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Brief History of the Department

The Department of Finance formerly named Department of Banking and Finance was among the six Departments viz a viz: Banking and Finance now Finance, Economics, Geography, Political Sciences, Psychology and Sociology that formed the Faculty of the Social Sciences when it was established in the 1982/83 in the then Ondo State University, Ado-Ekiti now Ekiti State University, Ado-Ekiti. The Department started in 1985/1986 academic session thus, making it the first State University in Nigeria to have a Department of Banking and Finance. The department was also one of the three departments that were calved out from the faculty of the Social Sciences on 1st of August, 2000 to form Faculty of Management Sciences.

From the take-off point, the Department progressed under successive leadership of Prof. J. A. T. Ojo HOD (1985-1989), Mr. J. A. Oloyede Coordinator (1989-1992), Mr. F. O. Bello Coordinator (1992-1996), Dr. J. A. Oloyede Ag. HOD (1996-2003), Dr. J. A. Familoni of blessed memory, Ag. HOD (2003-2005), Mr. S. O. Adeusi Coordinator (2005-2006), Dr. J. A. Oloyede Ag. HOD (2006-2007), Mr. S. O. Adeusi Coordinator (2007-2008), Mr. A. O. Adaramola Coordinator (2008-2009), Mr. L. B. Ajayi Coordinator (2009-2010), Mr. M. O. Oke Coordinator (2010-2011), Mr. Dapo Fapetu Coordinator (2011-2012), Dr. S. O. Adeusi Ag. HOD (2012-2015), Dr. A. O. Adaramola Ag. HOD (2015-2017), Dr. M. O. Oke Ag. HOD (2017-2019) and Dr. L. B. Ajayi Ag. HOD (2019 to date).

The Department aims at providing high calibre Finance, Insurance and Cooperative manager graduates capable of taking up responsible positions in Banks, Non-banks Financial  Institutions, Business organisations, Ministry of Finance, Economic Planning Development, Commerce and industry and other field of human endeavour.

List of Programmes in the Department

The Department of Finance offers three distinct programmes leading to the award of B. Sc degrees in the underlisted programmes.

  1. Finance.
  2. Insurance and Risk Management.
  3. Cooperative Studies and Rural Development.

 

Admission Requirements and Entry Qualifications

The admission requirements for the B.Sc. Finance Degree as well as other units shall be as follows:

The entry requirements for the B.Sc. Honours degree into the department are the same as those for entry into the University; but must include credit in Mathematics and English Language at West African School Certificate or Senior Secondary School Certificate (SSSC) or National Examination Council (NECO) and the General Certificate of Education, Ordinary Level.  However, there are two entry points into B.Sc. (Hons.) Finance programmes; viz:

  1. Students seeking admission into four-year degree programme in Finance should possess a Senior Secondary School Certificate or General Certificate Examination or their equivalents with five credit passes which must include English Language, Mathematics, and Economics.

 

  1. For three-year programmes, a candidate is expected to meet the minimum entry requirement into University in addition to possessing passes in Economics at the Advanced Level and credit possess in Mathematics and English Language at the Senior Secondary School Certificate or General Certificate Examination or their equivalents. Holders of OND in Finance, and Financial Studies of any recognized Polytechnics, Diploma Certificate in Banking and Finance obtained from any recognized University may be considered.

FINANCE

Finance programme was designed with the intention of building internationally competitive graduates in the field of finance with specialisation in areas such as: International Finance, Public Finance, Corporate Finance and Finacial Institution Management respectively. The Department presently run both undergraduate and postgraduate programmes leading to the award of B.Sc.; PGD (Financial Management), M.Sc. and M.Phil./Ph.D and Ph.D degrees in Finance. Since it’s establishment, the Department has produced high quality graduates that spread across every facet of life.

 Philosophy of the Department

The general philosophy is to:

(i)  develop the mind by impacting both theoretical and practical knowledge of finance on individuals who will be self-confident, innovative and self-reliant.

(ii)  develop men and women of good behaviour, unquestionable character, ethnical conduct   and moral uprightness coupled with sound academic and professional competence that           will enable our graduates to compete adequately with their peers both in and outside Nigeria are part of the components of the philosophy of B.Sc Finance  programme.

Objectives

The objectives of the programme are to:

  • produce competent Finance graduates capable of taking up responsible positions in Banks, Non-Bank Financial Institutions, Business Organisations, Ministry of Finance, Economic Planning and Development; including General Commerce.
  • equip the graduates with required analytical and managerial skills necessary for preparing them for challenges of Middle and Top management positions in the Banks, other Financial Institutions and other Sectors of the economy in needs of Finance.
  • develop the attributes of leadership and lubrication of interpersonal relationship required for working in Industrial, Commercial, Educational, Public and other Organisations.
  • contributes to the knowledge and practice of Finance through research.

 INSURANCE AND RISK MANAGEMENT

History of the Programme

Insurance and Risk Management was borne out of the desire to meet up with growth of insurance as a profession in the country. The programme therefore was introduced as a course of study in the Department of Finance, Faculty of Management Sciences in the year 2017/2018 academic session with the intention of building national and internationally competitive graduates.

 Philosophy

The general philosophy is to develop the mind, impact both theoretical and practical knowledge to develop self-confidence, innovative and self-reliant in the fields of insurance, administration and Risk management.

 Objectives

The objectives of the Degree Programme are to:

(i)    make students become aware of the vital role Insurance organisations play in our national development.

(ii)   equip the students with a general knowledge of the principles and practice of Insurance.

(iii)  develop a knowledge and understanding of the concepts, problems and practices of Insurance.

(iv)  introduce students to the skill of analysing changes in market technological, legal, social and political factors in the insurance environment.

(v)   enable students have a thorough knowledge and understanding of the responsibilities typically exercised within insurance functions.

(vi)  equip students with sufficient skills for decision making in insurance and risk management.

COOPERATIVE STUDIES AND RURAL DEVELOPMENT

History of the Programme

Cooperative studies were borne out of desire to meet up with growth of Cooperative studies as a profession in the country. The programme therefore was introduced as a course of study into the Department of Finance, Faculty of Management Science in the year 2017/2018 academic session with the intention of building internationally competitive graduates.

 Philosophy

The general philosophy is to develop the mind, impact both theoretical and practical knowledge of Cooperative Studies and Rural Development on individual who will be self-confidence, innovative and self-reliant in the fields of administration and management of Cooperative Societies, Organisations as well as Cooperative institutions.

Also the need to develop men and women of good behaviour, unquestionable character, ethical conduct and moral uprightness coupled with sound academic and professional competence that will enable our graduates to compete adequately with their peers both in and outside Nigeria are part of the components of the philosophy of Bachelor of Science (B.Sc.) degree of the Faculty.

 Objectives

The objectives of the programme are to:

(i)  produce competent Cooperative studies graduates capable of taking up responsible positions in Cooperative colleges, Cooperative societies, International Cooperative  Alliance, Financial Institutions, Business Organisations, Ministry of Finance. Pension Commission, including General Commerce.

(ii)    equip the graduates with required analytical and managerial skills necessary for preparing them for challenges of middle and top management positions in Cooperative Societies, financial institutions and other sectors of the economy in need of      Cooperative Studies    graduates.

(iii)   develop the attributes of leadership and lubrication of interpersonal relationships required for  working in industrial, commercial, educational, public and other organizations.

(iv)  contribute to the knowledge and practice of co-operative studies through research leading to rural development.