CERTIFICATION

This is to certify that this report is a detailed account of the Student

Industrial Work Experience Scheme (SIWES) undertaken by Ogunleye
Seunayo Emmanuel with matriculation number MTS/12/1101 at Sterling
Bank PLC for the period of six (6) months and has been prepared in
accordance to regulations guiding the preparation of reports in the
Department of Mathematical Science, Federal University of Technology,
Akure.

Mr Ewemooje
SIWES Supervisor

..
Dr. F.B. Adebola
H.O.D.

DEDICATION

This report is dedicated to the Almighty God, the perfect, the most Holy
one, the Author and the Finisher of my faith who helped me throughout
the SIWES period. And also to my Mother and Siblings for the provisions
and the support so far.

ACKNOWLEDGEMENT

I appreciate the Almighty God, The creator of heaven and the earth for His
love, care and guidance during the period of my SIWES programme.
I would also like to express my gratitude to my loving mother, Mr Tayo
Adejugbe, Mr Olugbenga Ezekiel, Miss Foluke Otusajo, my siblings for their
support ,advises and prayers all through the period of my training, may
the Almighty God continue to bless and nourish us all.
My gratitude also goes to my SIWES supervisor Mr Ewemooje, Head of
Department in person of Dr. Adebola F.B. and all the staff of our great
department, May God take us higher than our imagination.
My appreciation also goes to my industrial based supervisors, Mr Diko
Bashir, Madam Kike Kuponiyi, and all staff of the institution (Sterling Bank
PLC) for their support. It is my prayer that we shall all be great in life.
Finally, my sincere appreciation goes to all my friends, Fifo Kenny, AdeOmosehin Bumni and Olabintan Odunayo, just to mention a few and
others for their kindness, may we prosper in all our endeavours.

TABLE OF CONTENTS

Certification
Dedication
Acknowledgement

Chapter One
1 Introduction
1 Introduction to the SIWES Programme
2 Aims and Objectives of the SIWES Programme
Chapter Two
2
1
2
3
4

Historical Background of the Institution

Objective of the Institution
Vision of the Institution
Mission of the Institution
Organogram of the Institution

Chapter Three
`

3.1 Overview of Statistical Technique used

3.1.1Application of Forecasting
3.1.2 Methods of Forecasting
3.2 Experience gained and Contribution to the Company
3.2.1 Brief Overview of forecasting technique adopted
3.2.2 Source of Data for Analysis
Chapter Four
4.0 Analysis
4.1 Relevance of Mathematics to the Company
Chapter Five

5.0

Conclusion

5.1 Recommendations
5.2 References

CHAPTER ONE
1.0

INTRODUCTION

1.1

INTRODUCTION OF THE SIWES PROGRAMME

SIWES was established by ITF in 1973 to solve the problem of lack of

adequate practical skills preparatory for employment in industries by
Nigerian graduates of tertiary institutions.
The Scheme exposes students to industry based skills necessary for a
smooth transition from the classroom to the world of work. It affords
students of tertiary institutions the opportunity of being familiarized and
exposed to the needed experience in handling machinery and equipment
which are usually not available in the educational institutions.
Participation in Industrial Training is a well-known educational strategy.
Classroom studies are integrated with learning through hands-on work
experiences in a field related to the students academic major and career
goals. Successful internships foster an experiential learning process that
not only promotes career preparation but provides opportunities for
learners to develop skills necessary to become leaders in their chosen
professions.
One of the primary goals of the SIWES is to help students integrate
leadership development into the experiential learning process. Students
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are expected to learn and develop basic non-profit leadership skills

through a mentoring relationship with innovative non-profit leaders.
By integrating leadership development activities into the Industrial
Training experience, we hope to encourage students to actively engage in
non-profit management as a professional career objective. However, the
effectiveness of the SIWES experience will have varying outcomes based
upon

the

individual

student,

the

work

assignment,

and

the

supervisor/mentor requirements. It is vital that each internship position

description includes specific, written learning objectives to ensure
leadership skill development is incorporated. Participation in SIWES has
become a necessary pre-condition for the award of Diploma and Degree
certificates in specific disciplines in most institutions of higher learning in
the country, in accordance with the education policy of government.
Operators - The ITF, the coordinating agencies (NUC, NCCE, NBTE),
employers of labour and the institutions. Funding - The Federal
Government of Nigeria Beneficiaries - Undergraduate students of the
following: Agriculture, Engineering, Technology, Environmental, Science,
Education, Medical Science and Pure and Applied Sciences.

Duration -

Four months for Polytechnics and Colleges of Education, and Six months
for the Universities.

1.2

AIM AND OBJECTIVES OF SIWES

AIM: Provision of the avenue for students to acquire industrial experience

in their approved course of study, while also preparing students for their
industrial work situation which they are likely to meet after graduation.

OBJECTIVES

 SIWES will expose and prepare undergraduates for industrial work

situations.
SIWES will help employers acknowledge the relevance of some fields
of study and benefits from the knowledge acquired by the student.
SIWES will expand students practical knowledge in their field of
study.
SIWES will enlist and strengthen employment in industry and
commerce (Information and guidelines for SIWES, 2002).
SIWES will provide students the opportunity to test their interest in a
particular career before permanent commitments are made.
SIWES students will develop skills in the application of theory to
practical work situations.
SIWES will provide students the opportunity to test their aptitude for
a particular career before permanent commitments are made.
SIWES students will develop skills and techniques directly applicable
to their careers.

SIWES will aid students in adjusting from college to full-time

employment.

SIWES will provide students the opportunity to develop attitudes

conducive to effective interpersonal relationships.

