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Research Interests:
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This study examines the impact of cashless payment systems on financial inclusion in Nigeria. This was aimed at ascertaining the level of financial inclusion caused by the cashless policy. The study was hinged on the theories of... more
This study examines the impact of cashless payment systems on financial inclusion in Nigeria. This was aimed at ascertaining the level of financial inclusion caused by the cashless policy. The study was hinged on the theories of technology acceptance and diffusion of innovation. Thus, primary data was sourced and collated via structured questionnaires administered to 117 respondents and analyzed using simple percentages and presented using graphs. The data was further estimated using the ordered probit regression technique. The results indicate that nearness of financial products and service outlets to rural settlements, ease of digital financial transactions and reduced visits to banking halls aided by access to cashless payment mediums has enhanced financial inclusion in Nigeria. It also emerged that efficiency of cashless payment channels does not significantly reduce the use of financial products and services, hence financial inclusion. Furthermore, the results indicate that the...
Purpose: This paper investigated the impact of the CBN’s intervention in the private sector as reflected in such interventions impact on the gross domestic product of the country.Methodology: The econometric methodology adopted in this... more
Purpose: This paper investigated the impact of the CBN’s intervention in the private sector as reflected in such interventions impact on the gross domestic product of the country.Methodology: The econometric methodology adopted in this study is the error correction methodology (ECM), it tested the short-run dynamics of the estimated model. The long-run test utilized was the Johansson cointegration test on the gross domestic product (GDP) as the dependent variable and inflation, credit to the private sector and the exchange rate as the explanatory variables. The data (secondary) was sourced from the CBN statistical bulletin and the banks websiteFindings: Findings from the study show that credit to the private sector had a positive, but insignificant impact on GDP at the 5 and 10 per cent level of significance. The prime lending rate that was used as a proxy for interest rate showed a negative but insignificant impact as was the exchange rate even at the 10 per cent level of significa...
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Research Interests:
The study investigates corporate governance and timeliness of audited reports of quoted companies in Nigeria. The population was all quoted companies listed at the Nigerian Stock Exchange, collected secondary data from published financial... more
The study investigates corporate governance and timeliness of audited reports of quoted companies in Nigeria. The population was all quoted companies listed at the Nigerian Stock Exchange, collected secondary data from published financial statements on the compliance issued by the Nigerian Stock Exchange as of March 31 2018. The hypotheses formulated for this study was tested using the regression model. The study found that board composition has a significant effect on the timeliness of the audited reports. The result indicates that late filers companies are likely to have boards with significantly lower numbers of independent Non Executive Directors, audit committee members with financial expertise than their early filers companies. The study finds that board independent non-executive director and audit committee financial expertise have a significant positive effect on the timeliness of audited reports of companies. Therefore, the study concludes that corporate governance has a si...
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This study examines the impact of cashless payment systems on financial inclusion in Nigeria. This was aimed at ascertaining the level of financial inclusion caused by the cashless policy. The study was hinged on the theories of... more
This study examines the impact of cashless payment systems on financial inclusion in Nigeria. This was aimed at ascertaining the level of financial inclusion caused by the cashless policy. The study was hinged on the theories of technology acceptance and diffusion of innovation. Thus, primary data was sourced and collated via structured questionnaires administered to 117 respondents and analyzed using simple percentages and presented using graphs. The data was further estimated using the ordered probit regression technique. The results indicate that nearness of financial products and service outlets to rural settlements, ease of digital financial transactions and reduced visits to banking halls aided by access to cashless payment mediums has enhanced financial inclusion in Nigeria. It also emerged that efficiency of cashless payment channels does not significantly reduce the use of financial products and services, hence financial inclusion. Furthermore, the results indicate that the...
The study was on stock market performance of quoted oil firms in the Nigeria using the ARIMA model approach. The problem of study is that that previous studies have questionable methodologies when measuring the impact of certain factors... more
The study was on stock market performance of quoted oil firms in the Nigeria using the ARIMA model approach. The problem of study is that that previous studies have questionable methodologies when measuring the impact of certain factors on stock market returns. Again, the existence of multiple competing models immediately calls into question the robustness of previous findings, the squared returns of some of the models also obscured by very noisy volatility indicators. The objective of study is to examine the impact of liquidity measured by turnover ratio on stock market returns of petroleum firms in the Nigerian Stock Market. In the methodology used was the ARIMA model, findings indicate evidence that AR is stationary and MA is invertible. For the three oil firms under study it was evident that there were significant relationship between their liquidity measured by market capitalization ratio and their respective stock market returns. Amongst the three quoted oil firms, Mobil Plc a...
