International Journal of IJARAEBP Advanced Research in Accounting, Economics and Business PerspectivesVol. 4, No. 1 p-ISSN: 2636-6894 | e-ISSN: 2636-6886 July, 2020, 2020
his study examines the effect of financing sources on financial performance of T Small and Medium... more his study examines the effect of financing sources on financial performance of T Small and Medium Enterprises in Taraba State, Nigeria. The specific objectives of the study are to examine the effect of commercial bank loan, retained earnings, trade credit and leasing on financial performance of Small and Medium Enterprises in Taraba State. The study is limited to 2019 while descriptive survey research design was adopted for the study. The population comprised of small, medium and micro enterprises registered in Taraba State, Nigeria. Based on Small and Medium Enterprise Development Agency of Nigeria report of 2018, the total number of these enterprises are 514, 864. The study set a criterion that for any of the Small and Medium Enterprises to be sampled; the Small and Medium Enterprises must have an asset base (excluding land) of between N5Million-N500Million and labour force of 50 to 199. Based on the report of Small and Medium Enterprises Development Agency, it was only 69 Small and Medium Enterprises that satisfied the stated criteria. These 69 Small and Medium Enterprises formed the sample size for the study. The study used filtering sampling technique to arrive at sample size of 69. Primary data were collected from the field. Questionnaire was used to collect primary data from the field. Data was analyzed using multiple regression analysis. The study found that commercial bank loan and trade credit have significant positive effect on financial performance of Small and Medium Enterprises, while lease financing has significant negative effect on financial performance of Small and Medium Enterprises. Retained earnings was found to be insignificant on financial performance of Small and Medium Enterprises in Taraba State. The study concludes that commercial bank loan, trade credit and lease financing are determinants of financial performance of Small and Medium Enterprises in Taraba State. Based on the conclusions of the study, the study recommends that Small and Medium Enterprises in Nigeria should consider Small and Medium Enterprises sources of business financing as important determinants of financial performance. SMEs should come together to form larger groups in order to access bigger commercial loans from banks.
The North West region's violence has quickly grown into a theatre of wars, spilling into ... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
This study investigates the effects of firms' characteristics on financial reporting quality of l... more This study investigates the effects of firms' characteristics on financial reporting quality of listed consumer goods companies in Nigeria for the period of ten years, from 2008-2017. An ex-post facto research design was adopted for the study. The population of the study consists of 22 consumer goods companies listed on the floor of the Nigerian Stock Exchange. Since the population is not too large, this study utilized census sampling technique to take all the population for the purpose of this study. The data used in this study were secondary data derived from annual reports of consumer goods companies that are listed on the NSE. The study used panel regression with respect to the use of Hausman specification test to settle on the use of fixed or random effect model. The fixed effect regression result discovered that leverage has significant negative effect on financial reporting quality on listed consumer goods companies in Nigeria, but firm size, board size, institutional shareholding, profitability and liquidity has no significant effect on financial reporting quality of listed consumer goods companies in Nigeria. The study concludes that firm characteristics affects financial reporting quality of listed consumer goods companies in Nigeria. Based on the findings derived from this study, the study recommends that investors should consider the size of the company they intend investing in, consumer goods firms should reduce their leverage levels. Again, emphasis should not be placed on the number of board members, but on their ability to checkmate management tendencies to manipulate the financials. The percentage of total number shares held by corporate shareholders should be increased, stakeholders and potential investors in listed consumer goods companies should question any fluctuation in profitability. Lastly, a good liquidity position should be maintained.
Confluence Journal of Economics and Allied Sciences (CJEAS), 2019
private sector from the credit market. On the other hand, when banks' investments in government s... more private sector from the credit market. On the other hand, when banks' investments in government securities increase, their attitude to risk might change, and hence their desire to lend more to relatively risky avenues might increase (Majumder, 2007). It is known that Nigeria faces a myriad of socioeconomic challenges, whichcomprises of weak real economic growth rate of 1.89% in 2018, and high unemployment rates of 23.1 % as at 2018 (National Bureau of Statistics, 2019). However, an equally serious challenge was theincrease in total debt asat the end of 2018, domestic and external debts were 12.774 trillion naira and 25,274.36 USD million respectively.When governments, especially in emerging economies like Nigeria borrow from the domestic and international markets, the borrowing definitely comes with obligation of debt service and this can be a burden, debt service for 2020 in Nigeria will be ? 2.45 trillionand this can be a constraining factor to rapid economic recovery with the debt increasing at an alarming rate. Funds which should have been used for economic growth are directed in the course of servicing the debt. Therefore, policy-makers need to discern whether or not this borrowing reduces CPS. At the theoretical level, this relationship is negative. More government borrowing means less CPS. However, in reality, thereaction of CPS to changes in public debt rest on the level of liquidity in the domestic market (Claeys, Moreno &Suriñach, 2012). External debt provides emerging economieslike Nigeria access to foreign currencies, also the volatility in the capital flows into and out of the country combined with the shortterm characteristics of the external debt cause financial crises because of the lack of financial depth in most of these emerging economies (Holland, 2007). Additionally, for most of the emerging countries, access to international credit market is limited. The uncertainties and additional costs of external debt force them to rely on domestic debt. While domestic financing reduces macroeconomic risks, the absorption of the domestic financial resources by the emerging governments brings some questions like inefficient credits to private sector (Beck, Demirguc-Kunt& Levine,2004). The dual-role of financial institutions as major lender to government and to the private sector offers an insight into literature which investigates the influence of public debt on CPS especially in Nigeria. Kumhof and Tanner (2005) are one of the forerunners of empirical study on effect of public debt on credit to the private sectorliterature,they asserted that liquid collateral function of safegovernment debt facilitates financial intermediation. They put emphasis on the function of public debt onCPSas safest asset in the financial system. Hauner (2009) in contrast, focused on the increasing share of the bank credit absorbed by the public sector which causes the risk of slowing down CPS. The study found evidence about the negative effect of the domestic debt on the CPS. The study revealed that domestic debt crowd out credit to the private sector in the 73 middle-income countries investigated.
This study investigates the effects of corporate tax on dividend policy of quoted deposit money b... more This study investigates the effects of corporate tax on dividend policy of quoted deposit money banks in Nigeria for the periods of 2009 to 2018. Corporate tax was measured with company income tax and tertiary education tax while dividend policy was measured with dividend per share. The study employed ex-post facto research design with the use of panel secondary data. Data were extracted from the financial reports and accounts of the quoted deposit money banks for the periods under investigation. The population of the study are the thirteen (13) quoted deposit money banks, because they are not many, this study census all the population as the sample size. The study utilized panel regression technique of analysis. The results showed that company income tax has a negative significant effect on dividend per share while tertiary education tax also showed a significant negative effect on dividend per share. Based on these findings, the study concludes that that corporate income tax rate significantly affects the dividend policies of quoted deposit money banks operating in Nigeria. In addition, tax rate is an important determinant in the formation of dividend policies of firms operating in Nigeria. Based on these findings, quoted deposit money banks are advised to work out investment and financing framework that will give room for adequate and consistent dividend distribution, and also strive towards expanding their capacity and operational efficiency so as to restore investors' confidence in the sustainability of the bank, lastly, quoted banks should seek for avenues through which they can reduce their tax liabilities, such as tax amnesty, tax holiday, and tax relief.
The quickness with which Nigeria's information and financial infrastructures were encircled, weak... more The quickness with which Nigeria's information and financial infrastructures were encircled, weakened and exploited during the protests to end the Special Anti-Robbery Squad (EndSARS) calls for concern and review. Message from the protests projected an unfamiliar terrain even to the law enforcement agencies whose grasp of cyber warfare is limited. The protest, rather than activating a confrontational posture against the country's conventional military and paramilitary apparatus hijacked the nation's information and financial assets placed at the mercy of a surreptitiously declare cyber warfare using the latter via cryptocurrencies to effectively oil the EndSARS protest to no avail. The eventual loss that resulted from the collateral damage of property and lives has raised some background questions as to how deep the nation is shifting from seemingly guerrilla warfare to cyber warfare. It was against this depth that the study engaged the routine activity theory to assess cyber warfare and internal security judging from the EndSARS experience in Nigeria. The study employed purposive and snowballing sampling techniques with regression for data analysis. The online survey covers 13 th October to 28 th October 2020 for a spate of two weeks in Nigeria and a total of 1,147 respondents across the country. Findings from the study established that cyber warfare has a significant effect on both information and financial infrastructures of the country. The study thus submits that efforts to secure the nations cyberspace and its vulnerable critical national infrastructures should be engaged with emphasis on good governance. The study recommends the immediate Cyberwarfare empowerment particularly of Nigeria Security and Civil Defence Corps who are the lead agency in the protection of Critical National Assets and other security agencies as threat of cyberattack is no longer a mirage.
