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    ABSTRACT

    This study investigated the bacteriological and fungal evaluation of three commonly used herbal drugs sold in Calabar metropolis. Using standard microbiological analytical protocols, the total bacterial counts ranged from 7.3×103 to 1.2×107cfu/ml while fungal counts ranged from 6.0×103 to 1.1×107cfu/ml. The bacteria isolated includes Bacillus species, Staphylococcus aureus, Escherichia coli, Pseudomonas aeruginosa, Proteus species, Serratia marcescens and Klebsiella pneumoniae with percentage occurrence of 100%, 66.7%, 66.7%, 66.7% 33.3%, 33.3%, 33.3%, respectively, while the fungal isolates included Fusarium sp, candida albican and Aspergillus niger with prevalence occurrence of 100%, 33.3%, and 33.3%, respectively. The bacterial and fungal isolates showed susceptibility to all the antibiotics except Pseudomonas aeruginosa and Staphylococcus aureus that exhibited moderate resistance to ampicillin and cefoxitin, respectively. There is, therefore, an urgent need for implementation of routine evaluation of herbal medicines and infection control policies in Cross River state and Nigeria in general.

    CHAPTER ONE

    INTRODUCTION

    1.1 Background of the study
    Traditional medicine (TM) is the sum total of knowledge, skills and practices based on the theories, beliefs and experiences indigenous to different cultures, whether explicable or not (WHO, 2000). TM could be use in the maintenance of health as well as in prevention, diagnosis, improvement or treatment of physical and mental illnesses (WHO, 2000). On the other hand, herbal medicines are plant-derived materials or preparations with therapeutic or other human health benefits, which contain either raw or processed ingredients from one or more plants. In some traditions, materials of inorganic or animal origin may also be present (WHO, 2000). Herbs include leaves, stems, flowers, fruits, seeds, roots, rhizomes and barks. The use of herbs for treating various diseases predates human history and forms the origin of most of the modern medicine. Long before the advent of modern medicine, herbs were the mainstream remedies for nearly all ailments (Barakat et al., 2013)
    In the last decade, there has been a global upsurge in the use of traditional medicine (TM) and complementary and alternative medicine (CAM) in both developed and developing countries. Today, therefore, certain forms of traditional, complementary and alternative medicines play an increasingly important role in health care and health sector reform globally. Hence, the safety and efficacy, as well as the quality control of traditional medicine and complementary and alternative medicines have become important concerns for both health authorities and the public. Man to cure diseases and heal injuries since time immemorial (Perumalsamy and Ignaglumuthu 2000) has used plants and herbs. In recent years, interest has been renewed in the use of medicinal plants, and scientific studies are designed to explain some of the curative phenomena associated with traditional herbal remedies. Most drugs utilized by people all over the world are of plant origin (Mboto, 2009).
    Due to its intrinsic qualities, unique and holistic approaches as well as its accessibility and affordability, herbal medicines continues to be the best alternative health care available for the majority of the global population, particularly for those in the rural areas of developing countries (Mwambazi, 1996).
    The bioactive principles and mechanism of action in most herbal preparations are usually not clearly defined, and there could be possibilities of interaction with each other in solution. According to Ogbonnia et al (2010), the quality as well as the safety criteria for herbal drugs may be based on a clear scientific definition of the raw materials used for such preparation. As related by the World health Organization (WHO), herbal medicines are medications prepared from one or more herbs or plant parts (roots, stem back, seeds and or fruits).
    These preparations are often used in different forms including chewing sticks, herbal pastes, powders, herbal mixtures and suspensions and may carry a large number of microbes originating from soil usually adhering to various parts of herbs. Most of these herbal materials are prepared and sold under unhygienic conditions
    (Oluyege et al., 2008).

    1.2 Justification for the study
    Several studies have reported the isolation of microbes especially in herbal materials that are prepared and sold under unhygienic conditions (Oluyege et al., 2008, Ngari et al., 2013). These microbes exist in these herbal preparations as either potential pathogens or contaminants. Commonly reported pathogens and contaminants that are associated with herbal medicine include; Salmonella, Escherichia coli, staphylococcus aureus, shigella species, fungi, viruses, protozoa, insects and other gram positive and gram negative strains of bacteria (Ngari et al., 2013). These organisms have been reported to pose serious health hazards and risk to consumers of these medicines as well as affect the quality of the products (Banerjee and Saker, 2003). In Nigeria, herbal medicines is becoming so popular and there is dearth of information in evaluation of microbial quality of these medicines especially in Cross River state.

    1.3 Aims and objectives of the research.
    This study is aimed at evaluating the bacterial and fungal qualities of three herbal medicines sold in Calabar metropolis, Cross River state Nigeria.
    The specific objectives of this research were;
    1. To determine the bacterial and fungal load present in these herbal medicines.
    2. To identify and characterize bacteria and fungi associated with herbal medicines sold in Calabar metropolis, Cross River state Nigeria, and
    3. To determine the antimicrobial susceptibility profile of isolated bacteria and fungi for the herbal drugs.

    ABSTRACT

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    Aim of the Study for this software
    The aim of this project is to design and implement a system that will automate the court routine activities for efficient and effective management of the court’s daily routine.

    Objective of the Study
    The objectives of this project study are:

    To design and implement a system that will facilitate the delivery of judgment in Nigerian court.
    To design a model that will facilitate the filing of case in Nigerian court.
    To develop an application that will keep the case record in Nigerian courts to enable easy retrieval of case files.
    To implement a system that will enable easy case management information system in Nigerian courts.
    To save time and stress of moving documents from one place to the other.

