| 1 |
Author(s):
Taiwo Omoyin, Olalekan Akinrinola (Ph.D.), Barine Michael Nwidobie (Prof.).
Page No : 1-14
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IPSAS Adoption and the Quality of Financial Statements in Tertiary Educational Institutions in Lagos State.
Abstract
This study investigates the impact of IPSAS adoption on the completeness and comparability of financial statements within tertiary educational institutions in Lagos State. The study employed the survey research design. Data were collected from primary sources through the use of structured questionnaires distributed to the officers in the bursary department across the selected institutions. The study population comprises the five public tertiary educational institutions in Lagos State. The study adopted a simple random sampling technique. The sample size was 100 officers in the bursary department across three institutions in Lagos State. Data collected were analysed using descriptive statistics and regression analysis. The results revealed weak correlations between IPSAS adoption and improvements in the completeness of financial disclosures and comparability of financial statements. The need for better training and capacity among accounting personnel was emphasized. Therefore, the study recommended that IPSAS Training Programme be enhanced across tertiary educational institutions. Research on International Standards should be improved by the government and awareness campaigns should be conducted by regulatory bodies.
| 2 |
Author(s):
Momodu George Idowu, Olalekan Akinrinola (Ph.D.), Barine Michael Nwidobie (Prof.).
Page No : 15-32
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Corporate Governance Practices and Ethical Tax Payers’ Behaviors of Small and Medium-Scale Enterprises in Lagos State.
Abstract
Tax revenues are essential for governance, as many government functions are hindered without them. This study examined the impact of corporate governance practices and ethical taxpayer behaviours of small and medium-scale enterprises in Lagos State. The study employed the survey research design. Data were collected from primary sources through structured questionnaires distributed to SMEs across various sectors. The study adopted a Simple random sampling technique. The study population comprises 11,643 registered small and medium-scale enterprises (SMEs) in Lagos. A sample size of 372 was selected using a survey system provided on www.surveysystem.com/sscalc. Data collected were analysed using descriptive statistics and regression analysis. It was found that while independent board members can enhance financial discipline and adherence to tax obligations, their effectiveness depends on several factors, including board expertise, regulatory environment, and access to financial advisory services. The study concluded that board composition plays a role in SMEs’ tax compliance behavior, though the extent of its influence varies. The study recommended that SMEs should consider appointing board members with financial and tax expertise to enhance compliance and decision-making processes.
| 3 |
Author(s):
Omolola Kafayat Adesina, Olalekan Oladipo Akinrinola, Solomon Audu.
Page No : 33-46
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The Impact of Digitalization on Tax Compliance Among Individual Taxpayers in Lagos State.
Abstract
The digital revolution has significantly transformed various aspect of society, including taxation systems. This study investigated the impact of digitalization on tax compliance among individual taxpayers in Lagos state. The study examines the impact of digitalization, such as electronic tax filing, electronic registration, electronic receipt of tax and digital tax clearance certificate, on tax compliance behavior. The study employed survey research and questionnaire. The population of the study is the entire individual tax payers of 3,625,472 in Lagos metropolis as it was stated in Lagos Internal Revenue Service 2022 report. 400 sample size is been determined for the study but only 310 were fully filled and returned resulting to 77.5% return rated. The Cronbach’s alpha reliability coefficients ranged from 0.837 – 0.936 which implies that all the concepts measured were all reliable. The rate were analyzed using descriptive and inferential statistics. The study concluded that digitalization has a positive impact on tax compliance in Lagos. The study recommended that to facilitate online information access, payment processing and return filing for tax payers, tax authorities ought to persist in developing their offerings.
Keyword: Attitude, Digitalization, Fairness, Social norms, Tax compliance, Trust.
| 4 |
Author(s):
Irejeh Enaikpobomene Mina, Olarewaju Mufutau Muhammed, Imafidon Anthony, Ogwuche Emmanuel Ejeh.
Page No : 47-54
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Coronavirus and Social Service Spending in Nigeria 2020: An Aggregated Expenditure Approach.
Abstract
The sole objective of this study was to investigate effect of corona virus on social service spending in 2020 as a measure of implications of COVID-19 on Nigerians, relative to the effectiveness of the government’s social spending in mitigating the socioeconomic strain caused by the pandemic. The study used documentary analysis to assess the impact of COVID-19 on Nigerians’ socioeconomic lives and the government’s policy response to the situation. The review found that COVID-19 exacerbated the existing poverty in Nigeria, and most of the government social spending were not effective in mitigating the effects. The study concluded that government policy responses to the socioeconomic strain caused by the pandemic were ineffective due to the pre-existing poor performance of social services spending in Nigeria before the onset of COVID-19. As the world prepares for future pandemics, we recommend that the Nigerian government overhaul the existing social protection programs on poverty alleviation in Nigeria by addressing all gaps and looking for effective and strategic ways such expenditure and fiscal policies can achieve desirable results.
| 5 |
Author(s):
Ayoade Olumayowa Vincent, Isibor Areghan (Ph.D.).
