| 1 |
Author(s):
Taiwo Omoyin.
Page No : 1-15
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Impact of Money Market on the Liquidity of Some Selected Quoted Banks in Nigeria.
Abstract
This study explores the impact of the money market on the liquidity of selected quoted banks in Nigeria, highlighting the critical role of financial intermediation in promoting economic growth. It establishes the money market's importance in facilitating short-term lending and improving banks' liquidity management, alongside the significant influence of Central Bank of Nigeria (CBN) monetary policies. Through an analysis of five banks from 2014 to 2023, the study employs a multiple linear regression econometric technique, revealing a positive correlation between banks' working capital and savings deposit rates. Conversely, it finds no statistically significant relationship between the interbank call rate and the Monetary Policy Rate (MPR), indicating that other factors may drive interbank market dynamics. The findings suggest that stable savings deposit rates bolster banks' liquidity, while the volatility in interbank call rates necessitates improved risk management strategies. The study recommends that policymakers focus on stabilizing savings deposit rates and enhancing liquidity management practices. Further research is encouraged to uncover determinants of interbank rates and their interplay with monetary policy.
| 2 |
Author(s):
Ogah Idagu Joseph (Ph.D.).
Page No : 16-32
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An Empirical Study of Forensic Accounting and Fraud Management by Listed Banks in Nigeria.
Abstract
The study examined the effect of forensic accounting services such as fraud investigation and litigation support services on fraud management using listed banks in Nigeria. Two research hypotheses were formulated and tested in the course of the study. The study adopted the descriptive survey research design with a population of 125 staff of forensic accounting and internal control departments of 25 listed banks. A sample of 95 respondents drawn from 12 listed banks in Nigeria was used for the study. The researcher developed an instrument titled “Forensic Accounting and Fraud Management Questionnaire (FAFMQ)”and used it for data collection. The instrument was tested and validated by experts. The data were analyzed through analysis of variance using Statistical Package for Social Sciences version 21 (SPSS 21). The hypotheses were tested at 5% level of significance. The study revealed that the application of forensic accounting by banks has significant effect on fraud management by listed banks in Nigeria. The study also showed that fraud investigation and litigation support significantly managed fraud among the listed banks in Nigeria. It was recommended that banks should take advantage of forensic accounting services to ensure operational efficiency and effectiveness in fraud management. The study recommends the establishment and enhancement of forensic accounting and auditing functions in banks as separate departments in order to manage the prevalence of fraud among Nigerian banks.
| 3 |
Author(s):
Ogwuma Mike Madubuike, Nwachukwu Chima Peter, Avoaja Paul Chinagorom, Nwabeke Elizabeth Chidinma.
Page No : 33-50
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Foreign Direct Investments and Economic Growth of an Emerging Economy: Implications for Nigeria (2009 – 2023).
Abstract
The study used an ex post facto research design to examine the relationship between economic growth (EGR) and foreign direct investment (FDI) in Nigeria from 2009Q1 to 2023Q4. Secondary data from the World Bank and the Central Bank of Nigeria were employed, with a regression model to explain the link between EGR and FDI. The model included variables such as net foreign direct investment (NFDI), exchange rate (EXCH), trade openness (TROPN), external reserves (EXRSV), and government debt (DEBT). The study utilized the Johansen Cointegration test, specifically the trace test, to determine the long-run relationships between the variables. Further, an error correction model (ECM) was used to assess short-run dynamics, including the speed of adjustment toward long-run equilibrium. Lastly, the study applied Fully Modified Ordinary Least Squares (FMOLS) to estimate the long-run relationships once cointegration was confirmed. The study found that net foreign direct investment (NFDI) has a statistically significant negative effect on economic growth (EGR) in Nigeria. The analysis revealed that a unit increase in NFDI results in a decrease of approximately 365.96 units in EGR. The p-value of 0.0033, which is below the 5% significance level, confirmed this negative relationship. The study therefore recommends that the Nigerian government strengthen institutional frameworks, promote sectoral diversification by attracting FDI into underdeveloped sectors, and invest in infrastructure and human capital development to foster a conducive business environment, enhance local linkages, and improve productivity for sustainable economic growth.
| 4 |
Author(s):
Isibor A. A. (Ph.D.), Okoh J. I., Ogunwale O., Odukoya O., Omojola O., Nwankwo A. M.
Page No : 51-66
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Portfolio Management and Performance of Listed Deposit Money Banks in Nigeria.
