Effective Leadership Practices of Bank Leaders in Nigeria

Effective Leadership Practices of Bank Leaders in Nigeria by Olatunji Ajiboye MS, University of Ibadan, Nigeria, 1984 BS, University of Ibadan, Nigeria, 1983 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University March, 2017 Abstract The Nigerian banking industry has recently witnessed a major scandal resulting from financial impropriety of some corporate leaders in the industry. The Central Bank of Nigeria (CBN) invested the sum of N620 billion ($4.1 billion) as part of a direct bailout package to 8 banks, and removed top executives of those banks for gross leadership ineptitude. The leadership ineptitude is an indication of the need to better understandThe Nigerian banking industry has recently witnessed a major scandal resulting from financial impropriety of some corporate leaders in the industry. The Central Bank of Nigeria (CBN) invested the sum of N620 billion ($4.1 billion) as part of a direct bailout package to 8 banks, and removed top executives of those banks for gross leadership ineptitude. The leadership ineptitude is an indication of the need to better understand effective leadership practices in the Nigerian banking industry. Grounded in transformational leadership theory, the purpose of this multiple case study was to explore bank leaders' effective leadership practices used to sustain bank growth in Nigeria beyond 5 years. Data were collected from semistructured interviews with 5 Nigerian bank CEOs, direct observation, and document reviews. During thematic analysis, 4 themes emerged including establishing a direction, inspiring and motivating employees, raising other leaders, and developing and using leadership competence. The implications for positive social change include the potential for bank leaders to identify sustainable leadership practices, improve profitability, create more job opportunities, and ease unemployment problems in the community. Effective Leadership Practices of Bank Leaders in Nigeria by Olatunji Ajiboye MS, University of Ibadan, Nigeria, 1984 BS, University of Ibadan, Nigeria, 1983 Doctoral Proposal Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University March, 2017 Dedication I dedicate this doctoral study to my lovely wife, Bose Ajiboye, who provided me with immense support, reassurance, and understanding throughout the doctoral journey. I also dedicate this work to my sons, Samuel, Joseph, Emmanuel, and Daniel. The boys understood my determination to achieve this milestone and they humored me to the finishing line. Finally, I dedicate the doctoral work to my boss, Dr. Lucy Newman, who nudged me ceaselessly to enroll for the doctoral program. Acknowledgments I give glory to God whose mercy, grace, and steadfastness made this accomplishment possible. I acknowledge the immense support of my committee chair, Dr. Gwendolyn Dooley, who guided and motivated me during the doctoral process. Sincere appreciation to the other committee members, Dr. Kevin Davies and Dr. Reginald Taylor for painstakingly guiding me to develop a doctoral study that met the requirements of Walden University. I am indebted to Dr. Freda Turner who helped to focus the study during my second residency in San Diego. My thanks goes to Arthur Sherman, a fellow student during the foundation course, who ceaselessly encouraged me to hang on. I thank Oluwaloyomi Oshagbemi, for his immense contribution during the data collection stage. I appreciate my colleagues in the office for providing support, encouragement, and motivation. Lastly, I thank all the CEOs who participated in the study.