Contemporary Global Studies Review Volume 1, Issue 1 ISSN 2045-2608 2011 Editorial Board Gui Haijin, Dean Information Engineering Dept Wuxi Institute of Commerce PRC Lemmy Owugah, University of Uyo Iryna Palona, University of Liverpool, UK Ngboawaji Daniel Nte, Novena University, Nigeria Jokull Johannesson, University of Northampton, UK Tony Ofoyetan, International Institute of Professional Security Zhang Zhixiang, Vice President, Wuxi Institute of Commerce PRC Thimothy C. Okeke Livingstone College, USA. Professor of Social Work S. Aminul Islam, Department of Sociology, University of Dhaka, Dhaka, Bangladesh. S. M. Shamsul Alam, University of Southern Orego, USA. Past editor of African Journal of Sociology. Golam Mathbor, Associate Dean, School of Humanities and Social Scienmces, Monmouth University, USA. Editor-in-Chief:Prof. Vincent Osa’s Aghayere 1 Contemporary Global Studies Review Volume 1, Issue 1 ISSN 2045-2608 2011 2 Contemporary Global Studies Review Volume 1, Issue 1 ISSN 2045-2608 2011 Contents Rethinking the Nigerian financial system in a cycle of financial crisis ....................................5 Akongbowa B. Amadasun Ph.D............................................................................................5 Abievwense John Aihie .........................................................................................................5 Africa and the new renaissance movement: A critique of the new partnership for Africa’s development (NEPAD)............................................................................................................20 Godspower J. Irikana (Ph.D) ...............................................................................................20 Beatrice E. Awortu (Ph.D)...................................................................................................20 Genetics, stem cell therapies, convergence of biology and other sciences and their impact on Africa ..................................................................................................................................27 Jokull Johanneson................................................................................................................27 Changing attitudes to polygamy in Nigeria and women’s struggle for equality .....................30 Babafemi Odunsi .................................................................................................................30 Housing accommodation- a critical pathology in port-Harcourt, a Nigerian urban area ........45 Dr. Chukwunenye Iheanacho Okereke ................................................................................45 The dynamics of gender and behaviour in Nigerian society ...................................................50 Dr. John Chidi Olumati........................................................................................................50 Traditional African value and modern Africa in the play the broken calabash.......................60 Tess Osonye Onwueme and.................................................................................................60 Gloria Eme. Worugji (PhD).................................................................................................60 Changing social environment and nation building: The role of the youth ..............................65 Dr. C. A. Omaka ..................................................................................................................65 Trans-national threats and national security concerns: A study of Nigerian-Benin Republic border .......................................................................................................................74 Ngboawaji Daniel Nte .........................................................................................................74 Self-reliancism and national security: A critique ....................................................................97 Barr. Simeon T. Igbanibo ....................................................................................................97 The dynamics of gun possession and conflict ridden communities in Ikwerre land .............102 Dr. Eze Wosu.....................................................................................................................102 The Challenges and Prospects of Policing in Nigeria’s Transitional Democracy: The Latest Innovation in Non-lethal Weapons Puzzle .................................................................108 Ngboawaji Daniel Nte .......................................................................................................108 Organization structures of private universities and tertiary institutions in Uganda ..............113 Jokull Johannesson ............................................................................................................113 George Nakos ....................................................................................................................113 3 Contemporary Global Studies Review Volume 1, Issue 1 ISSN 2045-2608 2011 4 Contemporary Global Studies Review Volume 1, Issue 1 ISSN 2045-2608 2011 Rethinking the Nigerian financial system in a cycle of financial crisis Akongbowa B. Amadasun Ph.D Public Admin (AAU) Benson Idahosa University Benin City, Edo State, Nigeria and Abievwense John Aihie M.Sc (ECONS) Benson Idahosa University Benin City, Edo State, Nigeria Abstract This paper is expository in nature, and its focus is on the vexed issue of the sub-optimal and epileptic existence of the Nigerian Financial System and its wider consequences for the Nigerian economy as a whole.This brings to question in its wider ramification the efficiency and effectiveness of the Nigerian Financial System as a vehicle for rapid and optimal economic development of the Nigerian State in the face of globalization of National Financial Systems? The introductory section is essentially an overview of the Nigerian Financial System vis-à-vis the monetary and economic system. Following the introductory section the paper examine a broad spectrum of problems that have inhibited the optimal performance of the Nigerian Financial System; and in addition prescribed a wide range of solutions and methodological approaches for implementing the solutions – zeroing in on legal and regulatory framework of the financial system, banking sector supervision, the securities/capital market performance, exchange rate regime choices and accounting standards and financial reporting in the financial system. The paper also took an in-depth look at key issues that must be taken into serious consideration as the Nigerian Financial System increasingly become a part of the International Financial System – titling it as “the politics of International Financial System and its challenges to the Nigerian Financial System” – judging by Nigeria Leadership role in both West Africa sub-region and Africa (the Financial System inclusive). The paper concluded that the Nigerian Financial System is a mix grill of failures and below sub-optima success masked in unethical bank practices, infidelity of economic policies and real crisis of global capitalism to which lies the inherent vulnerability of the Nigerian Financial System that constitute real/core problems towards the achievement of optimal performance of the financial system and as vehicle for economic development of the Nigerian State; no matter how good the regulatory regime (government or market) that is in place in the financial system may be, no matter how articulate/dynamic the economic policy in place in the Financial System may be. In the face of these threatening financial/economic virus, the paper is of the opinion that if the crisis facing the Nigerian Financial System is to be abated, the question we must answer is, “which way forward for the Nigerian Financial System?”. Do we embark on a rethink with the aim of massive all-embracing overhaul/reform of the financial System or do we redesign our financial System to the present non- performing and epileptic financial system? The debate is open. 1. Introduction (An Overview) The core issue that is addressed in this paper is the proposal for change in the context of financial cycles/crisis and the role of the financial system in the optimal performance of the Nigerian economy and its re-alignment into global financial architecture. Over the past two to three decades, proposals to enhance the safety and soundness of the Nigerian Monetary System has been cosmetic-been in the direction of re-enforcing political power-play of regulatory agencies in their hierarchical build up within the Presidency and the Nigerian Financial System. This is in addition to the now common function of building up the capital base of banks and non-banking financial institutions (community banks and insurance corporations inclusive), rather than on the broader implications for the financial system and its role in the development of the Nigerian economy and how to 5 Contemporary Global Studies Review Volume 1, Issue 1 ISSN 2045-2608 2011 whether the politics of global financial markets in response to the changing economic circumstances (financial cycle/crisis inclusive). A major characteristics of Nigerian Financial Crisis, is that in the wake-heat of a crisis, analysis of what went wrong is made, prompting a number of reform proposal aimed at reducing the risk of future or crisis. However, sooner have the crisis been reduced to manageable level, the issue of reform will appear to have been discarded and low on the political agenda and