Abstract
This study was carried out to examine the effect of portfolio management on performance of listed deposit money banks (DMBs) in Nigeria. The study anchored on the Modern Portfolio and Shiftability Theory adopted an ex post facto approach. Hence, data were collected from the annual reports and accounts of banks with international authorization for the period 2016-2020. The study used linear regression model in the data analysis. The empirical result of the research indicates a significant and positive relationship between credit risk management; liquidity risk management and performance (NAPS) of deposit money banks in Nigeria. Thus, the study concludes that portfolio management enhances and improves the financial performance of deposit money banks in Nigeria. In lieu of this, the study recommended the need for deposit money banks to monitor and take a closer look at their liquidity and also maintain optimum liquidity which will go a long way in improving their financial performance. Also, DMBs should determine the optimum level for their loan-deposit mix up to when marginal cost (MC) is equal to marginal revenue (MR). Thus, would help to bring the non-performing loans to a minimal level.
| 5 |
Author(s):
Mustapha Olanrewaju Ayodeji, Adejuwon Joshua Adewale.
Page No : 67-88
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Credit Management and Firm’s Financial Performance of Deposit Money Bank in Nigeria.
Abstract
This study investigated Credit Management and Firm’s Financial Performance of Deposit Money Bank in Nigeria. The study was guided by Information Asymmetry Theory, Transaction Cost Theory. An ex-post facto research design was used in the study. The population of the study is all commercial banks in Nigeria with the total of twenty-four (24) banks as at year 2023. The sample size for this study was obtained from secondary data of selected seven (7) banks using the purposive sampling technique. Credit management facility had a significant effect on performance as measured by return on asset (Adj R2 = 0.040612, F= 1.973611, p= 0.016466); return on equity (Adj R2 = 0.101017, F= 0.976643, p= 0.009176); and net profit margin (Adj R2 = 0.305936, F= 11.13815, p= 0.000005). It was recommended that Deposit Money Bank in Nigeria should mitigate their independent metrics, Management should Enhance Capital Adequacy and Refine Credit Risk Management Practices.
| 6 |
Author(s):
Isibor Areghan, Adesina Tolulope Femi, Adegboye Folasade Bosede (Ph.D.), Afolabi Joy Kehinde.
Page No : 89-99
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Driving Business Growth through Electronic Payment Systems: The Role of E-Payments in Enhancing SMEs in Nigeria.
Abstract
This study examines the impact of electronic payment systems on the business performance of small and medium-scale enterprises (SMEs) in Nigeria. Leveraging survey data from 300 SME owners in Lagos, the research highlights the role of e-payment platforms in enhancing profitability, customer growth, and accountability. Results show that 52% of variations in SME profitability are explained by the adoption of electronic payments, while 48% of customer growth is similarly attributed. Despite challenges like technical constraints and infrastructure inadequacies, findings suggest that e-payment systems are indispensable tools for modern business operations. The study concludes with recommendations for stakeholders, including increased investment in digital infrastructure, training programs for SMEs, and policy support to address system inefficiencies. These findings contribute to the discourse on technology adoption in emerging markets, underscoring the critical role of electronic payment systems in driving SME growth.
| 7 |
Author(s):
Olayemi O. O. (Ph.D.), Adebiyi J., Oyelakun O. B., Ibrahim A. A..
Page No : 100-121
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Exploring the Level of Awareness and Usage of Accounting Software Among Small Businesses in Nigeria.
Abstract
The advent of accounting software has the potential to help small businesses keep accurate financial records, streamline accounting processes, provide real-time financial data, and enable them to have good financial management practices. However, despite the benefits of accounting software, most small businesses seem unaware of accounting software and its importance to their financial management practices. This study, therefore, explored the level of awareness and usage of accounting software among small businesses in Nigeria. 54 respondents were selected from small business owners in the South West of Nigeria. The study used primary data collected through questionnaire administration on the respondents. The study used descriptive analysis. The findings of the study showed that there is a low awareness of accounting software among small business owners. Also, most small business owners are not currently using accounting software in their businesses, as they are still using manual methods of recording. Additionally, those using accounting software cited improvement in their financial management practices. The study recommended that there should be awareness about the availability of accounting software for small businesses and software developers should consider creating cost-effective, localized software to reduce the dependency on foreign solutions with high subscription fees, especially for Nigerian small businesses.
| 8 |
Author(s):
Kingsley Sweetwilliams, Lucky Onmonya (Ph.D.), Suleiman Mamman (Ph.D.).
