Scholarly Works in the Department of Accounting and Finance

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Browsing Scholarly Works in the Department of Accounting and Finance by Author "Adenugba Adesoji Adetunji"

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    Banking System Credit as an Instrument of Economic Growth in Nigeria (1983 - 2012)
    (European Journal of Business, Economics and Accountancy, 2015) Adenugba Adesoji Adetunji
    The study investigated banking system credit as an instrument of economic growth in Nigeria. The purpose of carrying this research work was to identify the reasons why bank lending or access to credit to the poor and Small and Medium Scale Enterprises (SME) has remained low, to examine the reasons why banking habit is low in Nigeria and to identify the factors or criteria that ensures diligent and prudent credit approval. Time series data collected from the Central Bank of Nigeria (CBN) Statistical Bulletin between periods of (1983-2012) was used to regress the model using the Ordinary Least Square (OLS) technique. Findings showed that banking system credit is indeed an instrument of economic growth in Nigeria. The research study concluded that, when the size of saving is increased, enough credits or loans will be available for individuals, government, entrepreneurs, private and public sector which will enhance economic growth. To this end therefore, there is need to develop our financial intermediaries towards greater effectiveness and efficiency because a sound financial system instills confidence among savers such that resources are effectively mobilized to increase productivity in the economy. The more liquid money is made available in an economy, the more opportunities exists for continued growth.
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    Corporate Governance in the Nigerian Financial Sector: The Efficacy of Internal Control and External Audit
    (Global Conference on Business and Finance Proceedings, 2011) Adenugba Adesoji Adetunji; Babalola Adeyemi
    Poor corporate governance has become a common lexicon in the Nigerian financial sector. Arguably, the crisis that rocked the sector between 1994 and 2003 are clear testimonies of bad corporate governance due partly to weak internal controls as exhibited in various financial firms and the unprofessional attitude of some of the external auditors. The main thrust of this paper is to determine the efficacy of sound internal controls as checks and balances on the spurious activities of the board and management of the firms. It is also intended to justify the expected role of the external audit in ensuring good corporate governance. For the purpose of this study, secondary sources were utilized and in analyzing the data collected, descriptive statistics was adopted. The principal results showed that weak internal controls were evident in the sector due to the overbearing influence of the chairman in family-controlled businesses and the existence of rubber stamp board. It was also observed that the external auditors and the inspectors from the regulatory authorities have been compromised. Consequently, the authors of this paper opine that a total overhaul of the internal control system within the sector and a visibly independent external audit will be required to curb the excesses of the board and management and guarantee sustainable governance.
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    Human Capital Development in First Bank of Nigeria PLC
    (Mediterranean Journal of Social Sciences, 2013) Adenugba Adesoji Adetunji; Olusegun Olalere Titilope
    Human Capital Development is essential for the growth and development of any nation. Human capital are perhaps the most dynamic of all the resources of any organization. Over the years, the Financial Sector had been plagued with scarcity of trained bankers and financial experts, which has led to employment of half fit experts who needs further training to make them suitable for the banking jobs. It is in the light of this that this paper examines the effectiveness of Human Capital Development Programmes of First Bank of Nigeria Plc. The study utilized both secondary and primary for gathering information. For the primary source it utilized both questionnaire and in-depth interview as instruments and for secondary data; the organization’s human capital development chart, handbook and training records. The findings revealed that the Human Capital Development Programmes of First Bank of Nigeria Plc have improved the skills, attitude and performance of staff of the bank which invariably has led to the achievement of organizational goals and objectives. The findings also discovered the need for the bank to put in place motivational policies that will be attractive to the staff in order to retain them after the training and development exercise. This is will reduce employee turnover or attrition, which is visible in the bank.
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    Implications of Microfinancing On The Economy: The Nigerian Case
    (Global Conference on Business and Finance Proceedings, 2011) Adenugba Adesoji Adetunji; Babalola Adeyemi
    Commercial banks traditionally lend to medium and large scale enterprises considered creditworthy but avoid dealing with the microenterprises because of their relatively, high associated costs and risks. However, microfinance institutions (MFIs) have, therefore, become the main source of funding microenterprises in developing countries. The main purpose of this study is to establish the funding options open to microenterprises in the country and the extent to which these have been accessed. It is also meant to assess the rate of growth of these enterprises and the factors accountable for this, especially, in the last ten years. The study also covered the funding challenges facing this subsector which include persistent refusal of commercial banks to finance microenterprises, the need to effectively implement the policy framework that would regulate and standardize MFIs operations, assessing medium to long term sustainable commercial sources of fund to mention just a few. Simple descriptive statistics was used to analyze the data collected for the study. The authors are of the view that separation of ownership and management and a strict compliance with the Micro Finance Regulatory and Supervisory Framework will further enhance the activities of these firms and ultimately impact positively on the economy.
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    Non-Oil Exports in the Economic Growth of Nigeria: A Study of Agricultural and Mineral Resources
    (Journal of Educational and Social Research, 2013-05) Adenugba Adesoji Adetunji; Sotubo Oluwatimilehin Dipo
    Exports have been described as catalysts for overall development and increase the earnings of the country thereby creating an avenue for growth by raising the national income of the country. Since the importance of foreign income cannot be over-emphasized, this study therefore examines the performance of non – oil exports over the years as well as the reason for that pattern and level of performance. The study evaluates the performance of Nigeria’s export promotion strategies as to whether they have been effective in diversifying the productive base of the Nigerian Economy from Crude oil as the major source of foreign exchange. The study runs from 1981 through 2010. Findings from the study reveal that non – oil exports have performed below expectations giving reason to doubt the effectiveness of the export promotion strategies that have been adopted in the Nigerian Economy. The study reveals that the Nigerian Economy is still far from diversifying from crude oil export and as such the crude oil sub – sector continues to be the single most important sector of the economy. The study made some recommendations for diversification to be achieved and for enhancing the productivity and output of non –oil commodities as well as providing markets for the commodities.
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    Rejuvenating Taxpayers Disposition: An Antidote to Revenue Generation Quandary in Lagos-Nigeria
    (Asian Journal of Business and Management, 2013-08) Adenugba Adesoji Adetunji; Omorogbe Comfort E.; Ajibolade S .O.
    In developing countries, taxes by government on individuals, properties and companies, form a major portion of money meant for public purposes. However, many persons research has shown blatantly refuse to pay tax by reporting losses each year, yet have lifestyles inconsistent with reported income. Despite several check mechanisms that have been put in place including the use of tax consultancy services and automated systems, studies revealed that the problem still persist. The issue of non-complainant was associated to behavior and attitude of the taxpayers. This paper re-examined the cause for such behavior and evaluated ways of rejuvenating the tax payer’s disposition with a view to improving tax revenue generation. The disposition of tax payers in Lagos State toward payment of taxes, were sourced. A total of 173 entrepreneurs were sampled. The data gathered were analyzed using means, Kendall’s measure of Concordance, Pearson product moment correlation and multiple regression analysis. The result from the analysis revealed that attitudinal problem was a major cause and could be rejuvenated. Based on the model designed for this study, several ways were suggested to improve the attitudinal problem of taxpayers’ such as, revivify thoughts, spirituality, reward schemes and individual interaction schemes.