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Talent management practice is gaining prominence in the international scene academically and professionally. Many literature on talent management observed that in a competitive marketplace, talent has become a primary driver of organizational success. Scarcity of talent is a global issue, even the Nigerian commercial banks are finding it difficult to attract and retain talents. Hence, there is a need to carry out the present study on talent management and employee job satisfaction in selected commercial banks in Lagos State, Nigeria.

Survey research design was adopted for the study. The population of this study consist of employees of the five selected commercial banks (Guaranty Trust Bank, Zenith bank, Eco bank, Access bank and First Bank Plc) located in Lagos State which amounts to 41,191 employees. Using Yamane (1967) fundamental equation, the sample size was 520 bank employees and stratified sampling technique was employed.A self-structured questionnaire were administered to the respondents, while the research instrument was validated and data gathered was analyzed using descriptive statistics and multiple regression analysis was carried out to test the hypotheses.

The result of the analysis showed there is a significant effect between talent attraction, talent development, talent retention and talent utilization on incentives among employees of commercial banks in Lagos State at the value of (p=000, R=.514a, p<.05). Similarly talent attraction, talent development, talent retention and talent utilization do significantly influence salary of commercial bank employees in Lagos State (p = 0.00, R = .475a, p < .05). Also, there is a positive effect between talent attraction, talent development, talent retention and talent utilization on job security among commercial bank employees in Lagos State with the value of (F(3, 95) = 8.400, P-value = < 0.00, R = .685) and further result showed that there is no combine effect between talent attraction, talent development, talent retention and talent utilization on supervisory support among employees of commercial banks in Lagos State (B = -.596, t = -.334, p> 0.05).

Conclusively, talent management contributes immensely towards the level of employee job satisfaction within the bank industry. The study therefore, recommends that the board of directors of commercial banks should expand employee’s opportunities for personal development or broaden the job description at all departmental level in order to enhance employees’ sense of belonging to the organization and to increase retention level as well as re-consider adding additional financial and non-financial incentives to guaranty higher employee job satisfaction.

Keywords: Talent, Talent management, Job satisfaction, Talent development, Talent attraction, Talent utilization, Job security, Employee, Commercial banks

Word Count: 411


Content                                                                                                         Page

Title Page                                                                                                                                i

Certification                                                                                                                            ii

Dedication                                                                                                                              iii

Acknowledgements                                                                                                                iv

Abstract                                                                                                                                  v

Table of Contents                                                                                                                   vi

List of Tables                                                                                                                          vii

List of Figures                                                                                                                         xi

Appendices                                                                                                                             xiii


  • Background to the Study 1
  • Statement of the Problem             4
  • Objective of the Study             6
  • Research Questions             6
  • Hypotheses                                                                                                             6
  • Scope of the Study                                                                                     7
  • Significance of the Study                                                             7
  • Operationalization of Variables                                                                         8
  • Operational Definition of Terms                                     9
  • Historical Background of the Selected Commercial Banks 11

Content                                                                                                                                 Page


2.1       Conceptual Review                                                                                                    14

2.1.1    Overview of Talent Management                                                       14 Talent Attraction                                                                                             18 Talent Development                                                               20 Talent Retention                                                                                                       23 Talent Utilization                                                                                                      25

2.11.5  Inclusive and Exclusive Approach to Talent Management                                       27

2.1.2   Employee Job Satisfaction                                                                                         28 Incentives                                                                                                                  32                                34 Job Security                              35 Supervisory Support                                                                                                  37

2.2      Talent Management and Employee Job Satisfaction                                              37

2.3      Theoretical Review                                                                                         39

2.3.1   Job Satisfaction Theories                                                                                40 Event Theory                                                                                             40 Human Capital Theory                                                                                              41 Maslows Hierarchy of Need  Theory                                                                   43

2.3.2   Theories of Talent Management                                                                                45

2.4      Empirical Review                                                                                47

Content                                                                                                                               Page