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The study examined the effect of money market instruments on capital market performance in Nigeria using time series spanned data over a period, 1981-2018. Secondary data were sourced from the central bank of Nigeria statistical bulletin... more
The study examined the effect of money market instruments on capital market performance in Nigeria using time series spanned data over a period, 1981-2018. Secondary data were sourced from the central bank of Nigeria statistical bulletin 2018. Descriptive statistics, covariance Analysis, Johansen cointegration and vector error correction model were used in the study, the study is to determine how the trading of commercial paper, Bankers’ acceptance and Treasury Bills affects capital market performance in Nigeria for the period under review. The result of the study indicates that treasury bills (TB) is negative at lags 1 and 2; the implication is that an increase in purchase of treasury bills in the money market would result to a fall in the annual market capitalization of the Nigerian capital market. Similarly, a negative relationship was also noticed between commercial paper (CP) trading and annual market capitalization which implies that an increase in trading on commercial paper ...
The study examined the effect of Sectoral loans on commercial banks performance in Nigeria using time series spanned data over a period, 1990-2018. Secondary data were sourced from the central bank of Nigeria statistical bulletin 2018.... more
The study examined the effect of Sectoral loans on commercial banks performance in Nigeria using time series spanned data over a period, 1990-2018. Secondary data were sourced from the central bank of Nigeria statistical bulletin 2018. Hypotheses were formulated and tested using Augmented Dickey-Fuller, co-integration, and the error correction mechanism tests. Specifically, the sectors looked into in this study are Agriculture/forestry, manufacturing, and mining/Quary sector respectively, while interest rate was included as control variable. The result indicates that agriculture, manufacturing, and mining sectors have linear and insignificant effect on bank performance proxied by return on asset; while interest rate has negative effect on bank performance for the period under review. Furthermore, Johansen co-integration test result indicates the existence of four cointegrating long run relationship among variables selected in this study. It is proffered that Government should streng...
Given the continued poor performance experienced in the banking sector as indicated by high levels of credit risk, poor quality loans and high incidence of non-performing loans, in spite of the frequent reforms that various governments in... more
Given the continued poor performance experienced in the banking sector as indicated by high levels of credit risk, poor quality loans and high incidence of non-performing loans, in spite of the frequent reforms that various governments in Nigeria have embarked upon, there is the need to constantly examine and analyse the factors that could affect bank performance with the aim of providing empirical evidence based on which solutions can be proffered. The paper examined the impact of asset quality management on the performance of deposit money banks in Nigeria. The paper adopted the ECM and co-integration techniques using annual aggregate data sourced from the CBN and the NDIC publications for the period 1990-2013. The findings of the study indicate that the selected measures of asset quality have significant impact on all the three indicators of bank performance namely- return on equity, return on total assets and return on shareholdersA¢â‚¬â„¢ fund respectively. In addition, the res...
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This study examines the determinants of financial inclusion in Nigeria. This was aimed at ascertaining the level of financial access in Nigeria. Thus, supply side data spanning 2000 to 2018 were collated for estimation. The data were... more
This study examines the determinants of financial inclusion in Nigeria. This was aimed at ascertaining the level of financial access in Nigeria. Thus, supply side data spanning 2000 to 2018 were collated for estimation. The data were sourced from the World Development Indicators and Central Bank of Nigeria databank. The time series data were estimated using ordinary least square technique. This study examines the determinants of financial inclusion in Nigeria. This was aimed at ascertaining the level of financial access in Nigeria. Thus, supply side data spanning 2000 to 2018 was collated for the estimation. The time series data were estimated using the error correction technique. The findings indicates that commercial bank branches and deposit interest rate exert a negative and insignificant impact on financial inclusion.Further results indicate that domestic credit to private sector (% of GDP),ratio of rural deposits to loans and lending interest rate exert a positive and signific...