Page No : 55-66
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Nigeria Financial System and Financial Inclusion.
Abstract
This study assesses the impact of Nigeria Financial System on the financial inclusion in Nigeria. The Ex-post fact research design was judged to be appropriate to use. This study utilizes time series data spanning from 2012 to 2023. Given the nature of the research and the suitability of the available data, secondary data sources were employed. The dependent variable of the study is financial inclusion proxied by number of mobile money transaction(MMT) while the independent variable is Nigeria Financial System proxied by Interest rate (INT) and Inflation (INF). The data were obtained from the official databases of both national and international agencies, including the Central Bank of Nigeria (CBN), Nigeria Inter-Bank Settlement System (NIBSS), and the International Monetary Fund (IMF). Using the Autoregressive Distributed Lag (ARDL) methodology, this study estimates and interprets the parameters of each variable, providing insights to answer the research questions. The result indicates that inflation has a positive and significant effect on mobile money transactions in Nigeria while interest rates show no significant impact on mobile money usage. The study recommends that government and financial institutions should improve digital payment systems and enhance financial inclusion while leveraging mobile money transactional strengths during inflation.
| 6 |
Author(s):
Oluwatosin C. Fasusi, Olalekan O. Akinrinola, Michael Nwidobie.
Page No : 67-83
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Corporate Governance and Financial Performance of Nigerian National Petroleum Company Limited.
Abstract
This study examines the effect of corporate governance practices on the financial performance of the Nigerian National Petroleum Company (NNPC) Ltd. The data for the study was obtained from secondary sources, including the audited annual financial reports of the Nigerian National Petroleum Corporation Limited, covering ten years (2014-2023). With the aid of E-views 10 software, the regression analysis was utilized in analyzing the data. Test of hypothesis one reveals that board size has a statistically significant positive impact on operating profit, implying that larger boards may contribute to improved financial performance. Test of hypothesis two indicates that Independent Directors have a statistically significant positive effect on Operating Profit. It was found that corporate governance variables (board composition and board size) do not statistically impact NNPC Ltd’s financial performance. The study recommends that firms optimize board size and appoint independent directors with relevant industry expertise to enhance governance effectiveness and profitability.
| 7 |
Author(s):
Bolanle Odetola, Oluwagbenga David Adekunle, Olalekan Akinrinola (Ph.D.).
Page No : 84-97
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Government Expenditure and Economic Development in Nigeria: A Disaggregated Approach.
Abstract
This study evaluated government expenditure and economic development in Nigeria: A disaggregated approach using time series data of 34 years (1990-2023). The variables used for the study includes government spending on education, government spending on health, and government spending on agriculture as the independent variables and GDP per capita as the dependent variable. Three objectives were formulated for the study and three hypotheses were also prepared in line with the objectives. Ex-post-facto research design was employed, and the time series data was generated and analysed using regression analysis, Autoregressive Distributed Lagged (ARDL) testing technique and unit root test, to examine the long run causal effect relationship that exist between government expenditure and economic development in Nigeria. The study finds that government spending on education has a significant positive effect on GDP per capita, with an unstandardized coefficient of 0.186 and a p-value of 0.031. Conversely, government expenditure on health showed an insignificant positive impact, with an unstandardized coefficient of 0.062 and a p-value of 0.455. Government spending on agriculture was found to have a negative effect, but it was not statistically significant, with an unstandardized negative coefficient of 0.031 and a p-value of 0.403. The regression model explained approximately 99.5% of the variation in GDP per capita (R² = 0.995), indicated a strong relationship between government spending and economic development. The results concluded that increased investments in education, coupled with reforms in health and agricultural policies, are essential for promoting long-term economic development in Nigeria. Based on these findings, the study recommended prioritizing education, improving health expenditure efficiency, enhancing agricultural policies, and ensuring effective resource allocation to maximize the potential of government spending in economic development.
| 8 |
Author(s):
Sunday Ayogu, Adeleke Bolaji Danujuma, Longwal Samuel Dickak.
Page No : 98-116
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Effect of Intellectual Capital on the Financial Performance of Listed Downstream Oil and Gas Firms in Nigeria.
Abstract
The aim of this research was to explore the effect of intellectual capital on the financial performance of downstream oil and gas companies listed in Nigeria. Intellectual capital, including human, structural, and relational capital, was increasingly seen as crucial for creating organizational value and competitive advantage. This study used a panel data methodology to examine the relationship between different components of intellectual capital and return on assets (ROA), a key financial performance indicator, among Nigerian downstream oil and gas companies listed on the Nigerian Stock Exchange. The study examined the impact of intellectual capital on the financial performance of these firms over five years. The findings revealed that human capital had an insignificant positive effect on financial performance, while structural capital had an insignificantly negative influence. However, relational capital diversity significantly affected financial performance. The study concluded that human and structural capital had no true relationship with financial performance, while relational capital diversity did. Additionally, firm size had a statistically significant effect on the return on assets of the companies studied. The study recommended that listed downstream oil and gas firms in Nigeria should adopt strong intellectual capital to ensure optimal profitability. It suggested that these firms should have boards with directors who possess the knowledge, skills, and experience to contribute positively to the company's overall financial performance. Additionally, the study advised the downstream oil and gas industry to focus on increasing relationships with the outside world.
| 9 |
Author(s):
Nonso Peter Okafor, Charles U. Onugu.