    This software is develop using Visual basic 6.0 and Microsoft Access

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    Estate Agent/property management system is a complete end to end solution to cover all aspects of Estate day to day activity and property buying and selling procedure for large and small organization. The objective of this work is to develop and design an e-property management system that will automate all processes of property management with the aim of making information concerning properties available on demand. I was motivated by the problems associated with  the manual property management such as: loss of property documents, sales of property with fake property documents, conspiracy of fraudsters with staff of ministry of lands as well as the numerous litigations and other violent acts associated with manual property management. The software engineering methodology adopted is structured system analysis and design methodology. The expected result is to develop a property management software that will guarantee the effective and efficient management of properties that can reduce illegal practices associated with property management.

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    ABSTRACT

    This Thesis explores human resources development and utilization, in Enugu State civil service,
    an activity that has been neglected in the public sector. It presents answers to the following
    questions. The intent is to provide a useful basis for change in the human resource management
    culture in the civil service of Nigeria. The theoretical framework used in the study is Human
    Relations Theory that are in line with human research development and utilization. Most
    importantly, its objectives to the government agencies and organizations.
    In pursue of the above goals of this study, the researcher distributed and administered
    questionnaires to the employees of Enugu State Civil Service. The responses from the
    questionnaires were analyzed using simple percentage and frequency tables for proper
    clarification. From the analysis and interpretation of hypotheses, the researcher found out that
    many problems/factors affected the human resources development and utilization in Enugu State
    Civil Service such as: poor coordination among the agencies charged with the responsibility of
    human resources development, incompetent professionals and corruption. Based on these
    findings, the researcher has made the following recommendations.
    1) The agencies charged with the responsibility of human resources planning must
    continuously monitor and; evaluate outcomes from the services of workers in order
    to know their level of performance/productivity, where changes should be made and
    then plan better strategy for improving future performance. These are important
    corrective measures. The purpose of evaluating a training programme is to
    determine its effectiveness. A training programme is effective only if it has gathered
    in the evaluation process will enable the civil service to improve on programme for
    future trainees and also enable the trainers appraise themselves in terms of method
    and content.
    2) Another strategy for improving human resource development and utilization is by
    providing the agencies involved in human resources development with sufficient fund
    to make the process productive. This is because, every aspect of human resource
    development requires fund. For example, the training and development of human
    resources require money. Therefore, government should allocate sufficient fund to
    Enugu State Civil Service to enable them plan effectively for their human resources
    development, which in turn will improve the economy of the state.
    3) Adequately equipped training centres and facilities should be provided across the
    length and breadth of the country, so that different ministries should have easy
    access to obtaining training when the need arises. To properly plan and utilize
    human resources in Enugu State Civil Service, there should be provision for
    adequate training facilities, which will be used in developing human resources for
    productive services. There is no doubt that any training programmes is meaningful
    only if it enables man to be of great service to his organization. Training has its
    cardinal goals of creation of “behavioural change” in a desire direction as
    organizational needs dictates. Knowledge and skills should be designed and
    imparted on relevant employee(s) so as to affect a significant change in their job
    behaviour. According to Chandan (2007), employee training should assume the
    following specific form:
    (a) Induction and orientation course
    (b) On-the-job training
    (c) Off-the-job training
    (d) Vestibule training
    (e) Regular refreshers course in form of seminars, workshops etc.