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The study dealt on the effect of privatization on performance in a panel of Nigerian banks for the period 1988–2017 (a 30-year period). Despite nine banks being privatized the banks credit to the private sector has not met the target of... more
The study dealt on the effect of privatization on performance in a panel of Nigerian banks for the period 1988–2017 (a 30-year period). Despite nine banks being privatized the banks credit to the private sector has not met the target of the proponents of the policy makers who started the privatization programme in the first place. The research seeks to establish if there is a valid argument in the belief held in some quarters that privatization of government businesses and assets which facilitate economic growth have not had significant effect on the credit facilitation of the private sector. In the process of developing of the model the first step is to identify the linear regression model requiring the inclusion of the dependent and independent variable and the attendant coefficient weights identified by using statistical method called Ordinary Least Squares (OLS), Granger causality test and Unit root test. There was a positive correlation between credit to the private sector and ...
The study examined the impact of financial structure and macroeconomic fundamentals on firm profitability. This was aimed at ascertaining how financial structure and macroeconomic fundamentals influence firm profitability. The after... more
The study examined the impact of financial structure and macroeconomic fundamentals on firm profitability. This was aimed at ascertaining how financial structure and macroeconomic fundamentals influence firm profitability. The after effect research design was adopted to examine the dependent and independent variables in retrospect. Historical data spanning 2001 to 2015 was collated and estimated employing the Least Square, Fixed Effects and Random Effects estimations. The empirical results show that debt equity ratio (DER), long term debt equity ratio (LTDER), short term debt equity ratio (STDER), real GDP growth rate (RGDP), and interest rate (IntR) play critical roles in profitability of the firms. In addition, effects of financial structure are more effective when ascertaining the sensitivity of macroeconomic variables that have the potential to improve or degrade the profitability of the firms. Also the effects of firmspecific variables (SIZE and AGE) are more significant given ...
This study examines the effect the various tax rates (i.e., corporate tax, personal income tax and sales tax) have on tax compliance in the African nations. The tax-to-GDP ratio of these countries were used as a proxy for tax compliance... more
This study examines the effect the various tax rates (i.e., corporate tax, personal income tax and sales tax) have on tax compliance in the African nations. The tax-to-GDP ratio of these countries were used as a proxy for tax compliance and these data were obtained from the 2019 OECD revenue statistics in Africa, KPMG and trading economic sites. SPSS version 25 was used to run the regression analysis. The result reveals that the corporate tax rate has a negative and statistically significant effect on tax compliance level in Africa. The result also shows that the personal income tax rate and the sales tax rate have a positive effect on tax compliance. However, these effects are not statistically significant.The study concludes that an increase in corporate tax rate will lead to further tax non-compliance in African nations. Therefore, the study recommends that countries whose corporate tax rate is above the continent average of 28.21% and are experiencing non-compliance should reduc...
This is study on the impact of trade volume on stock market returns of Nigerian pharmaceutical companies measuring liquidity and stock returns of three quoted companies in the health sector of the Nigerian stock Exchange. The problem... more
This is study on the impact of trade volume on stock market returns of Nigerian pharmaceutical companies measuring liquidity and stock returns of three quoted companies in the health sector of the Nigerian stock Exchange. The problem being studied is that similar studies have being using models without emphasizing on the increasing importance of standard deviation inclusive models in measuring liquidity of stock market returns which is not unconnected to the general understanding that there is a need to model risk measures that would capture the effect of liquidity on returns. The research objective being to examine the impact of liquidity of pharmaceutical companies measured by market trade volume ratio on stock market returns of the ten quoted companies of different sectors of the Nigerian Stock Exchange. E-view statistics using least squares (NLS and ARMA) was employed in the methodology stating a linear equation. The findings indicate different scenarios for the different quoted...
