Department of Accounting and Finance

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Bank Privatization in Sub-Saharan Africa: The Case of Nigeria Deposit Money Banks (1980 – 2015)
(The International Journal Of Business & Management, 2019-06) Oladiran Rotimi Williams; Enyi Patrick Enyi; Adegbie Fola Festus
Federal-owned enterprises witnessed abysmal performance due to government bureaucracy, monumental waste, corruption and inefficiency. Economic reforms such as privatization, commercialization and liberalization were hereby proffered to address the aforementioned inefficiencies. Hence, this study investigated the impact of privatization on financial performance (return on equity) of selected deposit money banks in Nigeria (1980-2015). The study employed ex-post facto research design. Three banks were chosen from the target population of nine privatized deposit money banks, using purposive sampling technique, namely, FBN Plc, UBA Plc and UBN Plc. Data were sourced from publications of relevant banks’ annual reports, the NSE Factbook, and Bureau of Public Enterprises. Data were analyzed using descriptive statistics and panel regression analysis. The findings revealed that privatization components (Percentage Share privatized, Age of bank, No of Directors, Incremental asset size and Leverage) had significant impact on financial performance (return on equity) (Adj. R2= 0.463, F(5, 30)= 7.048, p<0.05), of selected deposit money banks in Nigeria. The study therefore recommended that government must ensure that civil order prevails and democracy thrives, so that collectively appropriate designed can be formulated and implemented to meet societal needs and achieve a sustainable future.
Banking Sector Consolidation and Stock Market Performance
(International Journal of Behavioral Social and Movement Sciences, 2014-10) Adu Cecilia Adurayemi
In this paper, an attempt has been made to address the impact of banking sector consolidation on the stock market performance in Nigeria between 2001 and 2012.The introduction to the banking system in Nigeria was discussed, some literatures were reviewed ,past challenges in the capital market, consolidation exercise between 2004 and 2009 were looked into. The secondary source of data was used to analyze if there was any significant relationship between the banking sector consolidation and stock market performance before, during and after the consolidation exercise. It was concluded that banking consolidation policy on its own could not increase stock market returns but there must be adequate mix with other monetary and fiscal policy instruments to produce desired result.
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.
Cashless Policy and Its Effects on the Nigerian Economy
(European Journal of Business, Economics and Accountancy, 2016) Adu Cecilia Adurayemi
The paper discussed the effects of cashless policy on the Nigerian economy, how it was kick-started in Lagos, means of payments (both manual and electronic), positive and negative effects of cashless policy, benefits to the economy and stakeholders, suggestions were made to the Nigerian government on how to curb some of the negative effects and to improve on the implementation of the policy.
Cooperative Societies in Nigeria: Prospects and Problems
(International Journal of Behavioral Social and Movement Sciences, 2014-06) Adu Cecilia Adurayemi
This study examined the meaning of cooperative societies, types, formation, roles played by cooperative societies in the economic development of Nigeria, the problems faced by cooperatives and their prospects, brief history of how cooperative societies began and concluded by stating how government could be of help to the cooperative societies in Nigeria.
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.
Cost Management and Information Technology Control Systems Design Efficiency in Nigeria: The Task-Technology-Fit Approach
(International Journal of Management Excellence, 2014-02) Omorogbe Comfort E
The teething problems associated with cost management as a crucial aspect of management control system has been surmounted in developing countries as a result of integrating IT control systems. This paper utilised the task-technology fit framework to provide evidences on the significance of cost management and IT control systems design efficiency in Nigeria. Applying the cross-sectional survey design, data were gathered from 206 operational managers, selected from accounting and IT resource units in the 103 selected firms listed on the floor of the Nigerian Stock Exchange between 2006-2010 accounting periods. The data collected were analysed using the descriptive and inferential statistical tools. The descriptive analyses revealed the extensiveness of costing system design as moderate represented by total mean scores of 3.65; the task requirements and functionality (fit) of the information technology applications had overall mean perception of fit as 4.095 indicating very good fit. The result from the regression analysis showed that the efficiency of IT control applications on cost management systems was significant (p<0.01) explaining about 47.7% variation (R2 = 0.474) of non-financial performance. The paper concluded that effective utilisation of IT control applications in cost management system design would enhance performance if a fit exist between cost management system and information technology control applications.