    CHAPTER ONE

    INTRODUCTION

    1.1 Background to the Study
    The Human resources of an organization comprise of men and women, young and old who
    engage in the production of goods and services and who are the greatest assets of the organization
    (Ndiomu, cited in Ezeani, 2002:2). The people, in the words of Gant (1979, are the human
    resources for the supply of physical labour, technical and professional skills which are germane
    for effective and efficient planning and implementation of development policies, programmes,
    projects, and daily activities. There is no doubt that the ability of any organization or society to achieve its goals depends to a large extent on the caliber, organization and motivation of its
    human resources. As succinctly captured by Likert in Ezeani (2002:1).
    All the activities of any enterprise are initiated and determined by the persons who make up
    that institution. Plant, offices, computers, automated equipment, and all else that a modern firm
    use are unproductive except for human effort and direction.
    Similarly, Harbison cited in Ezeani (2002:1) opined that “human resources and not any other
    constitute the ultimate basis for the wealth of nations.” And according to Drucker (1978:273) “…
    good organizational structure does not by itself guarantee good performance. Human resources is as
    a fact of life of the existence, survival and development of an organization as food is to man”.
    However, these and such other statements by human resources management experts and
    practitioners alike are pointers to the importance and critical role of the human element in
    organization. Indeed, the human resources is a critical factor in the attainment of the goals of any
    organization. The ability of the human resources to contribute to the attainment of the goals of an
    organization such as the Local government depends to a great extent on how well they are
    managed.
    On the other hand, given the increasing volatile and complex socio-economic structure of our
    business organization in Nigeria, two basic factors are crucial for business success: Capital and
    Human Resources. According to Nwankwo (cited in Onah, 2007), every organization needs three
    main resources to survive. They are: financial, material and human resources. An organization needs
    money to pay it staff and to buy the essential materials or equipment for operations. Maximum
    production of services offered cannot be achieved unless the essential material resources are
    available. Of course, there is no organization without human resources. Capital, whether acquired
    through loans or from private sources, can be easier to manage and control, only when there is qualified and quality human resources. Even if an organization has got all the money and materials it
    needs, it must still find capable people to put them into effective use. Organizations, whether public
    or private, are prone to jeopardy when there is no adequate human resource and manpower planning.
    However, it is from the foregoing premise that the compelling need arises for manpower
    planning and development as a sine-qua-non for enhanced productivity. Despite available
    human/manpower, organizations in Nigeria have not been properly managed nor the available
    human resources managed adequately. This calls for strategic ways of improving human
    resource/manpower planning and its utilization to improve our economy. When organizations are not
    proper managed and are not productive, the economy of the country will be badly affected.
    Furthermore, according to the 1974 Udoji report (as quoted by Oshionebo, 2001), the public
    service must be changed and strengthened to respond effectively to the demand of development.
    They need qualified, skilled and motivated people at the right place and at the right time to achieve
    objectives, to transfer paper plan into actual achievement of all aspect of personnel management.
    It is pertinent to note that the civil service has continued to accord appreciable attention to
    proper strategies for improving manpower planning and staff development. In the wake of the
    professionalism introduced or reinforced by the 1988 Civil Service Reform, it was imperative for
    very job incumbent (holder) to possess requisite knowledge, skill and attitudinal tendencies in
    specific job activity in government service. Accordingly, we are told that in order to improve the
    economy and efficiency and raise the performance standard of employers to the minimum possible
    level of proficiency, ministries are to establish, operate and maintain programmes or plans for the
    training of employees in or under their ministry (FRN 1988).
    Government is also experiencing serious revenue shortfalls to meet its development
    objectives. Staff rationalization and other downsizing and rightsizing measures have been the consequence of revenue shortfall in both public and private sector as well as across economic subsectors.
    According to Banjiko (1996), Human resource/manpower planning, can therefore, be seen as
    the overall organization planning process by which the organization tries to ensure that it has the
    right number of persons and the right kind of people, at the right time and at the right place
    performing functions which are economically useful and which satisfy the needs of the organization
    and provide satisfaction for the individual involved.
    Well, to have the right number and quality of people requires effective strategies for human
    resource planning and sources managerial commitment. It is important for the following reasons:
    First, for any organization to achieve a reasonable degree of success, it is
    important neither to plan with excess or inadequate manpower. Human resources are
    always costly to acquire and retain, thereby making it economically difficult to justify
    keeping excess manpower. When we have excess employees, it can cause serious problem
    and even redundancy for the organization. Also, the organization cannot keep or afford to
    keep too few employees, as over-work by the available employees may retard work
    progress and lead a lot of dysfunctional behaviour on the part of employees. Effective
    strategic manpower planning and its utilization that takes into account the whole
    arrangement of potential planning factor can help to determine the right quality and kind
    of employees to keep.
    Secondly effective strategies for improving manpower planning can be useful for stabilizing
    employment level.
    Third, the need to cope with possible future changes and competitive forces in both product
    and labour market, in technology and government regulatory requirement, call for a realistic and
    effective manpower planning.
    It is pertinent to note that the Nigerian public service is the highest employer of labour in
    Nigeria. The civil service commission, both at the federal and state level, has the responsibility of
    manpower recruitment, selection and employment. Government programme and projects are
    becoming more complex and difficult, thus the necessity to plan manpower in order to meet
    challenges. In order to undertake good strategy for improving manpower planning and utilization in
    Enugu state civil service, government should, through its personnel managers, analyze from time to
    time, the various positions available, anticipate expansion of service and take cognizance of some
    factors that influence employment in the public sector. Such factors as quota system, political and
    fiscal policies of government.
    However, in the face of decreasing productivity in the public sector, the Obasanjo’s
    administration in 2006, set up a body to reform the public sector/service, especially in the
    employment of only qualified graduates. The Bureau for Public Service, head by Malam El-Rufai,
    was empowered to revive the public service to ensure effectiveness. The reform led to the
    retrenchment of about thirty thousand workers (unqualified, incompetent and dead wood) and the
    employment, training and development of about one thousand, five hundred fresh graduates with
    first class and second-class university degree.
    In fact, the central focus of this study is to interrogate how manpower training and utilization
    affects the Enugu State Civil Service.

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    ABSTRACT

    This research was aimed at evaluating the potentials of soil bacteria to elaborate L-asparaginase; an important therapeutic enzyme involved in the treatment of lymphoblastic leukemia. Fourteen soil samples were collected but pooled into seven composite samples to represent their various locations. The samples were analyzed using standard microbiological protocols. A total of 125 bacterial species were isolated by pour plate technique. Marian market dump-site soil (MMDS) sample harboured 26 (20.8%) of the isolated bacteria while Satellite Town dump-site soil (STDS) sample harboured 6 (4.8%) of the total bacteria. Results of the primary screening tests revealed that only 35 (28%) of total bacteria could elaborate L-asparaginase production potential by the rapid plate technique. However, only 6 (17.1%) of the positive bacteria could demonstrate such potentials in liquid medium. The six bacteria were preliminarily identified as species of the genera Pseudomonas, Corynebacterium, Bacillus, Erwinia and Escherichia. These results demonstrate the potentials of dumpsite bacteria to produce value-added biopharmaceutical products for applications in health care.

    CHAPTER ONE

    INTRODUCTION

    L-asparaginase (EC 3.5.1.1) belongs to a group of homologues amidohydrolases family, which catalyzes the hydrolysis of amino acid L-asparagine to L-aspartate and ammonia. They are naturally occurring enzymes expressed and produced by animal tissues, bacteria, plants and in the serum of certain rodents, but not in mankind (Muthusivaramapandian et al., 2008). Large number of microorganisms that include Erwinia carotovora, Pseudomonas stutzeri, Pseudomonas aeruginosa (Abdel-Fatteh et al., 2002) and Escherichia coli (Qin et al., 2003) has been known to produce L-asparaginase. Different types of asparaginase can be used for different industrial and pharmaceutical purposes.
    Asparaginases are used to reduce the formation of acrylamide, a suspected carcinogen in starchy food products such as snacks and biscuit (Bansal et al., 2010). By adding asparaginase before baking or frying the food, asparagine is converted into another common amino acid, aspartic acid and ammonia (Lalitha and Ramanjaneyulu, 2016). L-asparagine is an essential amino acid used for nutritional requirement of both normal cells and cancer cells. Since several type of tumor cell requires l-asparagine for protein synthesis, they are deprived of an essential factor in the presence of L-asparaginase. This enzyme is widely used in the treatment of acute lymphatic leukemia. Lymphatic tumor cells require huge amount of L-asparaginase for malignant growth.
    L-asparaginase + H2O L-asparaginase Aspartic acid + Ammonia (NH3).
    L-asparaginase was produced by wide range of bacteria, fungi, actinomycetes, algae and plants (Prasad et al., 2013). Microbes are better source for the production of L-asparaginase, because they can easily be cultured, extracted and purified.
    1.1 Justification
    L-asparaginase has lots of medical and industrial applications. Ever since, L-asparaginase anti-tumor activity was first demonstrated, its production using microbial systems has attracted considerable attention owing to their cost effective and eco-friendly nature.
    1.2 Objectives of study
    The overall aim of the proposed study is the production of L-asparaginase (anti-cancerous) enzyme from bacteria.
     Isolation of pure cultures of bacteria from .soil samples
     Primary screening of purified isolates for L-asparaginase production
     Secondary screening of positive bacteria for L-asparaginase production in liquid medium.