This study examines the impact of stock market development on foreign direct investment inflows in the Nigerian economy. This was aimed at ascertaining how the development of the Nigerian Stock Exchange has stimulate the inflow of foreign... more
This study examines the impact of stock market development on foreign direct investment inflows in the Nigerian economy. This was aimed at ascertaining how the development of the Nigerian Stock Exchange has stimulate the inflow of foreign direct investment to Nigerian businesses. The after effect research design was adopted to examine the dependent and independent variables in retrospect. Historical data spanning 1985 to 2018 was collated and estimated employing the Engle Granger error correction technique. The empirical results indicate that market capitalization and value of deals in the exchange exert a positive impact on foreign direct investment inflows to Nigeria. Although, further observations indicate that only market capitalization exert a statistically significant impact on foreign direct investment inflows to Nigeria. Furthermore, it emerged that all share index is nagative and has a statistically invalid impact on foreign direct investment inflows in Nigeria. The study c...
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Purpose: This paper investigated the impact of the CBN’s intervention in the private sector as reflected in such interventions impact on the gross domestic product of the country. Methodology: The econometric methodology adopted in this... more
Purpose: This paper investigated the impact of the CBN’s intervention in the private sector as reflected in such interventions impact on the gross domestic product of the country. Methodology: The econometric methodology adopted in this study is the error correction methodology (ECM), it tested the short-run dynamics of the estimated model. The long-run test utilized was the Johansson cointegration test on the gross domestic product (GDP) as the dependent variable and inflation, credit to the private sector and the exchange rate as the explanatory variables. The data (secondary) was sourced from the CBN statistical bulletin and the bank's website Findings: Findings from the study show that credit to the private sector had a positive, but insignificant impact on GDP at 5 and 10 per cent level of significance. The prime lending rate that was used as a proxy for interest rate showed a negative but insignificant impact as was the exchange rate even at the 10 per cent level of signif...
Research Interests:
The study investigates corporate governance and timeliness of audited reports of quoted companies in Nigeria. The population was all quoted companies listed at the Nigerian Stock Exchange, collected secondary data from published financial... more
The study investigates corporate governance and timeliness of audited reports of quoted companies in Nigeria. The population was all quoted companies listed at the Nigerian Stock Exchange, collected secondary data from published financial statements on the compliance issued by the Nigerian Stock Exchange as of March 31 2018. The hypotheses formulated for this study was tested using the regression model. The study found that board composition has a significant effect on the timeliness of the audited reports. The result indicates that late filers companies are likely to have boards with significantly lower numbers of independent Non Executive Directors, audit committee members with financial expertise than their early filers companies. The study finds that board independent non-executive director and audit committee financial expertise have a significant positive effect on the timeliness of audited reports of companies. Therefore, the study concludes that corporate governance has a si...
Research Interests:
Research Interests:
Human asset investment as an essential tool for individual, household, firm and nation building has drawn wider attention due to increasing globalization in the world economy with the felt increasing need for higher earnings and... more
Human asset investment as an essential tool for individual, household, firm and nation building has drawn wider attention due to increasing globalization in the world economy with the felt increasing need for higher earnings and productivity. Human asset investment has been considered to be one of the fundamental solutions to the challenges facing firm’s greater productivity and nation building in Nigeria and Africa as a whole. This study thus examined the relationship between human asset investment and organization performance from various critical perspectives with the aim to making necessary policy recommendations. The study adopts logical literature review technique to present a technical evaluation of the achievements that adds to the individuals, household, firms and countries that invest in human asset. This study concluded that those companies and nations which invest in human asset have the tendency to be more successful, profitable economically, tactically placed and gener...
Oil price volatility effect on macroeconomic indices globally has been a long debate among scholars. This study examined the impact of oil price volatility on external debt management in Nigeria. The study employs the use of secondary... more
Oil price volatility effect on macroeconomic indices globally has been a long debate among scholars. This study examined the impact of oil price volatility on external debt management in Nigeria. The study employs the use of secondary data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin, 2018, World Bank, International Debt Statistics and Debt Management Office of Nigeria. The data were subjected to ADF test, Johansen co-integration test, Granger Causality test and Vector Auto-Regression (systems model) to estimate parameters and test outlined hypotheses using Wald Test Chi-square outcome. The empirical results of the study evidenced a significant impact of oil price volatility on capital investments, while external debt servicing and aggregate external debt was impacted insignificantly for same period under study. The study therefore, recommends; Debt Management Office of Nigeria to be empowered more constitutionally to create a centralized unit within its oper...