LAPAI INTERNATIONAL JOURNAL OF MANAGEMENT AND SOCIAL SCIENCES, 2020
Financial deepening is one of the techniques whose usage can revive the pace of economic growth. ... more Financial deepening is one of the techniques whose usage can revive the pace of economic growth. In any case, the impact of this policy should be resolved and inspected now and again particularly to developing economies. Emerging countries have financial resources and instruments that are limited and this condition is normally similar to shallow financial depth. Hence, this study aims to examine the effect of financial deepening on economic growth in Nigeria for the periods of 1960-2017. The study proxied financial deepening with broad money supply and credit to private sector while economic growth was proxied with real gross domestic product. Expo-facto research design was utilised and secondary data were extracted from Central Bank of Nigeria statistical bulletin. The study employed the Ordinary Least Square method to estimate the model. In so doing, Vector Error Correction model was used. The study employed Augmented Dickey Fuller test for stationarity of the variables. The Johansen cointegration test was used to determine the long run relationship among the variables. The result indicates that all the variables are non-stationary at levels, but became stationary after first difference. The result of the ordinary least square revealed that broad money supply has positive and significant effect on economic growth in Nigeria while credit to private sector has negative and significant effect on economic growth in Nigeria. The Vector Error Correction model result suggests that there is long and short run effect among the variables. Test for adequacy was performed on the residuals and the results indicate that they are homoskedastic, no serial correlation and are normally distributed. The study concludes that broad money supply drives economic growth in Nigeria while credit to private sector retards economic growth in Nigeria. Based on the findings, the study recommends that Federal government of Nigeria through the Central Bank of Nigeria should continue to increase the volume of broad money supply to the economy as it is found to increase economic growth in Nigeria, it also recommends that Central Bank of Nigeria should reduce interest rate in the economy so that investors may raise their investment and output.
The North West region's violence has quickly grown into a theatre of wars, spilling into the Nort... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
The North West region's violence has quickly grown into a theatre of wars, spilling into the Nort... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
The effect of macroeconomic variables on stock performance has attracted considerable research in... more The effect of macroeconomic variables on stock performance has attracted considerable research interest due to the fact that macroeconomic variables interplay serves as barometer for the economy measured by stock performance. This study examines the effect of selected macroeconomic variables on stock performance in Nigeria for the periods of 1983 to 2018 using Autoregressive Distributed Lag technique to analyse the data. The study proxy stock performance with total market capitalisation while selected macroeconomic determinants used are foreign workers remittance, foreign portfolio, broad money supply and Gross Domestic Product growth rate. The study tests for stationarity of the time series secondary data with Augmented Dickey Fuller Test and the result of the results of the test suggest that all the data are stationary at first difference, except Gross Domestic Product growth rate that was stationary at level. The study found that foreign workers remittances, foreign portfolio and broad money supply have significant positive effect on stock performance while Gross Domestic Product growth rate has an insignificant effect on stock performances. Based on these findings, the study concludes that the selected macro determinants should attract government attention in Nigeria. In the light of the outcome of the study, the study recommends that the Central Bank of Nigeria should continue to design frameworks and policy that would promote and retain portfolio investment in the country and also ensure further r reduction in the cost of remittance into the country. That Securities and Exchange Commission and Nigerian Stock Exchange should strive to improve on market capitalization of stock market by attracting listing and increased trading activities with a platform that put attractive financial assets in the global market.
International Journal of Social Science and Economic Research, 2020
This study explores the effect of ownership structure on Nigeria's listed agricultural firms' cap... more This study explores the effect of ownership structure on Nigeria's listed agricultural firms' capital structure over 11 year period from 2009 to 2019. The study adopted ex post facto research design. The population consisted of five agricultural firms listed on the Nigerian Stock Exchange floor. The research used census sampling methods to take the whole population. Primary data from the listed agricultural firms' annual reports were used. The Hausman specification test was conducted to determine the use of random effect or Fixed effect regression, based on the Hausman test results, the study used opted for Random effect regression. The result of the Random Effect Regression showed that managerial ownership and the concentration of ownership have no significant effect on capital structures while institutional ownership has a significant positive influence on capital structure of the listed agricultural firms in Nigeria. The study concludes that ownership structure has a major effect on Nigeria's listed agricultural firms' capital structure. The study recommends that management should allow managers to buy and own shares in their companies. The Securities and Exchange Commission should also strengthen the supervision of major shareholders and diversify the ownership base of listed agricultural companies by reducing the percentage of long-term debt shares held by major shareholders to prevent a few investors from gaining control.
International Journal of Social Science and Economic Research, 2020
This study explores the effect of ownership structure on Nigeria's listed agricultural firms' cap... more This study explores the effect of ownership structure on Nigeria's listed agricultural firms' capital structure over 11 year period from 2009 to 2019. The study adopted ex post facto research design. The population consisted of five agricultural firms listed on the Nigerian Stock Exchange floor. The research used census sampling methods to take the whole population. Primary data from the listed agricultural firms' annual reports were used. The Hausman specification test was conducted to determine the use of random effect or Fixed effect regression, based on the Hausman test results, the study used opted for Random effect regression. The result of the Random Effect Regression showed that managerial ownership and the concentration of ownership have no significant effect on capital structures while institutional ownership has a significant positive influence on capital structure of the listed agricultural firms in Nigeria. The study concludes that ownership structure has a major effect on Nigeria's listed agricultural firms' capital structure. The study recommends that management should allow managers to buy and own shares in their companies. The Securities and Exchange Commission should also strengthen the supervision of major shareholders and diversify the ownership base of listed agricultural companies by reducing the percentage of long-term debt shares held by major shareholders to prevent a few investors from gaining control.
International Journal of Advanced Research in Accounting, Economics and Business Perspectives, 2020
his study examines the effect of financing sources on financial performance of T Small and Medium... more his study examines the effect of financing sources on financial performance of T Small and Medium Enterprises in Taraba State, Nigeria. The specific objectives of the study are to examine the effect of commercial bank loan, retained earnings, trade credit and leasing on financial performance of Small and Medium Enterprises in Taraba State. The study is limited to 2019 while descriptive survey research design was adopted for the study. The population comprised of small, medium and micro enterprises registered in Taraba State, Nigeria. Based on Small and Medium Enterprise Development Agency of Nigeria report of 2018, the total number of these enterprises are 514, 864. The study set a criterion that for any of the Small and Medium Enterprises to be sampled; the Small and Medium Enterprises must have an asset base (excluding land) of between N5Million-N500Million and labour force of 50 to 199. Based on the report of Small and Medium Enterprises Development Agency, it was only 69 Small and Medium Enterprises that satisfied the stated criteria. These 69 Small and Medium Enterprises formed the sample size for the study. The study used filtering sampling technique to arrive at sample size of 69. Primary data were collected from the field. Questionnaire was used to collect primary data from the field. Data was analyzed using multiple regression analysis. The study found that commercial bank loan and trade credit have significant positive effect on financial performance of Small and Medium Enterprises, while lease financing has significant negative effect on financial performance of Small and Medium Enterprises.
OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE: EVIDENCE FROM LISTED AGRICULTURAL FIRMS IN NIGERIA, 2020
This study explores the effect of ownership structure on Nigeria's listed agricultural firms' cap... more This study explores the effect of ownership structure on Nigeria's listed agricultural firms' capital structure over 11 year period from 2009 to 2019. The study adopted ex post facto research design. The population consisted of five agricultural firms listed on the Nigerian Stock Exchange floor. The research used census sampling methods to take the whole population. Primary data from the listed agricultural firms' annual reports were used. The Hausman specification test was conducted to determine the use of random effect or Fixed effect regression, based on the Hausman test results, the study used opted for Random effect regression. The result of the Random Effect Regression showed that managerial ownership and the concentration of ownership have no significant effect on capital structures while institutional ownership has a significant positive influence on capital structure of the listed agricultural firms in Nigeria. The study concludes that ownership structure has a major effect on Nigeria's listed agricultural firms' capital structure. The study recommends that management should allow managers to buy and own shares in their companies. The Securities and Exchange Commission should also strengthen the supervision of major shareholders and diversify the ownership base of listed agricultural companies by reducing the percentage of long-term debt shares held by major shareholders to prevent a few investors from gaining control.
The covid-19 pandemic has activated business unusual for the Nigeria law enforcement agencies and... more The covid-19 pandemic has activated business unusual for the Nigeria law enforcement agencies and fashion unprecedented challenges as crime patterns went virtual away from the physical search, arrest and charge which the agencies are used to. Station offices went dry as reactive policing; complainants coming to report cease due to the implementation of covid-19 safety protocols. It is against this backdrop that this study investigates the impact of covid-19 on community relationship and technical preparedness of law enforcement agencies in Nigeria. The study The study engaged survey research design; questionnaires were designed in five-point Likert scale to extract primary data. The questionnaires were purposively distributed to officers of these security agencies, simple ordinary regression was used to analyze the data. This study was underpinned by the crime pattern theory. Findings from the study revealed that covid-19 has a significant and positive effect on community relationship and technical preparedness of the Nigeria law enforcement agencies. Thus, the study recommends that the laws enforcement agencies should use the Covid-19 period to educate, enlighten the populace and link the endangered one to palliative centers rather that the extortion and harassment of the people while government and head of these security agencies should step up the technological and trained manpower level to be equal with the world best standard and practice on law enforcement.