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    ABSTRACT

    Industrial and labour relations occupy an important and  enviable place in the socio-economic development of any nation in particular and the world at large. The conditions under which an employee works as well as the security of his employment has great bearing on his output which in turn affects the socio-economic development of the nation wherein the employee performs his work. The desire to ensure maximum performance and protection of the employees in their mostly ‘begger has no choice’ situation has constantly motivated and enhanced the efforts of the International Labour Organization, an agency of the United Nations towards setting acceptable standards for the protection of  interest of employees. Issues bordering on determination of contract of employment take dominant position in industrial and labour relations. Unfair dismissal is one of the problems plaguing employees in developing countries like Nigeria. The International Labour Organisation set a standard which an employer wishing to terminate employment of his employee must comply with. The attribute of international law under which the standards of the International labour organisation falls   make the  application of these standards dependent on the state of the municipal laws of member states of the International Labour Organisation. The provision of the Constitution of  the Federal Republic of Nigeria 1999 as amended, subjects these standards to the Legislative Acts of the federal law makers. However, the Third Alteration Act and the National Industrial Court Act have brought what seems to be a statutory intervention on the application of these standards. The researchers undertake the study of the International Labour Organisation’s standards on unfair dismissal of an employee vis-a-viz the practice in Nigeria, the attitude of Nigerian Laws to these standards as well as the applicability of these standards in Nigeria and selected countries. The researchers employ analytical comparison of Nigeria laws and practice on determination of contract of employment as well as laws of the selected countries as they relate to the International Labour Organisation standards on unfair dismissal. Also, the researchers adopt construction of statutes and case law as part of their methodology. At the end, the researchers found that dismissal and termination situations in Nigeria amount to unfair dismissal when tested against ILO standards on unfair dismissal. The researchers then recommend that Nigeria needs to adopt ILO standards on unfair dismissal with modifications where necessary. Also, that every legal and institutional impediments that hinder the application of ILO Convention on unfair dismissal should be removed by the concerted efforts of the three arms of Government of Nigeria  for purposes of achieving the policy of fair dismissal in Nigeria.

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    PROPOSAL ON THE IMPACT OF CBN CASHLESS POLICY ON THE DEVELOPMENT OF THE BANKING SECTOR IN NIGERIA
    Introduction
    The Central Bank of Nigeria (CBN) has in recent times engaged in series of reformations aimed at both making the Nigerian financial system formidable and enhancing the overall economic performance of Nigeria so as to place it on the right path in tune with global trends. There was the capitalization (to the tune of minimum of N25billion) agenda (Ajayi, 2006). There was also the aborted move at redenomination of the Naira. Recently, the CBN came out with two purportedly laudable agenda – the Islamic banking (non-interest banking) and the cashless economy (e-payment system). (Babalola, 2008).
    Some of these policy measures came with tremendous success despite the initial skepticisms of Nigerians. For instance, when the CBN in July 2004 set December 31st ,2005 deadline for N25billion minimum capitalization, it was greeted with considerable cry and criticism, when the programme was completed, the banking landscape was transformed out of a system dominated mainly by “fringe banks to one made up of largely “mega banks” (Adeyemi, 2006). The product of the exercise was to “ensure a diversified, strong and reliable banking industry where there is safety of depositors’ money, and reposition the banks to play active developmental roles in the Nigerian economy” (Adegbaju and Olokoyo, 2008). This remark sums up the assessment of analysts about the outcome of the reform agenda.
    In recent years, Nigeria has been experiencing a growth turnaround and conditions seem right for launching onto a path of sustained and rapid growth, justifying its ranking amongst the N11 countries as identified by Goldman Sachs to have the potential for attaining global competitiveness based on their economic and demographic settings and the foundation for reform’s already laid. Constraints to the achievement of Nigeria’s ambition to be amongst the top 20 economies of the world by year 2020 is the fact that the Nigerian economy is too heavily cash oriented in transactions of goods and services which is not in line with global trends (http://www.nv2020bsg.org/aboutus.php).
    In its efforts to rescue the Nigerian economy from the brinks of total collapse, the CBN in collaboration with the Bankers Committee the cashless economy policy designed to provide mobile payment services, breakdown the traditional barriers hindering the financial inclusion of millions of Nigerians and bring low-cost, secure and convenient financial services to urban, semi-urban and rural areas across the country (www.cenbank.org/out/speeches/2012/g…).
    The cashless economy policy initiated by the CBN led by its Governor; Sanusi Lamido Sanusi was introduced first in Lagos state, the country’s economic hub with the aim of achieving an environment where a higher and increasing proportion of transactions are carried out through cheques and electronic payments in line with the global trend (Obodo, 2012).
    Upon this background, this study is poised to investigate and appraise to the best of the researchers ability the impact of the cashless economy policy on Nigerian citizens and the economy at large.
    Some other policy agenda did not enjoy as much acceptance as did the recapitalization agenda. For instance, the redenomination proposal was snubbed and judged to be counter-productive. In the same vein, the non-interest, Islamic banking concept has been greeted with a lot of skepticism, and the initiators are accused of masking under some hidden agenda.
    The same may be said of the proposal on the introduction of “cashless economy”. The reaction of one Gibson sums up the skepticism in certain quarters about the “cashless economy”, he remarks that “I am foreseeing the ANTI-CHRIST stepping in and the fulfillment of Biblical prophecy that a time for cashless society will come and nobody will buy or sell except you have a number, be wise” (magill, 2010). This may mean that not enough has been done to address the genuine concerns of the citizenry about the cashless economy.
    So much may have been said about the anticipated gains attendant to the adoption of e-payment and cashless economy (or cashless banking), but in concrete terms, people have not been convinced that the agenda is for the good of all.
    While we may point to such economies as the Japanese or U.S, we must be very ready to accept the fact that these are economies with functional institutional basis which cannot also be said about Nigeria with much conviction. Apart from the institutions, one fear that has been expressed is the state of Nigerian infrastructural decay. Have we witnessed the impact of infrastructure on the implementation of ‘cashless economy’ or is it an assumption that the infrastructural platform needed for the cashless economy to perform will simply come with the cashless economy?
    All things being equal, there are still a few downsides to a cashless economy. Money by its nature is abstract. The less cash that flows through our hands, the more intangible it becomes and the more we lose our sense of its real value. Our banked assets are now on an electronic apparition, and the fear of not having cash at hand is a downturn (www.reinventrebuild.com/nigerione.php.).
    Furthermore, the drive towards a cashless economy; a recent key policy of the CBN which has imposed on the financial sector calls for a leaner staff roll in many of the banks which has led to the mass retrenchment of workers, leaving many Nigerians without a source of income Considering also that the sustainability of the policy will be a function of endorsement and compliance by the end users, the researcher deemed it fit to effectively gauge the level of the policy’s endorsement by means of this research with respect to the end users.
    Finally, anxiety still persists amongst Nigerians from every sector about how the introduction of the cashless economy policy in Nigeria will affect businesses, prices and economic stabilization.
    These among other reasons led the researcher to carry out this study not only to examine and appraise the impact and effects of the cashless economy policy on the Nigerian economy, but to determine whether it will serve as a viable alternative cash transaction method in our society.
    With respect to the above, one way of proffering solution to the problem would be to find out as well as determine among other things the extent to which the adoption of the cashless economy policy will enhance the growth of financial stability in the country. The extent to which Nigerians will significantly benefits from the cashless economy initiative, how the policy will ease business for them and its level of acceptance.