The study tested linearity of stock returns in the Nigerian food and beverage industry using Nesttle Plc and Cadbury Plc as selected firms of study. The objectives of study being to establish the existence of a linear relationship between... more
The study tested linearity of stock returns in the Nigerian food and beverage industry using Nesttle Plc and Cadbury Plc as selected firms of study. The objectives of study being to establish the existence of a linear relationship between market capitalization and value of equity on one hand and the impact of market capitalization and stock returns on the other. The methodology used in testing the hypotheses was simple regression where the capitalization and valuation were the determining variables varying the magnitude and direction of stock returns the findings indicated that for both hypotheses, capitalization had a linear and positive relationship which has a significant effect on stock returns. In conclusion, the fundamental role of stock market is to provide adequate guarantee to shareholders of Cadbury Plc and Nestle Plc by carrying out studies about the volatility, performance and efficiency of stock returns remains vital and essential information to investors. It was observ...
This paper set out to investigate the impact of credit risk management on the performance of deposit money banks in Nigeria using the ECM and Granger causality techniques in addition to the IRF and VDC methodology. Data for the study were... more
This paper set out to investigate the impact of credit risk management on the performance of deposit money banks in Nigeria using the ECM and Granger causality techniques in addition to the IRF and VDC methodology. Data for the study were sourced from the CBN Statistical Bulletin and the Annual Reports and Accounts of the NDIC for the period 1989 to 2013. Our findings demonstrate succinctly that the selected credit risk management indicators under study significantly impact on the performance of deposit money banks measured as return on equity, return on total assets, and return on shareholdersi¯ fund respectively. However, the findings report no evidence of significant granger causality relationship between the various credit risk management indicators and the various measures of performance except for a uni-directional granger causality relationship from ROE to RNPD and from ROTA to RNPS respectively. Based on the foregoing, it is recommended that given the observed significant re...
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This study stands to find out the various investment vehicles in the Small and Medium enterprises (SME) sector in Nigeria. The research also ascertained the challenges confronting investors to invest in the identified investment vehicles... more
This study stands to find out the various investment vehicles in the Small and Medium enterprises (SME) sector in Nigeria. The research also ascertained the challenges confronting investors to invest in the identified investment vehicles in the SME subdivision. The research utilized both interpersonal interview and desk research approach and reviewed related epistles on the phenomenon to provide conceptual evidence. The paper observed that there are numerous investment vehicles in the SME sector that potential and existing investors can benefit from. The viability of the SME subdivision has a great influence on the growth of the overall economy of a nation. The research recommended in line with the evidence from the reviewed papers and the drawn conclusion that, government should provide enabling economic, political and socio-cultural environment to influence investors to invest in the SME sector in Nigeria. Government should reduce the multiple tax options and implement policy that...
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Industrial and economic developments are flourished by small and medium scale enterprises (SMEs) in a country through efficient utilization of local resources, production of intermediate goods and services and transformation of rural... more
Industrial and economic developments are flourished by small and medium scale enterprises (SMEs) in a country through efficient utilization of local resources, production of intermediate goods and services and transformation of rural technology. This study empirically examined Nigerian context of loanable funds impact on performance of small and medium scale enterprises (SMEs)within a study range of 2001-2018. The study employed time series data sourced from Central Bank of Nigeria (CBN) annual statistical bulletin, 2018. The error correction mechanism (ECM) was used to analyze data set after determining their individual stationarity with the presence of long-run cointegrating relationship among variables employed in the study. The study found that, credit to the private sector and interest rate ceiling have both linear and non-linear significant impact on the performance of small and medium scale enterprises (SMEs) in Nigeria. Therefore, the study recommends: Government and financi...
Budget has gained prominent importance to government and nations as it entails quantitative projected financial plan for the various levels of government. Thus, the need of government in attaining set national objectives give rise to the... more
Budget has gained prominent importance to government and nations as it entails quantitative projected financial plan for the various levels of government. Thus, the need of government in attaining set national objectives give rise to the formulation and formalization of budget. This study examined the inhibiting intrigues of budget implementation on economic performance in Nigeria. The study employs the use of secondary source of data obtained from National Bureau of Statistics (NBS) Fact File 2018, and subjected them to ADF stationarity and Johansson co-integration tests. The study parameters and outlined hypotheses were determined and tested using t-statistics outcome in the error correction mechanism (ECM). The study found that a unit reduction in government capital expenditure and government recurrent expenditure will decline Nigerian economic performance by 19% and 40% respectively. This equally indicated that there is a significant effect of budget implementation determinants ...
