Premium Essay

Ethical Issues, Doc

In:

Submitted By sannibabs
Words 5745
Pages 23
INSIDER DEALINGS AND THE PROBLEMS OF BUSINESS ETHICS IN THE
BANKING INDUSTRY IN NIGERIA.

BY

Adegboye Folasade Bosede
Department of Banking & Finance
Covenant University
Ota, Ogun state.
Tel: 07032678252 e-mail:sadeadegboye@yahoo.com

THIS PAPER IS TO BE PRESENTED AT: THE 8TH ANNUAL CONFERENCE
OF THE NIGERIAN SOCIOLOGICAL SOCIETY
AT TEMPRANCE HOTEL
OFF THE BELLS UNIVERSITY ROAD
OTA, OGUN STATE.

DATE: TUESDAY NOVEMBER 25- THURSDAY NOVEMBER 27, 2008

ABSTRACT
Professionalism in banking is violated when ethical or legal fundamentals are breached or blatantly disregarded. Ethics is a strong code of morality, which for an occupation such as banking, plays an important role in the well being of individuals, businesses, national and international economies. Unethical conduct manifests itself in various ways, including insider abuse, fraudulent dealings; irregularity/inaccuracy in rendition of reports, these are problems bordering on business ethics as evident in the Nigerian banking crisis. A multiple regression analysis was used and from the summary of the finding, we can infer that the consequences of insider dealing and problem of business ethics can be disastrous and could result in loss of confidence and trust in the industry, loss of business for the institutions, shareholders, board/management disputes, operational losses, distress of the sector, and liquidation of institutions, capital flight, and stagnation of the economy.

INTRODUCTION
Traditionally, the role of banks whether in a developed or developing economy, consists of financial intermediation, provision of an efficient payments system and serving as conduit for the implementation of monetary policies.

In view of the importance of the banking sector in economic development and the imperfections of the market mechanism to mobilize and allocate financial resources to socially desirable economic

Similar Documents

Free Essay

Pa 571 Nonprofit Org Management

...Considerations Chapter 8 Mission Statement AnalysisGraded Discussion Topics Week 3 TCOs F, G Working with Volunteers Articles obtained by students Graded Discussion Topics Week 4 TCO C Strategic Planning Strategic Planning Graded Discussion TopicsMidterm Week 5 TCOs D, E Financial Issues & Information Systems Chapter 9 (pp. 115-116)Chapter 10 (pp. 128-131) Graded Discussion Topics Week 6 TCO H Fundraising & Marketing Chapter 12 (pp. 153-158, 164-171) Analysis of a FoundationGraded Discussion Topics Week 7 TCO I Ethical Issues Article “Can Public Trust in Nonprofits and Government be Restored?” in Doc Sharing Course ProjectGraded Discussion Topics Week 8 ALL TCOs Final Exam PA 571 NONPROFIT ORG MANAGEMENT Week, TCOs, and Topics Readings/Class Preparation Activities/Assignments Week 1 TCO A What is a nonprofit? Chapter 1Chapter 2Chapter 3 Graded Discussion Topics Week 2 TCOs B, E Board and Staff Considerations Chapter 8 Mission Statement AnalysisGraded Discussion Topics Week 3 TCOs F, G Working with Volunteers Articles obtained by students Graded Discussion Topics Week 4 TCO C Strategic Planning Strategic Planning Graded Discussion TopicsMidterm Week 5 TCOs D, E Financial Issues & Information Systems Chapter 9 (pp. 115-116)Chapter 10 (pp. 128-131) Graded Discussion Topics Week 6 TCO H Fundraising & Marketing Chapter 12 (pp. 153-158, 164-171) Analysis of a FoundationGraded Discussion Topics...