SIWES will increase a student's sense of responsibility.

SIWES students will be prepared to enter into full-time employment

in their area of specialization upon graduation.

SIWES students will acquire good work habits.

SIWES students will develop employment records/references that

will enhance employment opportunities.

SIWES will provide students the opportunity to understand informal

organizational

interrelationships.

SIWES will reduce student dropouts.

SIWES Students will be able to outline at least five specific goals

with several staff members by comparing performance with job
duties

and

develop

draft

plan

with

staff

to

accomplish

performance needs, supervision plan and rewards.

SIWES Students will be able to develop a draft agency or project

budget and will be able to identify methods of obtaining revenue to
support the budget.

SIWES Students will be able to provide tools to use in prioritizing

tasks of an assigned project and create with staff a tentative
schedule for completion based on these tasks.

SIWES Students will be able to develop a model policy that gives

current front-line leaders the permission and expectation to work
with other staff on conflict resolution and explain how this works to
current front line leaders.

SIWES Students will be able to describe different skills leaders can

use to Foster commitment and collaboration with both internal and
external constituents.

CHAPTER TWO

2.0

HISTORICAL BACKGROUND OF THE INSTITUTION (STERLING

BANK PLC)

Sterling Bank Plc originally incorporated in 1960 as Nigeria Acceptances

Limited (NAL). The bank was licensed as Nigerias first merchant bank in
1969. Consequent to the indigenization decree of 1972, the Bank
became fully government owned and was managed in partnership with
Grind lays Bank Limited, Continental International Finance Company
Illinois and American Express Bank Limited between 1974 and 1992. In
1992, the Bank was partly privatized and listed as a public company on
the Nigeria Stock Exchange (NSE). Eight years later, in 2000, the federal
government sold its residual interest in the bank, effectively making it a
fully privatized institution.
In January 2006, as part of the consolidation of the Nigerian banking
industry, NAL Bank completed a merger with four other Nigerian Banks
namely Magnum Trust Bank, NBM Bank, Trust Bank of Africa and IndoNigeria Merchant Bank (INMB) and adopted the name 'Sterling Bank'
name. The merged entities were successfully integrated and have
operated as a consolidated group ever since.
In line with the Central Bank of Nigerias repeal of universal banking,
Sterling Bank now operates as a national commercial bank, disposing of
holdings in subsidiaries and affiliate companies. In mid-2011, Sterling
Bank Plc acquired the franchise of the erstwhile Equatorial Trust Bank

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2.1

OBJECTIVES OF ESTABLISHMENT
The goal of Sterling Banks IR unit is to ensure that the investment
community has a clear understanding of the Banks strategy,
business model, competitive position and financial performance
through transparent communications.
Sterling Bank maintains a policy of informing the investment
community of its business circumstances in accordance with the
legal requirements guiding companies and financial institutions in
Nigeria as well as global best practices.
Sterling Bank places a high priority on the quality and consistency of
the investor-relevant information it discloses.

2.2

VISION

To be the financial institution of choice.

2.3

MISSION

We deliver solutions that enhance stakeholders' value

2.4

ORGANOGRAM OF THE COMPANY

CHAPTER THREE

3.1. OVERVIEW THE STATISTICAL TECHNIQUE USED

11

4.0

Analysis

12

4.1

5.0

Relevance of Statistics to the Company

Conclusion

The six months student industrial work experience scheme was indeed a
worthwhile experience. The industrial training period has taught and
exposed me to the practical section of my theoretical and class
understanding of statistics and has exposed my understanding to research
work.
More so, I have been enlightened on how to use to some softwares while
increasing my expertise of the ones I had been familiar with. It has also
brought me in contact with Statisticians, Economists and Accountants
from different fields. It has in addition given me the opportunity to access
and possess some articles and materials and skills that will be of help to
me both now and in the nearest future. The SIWES period has as well
educated me on Accounting and Marketing principles, meeting deadline
and compliance with directives as given by your boss as an upcoming
graduate.
Finally, the industrial training period has given me a sense of believe that
statistics is not inferior to other science related courses, especially, when
it comes to businesses, economics etc.

and it can also give one a

desirable future and fulfilment in life provided one is diligent and

dedicated enough.

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4.3

RECOMMENDATIONS

The student industrial training programme embarked upon by the

department is indeed an astute one which has helped students in
acquiring technical and practical knowledge of their field of study. I will in
the vein of subsequent industrial training recommend the following, which
I think will further enhance the program:
i)

The university should make adequate provision to visit all students

on industrial training at least twice during the programme, irrespective of

the place of attachment in order to know the problems being faced by the
students at their respective training centre.
ii)

Industrial training centres should ensure that they organise

lectures, seminars or workshop whereby students will be further

enlightened about the scheme of work and the opportunity they stand to
gain if knowledge acquired there is properly nurtured and channelled.
iii)

The Federal government should also ensure that students stipend

are duly paid in time, if possible, during the period of the training so as to
encourage students.
iv) Due to the prevalent unsteady economic situation of the nation, most
companies are sceptical or rather reluctant to recruit students for
attachment, they tend to make the programme to ambiguous and
stressful for students, In view of this, Nigerian University Commission
(NUC) in conjunction with Industrial Training Fund (ITF) and the University
should endeavour to enlighten and orientate the general about the
programme and its advantages.

REFERENCES

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Brockwell & Davis, Introduction Time Series and Forecasting_

Wikipedia, Sales forecasting.

Mrs Bodunwa(2015),Times series analysis (MTS 308) Lecture note

,Department of Statistics ,Futa

www.youtube.com, Time series analysis.

Axispartnersltd (2013) ,History of organization

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