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Human asset investment as an essential tool for individual, household, firm and nation building has drawn wider attention due to increasing globalization in the world economy with the felt increasing need for higher earnings and... more
Human asset investment as an essential tool for individual, household, firm and nation building has drawn wider attention due to increasing globalization in the world economy with the felt increasing need for higher earnings and productivity. Human asset investment has been considered to be one of the fundamental solutions to the challenges facing firm’s greater productivity and nation building in Nigeria and Africa as a whole. This study thus examined the relationship between human asset investment and organization performance from various critical perspectives with the aim to making necessary policy recommendations. The study adopts logical literature review technique to present a technical evaluation of the achievements that adds to the individuals, household, firms and countries that invest in human asset. This study concluded that those companies and nations which invest in human asset have the tendency to be more successful, profitable economically, tactically placed and gener...
This study evaluates the impact of tax shield on capital structure of quoted non-financial firms in Nigeria. Five hypotheses were formulated following the dependent variables of Long Term Debt Ratio and Short Term Debt Ratio. The... more
This study evaluates the impact of tax shield on capital structure of quoted non-financial firms in Nigeria. Five hypotheses were formulated following the dependent variables of Long Term Debt Ratio and Short Term Debt Ratio. The independent variables employed for this study are: Operating Income, Non-Debt Tax Shield, Debt Tax Shield, Trade Credit Ratio, Firm Size and Firm Leverage. This study is based on ex-post facto research design and made use of panel data set collected from thirty five (35) non-financial companies over a five year period of 2015 and 2019 financial year. We analyzed the data set using panel least square regression analysis. Our finding supports the trade-off theory developed by Modigliani and Miller’s [1] who explained that, “the relevance of debt with the existence of taxes is beneficial for the formation of a firm’s capital structure and serves to shield earnings from taxes. The result showed that both variables of debt tax shield and firm leverage significa...
This study stands to find out the various investment vehicles in the Small and Medium enterprises (SME) sector in Nigeria. The research also ascertained the challenges confronting investors to invest in the identified investment vehicles... more
This study stands to find out the various investment vehicles in the Small and Medium enterprises (SME) sector in Nigeria. The research also ascertained the challenges confronting investors to invest in the identified investment vehicles in the SME subdivision. The research utilized both interpersonal interview and desk research approach and reviewed related epistles on the phenomenon to provide conceptual evidence. The paper observed that there are numerous investment vehicles in the SME sector that potential and existing investors can benefit from. The viability of the SME subdivision has a great influence on the growth of the overall economy of a nation. The research recommended in line with the evidence from the reviewed papers and the drawn conclusion that, government should provide enabling economic, political and socio-cultural environment to influence investors to invest in the SME sector in Nigeria. Government should reduce the multiple tax options and implement policy that...
Aims: The study examined the impact of insurance sector development on foreign direct investment in Nigeria. Study Design: The ex-post facto research design was employed to observe the study components in retrospect. Secondary data... more
Aims: The study examined the impact of insurance sector development on foreign direct investment in Nigeria. Study Design: The ex-post facto research design was employed to observe the study components in retrospect. Secondary data spanning 1996 to 2017 was sourced and collated from the World Development Indicators, Central Bank of Nigeria statistical bulletin and National Insurance Commission annual balance sheets. Place and Duration of Study: Department of Banking and Finance, Niger Delta University, Wilberforce Island, Bayelsa State, Nigeria. The study was carried out between November 2019 to January 2020. Methodology: The ex-post facto research design was employed to observe the study components in retrospect. Secondary data spanning 1996 to 2017 was sourced and collated from the World Development Indicators, Central Bank of Nigeria statistical bulletin and National Insurance Commission annual balance sheets. The time series data was estimated using the least square technique. R...