Page No : 122-136
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Corporate Social Responsibility Disclosures and Financial Performance of Listed Deposit Money Banks in Nigeria: Does Board Independence Matters?
Abstract
This study examines the impact of Corporate Social Responsibility (CSR) disclosures on the financial performance of listed Deposit Money Banks (DMBs) in Nigeria, with a particular focus on the moderating role of board independence. The study uses secondary data collected from the annual reports of 14 listed Nigerian banks between 2014 and 2023. A panel regression model was employed to analyze the data. The results reveal that while CSR disclosures have a small positive effect on financial performance, as measured by Return on Equity (ROE), the effect is not statistically significant. However, the interaction between CSR disclosures and board independence shows a statistically significant positive impact on financial performance, indicating that board independence enhances the effectiveness of CSR disclosures. This suggests that while CSR alone may not significantly influence financial performance, an independent board plays a crucial role in amplifying the potential benefits of CSR initiatives. Based on these findings, the study recommends that policymakers promote regulations that encourage both CSR disclosures and board independence in the Nigerian banking sector to enhance financial performance, transparency, and accountability.
| 9 |
Author(s):
Akinninyi Patrick Edet, Umoren Adebimpe O., Ibok Nkanikpo Ibok, Ugwoke Robinson Onuora.
Page No : 137-152
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Risk Factors of Audit Fees of Listed Financial Services in Nigeria.
Abstract
The volatile nature of Nigeria’s business environment, marked by high regulatory intensity and inherent risks, poses challenges for financial service firms, particularly in meeting mandatory audit obligations. This study examined the effect of risk factors (liquidity risk and operational risk) on audit fees purposively selected among 26 listed financial service firms in Nigeria. Using an ex-post facto research design and panel Least regression model, secondary data from 286 observations (2013–2023) were analyzed. Findings revealed that liquidity risk significantly and negatively affects audit fees (Coefficient = -0.110635, p = 0.0288), indicating firms with better liquidity management incur lower audit costs. Operational risk (Coefficient = 0.025628, p = 0.2899) showed no significant effect. With an R-squared value of 0.472829, the model explained 47.3% of audit fee variations. These findings conclude that liquidity risk is a determinant of audit fees, while operational risk exerts an indirect influence moderated by regulatory frameworks and internal controls mechanisms. The study recommended managers adopt effective liquidity and operational management practices to mitigate perceived risks and negotiate lower audit fees, urging policymakers to emphasize liquidity-focused frameworks. This study contributes to the limited empirical literature on audit fee determinants in Nigeria, offering practical implications for managers, auditors, and regulators.
| 10 |
Author(s):
John Adamu, Ofili Ugwudioha.
Page No : 153-167
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Effects of Audit Committee Characteristics on the Financial Performance of Listed Industrial Goods Firms in Nigeria.
Abstract
The role of the audit committee in ensuring effective corporate governance and enhancing financial performance has gained increasing attention in academic and professional discourse due to rising corporate failures. This study examined the effect of audit committee characteristics (proxy as audit committee size, audit committee composition, audit committee meetings, audit committee frequency of meeting, audit committee financial expertise, and audit committee gender diversity) on the financial performance (ROA) of listed industrial goods firms in Nigeria from 2013 to 2023. The data were analysed using panel regression analysis. Findings revealed that audit committee size has a significant positive effect on ROA of listed industrial firms in Nigeria, while audit committee independence has a significant positive effect on ROA of listed industrial firms in Nigeria. Audit committee meetings have an insignificant effect on ROA of listed industrial firms in Nigeria. The study found that audit committee financial expertise significantly affects financial performance while board gender diversity negatively affects financial performance. In conclusion, the audit committee plays a crucial role in enhancing the financial performance of industrial goods firms. By fostering improved oversight, accountability, and decision-making, larger audit committees contribute significantly to the overall financial health and sustainability of these firms. Based on the findings, the study recommends that firms within the industrial goods sector should consider optimizing their audit committee size as part of their strategic initiatives to achieve superior financial performance and long-term success.
| 11 |
Author(s):
Nwankwo Philomena Nneamaka, Ifurueze Meshack S., Nwankwo Chike H., Nwadialor Eugene.
Page No : 168-181
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Working Capital Management and Financial Performance of Quoted Deposit Money Banks: Moderating Effect of Firm Size.