Words: 455 - Pages: 2

Premium Essay

Ethical and Moral Issues in Business

...Ethical and Moral Issues in Business Teresa Wright Mgmt 216 Kenna Fowler 25 September 2010 Business is complicated by Moral and ethical issues which are hard to resolve but easy to see, the reason is everyone has their own set of morals and ethics, what maybe morally wrong for one could be just the cost of doing business to another, after all it is a dog eat dog world. Therefore, decisions made by personnel can cause complications for business’, Code of ethics and company mission statements provide guidance to employees and employers on expectations. Merriam - Webster Dictionary defines Moral of or relating to principles of right and wrong in behavior, expressing or teaching a concept of right behavior, conforming to a standard of right behavior, sanctioned by or operative on one’s conscience or ethical judgment, capable of right and wrong action. I would define Moral as values placed on behavior and decision whether right or wrong. Ethics refers to well founded standards of right and wrong, reasonable obligations to refrain from committing crimes either minor or larger, which include honesty, compassion, and loyalty, also can be referred to as standards relating to rights. 2 Personal ethics is the moral foundation a person builds there life, ethics may assist with decision making, guide us to participate in actions that meet our personal internal moral standards. Ethics are the core value system for each and used to solve problems, determine what is right versus...

Words: 596 - Pages: 3

Free Essay

Pa 571 (Nonprofit Org Management) Complete Course – Devry

...COM PA 571 (NONPROFIT ORGANIZATION MANAGEMENT) COMPLETE COURSE - DEVRY Week, TCOs, and Topics Readings/Class Preparation Activities/Assignments Week 1 TCO A What is a nonprofit? Chapter 1 Chapter 2 Chapter 3 Graded Discussion Topics Week 2 TCOs B, E Board and Staff Considerations Chapter 8 Mission Statement Analysis Graded Discussion Topics Week 3 TCOs F, G Working with Volunteers Articles obtained by students Graded Discussion Topics Week 4 TCO C Strategic Planning Strategic Planning Graded Discussion Topics Midterm Week 5 TCOs D, E Financial Issues & Information Systems Chapter 9 (pp. 115-116) Chapter 10 (pp. 128-131) Graded Discussion Topics Week 6 TCO H Fundraising & Marketing Chapter 12 (pp. 153-158, 164-171) Analysis of a Foundation Graded Discussion Topics Week 7 TCO I Ethical Issues Article "Can Public Trust in Nonprofits and Government be Restored?" in Doc Sharing Course Project Graded Discussion Topics Week 8 ALL TCOs Final Exam PA 571 (NONPROFIT ORG MANAGEMENT) COMPLETE COURSE – DEVRY To purchase this, Click here http://www.activitymode.com/product/pa-571-nonprofit-org-management-complete-course-devry/ Contact us at: SUPPORT@ACTIVITYMODE.COM PA 571 (NONPROFIT ORGANIZATION MANAGEMENT) COMPLETE COURSE - DEVRY Week, TCOs, and Topics Readings/Class Preparation Activities/Assignments Week 1 TCO A What is a nonprofit? Chapter 1 Chapter 2 Chapter 3 Graded Discussion Topics Week 2 TCOs B, E Board and Staff...

Words: 546 - Pages: 3

Premium Essay

Special Ed Law

...Introduction to Special Education, Law, & Legal Issues, Policies & Procedures. Study Guide The study guide shows you how to move through the SPED Law and Legal issues Course in six weeks. You will want to tailor the weekly activities to your personal schedule and time commitment. Section Read View Study Activities Getting Ready to Pass Be sure you can access: 1. Course of Study (COS) 2. Learning Resources:  Vital Source Text: Henley, M. R., Ramsey, R. S., & Algozzine, R. F. (2009). Characteristics of and strategies for teaching students with mild disabilities (6th ed.)  UWillTeach Courses 3. External Websites:  ParentCenter Hub  IRIS Resource Locator 1. Watch the Welcome Video 2. Review the course competencies:  Historical and Philosophical Foundations of Special Education  Professional and ethical Practice  Characteristics of Individuals with exceptional Learning Needs  Special Education Law and Ethical Issues  Special Education Policies and Procedure  Connect with Course Mentors Email links:  Dr. Amy Hughes x4920  Dr. Lynn Renz Brogan x4110  Set up a binder or online writing space for your Special Education Resource Manual Section Read View Study Activities Section 1 Historical Overview: Societal and Historical Issues, Landmark Court Cases and Laws Free Appropriate Public Education (FAPE) TEXT: Characteristics of Teaching Students with Mild Disabilities (Vital Source) Read: ...