2.4.1    Empirical review on Talent Management                               47

2.4.2   Empirical review on Job satifaction                                                          50

2.4.3    Empirical review on Talent Management and Employees Job Satisfaction            59

2.5       Summary and Gaps in Literature                                                                             61

2.5.1    Summary of Literature                                                                                             61

2.5.2    Gaps in Literature                                                                                                    62

2.6       Conceptual Model                                                                                                   67


3.0       Introduction                                                                                                              69

3.1       Research Design                                                                                                       69

3.2       Population                                                                                                        69

3.3       Sample size and sampling Technique                                                                        70

3.4       Method of Data Collection                                                                                       72

3.5      Research Instrument                                                                                                 73

3.6      Pilot Study                                                                                                      73

3.7.1   Validity of Research Instrument                                                                    74

3.7.2   Reliability of Research Instrument                                                                           75

3.8      Method of Data Analysis                                                                               76

3.8.1   Conceptual Model                                                                                                   77

3.8.2   Regression Model          78

3.9       AprioriExpectation                                                                                                   79

Content                                                                                                                                 Page

3.1.0    Ethical Consideration                                                                                               79



4.0       Introduction                                                                                                                82

4.1       Data analysis interpretation and Discussion               82

4.2.1    Restatement of Objective and Research Question one                                                          82

4.2.2    Restatement of Objective and Research Question Two                                             92

4.2.3    Restatement of Objective and Research Question Three                                           101

4.2.4    Restatement of Objective and Research Question Four                                             109


5.0       Introduction                                                                                                    119

5.1       Summary                                                                                                         119

5.2       Conclusion                                                                                                      121

5.3       Recommendations                                                                                          122

5.4       Contributions to Knowledge                                                                          123

5.4.1    Concepts                                                                                                         123

5.4.2    Theory                                                                                                             124

5.4.3    Empirics                                                                                                          124

5.5       Implication of Findings                                                                                  124

5.5.1    Management Practice                                                                                      124

5.5.2    Industry                                                                                                             125

Content                                                                                                                                      Page

5.5.3    Society                                                                                                                        125

5.6       Suggestion for Further Studies                                                                       125

REFERENCES                                                                                                    132

Appendix 1

Appendix 2


Table                                                                                                               Page

2.1       Summary of Gaps from Literature Reviewed                                                      62

3.1       Population of Selected Banks                         70

3.2       Research Sampling                                                                  72

3.3       Exploratory Factor Analysis                                                                           75

3.4       Cronbach Alpha                                                                                  76

3.5       Cronbach Alpha                                              76

4.1       Descriptive Analysis of Respondents Opinion on Talent Attraction 83

4.2       Descriptive Analysis of Respondents Opinion on Talent Development84

4.3       Descriptive Analysis of Respondents Opinion on Talent Retention86

4.4       Descriptive Analysis of Respondents Opinion on Talent Utilization87

4.5       Descriptive Analysis of Respondents Opinion on Incentives88

4.6       Multiple Regression Analysis Result ontalent attraction, talent

development, talent retention and talent utilization on incentives89

4.7       Descriptive Analysis of Respondents Opinion on Talent Attraction    92

4.8       Descriptive Analysis of Respondents Opinion on Talent Development93

4.9       Descriptive Analysis of Respondents Opinion on Talent Retention 94

4.10     Descriptive Analysis of Respondents Opinion on Talent Utilization      95

4.11     Descriptive Analysis of Respondents Opinion on Salary97

4.12     Multiple Regression Analysis ontalent attraction, talent development,         98

talent retention and talent utilization on salary

4.13     Descriptive Analysis of Respondents Opinion on Talent Attraction 101

4.14     Descriptive Analysis of Respondents Opinion on Talent Development       102

4.15     Descriptive Analysis of Respondents Opinion on Talent Retention    103

Table                                                                                                                              Page

4.16     Descriptive Analysis of Respondents Opinion on Talent Utilization 104

4.17     Descriptive Analysis of Respondents Opinion on Job Security105

4.18     Result of Multiple Regression Analysis on talent attraction,

talent development, talent retention and talent utilization and

Job security                                                                                         107