Credit Risk Evaluation and Performance of Microfinance Banks in Ogun State
(Accounting and taxation review., 2020) Uchehara Chris Chigo; Nkwoh Funke Motunrayo; Anuonye Ngozi Ben; Ngwama Justice Chidi
Microfinance banks in most world economies are dominant as financial institutions providing loans to business owners compared to any other financial institution. However, credit provision requires due attention as credit risk management is one of the critical aspects and challenges faced by microfinance banks. This study examines the role of credit risk management on loan performance in microfinance banks in Ota, Ogun State, Nigeria. The study adopted survey research design and data were collected through a well-structured questionnaire. Purposive sampling technique was adopted, and a sample size of two hundred respondents was drawn from the selected banks in Ota. Data were analysed through the aid of statistical package for social sciences (SPSS), and linear regression was used as a statistical tool for analysis (R=.455; R2=.207 and R Adj.=.202). From the results above, the study revealed that there is a significant relationship between credit risk evaluation and loan performance. The study concludes that proper credit evaluation in microfinance banks is necessary. Therefore, the study recommends that the board and management of microfinance banks in Nigeria should ensure that the implementation of the appraisal process is strictly adhered to without compromise when evaluating risks inherent in loans to their clients.
Environmental Reporting and Performance of Nigerian Listed Oil and Gas Firms
(Acta Všfs, 2022-02) Oladiran Rotimi Williams; Aransiola Solomon Yinka; Adenekan Damilola Gloria; Jayeola Olabisi
The study investigated the environmental reporting and performance of listed oil and gas firms in Nigeria. The study adopted an ex-post facto research design method using existing data from the financials of selected firms. The population of the study consisted of thirteen (13) listed firms as of 2021, out of which ten (10) were purposively selected based on the availability of annual reports and accounts. Secondary data were extracted and the results of the unit-roots test informed the adoption of Auto-Regressive Distributed Lag (ARDL) and Error Correction Techniques. The study found a positive and significant relationship between Environmental Management Cost (EMC) and ROCE (p<0.05), also a positive but insignificant relationship between Environmental Protection Cost (EPC) and ROCE (p>0.05). However, there was a negative and significant relationship between Environmental Research and Development Cost (ERDC) and ROCE (p<0.05). The study concluded that environmental accounting reporting contributed to the firms’ performance of Nigerian listed oil and gas firms. Therefore, these firms should be cost-effective and efficient when planning environmental activities to improve firms’ performance.
Ex-Raying Operations of Small Medium Scale Enterprises (SMEs) In Nigeria Business Environment: The Challenges
(European Journal of Economic and Financial Research, 2021) Uchehara Chris Chigo
Small and Medium Enterprises are expected to play a vital and vibrant role in the economic growth and development of Nigeria. Given the volatility of the Nigerian business environment, this paper ex-ray the operations of SMEs with a view to identifying challenges encountered in fulfillment of their expected roles. Several literatures on SMEs were reviewed along with a survey research design that sampled a total of one hundred and thirty-eight (138) respondents by means of self-completed questionnaire; selected from four strategic locations in Lagos State. Data were collected on possible issues affecting the operations of SMEs ranging from high borrowing rates, high loan requirements, government when making policy, documentation, collateral, entrepreneurial skills, business strategy to Infrastructural inadequacies. The data were analysed using the descriptive and inferential statistical tools. Result on challenges affecting SMEs operation was rated. The analysis of variances was applied to hypothesis testing. The result revealed that SMEs are constrained by inadequate funding and poor management. It was recommended that government should develop a lasting solution to the state of infrastructural deterioration especially electricity along with policies that can assist to cushion the bureaucracy in obtaining loans from micro finance banks.