Words: 943 - Pages: 4

Premium Essay

Ethical Issues Arising from the Intersection of Law, Compliance & Investigations

...There are several ethical issues that arise in information security. The security is one of most issue of concern for every business organization. Ethics is a term which is used to distinguish between right or wrong things. Ethical issues in computer security includes cybercrimes, computer hacking and information warfare. In an Internet world, many banking organizations are attacked by attackers and millions of credit card details stolen every day. Cybercrimes such as credit card fraud cases, accessing someone’s account, stealing user credentials from social networking sites and sharing copyright information illegally. There are several Information Technology laws such as intellectual property laws, privacy laws and computer crime laws. The law that is enforced for employee workplace communication environment is under fact sheet 7, 2012, Privacy Rights Clearinghouse. Computer Security Act of 1987 (PL 100-235) and Computer Matching and Privacy Act which deals with securing of personal information that are stored in federal computer systems. This law is responsible for planning of security standards for protecting data against theft. Resolving Ethical issues It is the responsibility of security professionals to follow ethical codes and conducts for providing maximum security to an organization. These security professionals assure safety and reliability. In order to resolve these ethical issues a proper security plan has to be made and implemented in which every member of organization...

Words: 417 - Pages: 2

Premium Essay

Comparing Codes of Ethics

...6306: Ethics and Legal Issues Walden University Comparing Codes of Ethics The mental health counseling profession is guided by basic ethical guidelines that outline legal and moral responsibilities. Professional standards are necessary for counselors to understand the implications of their actions and behavior in the field. Good intentions do not guarantee appropriate practice. The American Mental Health Counselors’ Association (AMHCA) and American Counseling Association (ACA) provide standards for education and training counselors to better understand their role and provide oversight of ethical and legal issues commonly experienced by counselors on a day to day basis. Similarities between AMHCA and ACA Codes of Ethics The spirit and commitment to competent application of counseling procedure and professional courtesy is the underlying theme shared by the principles and guidelines of the AMHCA and ACA ethical codes. The ACA standards in Section A regarding the Counseling Relationship explore the counselor’s relationship to the client in regards to sensitivity and the mission to safeguard the client from harm during counseling process. (ACA 2014) The AMHCA principle under I.A.1 “Primary Responsibility”, also addresses the overall goal of counselors to look out for client welfare by following appropriate process and procedure. (AMHCA 2010). Differences between AMHCA and ACA Codes of Ethics The AMHCA principle referencing resolution of ethical dilemmas does not list...

Words: 529 - Pages: 3

Free Essay

Ethical and Legal Issues in Pharamcy

...Ethical and Legal Issues in Pharmacy Name HCA322 Instructor December 16, 2013 Back in the 1990’s, the baby boomer generation stepped into their middle age years. Since it is not uncommon for people to begin having health issues at this age, there became a larger demand for healthcare services, and a huge demand for more prescription medications. The demand that was placed on the pharmaceutical industry brought about an urgent need for the teaching of professional ethics in schools of pharmacy. The measures taken in response to this demand were very necessary as the public now places such high expectations on pharmaceutical professionals, and rightfully so. They have access to both lifesaving and life-ending drugs and they possess knowledge that the common person finds intimidating. Patients feel a sense of vulnerability with all of the aspects involved with the industry that they may not understand such as the electronic transmission of information, electronic records, e-scripts, delivery and the complexity of health interventions, along with legal limitations, the many different medical specializations and the sharp rise in the use of generic pharmaceuticals (Klepser, et. al., 2008) It is possible that a pharmaceutical professional may find themselves in vulnerable positions as well, feeling trapped between their own personal ethics and the liabilities placed on them by their profession. They may find themselves sometime questioning as to whether they can fully uphold...

Words: 1701 - Pages: 7

Free Essay

Marketing

...Marketing ethics To judge a marketing activity is ethical or not, there are few areas to check. The marketing mix, known as four Ps, consists of product, price, promotion and place. For the product side, all the substantial risks of the products should be disclosed. In the points of price, it should not be too high. In the area of promotion, misleading or deceptive advertising should be avoided. In terms of place, coercion in the marketing channel should not be used. In the following essay, KFC is chosen to illustrate the topic of marketing ethics. KFC’s marketing activity Kentucky Fried Chicken (KFC) is a famous fast-food shop, which sells chicken-related food mainly. It is a multinational company. It has branch stores over the world including United Kingdom, China, Thailand, Kuwait, Spain and Pakistan. It sold over 800,000,000 chickens a year. (Smith, 2010) It succeeds in gaining such a large market share because most of the people love fried food. However, KFC provides unhealthy, even harmful foods to customers. Almost all the products contain chicken and much oil. They are not just producing junk food, but also selling toxic food to the consumers. They use oil which contains Tran’s fatty acids, which has harmful effect on human beings. It uses this kind of oil because it can raise its profits by reducing the costs. Moreover, in order to ensure adequate supply of chickens, they inject hormone into the chickens. It shortens the growing period of chickens. Each chicken...