    Statement of the Problem
    As more payment systems have been introduced, pundits have been predicting the emergence of a ‘cash less society’. Today, we still pay with cash and checks, but several other payment instruments, such as credit and debit cards, are widely used. The use of paper money is more declining, but at a rather slow pace. As it were, Nigeria is a country heavily dominated by cash and there are some factors that negatively affect the choice of cash over non-cash instruments, some of these include time spent in counting and verifying cash, susceptibility to loss, time spent in the banking halls, amongst others (Nnanwobu et al, 2011).
    A cash-based economy is one which is characterized by the psychology to physically hold and touch cash a culture informed by ignorance, illiteracy, and lack of security consciousness and appreciation of the merit of digital payment (Ovia, 2002). Cash, as a payment system, attracts lots of negative consequences such as high cost of handling cash, risks of using cash and keeping them in houses which eventually lead to high rate robbery, financial loss in the case of fire and flooding incidents. High cash usage results in lots of money outside the formal economy, thus limiting the effectiveness of monetary policy in managing inflation and encouraging economic growth. Also high cash usage enables corruption, leakages, money laundering, counterfeiting, mis-management, mutilation and depreciation in value if not invested. Some or most of these factors are one which exists in the Nigerian economy today thus creating gap for this current study.
    In Nigeria today, infrastructure is a major problem that hinders the money deposit banks from attaining full potential in terms of certain policy implementations and its impact on financial transactions in the banking industry. The infrastructure in Nigeria over the years hasnt been reputable and thus has given way to ineffectiveness to the sincerity in financial transactions in the banks. The level of technology in the nation is rather poor and increasing at a slow pace and as such hasn’t given room for major development and policy implementations that may have risen. The technology available for carrying out banking transactions are not as effective as they ought to be therefore leaving people with no other choice than to keep cash in their houses in order to avoid having to spend lots of time in the banking halls due to low servers, interrupted power supply, bad internet services. Illiteracy and the low level of education of people does nothing else than leave people in the dark and therefore results into the inability of the people to understand when developments are being put into place. Many people do not see the need to keep their money in the banks or invest them due to the lack of understanding they have and also insufficient publicity and awareness measures are what have being in existence which if dealt with would at least reduce the lack of understanding of many and make them see viable reasons why they should keep their money in the banks and invest them other than keep them in their houses as a route to the safety of many lives and better growth of the economy and as such increase the standard of living. This of course, is the motivation behind this study.
    As a matter of fact, the demand for money is being taken in terms of demand deposits in banks and liquid assets outside the banks that is the average willingness of people to either hold money in cash or keep it as demand deposits in the banks effects the activities of commercial banks in controlling the amount of money in circulation, which in turn determines the hold of the CBN on the economy in terms of monetary policy implementations. The analysis of banking innovations and the response of the public towards them would help determine the hold of the Central Bank of Nigeria (CBN) on the extent to which they have been able to foster financial transactions in money deposit banks across the nation.
    The introduction of E-commerce has made room for various tools in transacting business, although not all of these tools have been fully utilised. The new policy adopted is such that has been made to affect the whole economy and to put in full use all of these tools which include the monetary and fiscal policies, and in turn will maximise the effort of the e-commerce innovation.