The North West region's violence has quickly grown into a theatre of wars, spilling into the Nort... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
The North West region's violence has quickly grown into a theatre of wars, spilling into the Nort... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
EFFECT OF INVESTMENT IN INFORMATION AND COMMUNICATION TECHNOLOGY ON FINANCIAL PERFORMANCE OF LISTED INSURANCE COMPANIES IN NIGERIA, 2020
Human activities have been greatly enhanced by the development of science and technology, however... more Human activities have been greatly enhanced by the development of science and technology, however these innovations in Information and communication technology (ICT) come at a cost to the firm. Therefore, this study evaluates the effect of investments in ICT on financial performance of listed insurance companies in Nigeria. The population of this study is made up of 25 listed insurance companies on the Nigerian Stock Exchange from year 2012 to 2018. Insurance companies that have complete data set for the periods of 2012-2018 were selected purposively for this study, the sampled insurance companies were 16 in number. Secondary data in the form of panel data are used for this study. The data are collected from the 16 selected insurance companies annual financial reports and accounts. Based on the result of the Hausman specification test, the study adopted the Random effect regression and it revealed that Investment in ICT Hardware and software have significant positive effect on financial performance of listed insurance companies in Nigeria. The study concludes on a general note that investment in ICT improves the financial performance of listed insurance companies in Nigeria. The study therefore, recommends that listed insurance companies in Nigeria should be proactive in adoption of ICT as investments in ICT does not erode profitability.
IMPACT OF COVID-19 ON COMMUNITY RELATIONSHIP AND TECHNICAL PREPAREDNESS OF LAW ENFORCEMENT AGENCIES IN NIGERIA, 2020
The covid-19 pandemic has activated business unusual for the Nigeria law enforcement agencies and... more The covid-19 pandemic has activated business unusual for the Nigeria law enforcement agencies and fashion unprecedented challenges as crime patterns went virtual away from the physical search, arrest and charge which the agencies are used to. Station offices went dry as reactive policing; complainants coming to report cease due to the implementation of covid-19 safety protocols. It is against this backdrop that this study investigates the impact of covid-19 on community relationship and technical preparedness of law enforcement agencies in Nigeria. The study The study engaged survey research design; questionnaires were designed in five-point Likert scale to extract primary data. The questionnaires were purposively distributed to officers of these security agencies, simple ordinary regression was used to analyze the data. This study was underpinned by the crime pattern theory. Findings from the study revealed that covid-19 has a significant and positive effect on community relationship and technical preparedness of the Nigeria law enforcement agencies. Thus, the study recommends that the laws enforcement agencies should use the Covid-19 period to educate, enlighten the populace and link the endangered one to palliative centers rather that the extortion and harassment of the people while government and head of these security agencies should step up the technological and trained manpower level to be equal with the world best standard and practice on law enforcement.
International Journal of IJARAEBP Advanced Research in Accounting, Economics and Business PerspectivesVol. 4, No. 1 p-ISSN: 2636-6894 | e-ISSN: 2636-6886 July, 2020, 2020
his study examines the effect of financing sources on financial performance of T Small and Medium... more his study examines the effect of financing sources on financial performance of T Small and Medium Enterprises in Taraba State, Nigeria. The specific objectives of the study are to examine the effect of commercial bank loan, retained earnings, trade credit and leasing on financial performance of Small and Medium Enterprises in Taraba State. The study is limited to 2019 while descriptive survey research design was adopted for the study. The population comprised of small, medium and micro enterprises registered in Taraba State, Nigeria. Based on Small and Medium Enterprise Development Agency of Nigeria report of 2018, the total number of these enterprises are 514, 864. The study set a criterion that for any of the Small and Medium Enterprises to be sampled; the Small and Medium Enterprises must have an asset base (excluding land) of between N5Million-N500Million and labour force of 50 to 199. Based on the report of Small and Medium Enterprises Development Agency, it was only 69 Small and Medium Enterprises that satisfied the stated criteria. These 69 Small and Medium Enterprises formed the sample size for the study. The study used filtering sampling technique to arrive at sample size of 69. Primary data were collected from the field. Questionnaire was used to collect primary data from the field. Data was analyzed using multiple regression analysis. The study found that commercial bank loan and trade credit have significant positive effect on financial performance of Small and Medium Enterprises, while lease financing has significant negative effect on financial performance of Small and Medium Enterprises. Retained earnings was found to be insignificant on financial performance of Small and Medium Enterprises in Taraba State. The study concludes that commercial bank loan, trade credit and lease financing are determinants of financial performance of Small and Medium Enterprises in Taraba State. Based on the conclusions of the study, the study recommends that Small and Medium Enterprises in Nigeria should consider Small and Medium Enterprises sources of business financing as important determinants of financial performance. SMEs should come together to form larger groups in order to access bigger commercial loans from banks.
The North West region's violence has quickly grown into a theatre of wars, spilling into ... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
This study investigates the effects of firms' characteristics on financial reporting quality of l... more This study investigates the effects of firms' characteristics on financial reporting quality of listed consumer goods companies in Nigeria for the period of ten years, from 2008-2017. An ex-post facto research design was adopted for the study. The population of the study consists of 22 consumer goods companies listed on the floor of the Nigerian Stock Exchange. Since the population is not too large, this study utilized census sampling technique to take all the population for the purpose of this study. The data used in this study were secondary data derived from annual reports of consumer goods companies that are listed on the NSE. The study used panel regression with respect to the use of Hausman specification test to settle on the use of fixed or random effect model. The fixed effect regression result discovered that leverage has significant negative effect on financial reporting quality on listed consumer goods companies in Nigeria, but firm size, board size, institutional shareholding, profitability and liquidity has no significant effect on financial reporting quality of listed consumer goods companies in Nigeria. The study concludes that firm characteristics affects financial reporting quality of listed consumer goods companies in Nigeria. Based on the findings derived from this study, the study recommends that investors should consider the size of the company they intend investing in, consumer goods firms should reduce their leverage levels. Again, emphasis should not be placed on the number of board members, but on their ability to checkmate management tendencies to manipulate the financials. The percentage of total number shares held by corporate shareholders should be increased, stakeholders and potential investors in listed consumer goods companies should question any fluctuation in profitability. Lastly, a good liquidity position should be maintained.
Confluence Journal of Economics and Allied Sciences (CJEAS), 2019
private sector from the credit market. On the other hand, when banks' investments in government s... more private sector from the credit market. On the other hand, when banks' investments in government securities increase, their attitude to risk might change, and hence their desire to lend more to relatively risky avenues might increase (Majumder, 2007). It is known that Nigeria faces a myriad of socioeconomic challenges, whichcomprises of weak real economic growth rate of 1.89% in 2018, and high unemployment rates of 23.1 % as at 2018 (National Bureau of Statistics, 2019). However, an equally serious challenge was theincrease in total debt asat the end of 2018, domestic and external debts were 12.774 trillion naira and 25,274.36 USD million respectively.When governments, especially in emerging economies like Nigeria borrow from the domestic and international markets, the borrowing definitely comes with obligation of debt service and this can be a burden, debt service for 2020 in Nigeria will be ? 2.45 trillionand this can be a constraining factor to rapid economic recovery with the debt increasing at an alarming rate. Funds which should have been used for economic growth are directed in the course of servicing the debt. Therefore, policy-makers need to discern whether or not this borrowing reduces CPS. At the theoretical level, this relationship is negative. More government borrowing means less CPS. However, in reality, thereaction of CPS to changes in public debt rest on the level of liquidity in the domestic market (Claeys, Moreno &Suriñach, 2012). External debt provides emerging economieslike Nigeria access to foreign currencies, also the volatility in the capital flows into and out of the country combined with the shortterm characteristics of the external debt cause financial crises because of the lack of financial depth in most of these emerging economies (Holland, 2007). Additionally, for most of the emerging countries, access to international credit market is limited. The uncertainties and additional costs of external debt force them to rely on domestic debt. While domestic financing reduces macroeconomic risks, the absorption of the domestic financial resources by the emerging governments brings some questions like inefficient credits to private sector (Beck, Demirguc-Kunt& Levine,2004). The dual-role of financial institutions as major lender to government and to the private sector offers an insight into literature which investigates the influence of public debt on CPS especially in Nigeria. Kumhof and Tanner (2005) are one of the forerunners of empirical study on effect of public debt on credit to the private sectorliterature,they asserted that liquid collateral function of safegovernment debt facilitates financial intermediation. They put emphasis on the function of public debt onCPSas safest asset in the financial system. Hauner (2009) in contrast, focused on the increasing share of the bank credit absorbed by the public sector which causes the risk of slowing down CPS. The study found evidence about the negative effect of the domestic debt on the CPS. The study revealed that domestic debt crowd out credit to the private sector in the 73 middle-income countries investigated.