Words: 1163 - Pages: 5

Premium Essay

Mrs Rana Hijazi

...Week 5: Confidentiality and Bioethical Issues (Nov 20 - Nov 27) Welcome to Week 5! This week, we discuss issues related to bioethics. Since the time of Hippocrates, “First Do No Harm” has been the medical mandate. It is the basic concept that drives all of the codes of ethics for the health professions. The concept is one of the first you learn in school. From this comes the duty to make ethical decisions “in the best interest of the patient.” While all medical professionals would agree that this is the goal, not all would agree on exactly what IS the best interest of the patient in a given situation. Healthcare workers—and specifically physicians—work hard to save lives. Many times, death is seen as a medical failure. Health professionals go to great lengths to preserve life with the assumption that saving the life—at all costs—is in the best interest of all patients. In the past, if that left the patient paralyzed or in a vegetative coma, it was still success - they were alive. Today, this assumption is being reconsidered as patients themselves demand to decide for themselves what is in their own best interest. Of particular interest is Oregon law which states, "an adult who is capable and has been determined by the attending doctor to be suffering from a terminal disease, and who has voluntarily expressed his or her wish to die, may make a written request for medication for the purpose of ending his or her life in a humane and dignified manner." In short, the patient can...

Words: 1983 - Pages: 8

Premium Essay

Ethical Issues In Nursing Career

...Unfortunately, I can think of situations that were ethically wrong that happened during my nursing career. Sadly, I work with a doctor that does cesarean sections on his patients because it's 5 o'clock, and it's time for him to go home. The situation is a well known one, but nothing different seems to change the situation. Many are aware that this happens on many days, but it continues to happen. At the hospital, we have residents, and they do the vaginal exams. This particular doctor tells the residents not to do a vaginal exam on the patient, mostly because if he feels the patient isn't progressing fast enough for his liking, his vaginal exam won't change, and the patient will end up a cesarean section. I feel it is so unfair, not to allow...

Words: 335 - Pages: 2

Premium Essay

Interclean and Envriotech Merger

...With merging of InterClean and EnvrioTech Merger, it must be understood that major change, and company restructuring is inevitable. As leaders in the company, and those persons with the vision of the company, we must make the transition “seamless” and painless for all employees in the company. We must first evaluate when rightsizing be appropriate for the company, along with the correct manner to implement this process. Furthermore, when determining this information, we must also look at the ethical and legal ramifications of this process. This paper will help bring all these factors into perspective for this new merger. Before we can adequately determine when rightsizing during this company merge is most appropriate, we must fully understand what rightsizing encompasses. According to Zeffane, and Rachid “Rightsizing is still one of the most pertinent corporate issues in the 1990s as organizations continue to operate in conditions of economic depression, cost constraints, intense competition, market deregulation and structural changes such as mergers and acquisitions.” (1994). The article further begins to explain that “organizational rightsizing should be a strategically planned endeavor to reshape the organization by expanding part of the organization into new markets, contracting others and consciously leaving intact parts of the organization to support the corporate process in the organizational transformation.” (1994). In reading this article, and others we can understand...

Words: 825 - Pages: 4

Premium Essay

Cloud

...What is The Cloud? Heather INF103 May 10, 2012 What is the Cloud? ………………………………………………………………………… Examples of these applications are Gmail, Google Docs, and Facebook. You are using the cloud anytime you store information, pictures, or music anywhere on the web. Cloud computing is taking a lot of computers and putting them together into a pool of resources. It is a key way companies are streamlining their operations. Cloud computing is still early in its development Collaborating to Compete (2010). The cloud is a less expensive, less time consuming, and more user-friendly way to store data, store software and collaborate. Cloud technology is stream-lining the way we use computers and the internet. Techs biggest names are offering cloud services and new companies are starting every day. To fully understand all that the cloud offers, let’s take a look back and see how information was stored, software was consumed, and teams collaborated. Data storage has moved from file cabinets, to mainframes, to PCs, now to servers, and increasingly these servers are in the cloud. -Paul Otellini CEO of Intel Collaborating to Complete (2010). Paper files we kept in a filing cabinet. Then computers came along and data entry clerks began storing records on a mainframe. Then desktops had more memory so we used it. To make the memory on the desktops last longer we stored information on floppy disks then compact disks. Administrative assistants would be charged with organizing these records...

