IMPACTS OF BOKO HARAM INSURGENCY ON THE BANKING INDUSTRY A CASE STUDY OF MAIDUGURI
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Presently in Nigeria, there is a general feeling of insecurity among the Nigerian populace. The terrorizing effect of the activities of the fundamentalist sect, Boko Haram on the socio-economic condition of the northern states of Nigeria has become so devastating that some financial institutions and other business ventures have closed down in many areas, thereby causing relocation of non-indegenes to their own states. It is based on the above that this study seeks to find out the impact of Boko Haram insurgency on the banking industry in the northern states of Nigeria.
- Background of the study
Insurgencies has been as old as civilization but became most prominent after the September 11 2001 bombings of the United States by Al-Qaeda. The bombings were carried out on world trade centre which has adverse effects on the business activities of America and globally (Rogan 2007). Other insurgent’s activities were carried out by other groups such Al-Qaeda in the Islamic Maghreb of Algeria and Al-Shabaab of Somalia which also affects the business as well the economy of those countries. Boko Haram started as a small radical Sunni Islamic organization with preaching and a limited support from among the Sufi Islamic communities in the Northeastern part of Nigeria, the anti-western ideology of the Boko Haram terrorist group, earn it the concern about its potential relationship with other groups such as Sunni extremist or terrorist groups elsewhere, including al-Qaeda as well as al-Qaeda affiliates such as al-Qaeda in the Islamic Maghreb (AQIM) in Algeria and Mali and Al-Shabaab in Somalia. These groups bomb shopping malls; airports and business areas, thereby making business environment to collapse (Reuters, 2013). Like an array of contemporary terrorist groups throughout history, Boko Haram started domestically, but over time, its operational capabilities and impact have grown, spreading like cancer from Borno state to neighboring states such as Yobe, Adamawa, Bauchi, Kano and even to Abuja, the Federal Capital of Nigeria and beyond. Thus, the most devastating effects of these insurgencies all over the world have been the high toll of humanitarian crisis in the form of rise in internally displaced persons(IDP’s), refugee influx, food insecurity, spread of nefarious diseases, gender and sexual based violence (Hughes, 2012). The phenomena of insurgency in Nigeria have been evident since her independence in 1960, ranging from the twelve-day revolution by Adaka Boro (1964), to the civil war (1967-1970), to the various ethnic militias such as the O’odua People’s Congress(OPC), the Movement for the Actualization of the Sovereign State of Biafra (MASSOB), the Movement for the Emancipation of Niger Delta(MEND), the Niger-Delta insurgency and the most recent the ”Ahl al sunnali al alDa’wawa al Jihad”, popularly known as Boko Haram which has been operating in Northern Nigeria since the early 2000, with its origin linked with the wide spread of socio-economic and religious insecurity among certain communities in the North. Whose activities have unleashed terrible humanitarian crises in North East Nigeria (Fwatshak and Larab, 2004; Ikelegbe, 2010). The continued increase in the spread of the nefarious activities of the Boko Haram sect in North East Nigeria since 2009 has created adverse humanitarian consequence to the North East region. Life in the various communities of Borno, Yobe and Adamawa states, such as Kawuri, Baga, Konduga, Bama, Shuwa, Ajigin, Gamboru, Giwa, Chibok, Gwoza to mention a few, have been characteristically nasty, brutish and most times short (Salkida, 2012). The region has ceased to know civil normalcy as a result in the dire humanitarian situation as evident in human casualties, human right abuses, population displacement, and refugee debacle, loss of means of livelihood, food insecurity, limited medical facilities and other social amenities. The increasing influx of refugees and the spillover of Boko Haram violence to neighboring countries over the years had resulted to serious regional security implications, despites the establishment of a Joint Border Patrol Command to address the increasing security challenges attributed to the insurgency (This day, April 16th 2014).
- STATEMENT OF THE PROBLEM
‘It is often said that terrorism is business to some’, because any time there is a natural disaster; there is always someone who benefit from it directly or indirectly without considering the chaos cause by the act. Since the advent of Boko Haram in Nigeria since 2009 Nigerian government has loss billions of naira trying to managed the menace caused by the sect ranging from loss of life, properties, infrastructures, investors and the peace and security of the populace. It is on this backdrop that the researcher intends to investigate the impact of Boko Haram insurgency on the banking industry, with emphasis on Maiduguri state.
- OBJECTIVE OF THE STUDY
It is pertinent to say that the objective of the study is to investigate the impact of Boko Haram insurgency on the banking industry. But for the successful completion of the study, the researcher intends to achieve the following objectives;
- To ascertain the effect of Boko Haram insurgency on the banking sector
- To ascertain techniques adopted by government in managing the crises
- To investigate the impact Boko haram insurgency on the development of banking sector in Nigeria.
- To ascertain the relationship between Boko haram insurgency
and the growth of the banking industry.
- RESEARCH HYPOTHESES
To aid the successful completion of the study, the following research hypotheses were formulated by the researcher
H0: Boko haram insurgency in Maiduguri has no effect on the banking industry
H1: Boko haram insurgency in Maiduguri has effect on the banking industry
H02: there is no significant relationship between Boko haram insurgency and the growth of banking industry in Maiduguri
H2: there is a significant relationship between Boko haram insurgency and the growth of banking industry in Maiduguri
1.5 SIGNIFICANCE OF THE STUDY
It is believed that at the completion of the study, the findings will be of great importance to the federal government and the national emergency management agency in developing appropriate strategy in and curtailing the adverse effect of the activities of the Boko Haram sect.
The study will also be useful to the state government; as the findings will guide them in coming up with strategies on how to carter for the survival of the attack of the Boko Haram sect. the study will also of great importance to researchers who wants to embark on investigation in similar topic as the study will serve as a guide to them. Finally the study will be of great importance to academia, teachers, students, lecturers and the general public.
- SCOPE AND LIMITATION OF THE STUDY
The scope of this study covers the impact of Boko haram insurgency on the banking industry with emphasis on Maiduguri, but in the cause of the study, there are some factors which limited the scope of the study;
- Availability of research material: The research material available to the researcher is insufficient, thereby limiting the study.
- Time: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
- Finance: The finance available for the research work does not allow for wider coverage as resources are very limited as the researcher has other academic bills to cover.
- DEFINITION OF TERMS
Boko Haram means no to western education
National emergency management agency
Terrorism is, in its broadest sense, the use of intentionally indiscriminate violence as a means to create terror or fear, in order to achieve a political, religious, or ideological aim.
A bank is a financial institution that accepts deposits from the public and creates credit. Lending activities can be performed either directly or indirectly through capital markets. Due to their importance in the financial stability of a country, banks are highly regulated in most countries. Most nations have institutionalized a system known as fractional reserve banking under which banks hold liquid assets equal to only a portion of their current liabilities.
- Organization of the study
This research work is organized in five chapters for easy understanding as follows Chapter one is concern with the introduction which consist of the (overview, of the study), statement of problem, objectives of the study, research question, significance or the study, research methodology, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study it’s based thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion and recommendations made of the study.
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