This study investigates the effects of corporate tax on dividend policy of quoted deposit money b... more This study investigates the effects of corporate tax on dividend policy of quoted deposit money banks in Nigeria for the periods of 2009 to 2018. Corporate tax was measured with company income tax and tertiary education tax while dividend policy was measured with dividend per share. The study employed ex-post facto research design with the use of panel secondary data. Data were extracted from the financial reports and accounts of the quoted deposit money banks for the periods under investigation. The population of the study are the thirteen (13) quoted deposit money banks, because they are not many, this study census all the population as the sample size. The study utilized panel regression technique of analysis. The results showed that company income tax has a negative significant effect on dividend per share while tertiary education tax also showed a significant negative effect on dividend per share. Based on these findings, the study concludes that that corporate income tax rate significantly affects the dividend policies of quoted deposit money banks operating in Nigeria. In addition, tax rate is an important determinant in the formation of dividend policies of firms operating in Nigeria. Based on these findings, quoted deposit money banks are advised to work out investment and financing framework that will give room for adequate and consistent dividend distribution, and also strive towards expanding their capacity and operational efficiency so as to restore investors' confidence in the sustainability of the bank, lastly, quoted banks should seek for avenues through which they can reduce their tax liabilities, such as tax amnesty, tax holiday, and tax relief.
The quickness with which Nigeria's information and financial infrastructures were encircled, weak... more The quickness with which Nigeria's information and financial infrastructures were encircled, weakened and exploited during the protests to end the Special Anti-Robbery Squad (EndSARS) calls for concern and review. Message from the protests projected an unfamiliar terrain even to the law enforcement agencies whose grasp of cyber warfare is limited. The protest, rather than activating a confrontational posture against the country's conventional military and paramilitary apparatus hijacked the nation's information and financial assets placed at the mercy of a surreptitiously declare cyber warfare using the latter via cryptocurrencies to effectively oil the EndSARS protest to no avail. The eventual loss that resulted from the collateral damage of property and lives has raised some background questions as to how deep the nation is shifting from seemingly guerrilla warfare to cyber warfare. It was against this depth that the study engaged the routine activity theory to assess cyber warfare and internal security judging from the EndSARS experience in Nigeria. The study employed purposive and snowballing sampling techniques with regression for data analysis. The online survey covers 13 th October to 28 th October 2020 for a spate of two weeks in Nigeria and a total of 1,147 respondents across the country. Findings from the study established that cyber warfare has a significant effect on both information and financial infrastructures of the country. The study thus submits that efforts to secure the nations cyberspace and its vulnerable critical national infrastructures should be engaged with emphasis on good governance. The study recommends the immediate Cyberwarfare empowerment particularly of Nigeria Security and Civil Defence Corps who are the lead agency in the protection of Critical National Assets and other security agencies as threat of cyberattack is no longer a mirage.
LAPAI INTERNATIONAL JOURNAL OF MANAGEMENT AND SOCIAL SCIENCES, 2020
Financial deepening is one of the techniques whose usage can revive the pace of economic growth. ... more Financial deepening is one of the techniques whose usage can revive the pace of economic growth. In any case, the impact of this policy should be resolved and inspected now and again particularly to developing economies. Emerging countries have financial resources and instruments that are limited and this condition is normally similar to shallow financial depth. Hence, this study aims to examine the effect of financial deepening on economic growth in Nigeria for the periods of 1960-2017. The study proxied financial deepening with broad money supply and credit to private sector while economic growth was proxied with real gross domestic product. Expo-facto research design was utilised and secondary data were extracted from Central Bank of Nigeria statistical bulletin. The study employed the Ordinary Least Square method to estimate the model. In so doing, Vector Error Correction model was used. The study employed Augmented Dickey Fuller test for stationarity of the variables. The Johansen cointegration test was used to determine the long run relationship among the variables. The result indicates that all the variables are non-stationary at levels, but became stationary after first difference. The result of the ordinary least square revealed that broad money supply has positive and significant effect on economic growth in Nigeria while credit to private sector has negative and significant effect on economic growth in Nigeria. The Vector Error Correction model result suggests that there is long and short run effect among the variables. Test for adequacy was performed on the residuals and the results indicate that they are homoskedastic, no serial correlation and are normally distributed. The study concludes that broad money supply drives economic growth in Nigeria while credit to private sector retards economic growth in Nigeria. Based on the findings, the study recommends that Federal government of Nigeria through the Central Bank of Nigeria should continue to increase the volume of broad money supply to the economy as it is found to increase economic growth in Nigeria, it also recommends that Central Bank of Nigeria should reduce interest rate in the economy so that investors may raise their investment and output.
The North West region's violence has quickly grown into a theatre of wars, spilling into the Nort... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
The North West region's violence has quickly grown into a theatre of wars, spilling into the Nort... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
The effect of macroeconomic variables on stock performance has attracted considerable research in... more The effect of macroeconomic variables on stock performance has attracted considerable research interest due to the fact that macroeconomic variables interplay serves as barometer for the economy measured by stock performance. This study examines the effect of selected macroeconomic variables on stock performance in Nigeria for the periods of 1983 to 2018 using Autoregressive Distributed Lag technique to analyse the data. The study proxy stock performance with total market capitalisation while selected macroeconomic determinants used are foreign workers remittance, foreign portfolio, broad money supply and Gross Domestic Product growth rate. The study tests for stationarity of the time series secondary data with Augmented Dickey Fuller Test and the result of the results of the test suggest that all the data are stationary at first difference, except Gross Domestic Product growth rate that was stationary at level. The study found that foreign workers remittances, foreign portfolio and broad money supply have significant positive effect on stock performance while Gross Domestic Product growth rate has an insignificant effect on stock performances. Based on these findings, the study concludes that the selected macro determinants should attract government attention in Nigeria. In the light of the outcome of the study, the study recommends that the Central Bank of Nigeria should continue to design frameworks and policy that would promote and retain portfolio investment in the country and also ensure further r reduction in the cost of remittance into the country. That Securities and Exchange Commission and Nigerian Stock Exchange should strive to improve on market capitalization of stock market by attracting listing and increased trading activities with a platform that put attractive financial assets in the global market.
International Journal of Social Science and Economic Research, 2020
This study explores the effect of ownership structure on Nigeria's listed agricultural firms' cap... more This study explores the effect of ownership structure on Nigeria's listed agricultural firms' capital structure over 11 year period from 2009 to 2019. The study adopted ex post facto research design. The population consisted of five agricultural firms listed on the Nigerian Stock Exchange floor. The research used census sampling methods to take the whole population. Primary data from the listed agricultural firms' annual reports were used. The Hausman specification test was conducted to determine the use of random effect or Fixed effect regression, based on the Hausman test results, the study used opted for Random effect regression. The result of the Random Effect Regression showed that managerial ownership and the concentration of ownership have no significant effect on capital structures while institutional ownership has a significant positive influence on capital structure of the listed agricultural firms in Nigeria. The study concludes that ownership structure has a major effect on Nigeria's listed agricultural firms' capital structure. The study recommends that management should allow managers to buy and own shares in their companies. The Securities and Exchange Commission should also strengthen the supervision of major shareholders and diversify the ownership base of listed agricultural companies by reducing the percentage of long-term debt shares held by major shareholders to prevent a few investors from gaining control.
International Journal of Social Science and Economic Research, 2020
This study explores the effect of ownership structure on Nigeria's listed agricultural firms' cap... more This study explores the effect of ownership structure on Nigeria's listed agricultural firms' capital structure over 11 year period from 2009 to 2019. The study adopted ex post facto research design. The population consisted of five agricultural firms listed on the Nigerian Stock Exchange floor. The research used census sampling methods to take the whole population. Primary data from the listed agricultural firms' annual reports were used. The Hausman specification test was conducted to determine the use of random effect or Fixed effect regression, based on the Hausman test results, the study used opted for Random effect regression. The result of the Random Effect Regression showed that managerial ownership and the concentration of ownership have no significant effect on capital structures while institutional ownership has a significant positive influence on capital structure of the listed agricultural firms in Nigeria. The study concludes that ownership structure has a major effect on Nigeria's listed agricultural firms' capital structure. The study recommends that management should allow managers to buy and own shares in their companies. The Securities and Exchange Commission should also strengthen the supervision of major shareholders and diversify the ownership base of listed agricultural companies by reducing the percentage of long-term debt shares held by major shareholders to prevent a few investors from gaining control.
International Journal of Advanced Research in Accounting, Economics and Business Perspectives, 2020
his study examines the effect of financing sources on financial performance of T Small and Medium... more his study examines the effect of financing sources on financial performance of T Small and Medium Enterprises in Taraba State, Nigeria. The specific objectives of the study are to examine the effect of commercial bank loan, retained earnings, trade credit and leasing on financial performance of Small and Medium Enterprises in Taraba State. The study is limited to 2019 while descriptive survey research design was adopted for the study. The population comprised of small, medium and micro enterprises registered in Taraba State, Nigeria. Based on Small and Medium Enterprise Development Agency of Nigeria report of 2018, the total number of these enterprises are 514, 864. The study set a criterion that for any of the Small and Medium Enterprises to be sampled; the Small and Medium Enterprises must have an asset base (excluding land) of between N5Million-N500Million and labour force of 50 to 199. Based on the report of Small and Medium Enterprises Development Agency, it was only 69 Small and Medium Enterprises that satisfied the stated criteria. These 69 Small and Medium Enterprises formed the sample size for the study. The study used filtering sampling technique to arrive at sample size of 69. Primary data were collected from the field. Questionnaire was used to collect primary data from the field. Data was analyzed using multiple regression analysis. The study found that commercial bank loan and trade credit have significant positive effect on financial performance of Small and Medium Enterprises, while lease financing has significant negative effect on financial performance of Small and Medium Enterprises.
