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        Saving can be defined as income not spent on deferred consumption it could also mean that part of disposable income which is not spent on consumption. It could be public or private, the former being related to budget surpluses. In the case of the later, there seems to be a fairly straight forward division of income into consumption expenditure and savings. Thus savings is residually derived from the excess of income over consumption expenditure. Saving is thus not the opposite of spending but merely the alternative to the spending of income on consumption. Therefore, if consumption is added to savings, it will account for the whole of the individuals disposable income.

        For the nation at large, the definition of savings is slightly more complex. It would not be correct to simply subtract consumer’s expenditure from national income and call the remainder savings because this would make no allowance for the collective consumption represented in the public authorities current expenditure on goods and services.

        To be able to calculate the savings of the whole nation, it is necessary to deduct from national income, both private consumers expenditure and current expenditure by public authorities. When this is done, it will be seen that the nation’s saving is exactly equal to capital formation at home plus exports minus imports. This is because national expenditure includes the total expenditure of consumers and public authorities as well as the value of capital formation and not exports. The place of savings in national income accounting can further be explained by reference to national income accounting equation.

This becomes more explicit by first defining within the context, the concept national income equals the total of consumers and public expenditure plus savings. National income and national expenditure are thus identical so that if public and private consumption expenditure is equal to capital formation plus export. In the case of national expenditure of national income. This may be restated more compactly with the aid of the following conventional symbols.

GNE = C + G + I + (X - M)

GNI = C + G + S



I + (X – M) – S


GNI = Gross National Income

GNE = Gross National Expenditure

G = Government Expenditure

S = Aggregate Savings

X = Exports

M = Import

I = National Income

It has been argued that since saving as defined above, is identical to gross domestic investment a separate theory of savings is warranted as if is synonymous with the theory of investment. This however, is not necessarily correct because the savings defined above is actual rather than intended savings, it is the difference between income and expenditure.

An individual whose income accrues as a wage or salary or as dividend or interest, may save part of if bet will hardly be likely to put the saving part of if into a form of industrial machinery or stocks. Instead, he will accumulate cash or lend his savings to someone else by buying bonds, or may acquire interest in some companies by buying shares, in the same way, a firm may plan to save part of it’s profits in order to acquire new machinery. Hence, his desire for capital formation determines it’s decision regarding saving.

Looking at the saving firms from household and firm points of view, saving is the basic foundation of the process of capital formation. This study focuses on saving and saving behaviour among bank customers saving is a type of investment.


Low level of capital formation in Nigeria has been said to be responsible for the low growth rate in the economy, but oin spite of this awareness, the rate of saving has not grown rapidly enough. This also is caused by the low level of income earned by individuals.

However, it is true that one of the reasons for low savings rate is the continuous increase in the price level which has increased transaction demand for money and hence reduced the level of saving. Thus explanation tends to focus primarily on the relationship between saving and it’s major relevance to some other non-income determination of saving but only few attempt have been made to thoroughly investigate this in the Nigeria economy. This study therefore intends to investigate the saving and savings particularly as it concerns the relative significance of income, interest rate and other non-income variables. In the process, the saving interest and saving income hypothesis of classical and Keynesian theory of saving behavior will be evaluated.


        The project is aimed at examining bank customers’ response to saving with particular reference to saving with commercial bank.


The study will take a look into the saving behaviour and control with a view of trying to encourage people to save, that is improving the saving administration. The study is also intended to achieve the following:

i.      To know why people engage in saving

ii.     Importance of saving

iii.    The level of saving

iv.    Limitation of saving

v.     Other requirements needed by commercial banks.


This is a case study aimed at documenting the saving behavious of commercial industry.

        The study would analyze the financial statement of few years accounting period and the level of saving within the bank.

        The study because of financial constraint and time was restricted to just one bank which is a commercial bank (United Bank of Africa) Benin City. It is hoped that any finding from the study would contribute to the lending policies of commercial banks.


        This research work will be useful to both bankers and potential bankers. And to academicians and to researchers too; who may be interested in the same or related topic.

        It will also give insight into the potential saving behaviour which when studies efficiently could bring greater officiency of the services being  rendered to customers and bankers profitability.


        This study being a case study of a going concern in the financial sector was limited by the following:

        Time constraint

        As a result of the fact that work is always available any time of the day in the bank, our period with each interview was limited. And for the fact that I the student were not free at every hour of long hours for an interview to be free until the section starts which only last for few minutes before the interview was being called again.