4.19     Descriptive Analysis of Respondents Opinion on Talent Attraction110

4.20     Descriptive Analysis of Respondents Opinion on Talent Development111

4.21     Descriptive Analysis of Respondents Opinion on Talent Retention112

4.22     Descriptive Analysis of Respondents Opinion on Talent Utilization113

4.23     Descriptive Analysis of Respondents Opinion on Supervisory Support114

4.24     Result of Multiple Regression Analysis on talent attraction, talent

development, talent retention and talent utilization and supervisory

support                                                                                                            116                 


Figure                                                                                                                          Page The five stage model of theory of need by Maslow                                                   44

2.6       Conceptual Model                                                                   67

3.8.1     Conceptual Model                                                                                                     77



Informed Consent Form

Demographic Characteristics of Respondents




1.1       Background to the Study

The management of talent is an essential contributor towards direct development and growth of human resources within the organization. In developed nations of the world, it is known that knowledge and service based sector like the banks would always keep professionals as backbone of the company performance due to their experience on the job. It goes a long way to say that the quality of skills and talent is seen as the only way to leverage an organization in order to create competitive advantage (Woollard, 2010). Yet, in some banking sectors in Africa, there is a considerable shortage of skills and talent to retain like the case of South Africa and Nigeria (Howard & Wellins, 2012). In this sector of the economy, firms need to pay as much attention to providing a great working experience for their staff as they do to provide a great service experience to their customers and clients (Economist Intelligence Unit and Project Management Institute, 2014).In Nigeria today, one could say that service organization like the banks should understand the fact that service excellence is largely a product of personal relationships. Its emphasis is on the fact that clients feel confident in the people providing the service and that service providers have a memory of client needs and issues (Otoide, 2014). If that relationship is broken as a result of key talent leaving the organization, the ability of the organization to provide sustainable service is severely compromised (Abdul, 2013).

Consequently, loss of talented employees has the potential to compromise future business with the associated opportunity costs. This goes a long way to point out that in Nigeria banks, talent management is still under evaluation as many service driven organizations are battling with sustaining professionals in their firms due to lack of relationship management or low satisfaction on the job (Alam, Sameena, & Puja, 2012). The human resource of every organization has been identified as the most important asset of that organization as its success depends largely on their effective contributions (Mujtaba & Shuaib, 2010). In a competitive marketplace, talent therefore becomes a primary driver of organizational success (Capelli, 2008). Goffee and Jones (2007) define talent as a handful of employees whose ideas, knowledge and skills that give employees the potential toproduce the disproportionate value from the resource they have available from them. Bersin (2012), defines talent as a complex amalgam of skill, knowledge, cognitive ability, potential as well as value of an individual.

Imparto (2013)considered talent to be  people who are in the top positions, team leaders, individual who have the scarcecapability to make major contribution in an organisation. At the same time, it is the amalgamation of all the skills,knowledge, experience and behaviours that a person has and brings to work. Talent, therefore, is used as an all encompassing termto describe the human resources that organisations want to acquire and develop in order to meet their business goals (Cheese, 2008).Talent management is the implementation of integrated strategies processes and systems designed to increase workplace productivity bydeveloping improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitudeto meet current and future business needs (Collings & Mellahi, 2009).In the 1970s and 1980s, the business function which was responsible for people was called “The Personnel Department”. The role of this group was to hire people, pay them, and make sure they had the necessary benefits. The system which grewup to support this function were the batch payroll system and in this role, the personnel department became a well understoodbusiness function (Bersin, 2012).