OWNERSHIP STRUCTURE AND CAPITAL STRUCTURE: EVIDENCE FROM LISTED AGRICULTURAL FIRMS IN NIGERIA, 2020
This study explores the effect of ownership structure on Nigeria's listed agricultural firms' cap... more This study explores the effect of ownership structure on Nigeria's listed agricultural firms' capital structure over 11 year period from 2009 to 2019. The study adopted ex post facto research design. The population consisted of five agricultural firms listed on the Nigerian Stock Exchange floor. The research used census sampling methods to take the whole population. Primary data from the listed agricultural firms' annual reports were used. The Hausman specification test was conducted to determine the use of random effect or Fixed effect regression, based on the Hausman test results, the study used opted for Random effect regression. The result of the Random Effect Regression showed that managerial ownership and the concentration of ownership have no significant effect on capital structures while institutional ownership has a significant positive influence on capital structure of the listed agricultural firms in Nigeria. The study concludes that ownership structure has a major effect on Nigeria's listed agricultural firms' capital structure. The study recommends that management should allow managers to buy and own shares in their companies. The Securities and Exchange Commission should also strengthen the supervision of major shareholders and diversify the ownership base of listed agricultural companies by reducing the percentage of long-term debt shares held by major shareholders to prevent a few investors from gaining control.
The covid-19 pandemic has activated business unusual for the Nigeria law enforcement agencies and... more The covid-19 pandemic has activated business unusual for the Nigeria law enforcement agencies and fashion unprecedented challenges as crime patterns went virtual away from the physical search, arrest and charge which the agencies are used to. Station offices went dry as reactive policing; complainants coming to report cease due to the implementation of covid-19 safety protocols. It is against this backdrop that this study investigates the impact of covid-19 on community relationship and technical preparedness of law enforcement agencies in Nigeria. The study The study engaged survey research design; questionnaires were designed in five-point Likert scale to extract primary data. The questionnaires were purposively distributed to officers of these security agencies, simple ordinary regression was used to analyze the data. This study was underpinned by the crime pattern theory. Findings from the study revealed that covid-19 has a significant and positive effect on community relationship and technical preparedness of the Nigeria law enforcement agencies. Thus, the study recommends that the laws enforcement agencies should use the Covid-19 period to educate, enlighten the populace and link the endangered one to palliative centers rather that the extortion and harassment of the people while government and head of these security agencies should step up the technological and trained manpower level to be equal with the world best standard and practice on law enforcement.
The North West region's violence has quickly grown into a theatre of wars, spilling into the Nort... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
The North West region's violence has quickly grown into a theatre of wars, spilling into the Nort... more The North West region's violence has quickly grown into a theatre of wars, spilling into the North Central, forcing more herders southward into the country's Middle Belt and aggravating herder farmer tension not only in affected regions but amongst policy makers and security operatives whose reactive policing style is long overdue for overhauling even as law enforcement agencies are poorly resourced and overstretched. The region's abysmal literacy level, unskilled labour force, ungoverned spaces, overstretched poverty indicators, expanse of porous border and intense competition over land and water between predominantly Fulani herders and mostly Hausa farmers are all the needed catalysts for insurgency, armed banditry, budding jihadist activities, kidnapping and other violent crimes. It is against this background that this study, underpinned by routine activities theory, employed a thematic study approach to assess roadmap to tackling insurgency, armed banditry and kidnapping in the North West region of Nigeria. Findings from the study revealed that deployment of techno driven surveillance, strengthened collaborative efforts of law enforcement agencies and telecoms operators, genuine activation of good governance and adoption of a community participatory policing strategy can significantly reduce insurgency, armed banditry and kidnapping in the North West region. Study submitted that the North West insurgence calls for a multipronged approach with States, Federal and international communities to subdue the armed groups, protect communities across the vast ungoverned territory and exterminate the nexus of jihadist activities so that the region will not become a land bridge connecting Islamic insurgencies in the Central Sahel with the decade-old Boko Haram insurgency in the Lake Chad region of NorthEastern Nigeria.
EFFECT OF INVESTMENT IN INFORMATION AND COMMUNICATION TECHNOLOGY ON FINANCIAL PERFORMANCE OF LISTED INSURANCE COMPANIES IN NIGERIA, 2020
Human activities have been greatly enhanced by the development of science and technology, however... more Human activities have been greatly enhanced by the development of science and technology, however these innovations in Information and communication technology (ICT) come at a cost to the firm. Therefore, this study evaluates the effect of investments in ICT on financial performance of listed insurance companies in Nigeria. The population of this study is made up of 25 listed insurance companies on the Nigerian Stock Exchange from year 2012 to 2018. Insurance companies that have complete data set for the periods of 2012-2018 were selected purposively for this study, the sampled insurance companies were 16 in number. Secondary data in the form of panel data are used for this study. The data are collected from the 16 selected insurance companies annual financial reports and accounts. Based on the result of the Hausman specification test, the study adopted the Random effect regression and it revealed that Investment in ICT Hardware and software have significant positive effect on financial performance of listed insurance companies in Nigeria. The study concludes on a general note that investment in ICT improves the financial performance of listed insurance companies in Nigeria. The study therefore, recommends that listed insurance companies in Nigeria should be proactive in adoption of ICT as investments in ICT does not erode profitability.
IMPACT OF COVID-19 ON COMMUNITY RELATIONSHIP AND TECHNICAL PREPAREDNESS OF LAW ENFORCEMENT AGENCIES IN NIGERIA, 2020
The covid-19 pandemic has activated business unusual for the Nigeria law enforcement agencies and... more The covid-19 pandemic has activated business unusual for the Nigeria law enforcement agencies and fashion unprecedented challenges as crime patterns went virtual away from the physical search, arrest and charge which the agencies are used to. Station offices went dry as reactive policing; complainants coming to report cease due to the implementation of covid-19 safety protocols. It is against this backdrop that this study investigates the impact of covid-19 on community relationship and technical preparedness of law enforcement agencies in Nigeria. The study The study engaged survey research design; questionnaires were designed in five-point Likert scale to extract primary data. The questionnaires were purposively distributed to officers of these security agencies, simple ordinary regression was used to analyze the data. This study was underpinned by the crime pattern theory. Findings from the study revealed that covid-19 has a significant and positive effect on community relationship and technical preparedness of the Nigeria law enforcement agencies. Thus, the study recommends that the laws enforcement agencies should use the Covid-19 period to educate, enlighten the populace and link the endangered one to palliative centers rather that the extortion and harassment of the people while government and head of these security agencies should step up the technological and trained manpower level to be equal with the world best standard and practice on law enforcement.
Globally, organizations are concerned with value re-investment in the society in appreciation of ... more Globally, organizations are concerned with value re-investment in the society in appreciation of the contributions of the society to their growth, sustenance and survival. This study evaluates oil companies and corporate Social Responsibility in the Niger Delta Region. The study adopted survey research design. The population of this study consisted of 20,226 indigenes of Ndokwa West LGA and employees of Agip Oil Company out of which 250 respondents were randomly selected as sample. Primary data were collected with the help of the questionnaire. The simple percentage was used to analyse the data. The study revealed that the contribution of Agip Oil Company in Ndokwa West Local Government Area covers agricultural development, access to energy, scholarship and bursary, water, healthcare, educational projects and clean environment. The study concludes that AGIP Oil Company discharge its corporate social responsibility to the communities through the provision of roads, electricity, pipe borne water, building of primary and secondary schools among other facilities. The study recommends that AGIP should engage in the building of training centres, where training programmes would be conducted for employees and indigenes among others
This study examines the macroeconomic and firm specific determinants of loan portfolio quality of... more This study examines the macroeconomic and firm specific determinants of loan portfolio quality of listed deposit money banks in Nigeria for the periods of twelve years, spanning through 2007-2018. The study proxy loan portfolio quality with non-performing loan ratio. The macroeconomic variables considered in the study include GDP growth rate, inflation and interest rate while firm specific attributes examined are capital adequacy ratio, liquidity and bank size. The study adopts ex-post facto research design. The population of this study is made up of fourteen (14) listed Deposit Money Banks on the floor of the Nigerian Stock Exchange. In this study statistical sampling was not employed due to the small size of the population; the study employs census sampling technique. The study utilizes secondary data to achieve its objective, these data are obtained from annual audited accounts and financial reports of listed deposit money banks. This study utilized the panel ordinary least squares model as the tool of analysis. The study found that inflation rate has significant positive effect on non-performing loan, while capital adequacy ratio has negative significant effect on non-performing loan. The study also revealed that interest rate, Gross Domestic Product growth rate, liquidity ratio and bank size have no significant effect on non-performing loan of listed DMBs in Nigeria. Based on the findings, the study concludes that that loan portfolio quality of listed DMBs in Nigeria is determined by both macroeconomic and firm specific variables. The study recommends that banks should ensure that the customers are adequately screened to eliminate those who cannot repay the loans. Also, Deposit Money Banks in Nigeria should adjust the rate of interest based on the prevailing inflation rate to take care of reduction in real value of loan yield. Lending in the country should also focus on those sectors which have a strong connection with the country's GDP. Likewise, the study recommended that banks should identify the optimal level of liquidity so as to minimize the negative effects on non-performing loan associated with holding high level of liquid assets. Equally, the study recommends that banks should increase the amount of capital adequacy ratio since measure of capital adequacy showed that banks with high capital adequacy ratios perform better in terms of non-performing loan. Lastly, the study recommended that banks should maintain assets of high quality as this has a negative effect on non-performing loan.
