Scholarly Works in the Department of Accounting and Finance

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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
The Challenges Confronting Public Sector Accounting and Financial Management: A Perspective of Professional Accounting Practice in Nigeria
(European Journal of Management and Marketing Studies, 2017) Uchehara Chris Chigo; Ogbonna Precious Ijeoma
The public sector is that sector of the economy that is organised and operated by the government, to cater for the citizenry and composed of ministries, parastatals, Agency & municipal. It is distinct from the private sectors that are built on profit orientation. Public sector accounting system is unique and meant to record all financial information and transaction of government activities and transaction. It is described as a process of recording, communicating, summarizing, analyzing and interpreting government financial statement Adams (2004) and as the value of monitory operations increase, there became the need to introduce professionalism in financial reporting. This was to curb financial statement anomalies, falsification and engineering that became the other of the day in recent time of which both directors, administrators, top political personalities and professional accountants and auditors were indicated, which calls for over haul of the public sector financial administration and the need for adequate capacity building within the two major accounting professional bodies ICAN and ANAN and the recent recognition of CPA Nigeria in the sector. Chi square was used to test the validity of the research hypothesis which reveals that challenges confronting public sector has impact on financial statement which is alternative hypothesis (HI). A simple questionnaire were administered to collect data used for analysis, the study investigated the respondents on five characteristics namely Gender, Age group, Highest level of Education, Professional qualification to mention, which O cells (0%) have expected frequency of 21.8 while b. 0 cells (0%) have expected frequencies less than 5, and the minimum expected cell frequency 43.5. It was revealed that public sector accounting and financial administration has witnessed a lot of storm of financial mismanagement, maladministration, and financial re-engineering which has devastated the economy and made many citizen unemployed, hungry and unstable. It was recommend that there should be adequate capacity building with the professional accounting bodies with a good system of financial administration reform with global policy such as IPSAS backed with restructure of procedure to strengthen professional independence as to ensure accountability.
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.
Stock Exchange Market and Economic Growth Sustainability in Nigeria
(Acta Universitatis Bohemiae Meridionalis, 2023-02) Uchehara Chris Chigo; Owoeye Segun Daniel; Olowookere Johnson Kolawole; Olabisi Jayeola
This study examined the relationship between stock market and economic growth sustainability in Nigeria. The study employed Ex-post facto design. Secondary data were obtained from Central bank of Nigeria Economic and Financial Review fact books, Principal Economic and Financial Indicators, Security and Exchange Commission market bulletins, covering thirty years (1992–2021). The study adopted an econometric method of Auto Regressive Distributed Lag (ARDL). The measurements of Stock Exchange Market were Market Capitalization Rate (MCR), Value of Trade (VOT), Interest Rate (INTR) and the surrogate for dependent variable was Real Gross Domestic Product (RGDP). The study revealed that the market capitalization rate, value of trade and interest rate contributed to the sustainable economic growth in Nigeria. The significant and positive relationship between variables of stock market and sustainable economic growth depicted a motivating symptom for economy to annex stock markets measures to enhance sustainable economic growth. The study concluded that without active and efficient stock market activities, the Nigerian economic growth may not be sustainable. It is suggested that an urgent step be taken by the regulatory authority in Nigeria to re-direct energy to monitor the implementation of stock market measurements for improved sustainable economic growth.
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.
The Challenges and Prospests of Forensic Accounting and Investigative Audit as an Effective Tool to Repositioning Nigeria Economy.
(Lasu Journal of Accounting and Finance, 2019-12) Uchehara Chris Chigo; Ogbona Precious Ijeoma
The study explores the prospect and challenges of forensic accounting and investigative audit as a tool for repositioning the Nigerian economy. The study was carried out among these stakeholders; internal auditors, and external auditors of the four selected industries (Cadbury Nigeria Plc, First Bank Plc and PricewaterhouseCoopers and NPA) in Lagos State. A total number of one hundred (100) questionnaires copies were administered to the respondents. Results show that Forensic accounting is an indispensable practice that requires adoption in the drive towards repositioning the Nigeria economy. Forensic accounting and investigative if rightly explored has the potentials of uncovering financial misdeeds, fraud and misappropriation at any point in time. Based on these findings, it is recommended that emphasis on the practice of forensic accounting and investigative audit in both private and public sector of Nigeria should be on the basis of its viability in assisting towards reducing the growing financial malpractices and its associated crimes in Nigeria. In addition internal audit activities should be regulated to ensure compliance with forensic accounting and investigative audit standards so that fraud and other associated corrupt practices can be reduced.
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.
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.
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.
Welfare Funding and Cooperative Society in Nigeria: A Study of Crawford Cooperative Society
(Crawford Journal of Politics, 2021-06) Adu Cecilia Adurayemi
Cooperative societies are social and voluntary organizations that accept and lend out funds to their cooperators at a minimal rate of interest with guarantors and not collaterals. This study examined Welfare Funding and Cooperative Societies in Nigeria with a study of Crawford Cooperative Society. The study used a sample size of 100 members from a population of 275 members. The study adopted the ordinary least square (OLS) regression as the statistical method to test the cooperative funding on individual's welfare in Crawford Cooperative. The study adopted OLS to measure the relationship between dependent and independent variables coupled with the Statistical Package for Social Sciences (SPSS) for the analysis of data. It was found out that there is a significant relationship between the cooperative funding and individuals' welfare in Crawford Cooperative and it was recommended that efforts should be made to maintain the interest on loan by the cooperative members so as not to affect their ability to pay back.

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