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Role Of Public Relations In Crisis Management
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In 1971, the shares of the bank stock were listed on the Nigerian stock
Exchange. In the same year, 8.33% of the bank’s shares were offered to
Nigerians. The following year, the federal Government of Nigeria
acquired 51.67% ownership of the bank, leaving Barclays Bank Plc of
London with 40% ownership. In 1979, that 40% was sold to Nigeria
individuals and business to comply with the recently enacted banking and
investment laws. The bank changed its name to Union Bank of Nigeria
Plc., to reflect its new ownership structure. In 1993, the federal
Government of Nigeria completely divested its ownership in the bank.
Subsequently, Union Bank of Nigeria Plc. acquired the former Universal
Trust Bank Plc. and Broad Bank Limited. It also absorbed its former
subsidiary Union Merchant Bank Limited.
Union bank has grown
enormously since 1979.Beween 1981 and 1984, the bank made the highest
level of profits in the banking sector. While In 1986, it became the
first Nigerian to hit 1 billion naira mark in the savings deposits. Its
total assets which stood at 5, 29.550 billion naira in 1986 has risen to
about 329.6 billion naira in 2003. In July 2009, it was rated the 556th
largest bank in the whole world and the 14th largest world in Africa.
As of June 2012, the bank’s asset base was estimated at US$6.784 billion
(NGN:1.049 trillion).The shareholders equity at that time was estimated
at US$1.22 billion (NGN:188.4 billion). The bank has a branch in London
which commenced operations in September 1983 with five million pounds
and 12 members of staff, now it has grown to more than 30 million pounds
with staff strength of Union Bank of Nigeria Plc with its mission
statement of “To be the foremost financial institution with the
satisfied customer†is one of the largest companies listed on the
Nigerian Stock Exchange and ranked among the most successful in the
whole of African.
1.2 Statement of the Research Problem:
There
is a saying that goes thus:â€Change is the only constant things in lifeâ€.
In as much as change is desirable, not all change brings good fortunes,
some bring about positive effects while some simply are destructive and
devastating. The problem is that with each passing year many
organizations find themselves enveloped in crises which decelerate
growth and brings instability in the polity, unhealthy competition,
destruction of life and property as well as loss of life. What factors
could be responsible for these? Does it mean that Public Relations
departments are overtly ignored or underrated in organizations? A
corporate
organization like Union Bank Plc which has grown to such a
magnitude has had its crisis periods. Of course no business can operate
in troubled waters. Therefore the question this study seeks to answer
is: how has Public relations expertise and experience been used to
effectively manage a crises situation in Union Bank Plc Garden Avenue
Enugu.
1.3 Objective of the Study
The study had the following objectives
i. To determine the role public relations play in crises management at Union Bank Plc
ii. To determine what Public relations tools were used to resolve the crises at Union Bank Plc.
iii. To ascertain how effective the Public relations tools were used in resolving the crises.
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ABSRACT - [ Total Page(s): 1 ]This Project examines Role of public relations in crisis management, a study of Union Bank Plc. Garden Avenue Enugu. To achieve this, the survey research method was adopted. The researcher uses the number of the population as the sample size; this is because the population is already small to reduce as we know that the purpose of sample size is to reduce the large number of population. Three research questions guided the study. Research findings showed that public relations play a vital role in ... Continue reading---