        However, I were able to overcome the limitation with patience and pain taking.

Insufficient date

The date that were collected from United Bank for \Africa though freely given were not enough.

        As a matter of fact, these are common problems in research work of this nature.


        In the course of carrying out the research work, certain question are needed to be asked. The research question are as follows:

i.      What is saving?

ii.     Why do people engage in saving?

iii.    What is the level of saving in the country?

iv.    What is the importance of saving?

v.     What is the limitations of saving?

vi.    What are some of the requirements needed by commercial bank.


        Today’s United Bank for Africa (UBA) is the product of the Merger of Nigeria, third (3rd) and Fifth (5th) largest banks, namely the old UBA and the former standard Trust bank Plc, and a subsequent acquisition of the erstwhile continental Trust bank Limited (CTB). The Union emerged as the first successful corporation in the history of Nigeria banking. 

Since its historical emergence form the merger of former standard Trust Bank and UBA Plc, the UBA group has positioned itself to be Nigeria’s dominant bank and a leading player in Africa Continent.

        The united bank for Africa limited was incorporated in 1961 to taken over the business of British and French Bank limited (BFB), in other words to take over the assets and liabilities of British and French Bank Limited (BFB), and  officially opened for business on October 3, 1961. the Bristish and French Bank limited (BFB) commend operation in Nigeria in may 1949 at 117, Broad street, Lagos and opened for business in December 1949.

        January 19, 2005 UBA and STB formally announced their intention to merge at a press conference in Lagos jointly addressed by UBA’s chairman kayoed Sofola, and MD/CEO of STB, Tony Elumelu, January 26, 2005. The proposed merger between UBA and STB received the pre major consent of Nigeria, monetary regulatory authority the central Bank of Nigeria (CBN), conveyed via a letter signed by the CBN Director of Banking supervision, January 11, 2005 UBA’S offer of 2 billion ordinary shares of N1.00 each of N.0 per shares opens for public subscription on Tuesday, January 11, 2005.

        Offer closed in February 2005 and was fully subscribed among the reasons, UBA went to the market is to raise funds needed to undertake strategic acquisitions. February 4, 2005. Nigeria’s securities and exchange commission issued both banks a “no objection” latter, with regards to the proposed merger, in compliance with the provision of investment and securities Act of 1999, as amended in March, 30, 2005. MAJOR MEDIA EVENT (SUCH AS THE Annual General Meeting of the Lagos Chapter of the Nigeria Build of Editor) were sponsored to provide major visibility and mileage in information dissemination regarding the merger, May 18, 2005. a merger agreement was signed between UBA and STB, upon agreement set out among other things, the terms of contingent value rights that may accrue exclusively to the respective pre-merger shareholders of UBA and STB following the completion of the merger. In May 18 2005: a statement was issued by the issuing House and Financial Advisers to UBA and STB explaining the term, conditions and effects of the scheme of merger. The scheme of merger document dated May 25, 2005, was subsequently released, July 6, 2005: Both UBA and STB had their separate court ordered extra-ordinary (General Meeting (EGMS). To approved the proposed merger of both Bank. July7, 2005; Resolutions reached at the separate court – ordered EGMS in respect of the proposed merger, were failed with the Corporate Affairs Commission (CAC). Abuja, July 2005: Applied for the CBN and SEC final approval of the merger, in addition, the Federal; Inland Revenue Service (FIRS) Clearance from tax liability July 15, 2005: obtained CBN’S final approval of the merger, July 19, 2005: filled the petition for Court order sanctioning the merger. July 25, 2005: obtained court sanction of the merger. July 28, 2005 applied to the Nigeria Stock Exchange (NSE) for the de-listing of the shares of the share of STB. Also, field court applied for the registration of shares of the new UBA with the apex capital market regulatory body. August 1, 2005: the merger entity, operating under the name United Bank for Africa Plc, came on stream as the first successful merger to be prosecuted under the programme. August 16, 2005: shares of the consolidation UBA were listed on the NSE.

        August 22, 2005: UBA commenced the issue of share certificate to shareholders. Therefore, a new board of director and management were appointed, at inception of merger, UBA had a capital base of 822 billion naira in it’s balance sheet, and their saving deposit has grown up to 484 billion. Under the direction of it’s EMD/CEO Mr. Philip Oduoza, the management team of the group is made up of people with skills in various background as well as depths of experiences (garnered from national and international institutions).

        The following peopl

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