The need for internal control systems in public organizations cannot be undermined due to the fac... more The need for internal control systems in public organizations cannot be undermined due to the fact that public owned organizations play a crucial role in the growth and development process of developing countries like Nigeria. This study examines the role of internal control system on accountability in National Primary Health Care Development Agency, Abuja, Nigeria. This study adopts descriptive research design. The study population is forty eight staff in the department of finance and accounts of the National Primary Health Care Development Agency, Abuja, Nigeria. Primary data were collected with the aid of questionnaire from staff of finance and account department of the National Primary Health Care Development Agency, Abuja, Nigeria. Chi-square was used to analyze the hypotheses. This study found that internal control systems ensure accountability and reduce corruption in the National Primary Health Care Development Agency, Abuja, Nigeria. The study concludes that internal control systems ensure accountability and reduce corruption drastically in the National Primary Health Care Development Agency, Abuja; the internal control mechanisms put in place by the National Primary Health Care Development Agency, Abuja, Nigeria are effective and efficient as the meet up with the purpose for which they are set up. Based on this, the study recommends that current internal control mechanism put in place by the management of National Primary Health Care Development Agency should be maintained and strengthened as they have met the purpose of their establishment. Internal auditors should be trained frequently to keep abreast of current happenings in the field of internal control set up in order to maintain their current achievement of low corruption in National Primary Health Care Development Agency, Abuja, Nigeria.
The study seeks to investigate the impact of public expenditure on economic growth in Nigeria for... more The study seeks to investigate the impact of public expenditure on economic growth in Nigeria for the period 1961-2014. Administrative services, social and community services and economic services serve as proxy for Public expenditure while Gross Domestic Product served as proxy for Economic Growth. Secondary Data were obtained from CBN statistical bulletin. Ex post facto research design was used for the study. Descriptive statistics & correlation matrix were employed in the study. Philip-Perron test and Ordinary Least Square (OLS) regression method was used in carrying out stationary test and Data analysis respectively. The results of the analysis showed that there is significant relationship between public expenditure on administrative services, social and community services and economic services on economic growth. Based on the findings, the study recommends that public expenditure components of Administrative services, social and community services and economic services should be increased which will invariably increase economic growth in Nigeria.
Liquidity is a concept that is receiving serious attention all over the world especially with the... more Liquidity is a concept that is receiving serious attention all over the world especially with the current financial situations and the state of the world economy. Some of the striking corporate goals include the need to maximize profit, maintain high level of liquidity in order to guarantee safety, attain the highest level of owner’s net worth coupled with the attainment of other corporate objectives. Hence, the importance of liquidity as it affects corporate profitability in today’s business cannot be over emphasised. This study examines impact of liquidity on performance of listed deposit money banks in Nigeria for the period of 2009-2017. The study proxy liquidity with deposit to total asset ratio, loan to deposit ration and current ratio while performance is proxied with return on asset. This study adopts expo facto and correlation research design. The study population is the fifteen listed deposit money banks on the Nigerian Stock Exchange. The study collected secondary data from financial reports of twelve listed deposit money banks in Nigeria selected through filtering method. The study employs the panel regression to estimate the model; this is done using Hausman test to determine the use of fixed or random effect. Random effect was used to estimate the model. The result of the random effect reveals that deposit to total asset ratio has a significant negative impact on financial performance while loan to deposit ration and current ratio have no significant effect on financial performance of listed deposit money banks for the period under review. The study concludes that liquidity of deposit money banks in Nigeria does improve their performance significantly. Based on the findings of this study, the study recommends that Deposit to total asset ratio should be minimized by listed deposit money banks in Nigeria because it has a negative coefficient on the profitability of listed deposit money banks in Nigeria. Also, Loan to deposit ratio should be improved upon because this study found that Loan to deposit ratio has a positive coefficient effect on the profitability of listed deposit money banks in Nigeria. And lastly, Current ratio should be increased by listed deposit money banks in Nigeria because it has a positive coefficient on their profitability.
This study examines the impact of integrated payroll and personnel information system on public a... more This study examines the impact of integrated payroll and personnel information system on public accountability in Nigeria. The study specific objectives are to investigate the impact of Integrated Payroll and Personnel Information System on internal control, reducing the level of corruption, budgeting of public finance and reducing the incidence of ghost workers in the public sector of Nigeria. The study used the Office of the Accountant General of the Federation, Abuja as a case study, specifically; data were collected from the Department of Integrated Payroll and Personnel Information System. The study collects the primary data in the year 2019. The issues within the scope of this study, inter alia, covers the Integrated Payroll and Personnel Information System, internal control in the public sector of Nigeria, corruption in the public sector of Nigeria, budgeting of public finance of Nigeria and reducing the incidence of ghost workers in the public sector of Nigeria. The research design adopted in this study is descriptive survey design. The population of this study comprises the staff of the Office of the Accountant General of the Federation. The population of the study is 730 staff of the Office of the Accountant General of the Federation. The study used filtering sampling technique to arrive at the sample size. The study stated a criterion based on the fact that the selected sample size should be individuals who have knowledge about the subject of interest. Therefore, the staff of Integrated Payroll and Personnel Information System Department under the Office of the Accountant General are chosen as the sample size, these staff are 130 in number and are therefore selected as the sample size. The data that used for this study is purely primary data. The primary data are collected with the aid of closed ended Questionnaire. The study employs the Ordinary Least Square regression technique. Reliability of the primary data were checked through Cronbach’s alpha. The study found that Integrated Payroll and Personnel Information System has significant positive impact on internal control system and public budgeting system. It was also revealed by the study that Integrated Payroll and Personnel Information System has significant negative impact on ghost workers and corruption. This study concludes that Integrated Payroll and Personnel Information System improves public sector accountability in Nigeria. Based on the findings, the study recommends that Integrated Payroll and Personnel Information System should be enhanced and improved at system development level so that it gives real figure and factor in more functions of operation linked to financial service for better service delivery. Also, Public sector in Nigeria should consider prioritization on improvement of internal controls on the Integrated Payroll and Personnel Information System as the module controls all other modules of the system. Lastly, government should liaise with service providers so that internet services can be readily, efficiently and effectively provided.
There has been a strong burden on accounting profession in Nigeria and other nations to ensure th... more There has been a strong burden on accounting profession in Nigeria and other nations to ensure that the civic expectation on business and financial performance are achieved. The community expectations remained unseen due to the discouraging situation of business failure around the globe. Therefore, this study ascertained the impact of audit committee characteristics on financial performance of Listed Agricultural companies in Nigeria for the period 2007-2016. Audit committee characteristics are measured by audit committee financial expertise, audit committee frequency meeting, and Audit committee size while financial performance is measured by Net profit margin as dependent variables. Firm age is used as control variable. The study adopts Ex-post facto research design. Data were collected from the sample company annual financial reports. The Hausman indicates the use of Random effect model of regression analysis to ascertain the impact of audit committee characteristics on financial performance using the E-view 8 statistical software. It was discovered from the analysis while adopting random model based on the Hausman specification that audit committee financial expertise has insignificant impact on net profit margin. Audit committee frequency of meeting has positive significant impact on net profit margin at 5% level of confidence while audit committee size has positive significant impact on net profit margin at 5% level of confidence. Firm age has negative significant impact on net profit margin of listed Agricultural companies in Nigeria. Therefore, the study recommends that well established audit committee characteristics such as audit committee size, audit committee frequency of meeting should be deployed in order to maintain good flows in financial performance. Also, Audit committee members should be separated from the management for the purpose of achieving its function because good audit committee characteristics will enhance financial performance in Nigeria Agricultural companies.
This study investigates the effects of ownership structure on capital structure of listed agricul... more This study investigates the effects of ownership structure on capital structure of listed agricultural firms in Nigeria for the period of eleven years, from 2007-2017. An ex-post facto research design was adopted for this study. The population of the study is made up of the 5 listed agricultural firms listed on the floor of the Nigerian Stock Exchange (NSE). Since the population is not too large, this study utilized census sampling technique to take all the population for the purpose of this study. The data used in this study were secondary data derived from annual reports of listed agricultural firms. The study used panel regression with respect to the use of Hausman specification test to determine the use of fixed or random effect model. The random effect regression result revealed that revealed that managerial ownership (MO) has no significant effect on capital structure. This indicates that managerial ownership does not influence capital structure. This means that no matter the level of managerial ownership, capital structure remains the same. In the same vein, Institutional Ownership has significant positive effects on CS of listed agricultural firms in Nigeria. Again, Ownership Concentration has no significant effects on CS of listed agricultural firms in Nigeria. While firm size has significant positive effects on CS of listed agricultural firms in Nigeria. Based on the findings emanated from this study, the study recommends that The institutional stake in agricultural firms should be increased by as it is found by this study that institutional ownership has encouraged capital structure of listed agricultural firms in Nigeria. Agricultural firms should enhance the supervision of major shareholders and diversify the ownership by reducing the percentage of long-term debt' shares. The percentage of total number shares held by members of the board should be maintained as it was revealed by this study that managerial ownership does not improve capital structure of listed agricultural firms in Nigeria.