FORENSIC ACCOUNTING TECHNIQUES AND FINANCIAL MISCONDUCT AMONG FEDERAL UNIVERSITIES IN SOUTHWEST, NIGERIA
(2023-07) Oguntuase Alexander Tunde
In Nigeria, fraud is a widespread phenomenon in different sectors of the economy, including the federal universities. Although forensic accounting techniques have proven to be an effective means of combating financial misconduct in developed economies around the world, their effectiveness in handling financial misconduct in Nigerian tertiary institutions remains unknown. Hence, this study assessed the influence of forensic accounting techniques on fund misappropriation, investigated the relationship that exists between forensic accounting techniques and value for money practices, and determined the effect of forensic accounting techniques on creative accounting practices. It also evaluated the relationship that exists between forensic accounting techniques and procurement practices with a view to mitigating financial misconduct among Federal Universities in Southwest Nigeria. The study employed survey research design. Three hundred and sixty-four (364) respondents participated in the survey and data collected were analyzed using percentages, simple and multiple regression analysis. The results showed that three techniques of forensic accounting namely, SCCP (β = -0.075, t = -3.097; IF (β = -0.575, t = -18.427; LS (β = -0.072, t = -3.011) were statistically significant and inversely affected fund misappropriation, whereas ADE (β = 1.141, t = 36.776) showed a positive significant effect on fund misappropriation. This implies that forensic accounting techniques have largely influenced fund misappropriation among federal universities in the Southwest. The result also showed that forensic accounting techniques exhibited a positive significant linear relationship with value for money practices F (4,359) = 135.998, p < 0.05). Furthermore, the study revealed that forensic accounting techniques significantly impacted on creative accounting practices, SCCP (t=-3.007, p< 0.05), IF (t=-72.93, p < 0.05). LS (t=-3.011, p < 0.05), ADE (t=147.38, p < 0.05). It was also found that forensic accounting techniques showed a positive linear relationship with procurement practices F (4,359) = 49.145, p < 0.05). The implication is that when forensic accounting techniques are strengthened, they will prevent over billing and other sharp practices in procurement processes. The study concluded that forensic accounting techniques are veritable tools to combat financial misconduct. It is therefore recommended that forensic accounting techniques should be adopted to enhance their financial transparency and accountability among federal universities in Southwest Nigeria.
Fraud: The Causes, Typologies, Monumental Effects and Combative Measures.
(International Journal of Management, IT and Engineering, 2013) Adu Cecilia Adurayemi; Ojo Matthias Olufemi Dada
In this paper, an attempt was made to address the problem of fraud in our society. Definitions of fraud were given to explain its meanings to the understanding of the readers. Attempt was also made in highlighting and explaining the typologies of fraud which exist in the society and its causative factors were also examined. The monumental effects of fraud on the individuals, organizations and society at large were mentioned and thoroughly explained. The combative measure from the angles of protection and detection were also scrutinized. Finally, the paper recommends that corruption should be squarely tackled in our society and the combative measures should be adhered to by all the stakeholders, doing this, will go a long way in addressing the problem of fraud in our society.
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.
Impact of Microfinance Banks on The Saving Habits of Rural dwellers In Igbesa, Ogun State. Nigeria (A Study of Lapo Microfinance Bank, Igbesa Ogun State)
(Crawford Journal of Postgraduate Studies, 2021) Adu Cecilia Adurayemi
The study investigated the impact of microfinance banks on the banking habit of rural dwellers in Igbesa town in Ogun State, Nigeria. One hundred (100) customers were purposively selected. The sample was taken on a single day to avoid multiple representation of each element.The result of the study showed that microfinance bank services have positive relationship with savings habits of the rural dwellers in Igbesa, Ogun state. Specifically, Microfinance Bank services (β=321, p<05) had significant positive relationship with savings habit of the rural dwellers who operated bank accounts with the microfinance bank. The findings also showed that the availability of Microfinance Bank services could explain 10.3% of the possibility that the rural dwellers (bank account owners with the Microfinance Banks) chances of saving habits. Besides, Microfinance Bank services had a significance positive impact (F (1,83) = 9.559, p<. 05) on saving habits of the rural dwellers in Microfinance Bank customers. Additional Microfinance Banks should be made available in rural communities in order to encourage and improve the savings habits of the rural people.The study recommended that federal government should review the activities of microfinance banks because most microfinance banks have derailed from the core mandate. Services of the microfinance banks should be reviewed and improved to encourage more rural dwellers to patronize microfinance banks.
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.
Liquidity Management and Financial Performance of Nigerian Listed Consumer Goods Manufacturing Firms
(Economics Management Innovation, 2024) Oguntuase Alexander Tunde; Oyeneye Temitope Esther; Olabisi Jayeola; Ojochenemi Sharon Iko-Ojo
Financial performance is paramount to the survival of every business organization, especially in a dynamic competitive market environment where the majority of these firms operate. Thus, this present study examines the relationship between liquidity management and financial performance of Nigerian listed consumer goods firms. The study adopted an Ex-post facto research design, utilizing data generated from audited financial statements of ten (10) consumer goods manufacturing firms, throughout ten (2014 to 2023) years. The study employed descriptive and inferential statistics. The study found a negative significant relationship between the Current Ratio and Return on Assets (P<0.05). Also, the study showed a negative significant relationship between the Receivables Collection Period and Return on Assets (P<0.05). However, there was a positive insignificant relationship between the Payables Payment Period and Return on Assets (P>0.05). The study concluded that consumer goods manufacturing firms should formulate robust policies for liquidity management that enhance the financial performance of consumer goods manufacturing firms in Nigeria. Such policies should include the proactive process of ensuring the availability of cash in hand to meet financial obligations at the right time. In addition, embedding policies that encourage early payments such as offering discounts for prompt payments and follow-up with debtors to collect debts at the appropriate time. The study suggested that such policies should include a shorter receivable collection period with longer payables payment periods and follow up regularly with customers whose debts are due.