In the 1980s and 1990s organizations realized that the human resource function was in fact more important. During this period, the human resource managers had a much larger role; recruiting the right people, training them, developing, designing and defining job roles and organization structures (organization design), develop “total compensation” packages which include benefits, stock options and bonuses, and serving as a central point of communication for employee health and happiness (Bersin, 2012). In the last decade, talent hasbecome a precious commodity that enhances organizational effectiveness however, there has been a shortage of talent in the workplace (Frank & Taylor, 2004). Organizational leaders struggle to find talented workers, human resources (HR) managers have had to work closely with senior managers to attract, hire, develop, utilize and retain talent(Berger, 2003). The ability of an organization to effectively and efficiently manage talent has the potentials to positively impact on their growth and development. Major companies are now developing talents rather than acquiring talents because it saves money, reputation and has long term benefits to the stability of the organization (Capelli, 2008). Talent and talent management have been prioritized in life cycle of human resource activities and thisgives talent management a prominent scene in corporate human resource strategies. This has also brought about increase in interest among firms in the area of human resource management (HRM) and human resource development (HRD) (Capelli, 2008).

The practices of talent management generally differ from industry to industry and in many cases certain practices are more suitable for certain industries than others. At the same time, there are some practices which are prevalent in most of the industries. These talent management practices helps to build competencies, skills and career plans, maximize contribution and preparation for advancement or transitioning to retirement (Zineldin, 2012). Organizations of today take great care in the retention of their valuable employees and as good employees are, becoming more difficult to find, and for this reason, organzations ensure that talent or employees are well satisfied with their job (Frank & Taylor, 2004).

Job satisfaction plays an important role in achieving organizational goals and also in achievement of the use of talents. Vroom (2000) asserts that positive attitudes toward one’s job are technically equivalent to job satisfaction. It implies that if an employee has negative attitudes toward his/her job, it is equivalent to job dissatisfaction. Morse (2009) argues that job satisfaction is anything that is capable of decreasing the tensions of workers. He opines that stress comes from the basic human needs and that when these needs are met, tensions become fewer or completely gone and this eventually leads to job satisfaction. According to Cheese (2008) satisfied employees are more productive, innovative, and loyal to their employers than non-satisfied employees.

Denton (2010) was of the opinion that satisfied and happy employees are more dedicated to their work and put in effort to improve organizational customer’s satisfaction. An employee who does not get a sufficient wage is faced with the problem of maintaining his or her family life and other responsibilities (Akintoye, 2012). This problem leads to dissatisfaction of employees. Also, job satisfaction of employees has an important place in the work environment and will affect the quality of the service he or she renders (Banjoko, 2010). Job Satisfaction plays an important role in achieving organizational goals and also the achievement of the use of talents. Owing to this fact, it is expedient to add that the satisfaction level of employees can be consistently maintained when organizations embrace working strategies that would enable them identify factors that mostly contribute to employee satisfaction so they can better implement them to attract and retain talents over time.

Commercial banks in Lagos state are known for their long working hours and high work load on their employees and these affect their job satisfaction (Epie, 2011). Commercial banks exist due to the various services they render to all sector of the economy (Cornett & Tehranian, 2004). These services result in satisfaction of various financial needs of the sectors of the economy as experienced by their numerous customers.

Importantly, it could be assumed that organizations can enhance the potential and ability of employees using configurations of human resource practices that are aligned with their talent management strategy. Of critical concern is whether talent management impacts employees’ job satisfaction and whether a focused talent strategy is capable of delivering a return on investment to ensure talented employees enjoy enough benefit to stay motivated and satisfied while working with the organization. From the foregoing, the focus of this study is to examine the relationship between talent management and job satisfaction of employees of selected banks in Lagos State, Nigeria.

1.2       Statement of the Problem

The current global business environment has become dynamic and there is a vital need for flexible, innovative and rational approach to the management of human capital, particularly with regard to the high talent professional employees. There is a scarcity of talent and the concern about the scarcity of talent is almost universal. This is part of the reason why organizations around the world are competing for the same pool of talents. The issue of talent management has become top challenge for managers since many employees complain of low job satisfaction (Price Water House Coopers, 2012). Since lack of available talent could threaten an organization from staying ahead of competition in their industry, Nigerian banks have lost some of their highly skilled professionals to the United States, Canada, France, the United Kingdom, Australia and the Gulf States due to their lack of job satisfaction (Gara, 2007).