    Research Questions
    1. What is Cashless economy initiative will be of significant benefits to Nigerians.
    2. How can cashless economy policy can enhance the growth of financial stability in the country
    3. What is the relationship between Cashless policy and accessibility to customers’ accounts?
    4. To what extent does the Cashless policy affect queue-ups in banking halls?
    5. What relationship exists between Cashless policy and cash-related robbery in money deposit banks?
    6. What is the relationship between Cashless policy and the promptness of bank-related transactions?
    Objectives of the Study
    The broad objective of this study is to establish the relationship between CBN’s Cashless policy and the development of the financial sector and the Nigerian economy. This broad objective is broken down to the following specific objectives which are;
    1. To analyse the adoption of the cashless economy policy can enhance the growth of financial stability in the country
    2. To ascertain cashless economy initiative will be of significant benefits to Nigerians.
    3. To ascertain the relationship between Cashless policy and accessibility to customers’ accounts.
    4. To investigate the relationship between Cashless policy and queue-ups in banking halls.
    5. Ascertain the relationship between Cashless policy and the promptness of bank-related transactions.
    Hypotheses of the Study
    H0: Cashless economy initiative will not be of significant benefits to banking sector.
    Hi: Cashless economy initiative will be of significant benefits to banking sector.
    H0: The adoption of the cashless economy policy cannot enhance the growth of financial stability in the country.
    Hi: The adoption of the cashless economy policy can enhance the growth of financial stability in the country.

    Justification for the Study
    Nigeria can be regarded as a cash-based economy because majority of retail and commercial payments are made in cash. According to a recent CBN survey, cash-related transactions account for 99 percent of customer activity in Nigerian banks today. In addition, it discovered that cash transactions above N150,000 was largest in terms of value (N1469billion) and second smallest in terms of number or volume (10 percent). However, some other policy agenda did not enjoy as much acceptance as did the recapitalization agenda; for instance, the redenomination proposal was snubbed and judged to be counterproductive. In the same vein, the non-interest, Islamic banking concept has been greeted with a lot of skepticism, and the initiators are accused of masking under some hidden agenda. The same may be said of the proposal on the introduction of “cashless economy”. The reaction of one Gibson sums up the skepticism in certain quarters about the “cashless economy,” he remarks that “I am foreseeing the ANTI-CHRIST stepping in and the fulfillment of Biblical prophecy that a time for cashless society will come and nobody will buy or sell except you have a number, be wise”. This may mean that not enough has been done to address the genuine concerns of the citizenry about the cashless economy. So much may have been said about the anticipated gains attendant to the adoption of e-payment and cashless economy (or cashless banking), but in concrete terms people have not been convinced that the agenda is for the good of all. While we may point to such economies as the Japanese or U.S, we must be very ready to accept the fact that these are economies with functional institutional basis which cannot also be said about Nigeria with much conviction. Apart from the institutions, one fear that has been expressed is the state of Nigerian infrastructural decay. Have we assessed the impact of infrastructure on the implementation of ‘cashless economy’ or is it an assumption that the infrastructural platform needed for the cashless economy to perform will simply come with the cashless economy? From the foregoing problems, The significance of this study can in no form be overemphasized as it aims to aid in improvement of the policy which would raise it chances of being implemented successfully. This study would therefore aid in pin-pointing the problems in the policy, the benefits of the policy and its application and how it affects money deposit bank transactions in Nigeria respectively. Therefore, exploring intense understanding of the whole cashless policy process and its implementation is that of grave importance to this study at the moment.
    Existing studies on the topic was examined and thus more light was thrown to the topic in question by this study following this regard. This study is one of the recent works addressing the effectiveness and impact of the cashless policy on money deposit bank trasactions in Nigeria although previous studies have shown that works have been done on it in other countries and this anticipated will help bridge the gap between current perceptions about the cashless economy and the actual operations of the system.

    Scope of the Study
    This study examined CBN cashless policy by exploring its impact on the Nigerian economy. Since cashless policy is a recent economic policy with no previous data and more so, the study seek the opinion of the people by examining the impact analysis of the policy. Basically, for this study, both primary and secondary sources of data was used in carrying out this research. For the primary data, a survey would be carried out within the Lagos State metropolis as it is the only state where the policy is being implemented for now, while the secondary data focuses on every available from the Central Bank of Nigeria (CBN) within reach and various paper publications.
    Study Plan
    This study would be presented in five (5) chapters. The first chapter is the introduction which includes the background to the study, statement of the problem, research questions, research hypothesis, objectives of the study, justification of the study, scope of the study, and the study plan.
    Chapter two focuses on the conceptual and theoretical review, the analytical review and review of related literature on the cashless policy. It will also provide an overview of what the policy is about, the aims, objectives, merits, shortfalls, application and the implementation and how it affects money deposit bank-based transactions. This chapter will also discuss few experiences of other countries with the cashless economy.
    Chapter three includes the research methodology that is data specification, method of data collection, method of analysis and sources of data.
    Chapter four is basically data presentation and analysis
    Chapter five is the summary, conclusions and recommendations.