This study examines the effect of Federal government budget deficit on economic growth in Nigeria... more This study examines the effect of Federal government budget deficit on economic growth in Nigeria. The main objective of the study is to assess the effects of federal government budget deficit and debt servicing on economic growth in Nigeria. This study made use of secondary sources of data in eliciting the required information needed for the study. Secondary data were collected from Central Bank of Nigeria statistical bulletin, Debt Management Office and National Bureau of Statistic report for the period of 1985 to 2016. Data were analyzed using vector error correction model in order to capture the effect of federal government budget deficit on economic growth in Nigeria. This study found that Budget deficit has a significant effect on gross domestic product in Nigeria, at 5% level of significant and positive. The positive sign on the coefficient suggests that budget deficit has a direct influence on gross domestic product in Nigeria. The study also revealed that there is no long run and short run influence of budget deficit on GDP. This study revealed that debt servicing has an insignificant effect on GDP in Nigeria. The study also revealed that there is no long run and short run influence of debt servicing on GDP. The study recommends that Federal government of Nigeria should encourage the use budget deficit whenever there is need for it. But it should be properly used in favour of capital expenditure. Government should continue borrowing for provision of infrastructural facilities that will grow the economy.
Contributory Pension fund is totally pool of fund created through savings by employess. This pool... more Contributory Pension fund is totally pool of fund created through savings by employess. This pool of fund comes from individual employee savings, and these savings are meant to satisfy the interest of an employee at retirement and also contribute effectively to the economic growth and development. This study investigates the effects of contributory pension fund investment on economic growth in Nigeria. The study used ex-post facto research design. The study analyses data from secondary source. Data were obtained from the annual reports of National Pension Commission (PENCOM) and Central Bank of Nigeria (CBN) statistical bulletin. The population of the study is the 21 licensed pension fund administrators in Nigeria. Multicollinearity and normality test were carried out. The stationarity property of the time series variables was tested using the Augmented Dickey Fuller test statistics for unit root. The effect estimation analysis was carried out using least Squares multiple regression method over the sample period of 2007-2017. Post diagnostic test were carried out, such as serial correlation test using Breusch-Godfrey Serial Correlation LM Test and Heteroskedasticity Test using Breusch-Pagan-Godfrey test were all carried out. This study found that pension fund invested in domestic ordinary shares has no significant effect on economic growth in Nigeria, while it is discovered that pension fund invested in local money market securities has significant effect on economic growth in Nigeria and lastly, pension fund invested in real estate property has significant negative effect on economic growth in Nigeria. Based on the findings of this study, the study recommends that Pension fund investment in domestic ordinary shares should be reduced as it has no significant effect on economic growth, Pension fund investment in local money market securities should be increased and encouraged because it has a significant positive effect on economic growth, Pension fund investment in real estate property should be reduced because it has a significant negative effect on economic growth.
Since the early 1970s several countries and especially many in the African region, have experienc... more Since the early 1970s several countries and especially many in the African region, have experienced considerable capital flight. The issue of capital flight from developing countries, including Nigeria has received appreciable attention from researchers. Scholars have expressed concern over the magnitude, causes and consequences of these net flows. This study examines effect of capital flight on external debt and economic growth in Nigeria. The study utilizes causal research design and data were collected from secondary sources obtained from the Central Bank of Nigeria Statistical Bulletin and National Bureau of Statistics for the period of 1990 – 2016. Ordinary least square method of regression was used to analyse the collected data with the use of vector error collection method. The stationarity property of the time series variables were tested using the Augmented Dickey Fuller test statistics for unit root and data were found to be stationary at first difference. cointegration test indicates that there is cointegration among the variables. Vector error correction model test shows that there is no long run influence of capital flight on external debt and real GDP. Post diagnostic test were carried out, such as autocorrelation or serial correlation test using Breusch-Godfrey Serial Correlation LM Test and Heteroskedasticity Test using Breusch-Pagan-Godfrey test were all carried out and it was revealed that there is no presence of serial correlation and heteroskedasticity in the residual. This study found that Capital flight has a significant negative effect on economic growth in Nigeria, the study also revealed that Capital flight has a negative significant effect on external debt in Nigeria. Based on the findings of the study, the study concludes that capital flight has an indirect influence on economic growth and there is no long run and short run influence of capital flight on economic growth. The study also concludes that capital flight has a significant negative effect on external debt in Nigeria, there is no long run and short run influence of capital flight on external debt in Nigeria. The study recommends that Federal government of Nigeria should put in place policies that will discourage capital outflows. Government should also continue to pay and service its external debt as and when due.
The accounting and auditing scandals that happened throughout the world has made the issue of aud... more The accounting and auditing scandals that happened throughout the world has made the issue of audit committee, audit firm and firm performance to become the subject of debate among politicians, business leaders, and regulators. It is based on this backdrop that this study examines the effect of audit committee and auditor characteristic on the financial performance of listed insurance companies in Nigeria for the period of 2009 to 2016. This study adopts expo facto research design. The study population is the ten listed insurance companies that have their financial statement available in the Nigerian Stock Exchange for the period of 2009 to 2016. Secondary data were collected from financial statements of the sampled firms for the period of 2009 to 2016. Panel regression analysis was used to analyze the data. This study found that audit fee has a negative significance effect on financial performance of listed insurance companies in Nigeria. It is also found that audit committee number of meetings and auditor size to have no significant effect on financial performance of listed insurance companies in Nigeria. The study also concludes that an audit fee has a negative influence on financial performance of listed insurance companies in Nigeria. The study recommends that listed insurance companies in Nigeria should increase the number of times they meet in a year as this will strengthen its financial performance. This study also recommends that insurance companies should strengthen their audit committee independence and increase the number of non executive members from three to four which will strengthen their financial performance.
The rationale for this study is to establish the relationship between economic growth, external d... more The rationale for this study is to establish the relationship between economic growth, external debt and domestic debt in Nigeria. Debt has become inevitable phenomenon in Nigeria, despite its oil wealth. This study therefore is set to investigate the impact of external debt, and domestic debt on economic growth in Nigeria between 1981-2016 through the application of Ordinary least square method to establish a simple relationship between the variables under study, Augmented Dickey-Fuller technique in testing the unit root property of the series and Granger causality test of causation between GDP, external debt and domestic debt. The results of unit root suggest that all the variables in the model are stationary and the results of Causality suggest that there is a bi-directional causation between external debt and GDP while no causation existed between domestic debt and GDP as well no causation existed between external debt and domestic debt. The results of OLS also revealed that external debt possessed a negative impact on economic growth while domestic debt has impacted positively on economic growth (GDP). A good performance of an economy in terms of per capita growth may therefore be attributed to the level of domestic debt and not on the level of external debt in the country; therefore external debt is seen as inimical to the economic progress of a country. The paper found that domestic debts if properly manage can lead to high growth level. A major policy implication of this result is that concerted effort be made by policy makers to manage the debt effectively by channeling them to productive activities (real sector) so as to increase the level of output in Nigeria, hence achieving the desire level of growth. Another policy implication of the study is that most developing countries contract debt for selfish reasons rather than for the promotion of economic growth through investment in capital formation and other social overhead capital. Thus, the paper also recommends that government should rely more on domestic debt in stimulating growth rather than external debt. Government should formulate policies aimed at encouraging domestic savings vis-à-vis domestic investment. The need for borrowing is due to gap between domestic savings and investment, therefore, bridging the gap can be a likely solution to Nigeria’s debt accumulation. For debt to promote growth in Nigeria and other highly indebted countries fiscal discipline and high sense of responsibility in handling public funds should be the Watchword of these countries’ leaders. Debt can only be reduced to the barest minimum by increasing output level (GDP).
This study examines effect of inventory management on financial performance of listed consumer go... more This study examines effect of inventory management on financial performance of listed consumer goods in Nigeria for period of 2013-2017. The study proxy inventory management with raw material, work-in-progress, finished goods and inventory turnover while firm size was used as a control variable, financial performance was proxy with return on assets. This study adopts expo facto research design. The study collected secondary data from financial reports and accounts of these listed consumer goods companies. The study employs the employs panel regression and found that raw Material has no significant effects on financial performance of listed consumer goods companies in Nigeria, it was revealed that work-in-progress has negative significant effects on financial performance of listed consumer goods companies in Nigeria, while finished goods has no significant effects on financial performance of listed consumer goods companies in Nigeria. Inventory turnover has positive significant effects on financial performance of listed consumer goods companies in Nigeria. The study concludes that inventory management contributes to the improvement in financial performance of listed consumer goods companies in Nigeria. Based on the findings of this study, the study recommends. The study recommends that finished goods should not be stored for long in the ware house before they are distributed to the various outlets for onward distribution to customers. The study recommends that consumer goods companies should engage in aggressive marketing of their products to increase the inventory turnover and this will in turn increase their financial performance.
