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The Role Of Ceo In The Strategic Planning System In Nigerian Banks

5171 words - 21 pages




The purpose of this paper is to analyze the CEO’s strategic role in the strategic planning system in the Nigerian banking industry. 69 Chief bank planners were selected for the study from banks that are generally considered to be at the leading edge of bank strategic planning in Nigeria. The paper explores the key dimensions of CEO’s participation in and relationship to bank strategic planning. First the impact of the rapidly changing internal and external environment on bank planning was examined. The survey findings ...view middle of the document...

This revealed a void in strategic management that deserve critical attention. This reform was something operators in the banking industry probably should have envisaged earlier and prepared for, if only they had been bench making banks outside Africa. So for commercial banks to be successful in Nigeria, banks must pay closer attention to systematic strategic management as a critical tool for a long-term success. However, while CEOs recognize the need, strategic planning has never really caught as a basic banks management tool in Nigeria banking industry.
Achieving success will therefore become increasingly difficult over the next decade as banks move more and more into a more dynamic competitive and challenging environment. Strategic positioning relative to evolving environment and consumer financial service needs will require CEO’s to adopt a more systematic strategic long-range planning form of corporate management.
To accomplish this, the CEO must fulfil key dual roles of chief strategist and organization builder. As chief strategist, the CEO is the architect of how the bank positions itself relative to its potential futures. A chief organization builder, the CEO provides leadership to achieve cohesion and direction among the bank’s diverse organizational units and individuals. While there roles apply to all functions and activities of the banks, they are particularly critical in strategic planning. Without the CEO’s guidance and leadership, the attention of other senior managers will focus more on short range concerns and crises.
This paper documents the CEO’s evolving role in strategic planning based on mail survey responses of 69 chief bank planners. The respondents are from banks that are generally considered to be at the leading edge of bank strategic planning in Nigeria. If the views of chief banks planners reflect reality, the survey results indicate a need for further development of strategic corporate planning in the banking industry. The survey suggests that, while CEO’s recognise the need, strategic planning has never really caught on as a basic management tool, since a majority of CEO’s do not use their long-range plans in management policy decision making. Furthermore, even fewer bank CEO’s actually follow-
up and monitor results against the original long-range plan. Other findings of the survey also suggest that majority of CEO’s are not obtaining the maximum potential from their bank’s corporate strategic planning efforts.

This paper explores the key dimensions of CEO’s participation in and relationship to bank strategic planning. First, the impact of the rapidly changing internal and external environment on bank planning is examined. Next, survey findings indicating the current involvement of bank CEO’s in specific dimensions of corporate strategic planning are evaluated.

The survey findings concerning current CEO...

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