Talent attraction involves the search for the best candidate for a job position and it is a highly competitive demand in the global business arena in recent time. It is not strange to find a number of employees still not measuring up to expectation of their employers in terms of expert knowledge, experience, skills and qualification (Hiltrop, 1999). Based on this fact, it becomes more challenging for organizations to attract appropriately skilled talents, develop, motivate and retain in a competitive business environment.

Talent development has brought about scarcity of talents. Poor organizational structure, inappropriate talent management system and delay in talent development have not translated into job satisfaction for employees. According to Kehinde (2012) the cause of such issue as mentioned earlier could be due to lack of proper planning and implementation of proper and the bulk of these issues has a negative effect on employee job satisfaction.

Talent utilization involves the exploration of employee skills on the job and experience for efficient performance. In other to ensure how efficient a talent is in the organization, managers design evaluation strategies in form of appraisal, tangible re-enforcement and restructuring (Mandong, 2015). Some of these appraisals do not address the inadequacy of employees as a result of process and design implementation, therefore, the organization do not get the expected result.

Talent retention is achieved when employees are satisfied on the job. Some of the reasons why organizations experience low retention rate on talents could be due to low employee job satisfaction which to an extent might be attributed to low salary and poor incentives which are motivating factors towards job satisfaction among employees. The result could be a long breakdown in employer employee relationship (Wright & Bonnett, 2007; Tat & Abdullah, 2013).

From literature examined in the course of this study, it was discovered that scarcity of talent is a global issues and effort are been made to resuscitate this issue by many organizations around the world, even the Nigeria commercial banks are not an exemption. There is a huge demand in Nigerian Banks for skilled professionals of all types, particularly those with technical or quantitative skills such as computer engineers, information technologists, financial planners and investment bankers. Gara (2007) observed that since the oil boom began in the Gulf region, the temptation for Nigeria’s best and brightest professionals to take up more lucrative positions abroad has been strong. The exodus of highly skilled professionals to Europe and the United States is a daily occurrence in many African countries such as Nigeria, Ghana, Kenya and Ethiopia, and is largely responsible for talent scarcity (Gara, 2007).

Though, research have been done to address these issues as it related the banking industry in Nigeria, but more still needs to be done to close the gaps in literature. It is based on the foregoing, that the present study seeks to examine talent management and employee job satisfaction in selected commercial banks in Lagos State, Nigeria.

1.3       Objective of the Study

The general objective of the study is to examine the relationship between talent management practice and employee job satisfaction among selected commercial banks in Lagos State. The specific objectives are to:

  1. examine the effect of Talent management on incentives among employees of selected commercial banks in Lagos State;
  2. ascertain the influence of Talent management on salary among employees of selected commercial banks in Lagos State;
  3. determine the effect of Talent management on job security of employees of commercial banks in Lagos State and
  4. find out the relationship between Talent management on supervisory support among employees of selected commercial banks in Lagos State.

1.4       Research Questions

The following questions were answered in the course of the study.

  1. What is the effect of Talent management on Incentives among employees of selected commercial banks in Lagos State?
  2. What is the influence of Talent management on salary among employees of selected commercial banks in Lagos State?
  3. What is the effect of Talent management on job security of employees of selected commercial banks in Lagos State?
  4. What relationship exists between Talent management on supervisory support among employees of selected commercial banks in Lagos State?

1.5       Hypotheses

H01: There is no significant effect on Talent management on incentives among employees of selected commercial banks in Lagos State.

H02: Talent management does not significantly influence salary of selected commercial bank employees in Lagos State.

H03: There is no positive effect of Talent management on job security among selected commercial bank employees in Lagos State.

H04:There is no effect on Talent management on supervisory support among employees of selected commercial banks in Lagos State.



1.6       Scope of the Study

This study focuses on the effect of talent management on employee job satisfaction in selected commercial banks in Lagos State. The study covered the selected commercial bank Headquarters located in Lagos State, Nigeria because the headquarters are domicile there and Lagos is considered the economic hub of the State. The choice of commercial banks is due to the competitive nature of banking job and the need to employ the best talents in the industry to carryout banking services. The rigor involved in talent attraction, development, utilization and retention were all part of the focus of choice. The upper, middle and lower level managers of the banks under study form the population of the study since most have had opportunity to lead various teams at one point or the other in the course of carrying out their duties in the banking system to ensure the right talents are properly placed in the right job or position. The study time frame is 2017.

