Banking And Finance

Overview

The Department of Banking and Finance started as a programme under the Department of Business Studies at the inception of the University in October, 2002/2003 Academic Session, with 85 students and 5 academic staff.

The five (5) members of the academic staff, four (4) males and one (1) female, formed the pioneer workforce of the Department. Due to the fact that it operated as a programme at inception under the Department of Business Studies, there was no separate academic and non-academic staff attached to the Department then. However, in the 2004/2005 Academic Session, the Banking and Finance programme became a full-fledged Department with seven (7) academic and one (1) non-academic staff to run it.

In 2004/2005, Professor J.A.T. Ojo, was appointed to run the affairs of the Department as its Chair and first substantive Head of Department till date.

The student population in the Department has grown from 85 in 2002/2003 (inception) to 270 in the 2009/2010 Academic Session. Judging from the above, much progress has been recorded, we have graduated five sets of students and the sixth set is moving to the final year. We have indeed come a long way, to the extent that our accomplishment and academic excellence in so short a period led to the Department producing a First Class, and Three First Classes in the 1st set and 2nd set of our graduates, respectively and this trend has continued.

Vision

To be a leading Banking and Finance Department within the context of a leading World-Class University, a Centre of Excellence for Banking and Finance discipline, committed to raising a new generation of trustworthy and honest leaders in the field of Banking and Finance that will be orientated towards financial development in a non-gender discriminatory environment and, eradication of poverty to restore the age-cherished financial culture of honesty, prudence and accountability.

Mission

To create such innovative and locally adaptable financial knowledge capable of restoring confidence and fostering good faith, via a Human Development Strategy, an adequate re-orientation-driven curriculum employing innovative, leading-edge teaching and learning methods, research and professional services that promote an integrated, life-applicable transforming education of relevance to the trade and finance context in a globalized world, well adapted to fostering and building local and international development. The programme is thus, designed to raise a new generation of financial managers and executives, well-fitted to transform the Nigerian Banking and Finance industry and adequately prepared to meet the developmental demands of the financial component of Vision 2020, so as to position Nigeria as the financial centre of Africa.

Research & Development

RESEARCH CLUSTERS

There is a Departmental Research Programme on Informal Sector Activities and SME Financing Problems. The vital roles played by the informal financial sector units such as the microfinance institutions and cooperative societies in the economic development of Nigeria as in many other developing countries, have become increasingly been felt in recent years. The operations and performance of these institutions notwithstanding, the sector has not been fully tapped or reached.

Therefore, the Department of Banking and Finance is undertaking a survey in order to obtain more relevant information on the nature and significance of the informal financial sector units’ activities. Such information will provide very useful tools in enabling us to know more about the sector and its impact towards nation building. This is to serve in filling in some gaps in our knowledge of recent phenomena in the sector.

The study is expected to assist in some way towards designing a more feasible policy formulation and implementation for the sector in Nigeria such that the activities of the non-financial institutions could be more realised towards the economic development of Nigeria.

Linkages and Collaborations

The Department has partnership/linkage with the Texas State University in USA, mainly in the area of staff exchange, starting with an expert finance staff, Professor Felix O. Ayadi, coming to us under Fulbright Fellowship Programme to assist in some critical areas of Finance, in view of the difficulty in recruiting suitably qualified senior faculty in Finance.

On the professional banking and finance aspect, the Department closely relates with the Chartered Institute of Bankers (CIBN). Our students are made more involved in practical banking aspects by being linked up with CIBN programmes, the CIBN Degree Linkage arrangement is being considered by Covenant University to enable the Department to be more up-to-date on industry events and translate such to theoretical knowledge for the students’ benefit. Interested students are encouraged to register with the Institute before they graduate from the University. Upon graduation, the students are granted due exemptions from some of the papers that they have written while in the University. The reports of students’ performances in the examinations have been heart-warming.