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    CHAPTER ONE

    INTRODUCTION

    1.1 Background to the Study
    The study presents empirical findings on the impact of Microfinance (MF) on the welfare and poverty alleviation in Southwest Nigeria. As indicated in the literature, poverty is number one problem in the world today as depicted by the following startling statistics: three billion people live below US$2 per day (World Bank, 2001); one and half billion people live below US$1 per day; 70-90 per cent of people in the developing world are poor; poverty is number one of the eight Millennium Development Goals (MDGs); and 75 per cent of the world poor are women. It seems as if all the strategies applied in the past to fight poverty have proved ineffective, but the world seems to have found a most promising strategy. From the historical literature, informal saving and credit unions have operated for centuries across the world. In the Middle Ages, for example, the Italian monks had created the first official pawn shop (1462 AD) to counter usury practices. In 1515 Pope Leon X authorized pawn shops to charge interest to cover their operating costs. In the 1700s, Jonathan Swift initiated the Irish Loan Fund System, which provided small loans to poor farmers who had no securities. It is on record that the fund gave credit to about 20 per cent of all Irish households annually. In the 1800s, the concept of the financial cooperative was developed by Friedric Wilhelm in Germany. By 1865, the Cooperative movement had expanded rapidly within Germany and other European countries, North America and some developing countries (Bright, Helms, 2006).
    In early 1900s, adaptations of the models developed in the preceding century appeared in some parts of rural Latin America (Bright and Helms, 2006). Efforts to expand access to agricultural credit, in Bolivia for example were made unsuccessfully as the rate charged was too low and banks failed. By early 1950 – 1970, experimental programmes were on stream to extend small loans to groups of poor women to enable them invest in micro business. These experiments were initiated by the Grameen Bank of Bangladesh, ACCION International in Latin America and the Self-Employed Women‟s Association Bank in India (Little Field, Morduch and Hashemi, 2004). The term Microcredit began to be replaced by microfinance in the early 1990. By that time the term had started to include savings, and other services such as insurance and money transfers (Basu et al, 2000). Microfinance is the provision of financial services, such as loans, savings, insurance, money transfers, and payments facilities to low income groups. It could also be used for productive purposes such as investments, seeds or additional working capital for micro enterprises. On the other hand, it could be used to provide for immediate family expenditure on food, education, housing and health. Microfinance is an effective way for poor people to increase their economic security and thus reduce poverty. It enables poor people to manage their limited financial resources, reduce the impact of economic shocks and increase their assets and income (Robinson, 2001). Microfinance is no longer an experiment or a wish, it is a proven success. It has worked successfully in many parts of the World – Africa, Asia, Latin-America, Europe and North America. It is safe and profitable; indeed it is the oldest and most resilient financial system in history. The key issues in Microfinance include the realization that poor people need a variety of financial services, including loans, savings, money transfer and insurance which Microfinance provides. It is a powerful tool to fight poverty through building of assets and serving as an absorber against external ties and financial shocks. Microfinance involves building of financial sub-system which serve the poor and its architecture could be easily integrated into the financial system of the nation.
    The other key issues of Microfinance are the fact that it can pay for itself and should do so if it is to reach a large number of poor people. Microfinance is not limited to only micro-credit; it is inclusive of other financial services, such as micro-insurance, money transfer and savings.
    Furthermore, donor funds are meant only to support and assist Microfinance institutions and not compete with them. In the developed world, leaders talk about the poor and how to alleviate poverty. One hears this often at political and conferences across Europe and other parts of the World. There are also talks of strategies of equitable trade, debt relief, subsidies and aid flows etc. It has become clear that the ultimate strategy for the World to meet the needs of the poor is through microfinance which gives them access to financial services to enable them make everyday decision on: payment of children school fees; payment for food and shelter; meet health bills and meet unforeseen finance needs resulting from flood, fire, earthquake, etcetera. Microfinance may not be able to solve all the problems of the poor, but it certainly puts resources in their hands in order for them to live an enhanced standard of life. Microfinance has globally achieved great accomplishments over the last 30 years. It has shown that poor people can be viable customers and that microfinance can create strong institutions which focus on them. No doubt Microfinance has strongly attracted the interest of private sector investors. However, the following challenges, among others, face Microfinance institutions: They need to increase the scale of financial services to the poor; they need to reach out and seek the poor wherever they are and give them access to finance. The Grameen Bank of Bangladesh has set a good example in this direction by allowing credit and other services to cost less for the poor and train staff to be uniquely suitable to Microfinance business. The latter enhances efficiency and sustainability of the sector; and develops and tailors products to meet the needs of the clients – the poor. This study presents empirical findings on the impact of microfinance on welfare and poverty alleviation in Southwest Nigeria.