1.7       Significance of the Study

The present study is significant in the following ways;

Management Practice

The management of selected banks under study would find the outcome of this study relevant in that it would inform them of various talent management models they can adopt for effective organizational development to be attained within a short period of time. The best technique suitable for the organization can be examined as recommended in this study. The perception of talent management by employees could foster higher talent management in the organization if the management team spends more time to study non-performing talents and organize regular training to improve their productivity and increase their satisfaction level on the job. Management team of selected banks under study would benefit from an idea on how to better clarify the issue of talent appraisal of employee in order to ensure high retention rate among satisfied employees.


Banking industry as knowledge-based service derived competitive firm needs workable talent management system that ensures that they attract, train and retain competent and productive employees. They constantlydo it as it forms the bed-rock of consistent performance in their industry. Since employees are the key players of organizational development, it is imperative to master the act of retaining their manpower. This study provides the very strategy required for banking industry to scale up their talent management.


The outcome of this study would serve as a pointer towards encouraging government agencies to publish relevant and up-to-date articles that support talent management within the banking sector and other sectors of the economy.


This study would expose the fears and challenges individuals, groups and companies have encountered when it comes to talent management. With the review of relevant literatures data gathered to ascertain views on talent management, this study would inform the researcher to make commendable recommendation that would enhance the societal interest on the present study focus.

1.8       Operationalization of Variables



X= Independent variable

Y= Dependent variable


X= Talent Management (TM)

Y= Employee Job Satisfaction (EJS)

X= (x1, x2, x3, x4)

Y= (y1, y2, y3, y4)


y1 = Incentives

y2 = Salary

y3 = Job Security

y4 = Supervisory Support


x1 = Talent Attraction

x2 = Talent Development

x3 = Talent Retention

x4 = Talent Utilization


y1=f(x)…..y1=α+ß1x1+ ß2x2+ ß3x3+ ß4x4

y2=f(x)…..y2=α+ ß1x1+ ß2x2+ ß3x3+ ß4x4

y3=f(x) …..y3=α+ ß1x1+ ß2x23x3+ ß4x4

y4=f(x) …..y4=α+ ß1x1+ ß2x2+ ß3x34x4

1.9       Operational Definition of Terms

Talent: Talent deals with the competence that is central to individual employability

Talent Management: Talent management is the implementation of initiatives and strategies to harness the special talents of individual employees and convert them into optimum organization performance

Talent Development: This is the process of planning, selecting and implementing development strategies for the entire talent pool to ensure the organization has current and future supply of talent to meet strategic developmental objectives in line with talent management processes.

Talent Attraction: This refers to activities involved in soliciting candidates with the required knowledge skills and attributes to create a talent pool to meet organizational goals and objectives

Talent Utilization: This is the application of employee’s current skills more effectively to his/her current or alternate role.

Talent Retention: The ability of an employer to retain its skillful workforce against their competitors in the same industry.

Employee: Employee is the person that performs a task for a fee.

Job Satisfaction: It is the pleasurable emotional state resulting from the appraisal of one’s job experience.

Job security: Job security refers to the assurance of the continuity of one’s job in the future.

Incentives: A motivational factor that triggers an employee to perform his duties effectively and efficiently in the workplace. They are often called tools managers use to reward employee, encourage them for a good work carried out within a specified period.

Salary: It is a fixed periodic payment from an employer to an employee, which is often specified in an employment contract

Supervisory Support: The extent to which a manager, leader or director places value on their employees’ contributions towards the organization and how best he/she cares about their well-being

Commercial Banks

Commercial banks are financial institutions that are authorized by law to receive and lend money to businesses and individuals. Commercial banks are open to the public and serve individuals, institutions and businesses. Banks are regulated by federal and state laws depending on how they are recognized and the service they provide.