Words: 1896 - Pages: 8

Free Essay

Crime

...Introduction This article is intended to stimulate discussion of ethical issues involved in research in criminology. Ethical standards are not necessarily written down rules or laws; they are simply a collective experience that regulates the behavior of those who make up a particular society. Whose behavior the guidelines [Institutional Review Board (IRB) Best Practices in the Review of Social and Behavioral Research] seek to regulate, the mere existence of another document trying to get right the vexing question of how to assure the proper ethical conduct of qualitative researchers through organisational oversight is a symbol and symptom of a deep misunderstanding of the realities of ethnographic research and an even deeper misapprehension about how conduct is effectively governed( Mark 2004). Case study 1 The key ethical issue raised in Research Case Study 1 is confidentiality and privacy. On face- to- face interviews of 50 young men case on their experiences and attitudes to violence. In many cases, the young men had not been arrested for their violence and revealed involvement in homicide. The researchers have to ensure the information is private and is voluntarily offered to the researcher is confidence http://www.bocsar.nsw.gov.au/agdbasev7wr/bocsar/documents/pdf/r55.pdf (page18). Also, maintaining confidentiality is a best way to avoid collected data to get publication, exposed and make sure. They also claimed that given that areas excluded from confidentiality...

Words: 694 - Pages: 3

Premium Essay

Ethical Application of Biometrics

...The Proper and Ethical Application of Biometrics IFSM 201 – A Practical Introduction to Computers and Communications As the advancement of technology continues to flourish within the modern age, so too have the capabilities and ruthlessness of predators looking to exploit the weaknesses of some for their own personal gains. In order to safeguard and protect the privacies of technological users, technology has also adapted its growth to find better and more fail safe measures by which to guard the individual users. Having evolved from rudimentary passwords, to pin codes and card readers, to encrypted data relying on the application of the aforementioned safeguards, one of the newest and more failsafe applications to guard a person or companies privacy has become the application of biometrics. Biometric devices have helped institute a safeguard that, while not completely “hack proof,” is exponentially harder to replicate as it requires almost 100% reproduction on an individual’s personal body characteristics. Using a variety of biometric devices, a person or company can safeguard their privacies by relying on the one thing they think is immune to a host of scams to gain access – themselves. While the applications of such devices are gaining a stronger foothold among the masses, now enters an additional task to the workforce. Employers and individuals must ensure that they are using the technology practically, and ethically, in order to achieve maximum results without...

Words: 921 - Pages: 4

Free Essay

Paper

...Analysis Research Report: Product Selection and List of Sources Due Date: Jan 18, 2014       Max Points: 50.0 Description This is a Collaborative Learning Community assignment - 1. Identify a product that will be the focus of your research. The product might be one of personal interest (e.g., computers/electronics, cell phones, cars, food services, home health care) or concern (e.g., blood diamonds, tobacco). 2. In a Word document, briefly describe the consumer appeal and environmental factors that you think might influence the market for this product. 3. Also, propose how this product could have implications for ethical, social responsibility, or global issues in the market. Refer to “Research Report Outline” for a list of possible ethical and social responsibility issues in marketing. With instructor approval, you may also choose an issue that is not on the list. Do some preliminary research (on the Internet and/or in the GCU Library) to ascertain if source information on the product (and/or industry) is available. Avoid choosing a product for which data is difficult to find. Find a minimum of three sources that you think will provide sufficient information for your analysis and make a list for instructor approval. Submit the assignment for instructor approval by the end of Topic 1. Instructor must approve product selection and sources and will advise the student by the third day of Topic 2. You are not required to submit this assignment to Turnitin, unless...

Words: 483 - Pages: 2