Microfinance Banks’ Loan Size and Default in Some Selected Microfinance Banks in Lagos State, Nigeria
(International Conference on Education and Social Sciences, 2019-02) Adu Cecilia Adurayemi; Owualah Ikechukwu Sunday; Babajide Ayopo Abiola
The study investigated the extent to which loan size has contributed to default rate of MFBs borrowers in Lagos State having a population of one hundred and seventy eight with a sample size of twenty microfinance banks located in the state capital. Two hundred copies of questionnaire were administered while one hundred and eighty two were returned for analysis using linear regression.It was found out that loan size and instalment size play significant roles in greater risk of default than lending rate. A unit increase in loan size and instalment size increases harzard ratio by 1 unit at 1 per cent level of significance. The result thus indicated unfavouarable survival rate for the micro finance clients which implies that the loan size could significantly result to increase in risk associated with client’s non -repayment. This shows that the effect of loan size and the instalment size during loan default is highly significant such that the higher the loan size and instalment size, the more the risk associated with it during a period of default. However, lending rate seems not to play a dominant role in influencing loan default though it could contribute to loan failure but not significant as expected. It was suggested that loan size should be based on certain percentage of a borrower’s net income.
Microfinance Bank’s Client-Enterprise Profitability And Loan Failure in Ogun State, Nigeria
(International E-Journal of Advances in Social Sciences, 2019) Adu Cecilia Adurayemi; Owualah Ikechukwu Sunday; Babajide Ayopo Abiola
The study investigated the client-enterprise profitability and loan failure of microfinance banks’ (MFBs) borrowers in Ogun State with a population of forty seven MFBs where twenty MFBs were selected as sample size for this study. The survey design was used through the administration of questionnaire. The linear regression method was used in analysing data and it was found out that effective monitoring and constant record checking were ensured by the microfinance banks’ staff that made the borrowers keep records of their business transactions through the positive correlation with loan size structuring, (X2 =171.859; pvalue < 0.01 and correlation coefficient =0.416; p-value <0.01); enterprise profitability further confirmed the highest hazard on period of default with further evidence from the Omnibus tests of model coefficients (X2 = 38.645, degree of freedom=5, P-value<0.001) as indicated in the statistical relevance of the model. It was recommended that there should be an interactive session (interview) between the loan manager and borrower for the establishment of facts stated in the loan request form; quality cash-flow analysis of the enterprises should be properly done before loan is granted to small and medium scale enterprises (SMEs) likewise there should be an effective monitoring of loan usage by monitoring team of the microfinance banks to avoid diversion.
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.
Re-investigating Tax Effects on Economic Growth in Nigeria: A Disaggregated Analysis
(Journal of Economics and Policy Analysis, 2022-09) Oguntuase Alexander Tunde; Dada Matthew Abiodun; Abalaba Bamidele P.; Posu Sunday M.A.; Adedeji Adedayo O; Ndarake-Osibamowo Esther
Taxation stands as a pivotal fiscal tool in economic management, affecting growth either positively or negatively. This study, spanning 1990-2022, delves into disaggregated analysis of tax effects on economic growth, considering variables like domestic investment, trade volume, inflation, unemployment, and population. The study scrutinises five key tax elements: Personal income tax, corporate income tax, petroleum profit tax, education tax, and customs and excise duties. With data sourced from various reputable institutions, the analysis reveals that personal income tax exerts a short-run positive influence on economic growth while petroleum profit tax exerts nil effect, similarly to customs and excise duties, corporate income tax, and education tax in both the short-run and the long-run. The result also shows that domestic investment and trade volume are positively signed while inflation, unemployment, and population are negatively signed but have weak influence on economic growth. Short-run dynamics are captured through error correction terms, suggesting a robust relationship among variables and the potential for adjustment to equilibrium. The study concludes with a call for a comprehensive overhaul of Nigeria's tax policy to foster the desired growth, alongside urgent measures to address inflation, unemployment, and population growth while bolstering trade volume and domestic investment.

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