This study examines the effect of financial deepening on economic growth in Nigeria for the perio... more This study examines the effect of financial deepening on economic growth in Nigeria for the period 1960-2017. The study proxy financial deepening with broad money supply and credit to private sector while economic growth is proxied with real gross domestic product. This study adopts expo facto research design. The study collected secondary data from Central Bank of Nigeria statistical bulletin. The study employs the Ordinary Least Square method to estimate the model; this is done using the partial adjustment approach to estimating given parameters of a model. In so doing, Vector Error Correction model is used. The study employs the conventional augmented Dickey Fuller test to test for stationarity among real Gross Domestic Product, money supply and Credit to the Private Sector, Johansen cointegration technique to determine the long run relationship among the variables. The result indicates that all the variables are non stationary at levels, but became stationary after first difference. The three variables are cointegrated of the same order. The result of the ordinary least square reveals that broad money supply has a significant positive effect on economic growth in Nigeria while credit to private sector has a negative significant effect on economic growth in Nigeria. The result of the Granger causality test reveals that real Gross Domestic Product Granger causes Credit to the Private Sector at 5% significance level. The result also reveals that the other variables do not Granger cause each other at 5% significance level. The Vector Error Correction model result suggests that there is long and short run effect of money supply and Credit to the Private Sector on real Gross Domestic Product in Nigeria. Test for adequacy performed on the residuals of the Vector Error Correction model indicates that they are homoskedastic, have no serial correlation and are normally distributed suggesting that the model is good. The study concludes that broad money supply drives economic growth in Nigeria while credit to private sector retards economic growth in Nigeria. Based on the findings of this study, the study recommends that Federal government of Nigeria through the Central Bank of Nigeria should continue to increase the volume of broad money supply to the economy as it is found to increase economic growth in Nigeria, it also recommends that Central Bank of Nigeria should reduce interest rate in the economy so that investors may raise their investment and output.
This study examines the effect of environmental accounting disclosure on financial performance of... more This study examines the effect of environmental accounting disclosure on financial performance of listed pharmaceutical manufacturing companies in Nigeria for the periods of 2009 and 2017. Environmental accounting disclosure was proxied with disclosure on materials used, disclosure on energy consumed, disclosure on water and effluents and disclosure on environmental compliance while financial performance was proxied with return on assets. The study made use of ex-post facto and content research design. The population of this study was all the eleven pharmaceutical companies listed on the floor of Nigerian Stock Exchange as at 31st December, 2017. The study selected only nine (9) pharmaceutical manufacturing companies from the Health care grouped by The Nigerian Stock Exchange. The study used secondary data collected from the Annual reports and websites of selected quoted pharmaceutical manufacturing companies in Nigeria and data from Nigerian Stock Exchange fact book for the period of nine (9) years ranging from 2009 – 2017. In order to examine and analyze the effect of environmental accounting disclosure on financial performance of selected pharmaceutical manufacturing companies in Nigeria; this study made use of panel regression analysis with respect to the use of Hausman test to select Fixed effect regression. The study revealed that environmental disclosure on material used and energy consumed have insignificant effect on financial performance of listed pharmaceutical manufacturing companies in Nigeria. The study showed that disclosure on water and effluents and environmental compliance have significant positive effect on financial performance of listed pharmaceutical manufacturing companies in Nigeria. Based on these findings, the study concludes that environmental accounting disclosure has significant effect on financial performance of listed pharmaceutical manufacturing companies in Nigeria. The study recommends that listed pharmaceutical manufacturing companies in Nigeria should have consideration for disclosure of material used and consumed during the course of production. Pharmaceutical manufacturing companies in Nigeria should consider disclosing the level of their energy consumption since stakeholders and standard setting organization like GRI are interested in the level of energy consumed and utilized by corporate organizations. Pharmaceutical manufacturing companies should give disclosure of environmental accounting information relating to water and effluents priority when considering their environmental accounting disclosure mix. Pharmaceutical manufacturing companies in Nigeria should seek for total environmental compliance and disclose in totality compliance with environmental issue.
Credit risk is by far the most significant risk faced by banks and the success of their business ... more Credit risk is by far the most significant risk faced by banks and the success of their business depends on accurate measurement and efficient management of this risk, hence, the link between credit risk and financial performance has received considerable attentions in literature. This study examines effects of credit risk on financial performance of quoted deposit money banks in Nigeria for a period of 2013-2017. The study proxy credit risk with non-performing loan to loan and advances, total loan and advances to total deposit and loans and advances to total assets while financial performance is proxy with return on asset. This study adopts expo facto and causal research design. The population of this study consists of the fourteen (14) quoted deposit money banks on the floor of Nigerian Stock Exchange market as at December 31st 2017. Twelve DMBs were sampled because the remaining two other banks are Microfinance banks and they were excluded from the sampled frame. The study collected secondary data from annual report and accounts of the fifteen (12) sampled deposit money banks. The study employs the Panel regression techniques to analyze the data because the study involves the combination of time series and cross sectional data. Hausman specification test was utilized to test whether the fixed or random effect model is appropriate. Based on the Hausman specification result, the study adopted Random Effect model. The result indicates that ratio of non-performing loan to total loans and advances and ratio of total loan and advances to total deposit have significant positive influence on financial performance of quoted deposit money banks in Nigeria while ratio of loans and advances to total assets has no significant effect on financial performance of quoted DMBs. The study concludes that Despite the high levels of the NPLs, their profit levels keep rising as an indication of the transfer of the loan losses to other customers in the form of large interest margins, DMBs are thus recommended to establish sound and competent credit risk management units which are run by best practices in risk management such as the institution of a clear loan policy and the adherence to underwriting authority and limits.
A good compensation management is important to motivate employees in order to increase their job ... more A good compensation management is important to motivate employees in order to increase their job satisfaction. Thus, this study examines the impact of compensation management on employees’ job satisfaction in selected SMEs in Abuja Municipal Area Council. The study focused on four compensation variables which serve as the independent variables such; salary and wages, fringe benefits, recognition and promotion and the employees’ job satisfaction which serves as dependent variable. The study is conducted on four SMEs operating within Abuja Municipal Area Council, Nigeria. This study adopts descriptive survey research design. The population of this study comprises the staff of the four selected SMEs in Abuja Municipal Area council. These SMEs are Gayeda International Limited, Coscharis Medical and Food Limited, Panabiz International Limited and E-Blaze paint and chemical Industry Limited. The population size of the study comprised of five hundred and twelve (512) staff of these four SMEs in Abuja Municipal Area Council. The study utilizes proportional sampling technique to arrive at the sample size of 130. The data that used for this study is purely primary data. This study employs the Ordinary Least Square (OLS) regression technique to determine the impact of compensation management on employees’ job satisfaction in selected SMEs in Abuja Municipal Area council. Reliability of the primary data is checked through Cronbach’s alpha. Reliability of the survey instrument is evaluated through Cronbach Alpha. The study found that salaries and wages, fringe benefits, and promotion have significant positive impact on employees’ job satisfaction of SMEs in Abuja Municipal Area Council. This study also revealed that recognition has an insignificant impact on employees’ job satisfaction of SMEs in Abuja Municipal Area Council. The study concludes that compensation management improves employees’ job satisfaction of SMEs in Abuja Municipal Area Council. The study recommends that Small and Medium Enterprises in Nigeria should consider reviewing the salary pay on a yearly basis. Also, the study recommends that Management of Small and Medium Enterprises in Nigeria should improve on its fringe benefits so as to boost employees' morale. Employees should participate actively in designing and redesigning compensation policy so that the management will be aware of the aspect of compensation policy that stimulates their job satisfaction. Finally, the study recommends that Small and Medium Enterprises in Nigeria should promote their employees by changing their job roles and task.
The impact of IFRS on a firm’s financial performance is critical for investment decision of inves... more The impact of IFRS on a firm’s financial performance is critical for investment decision of investors, regulators, auditors as well as those in academia. Hence, the need to carry out a comparative analysis of pre and post IFRS performance of listed consumer goods companies in Nigeria. The study covered a period of twelve years, 2006-2017, six years pre IFRS adoption (2006 -2011) and six years post IFRS adoption (2012-2017). The study adopts ex-post facto research design, the population of the study consists of twenty-two (22) listed consumer goods companies in Nigeria, out of which 16 are sampled through the use of filtering technique. This study utilized secondary data collected from audited annual financial reports and statement of accounts of sampled sixteen (16) consumer goods companies. The study employs Sample Pair t-test in analyzing the collected data. The study found that there is no significant difference in earnings per share, return on asset, return on equity between pre and post IFRS adoption of listed consumer goods companies in Nigeria. The paired samples test results reveals that there is significant positive difference in net profit margin between pre and post IFRS adoption of listed consumer goods companies in Nigeria. Based on the findings, the study concludes that there is no significant difference in the profitability of listed consumer goods companies as a result of IFRS adoption. The study recommends that analysts should be aware that the volatility of earnings per share of listed consumer goods companies’ figures in IFRS is generally higher than in NGAAP.
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