1.10     Historical Background of the Selected Commercial Banks

Access Bank

Access bank was issued a banking license on December 19th1988 and on February 8th1989 the bank was incorporated as a privately owned bank. On the 11th of May, 1989 it commenced its operations at Burma Road, Apapa Head Office and on the 24th of March, 1998 it became a Public Limited Liability Company. By November 18th1998, Access bank was listed on the Nigerian Stock Exchange and it obtained its universal banking license from the Central Bank of Nigeria.

Over the past years, Access Bank has evolved into a world class African financial Institution and today it has grown to be one of the five largest banks in Nigeria in terms of assets, branch networks etc which has been achieved through long term innovative client solutions and committed policies. The banks mission n vision are written below:

Vision: Our vision is to be the world’s most respected African bank.

Mission: Setting standards for sustainable business practices that unleash the talents of our employees deliver superior value to our customers and provide innovative solutions for the markets and communities we serve (Access bank, 2015)


ETI(Eco bank Transnational Incorporated) is a public limited liability company was established as a bank holding company in 1985 under a private sector initiative spearheaded by the federation of West African Chambers of Commerce and Industry with the support of ECOWAS.

Mission and Vision: The dual objective of Eco bank Transnational Incorporated (ETI) is to build a world class pan-African bank and to contribute to the economic and financial integration and development of the African continent.

Ethics and Transparency: Eco bank Group has codified policies on corporate ethics which applies to directors and employees across the group. These policies are regularly reviewed to ensure that they are in line with international practice and standards (Eco bank 2016)

First Bank of Nigeria

First bank has been a solidified brand of fortitude, strength and innovation since its inception in 1894. Since its launching, it has grown to be the leading international banking group in Sub Saharan Africa with a total asset of N3.3 trillion, customer deposits of N2.6 trillion and a strong capital adequacy ratio of 18.9% well above the Central Banks mandated minimum

Vision: To be the clear leader and Nigerian’s bank of first choice.

Mission: To remain true to our name by providing the best financial service possible (First Bank 2016)


Guaranty Trust Bank

Guaranty Trust Bank Plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in 1990. The bank commenced operations in February 1991, and has since then grown to become one of the most serviced focused and respected banks in Nigeria. In September 1996, it became a publicly quoted company and won the Nigerian Stock Exchange Presidents Merit Award that same year and subsequently in the years 2000, 2003, 2005, 2006, 2007, 2008 and 2009. The bank was granted its universal banking licence and later appointed a settlement bank by the Central Bank of Nigeria in 2003

Vision: We are a team driven to deliver the utmost in customer service, we are synonymous with innovation building excellence and superior financial performance and creating role models for society

Mission: We are a high quality financial services provider with the urge to be the best at all times whilst adding value to all stakeholders.

Corporate Governance: Guaranty Trust Bank plc has over the years acquired an enviable reputation built on a solid foundation of integrity, professionalism, value adding service delivery and excellent corporate governance. As a publicly quoted company with a highly diversified ownership structure, the bank is committed to improving shareholders value through transparent best business practices (Guaranty Trust Bank 2016).

Zenith Bank

Zenith bank Plc was established in May 1990, and commenced operations in July of the same year as a commercial bank. The bank became a public limited company on June 17, 2004 and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004 following a highly successful Initial Public Offering (IPO). Zenith bank Plc currently has a shareholder base of about one Million and is Nigeria’s biggest bank by tier-1 capital. In 2013, the bank listed $850 million worth of its shares at $6.80 each on the London Stock Exchange (LSE). It was Founded by Jim Ovia in 1990 the bank has since grown to become one of the leading financial institutions in Africa. The Bank grew its shareholder’s funds of N20 million in 1990 to N509.25 billion as at year end 2013.

Vision: To become the leading Nigerian, technology-driven global financial institution providing a distinctively unique range of financial service

Mission: To build the Zenith brand into a reputable international financial Institution recognized for innovation, superior performance, and creating premium value for all stakeholders

Core values: Integrity, professionalism, excellence, best corporate governance, commitment, transparency, and service (Zenith bank 2016).


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