Department, Professor Samuel Jegede, I thank you for academic assistance since the MPhil/PhD conversion programme, and pray that your tenure will take the Department to another level. Professor Uche Isiugo Abanihe is appreciated for constantly prodding me to move ahead. I want to thank him warmly for his fatherly love and care. All members of the Joshua Ekpo’s family deserve my heartfelt appreciation for their understanding and support through prayers. For the provision of motherly care, comfort and sense of belonging to our children, I cannot but thank my lovely wife, Kemisola Bernice Joshua enough especially for overseeing the home while I took time out to complete this programme in the city of Ibadan. The Good Lord will surely reward your labour of love. To Mfon-Obong, Ubong and Victor, I want to thank you for your wonderful telephone responses. You all have been part of my emotional stability. I love you all. The meditation of my heart for all of you is that you will enjoy your moral investments even to very old age. My brothers are very well acknowledged for continuing their own studies in diverse fields. This is inner satisfaction that I belong to a group of blood-related individuals who can hold their own anywhere. A recall of those efforts particularly boosted my morale to forge ahead. To Samuel, Pastor Emmanuel, Imoh, Raphael and Esther, I pray that He that keepeth Israel (who neither sleeps nor slumber) to watch over you, your families and all your endeavours to fulfill your aspirations in life even when our mother and father are not there. To my friends around the academic and social circles who found the grace and will to assist and support my studies through research materials, moral encouragement, and in other areas of need. I am also very delighted to mention amongst so many Dr. Anya Egwu, Dr. Rotimi Fasan Tope Ademakinwa, R. O. Usoro, Hanna Ekott, Emmanuel Isinkaye, Titi Ojo, Olayemi Komolafe, Bukola Ogazi,. Monica K. Etugbo, Nike Adenle, Benedicta Mozia, Helen Ogonna Okoli, Nihinlola Owoade, Olufemi Ayinla, the family of Mr. and Mrs. Bayo Areo (who have always accommodated me in Ibadan, and put me under strict instruction not to seek accommodation elsewhere except in their home. It is unfortunate that Bayo, my friend is no more to witness the conclusion of this programme, may his pleasant soul rest in perfect peace. And to his wife, Folake and daughter, Ayomipo, the God of heaven will be your succour and the lifter up of your head. You will find favour at every turn in life. iv CERTIFICATION I certify that this work was carried out under my supervision by Theophilus Akpan Joshua (Matric No; 110320) in the Department of Sociology, University of Ibadan. __________________________________ Supervisor Ifeanyi Prinuel Onyeonoru, Ph.D (Ibadan) Reader Department of Sociology, University of Ibadan, Nigeria v TABLE OF CONTENTS TITLE PAGE ------------------------------------------------------------------ i ABSTRACT ------------------------------------------------------------------ ii DEDICATION ------------------------------------------------------------------ iii ACKNOWLEDGMENTS ------------------------------------------------------------------ iv CERTIFICATION ------------------------------------------------------------------ v TABLE OF CONTENTS ------------------------------------------------------------------ vi LIST OF TABLES ------------------------------------------------------------------ ix LIST OF FIGURES ------------------------------------------------------------------ x CHAPTER ONE INTRODUCTION ---------------------------------------- 1 1.1 Background to the Study ------------------------------------------ 1 1.2 Statement of Problem ------------------------------------------ 3 1.3 Research Questions ------------------------------------------ 5 1.4 Research Objectives ------------------------------------------- 5 1.5 Justification for the Study ------------------------------------------- 6 1.6 Overview of banking institutions in the study --------------------- 6 1.7 Clarification of concepts ------------------------------------------- 9 1.7.1 Consolidation -------------------------------------------- 9 1.7.2 Mergers and Acquisitions ----------------------------------- 9 1.7.3 Cultural Diversity ----------------------------------- 9 1.7.4 Corporate Culture -------------------------- 9 1.7.5 Recapitalization ------------------------------------- 10 1.7.6 Liquidation -------------------------------------------- 10 1.7.7 Rehabilitation -------------------------------------------- 10 1.7.8 Specialization -------------------------------------------- 10 1.8 Synopsis of Thesis Chapters -------------------------------------------- 11 CHAPTER TWO - LITERATURE REVIEW AND THEORETICAL FRAMEWORK 12 2.1 Introduction ------------------------------------------------------ 12 2.2 Background to the Recapitalization
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