    1.2 Statement of the Research Problem
    Before the 1970s, the Nigerian experience in Microfinance was limited to Self Help Groups, Rotating Savings and Credit Associations, Cooperative Unions Community, Savings Collectors and Local Money Lenders. They were all informal and largely unregulated. They were mainly Micro-Credit savings mechanisms. Their strengths were associated with good repayment records due to peer pressure and other cultural mechanisms. However, their weaknesses lay in low level access to capital and limited range due to informal non-structured frame work. Between 1970 and 1990, there were several government initiatives in the form of Rural Banking Programme (RBP); Sectoral Allocation of credit by Central Bank; Agricultural Credit Guarantee Scheme (ACGS); Nigerian Agricultural and Co-operative Bank (NACB) and the National Directorate of Employment (NDE) etc. These efforts were largely incoherent, and mainly targeted towards enhancing subsidized credit in agriculture and a few other sectors of the economy. They were not sustainable as a result of poor repayment records and inefficient administrative structures. In the 1990s, the Federal Government embarked on other initiatives, such as the Peoples Bank, (1990-2002), Community Banks, Nigerian Agricultural Insurance Corporation and National Poverty Eradication Programmes and the Family Economic Advancement Programme. These were focused on rural and community small-scale financing. They were all short lived and unsustainable as a result of poor government policies and corporate governance.
    Between 2000 to date, there have been other initiatives such as the merger of the Peoples Bank (PB), Family Economic Advancement Programmesme (FEAP), and NACB into the National Agricultural, Cooperative and Rural Development Bank (NACRDB). Then came the National Economic Empowerment and Development Strategy (NEEDS), and the launch of Microfinance Policy in 2005. These are more interactive initiatives resulting from wider consultations with stakeholders with the hope of better success than their predecessors.
    The fact of the matter is that there are too many poor in SouthWest Nigeria who require micro/small financial services such as Credit, Insurance, Money transfer etcetera in order to engage actively in productive activities and improve their standard of living. Paradoxically, governments across the world, particularly in Nigeria over the years, have not been able to adequately help the poor in spite of all the rhetorics and several failed poverty-alleviation project. Since the discovery that Microfinance can help the poor to access credit and other financial services that will ensure better life for them, a lot of works have been carried out. It is this new strategy that this research intends to explore to establish the developmental relationship between microfinance and poverty alleviation, taking a queue from jurisdictions of the world. MFIs are recent phenomenon in the Nigerian economy. It came to light in 2005 when it replaced the Community Banks. Although many studies have examined the issue of poverty alleviation in Nigeria, not many of them have assessed the impact of MFIs on poverty alleviation. This study seeks to fill this gap.
    1.3 Research Questions.
    The issues of poverty alleviation, economic development and Microfinance have become major policy discourse globally. To this extent the research work has generated a set of questions which include the following:
    i. To what extent has the MFBs served as instruments of credit mobilization and dispersion among the working poor in Nigeria?
    ii. How can Microfinance really get the poor out of their poverty?
    iii. How has Microfinance enhanced the growth of micro and small scale enterprises in Nigeria?
    These are the research questions which the study attempts to provide answers.
    1.4 Objectives of the Study
    The main objective of this study is to examine the impact of Microfinance on the welfare of the poor and poverty alleviation in Nigeria. The specific objectives include the following:
    1. To examine the roles of microfinance towards the dispersion of credit among the working poor in Nigeria.
    2. To assess the extent to which microfinance institutions have successfully helped the poor to improve their standard of living.
    3. To assess the impact of microfinance on the growth of small and medium scale enterprises in Nigeria.
    1.5 Statement of Research Hypotheses
    The main and specific objectives of this study have been specified in the preceding section. The associated research hypotheses are as follow: (a) Ho: MFBs have not been potent instruments in the dispersion of credit among the working poor in Nigeria Hi: MFBs have been potent instruments in the mobilization and dispersion of credit among the working poor in Nigeria (b) Ho: Microfinance Institutions have not successfully helped the poor to improve their standard of living. Hi: Microfinance Institutions have successfully helped the poor to improve their standard of living. (c) Ho: Microfinance Institutions have not impacted on the growth of small and medium scale enterprises in Nigeria Hi: Microfinance Institutions have impacted on the growth of small and medium scale enterprises in Nigeria
    1.6 Significance of the Study
    The significance of this study cannot be over emphasized. Poverty is pervasive in our economy and attempts to alleviate it have not yielded the desired results. Therefore, it is necessary to review the severity of poverty in the country with a view to assessing how microfinance institutions could help to reduce the incidence. It is also necessary to understand how microfinance institutions could contribute to economic development of the nation, by enhancing the productive capabilities and welfare of a largely distressed/vulnerable segment of the society.
    1.7 Scope of the Study
    The study examined the impact of microfinance institutions on poverty alleviation among the entrepreneurs of SMEs in Nigeria. It used cross-sectional data collected from selected respondents in selected areas of both the Lagos and Ogun States of Nigeria respectively. The study highlighted how certain countries such as India, Bangladesh, Nepal, Bolivia and the Philippines have used microfinance strategy to alleviate poverty. The cross-sectional data obtained from questionnaires administered enabled the researcher to assess the impact and effectiveness of microfinance institutions alleviating poverty in Nigeria. It is known that children and women are among the poorest of the earth. The study targets the customers of MFIs between the ages of 18 and 60 who are gainfully employed and can repay loans. It has been discovered that the ability of women to borrow, save and earn income has enhanced their confidence and they are more able to confront other systemic inequalities (Little Field, Morduch and Hashemi, 2004). Therefore, this study examined the impact of Microfinance on women and other vulnerable groups particularly. In Indonesia, for example, women customers of Bank of Rakayat (Microfinance) partake more in family decisions on children education, use of contraceptives, etc. than women with little or no access to finance.
    This study is not unaware of the role of international donors to the Microfinance sector and how it can boost domestic growth. However, the study is limited to local Microfinance institutions and how they constitute effective strategies for poverty alleviation and economic development.

    1.8 Outline of the Thesis
    The study is divided into five parts. Chapter One presents the background to the study, the objectives of the study, the statement of the research problem, research questions, the hypotheses to be tested, the significance of the study, the scope and limitation of the study. Chapter two reviews the existing literature on Microfinance, Poverty and strategy to alleviate poverty in developed and developing countries. It also reviewed the historical background of Microfinance, the method of operation, the roles of Microfinance in the success of micro, small and medium enterprises, the challenges confronting Microfinance Institutions and the global perspective of Microfinance. Chapter three examines the theoretical framework and methodology adopted for the study in terms of the model specification, methods of estimation, data collection and instrument, data description, study population and sample size. Chapter four presents the data analysis and interpretation of results. The descriptive analysis results and the regression results are presented in qualitative form and were fully discussed so that meaningful conclusion could be drawn. In this chapter formulated hypotheses are to establish the relationship which exists among the variables. Chapter five which is the last part deals with the summary of the study, conclusion, recommendations for policy, and contributions to knowledge and suggestions for further research.
    1.9 Method of Data Collection and Analysis
    This section of the study details the various data collected and how the data were analyzed. This study relied on the use of primary data collected directly from respondents to the structured questionnaires and interviews. The questionnaire method was used in this study and administered by well trained interviewers in the study area which is Lagos and Ogun States of Nigeria.

    The data analysis for this study was by the use of descriptive statistics such as frequency distributions, means, per centages and cross tabulations between the variables identified. The multiple regression analysis was employed to make tentative predictions concerning the outcome of variables. The outputs of the analysis were presented in tables and figures. The statistical tool used was the Statistical Package for the Social Sciences (SPSS).

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