Abstract
This research, titled ‘Working Capital Management and Financial Performance of Quoted Deposit Money Banks: Moderating Effect of Firm Size’ is aimed at investigating the moderating effect of firm size on working capital management and financial performance of quoted deposit money banks in Nigeria and in South Africa, for the period 2005–2022 using Mixed continuous and dummy variable regression models. Return on Assets (ROA) and Return on Equity (ROE) were used as proxies for financial performance while Current Ratio (CR), Cash Ratio (CSR), Loan to Deposit Ratio (LDR), were used as proxies for Working Capital Management. Models were developed using ROA and ROE independently as dependent variables while using each of the working capital management proxies and the dummy variables representing firm sizes (Small, Medium and Large) as explanatory variables. The results of the findings showed that when Average Return on Assets (ROA) was used as financial performance measure for Nigerian Deposit Money Banks (DMBs), medium size banks consistently performed more optimally than both large and small size banks. On the other hand, when ROE was used, medium size banks again consistently outperformed small and large size banks for all the three working capital management proxies studied. For South African Deposit Money Banks (DMBs) the results show that when ROA was used as proxy for financial performance, small size banks showed optimal performance measures in two out of the three working capital management ratios studied (66.7%). When ROE was used for South African banks, results showed that large size banks perform more optimally in two out of the three working capital management proxies studied (66.7%). These findings therefore underscores the need for bankers to investigate thoroughly the component of the banking environment that affect adversely, performance of large size and small size banks in Nigeria while they thrive in South Africa. On the South African side, bankers should dig in to unearth the clog to better performance of medium size banks in that banking environment.
| 12 |
Author(s):
Albert Boata, Ernest Frempong.
Page No : 182-204
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Accountability Practices of International Non-Governmental Organizations (INGOs): The Case of World Vision International.
Abstract
International Non-Governmental Organizations (INGOs) have become an integral part of the organizational landscape playing an intermediary role between donors and beneficiaries in the last few decades. They bridge the gap of unmet needs by ensuring that goods and services that cannot be provided by the public and private sector are provided to the marginalised in society. NGOs obtain resources from donors to provide these goods and services to beneficiaries. To ensure the efficient utilization of these resources, NGOs are required to be accountable to the two main stakeholders: donors and beneficiaries (in what is termed upward and downward accountability respectively). To examine these accountability practices of NGOs, the study adopted an in-depth interpretive case study approach using a single community based organisation. Data was gathered by way of documentary review of the case study website. The findings of the study are analysed and interpreted by use of the available documents on the case study’s website. The study revealed that the dominant accountability systems in the studied NGOs are upward towards donors. Generally, downward accountability is not given much prominence by NGOs, largely due to lack of commitment by donors. It is clear from the study that the competition for scarce resources shapes accountability systems of NGOs in Ghana. The result has implications for understanding the operations and reporting systems of NGOs.
| 13 |
Author(s):
Oyetola Bukunmi Oyelakun, Aderemi Adetunji Abdul-Azeez , Oluseyanu Olamide Olayemi, Olushola Olakunle Oyawoye, Abdul-Lateef Ayomide Ibrahim.
Page No : 205-217
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Enhanced Financial Fraud Determinants: The CCODSI Model.
Abstract
This paper aims to improve our understanding of why people commit fraud by building on existing theories. The paper looks at four popular models that explain why people commit fraud: the fraud triangle, the fraud diamond, the fraud MICE, and the fraud SCORE models. The authors believe these models need to be updated to better fit the increasing number and seriousness of fraud cases. By building on these existing theories, the authors create a new model to help us better understand the main reasons behind fraud. The authors found that the idea of integration of duty is a major factor that makes people commit fraud and conclude in the development of a model with six explanatory variables: circumstantial/situational forces, capability, opportunity, defensive reasons, self-importance thoughts, and integration of duty, all mnemonically represented by C.C.O.D.S.I. On the basis of findings, six vital recommendations for preventing fraud were made.
| 14 |
Author(s):
Mohamed Aymen Ben Moussa, Akram Brahim , Amira El Feidi .
Page No : 218-224
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Herding Behavior in the Market for Clean and Dirty Cryptocurrencies.
Abstract
In this article, we study the herding behavior of two types of cryptocurrencies, called dirty and clean, based on their energy consumption levels. Empirical results reveal that herding behavior generally only exists in the dirty cryptocurrency market and is more pronounced during bear market periods, high trading volume days, and high trading days. volatility. Moreover, we observe herding behavior in the cryptocurrency market only during the period of the Covid-19 pandemic.