Page No : 117-127
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The Effect of Taxes, Fees, Licenses, Fines, and Sales on Budget Performance in Anambra State from 2013 to 2023.
Abstract
This study examines the challenges in Anambra State's budget performance from 2013 to 2023, focusing on the significant yet varied effects of taxes, fees, licenses, fines, and sales on revenue collection and budget implementation. The secondary sources of data include Anambra State Government Budgets, Anambra State Government reports of the Accountant General with Financial Statements and Anambra State Government Budget Performance Reports. Using linear regression, the study demonstrated that taxes (β = 0.816, t-value = 7.13), fine (β = -0.094, t-value = 4.11), and sales (β = -0.249, t-value = 8.01) collectively had a significant impact on budget performance. Again, the immediate effect of licenses on budget performance has a coefficient of -0.179 with a significant t-value of -2.47 (**) at a 5% probability level. Also, the lagged value (L1) of licenses has a small positive coefficient of 0.028 with an insignificant t-value of 1.46. Furthermore, the lagged value (L1) has a positive and significant coefficient of 0.202 with a t-value of 2.02 significant at a 5% level of probability. It is recommended that the Anambra State Government strengthen its revenue collection mechanisms by focusing on improving the efficiency and transparency of taxes, fines, sales, and licenses. This can be achieved through the further adoption of electronic systems like e-AiRS, which have proven effective in boosting tax collection.
| 10 |
Author(s):
Nwankwo Amandianeze Mentor, Olalekan Akinrinola (Ph.D.), Onyeka-Iheme Chimeruo Victory (Ph.D.).
Page No : 128-146
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Merger and Acquisition and Operational Performance of Selected Deposit Money Banks in Nigeria.
Abstract
This study investigates the impact of Revenue Growth (RG), Cost Efficiency Ratio (CER), and Asset Growth (AG) as indicators of merger and acquisition on the financial performance of selected Nigerian banks, measured by Return on Assets (ROA), Return on Equity (ROE), and Return on Capital Employed (ROCE). The study explored selected deposit banks in Nigeria from 2005-2023 using E-views to analyze the data. The results revealed that Revenue Growth (RG) positively influenced ROA with a coefficient of 0.017 (p-value = 0.030), highlighting its significant impact. In contrast, Cost Efficiency Ratio (CER) showed a negative but insignificant relationship with ROA (coefficient = -0.001, p-value = 0.874), and Asset Growth (AG) also negatively impacted ROA (coefficient = -0.016, p-value = 0.048). For ROE, only AG exhibited a negative relationship (coefficient = -0.018, p-value = 0.085). In the ROCE model, CER had a significant positive effect (coefficient = 16.652, p-value < 0.001), while other variables showed limited impact. The study recommended that banks should focus on improving revenue growth by investing in high-yield opportunities, enhance cost management strategies to boost operational efficiency, and optimize asset utilization to improve financial performance.
| 11 |
Author(s):
Bukunola Odufisan, Oluwagbenga David Adekunle, Olalekan Akinrinola (Ph.D.).
Page No : 147-163
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Assessing the Impact of Dividend Policy on Firm’s Value: Empirical Review of Three Manufacturing Companies in Nigeria.
Abstract
This study examines the impact of dividend policy on firm value in selected manufacturing firms in Nigeria. Using secondary data obtained from the annual reports of Nestle Nigeria Plc, Cadbury Nigeria Plc, and Guinness Nigeria Plc from 2019 to 2023, the study employes panel data regression analysis to analyse the relationship between dividend policy proxies, such as dividend payout ratio, retention ratio, and dividend per share, and firm value measured by market price per share. The Hausman test was conducted to determine the appropriate regression model. Findings revealed that dividend payout ratio has an insignificant effect (Prob. F-Stat = 0.762692) on market price per share since the p-value was greater than 5% level of significance. Additionally, the retention ratio has a significant effect (Prob. F-Stat = 0.000000) on the market price per share since the p-value was less than 5% level of significance. Also, dividend per share has an insignificant effect (Prob. F-Stat = 0.919624) on market price per share since the p-value was greater than 5% level of significance. The study recommended that manufacturing firms adopt a balanced dividend policy to enhance investors’ confidence while ensuring financial stability, and growth while corporate managers consider reinvestment opportunities alongside dividend payments to maximize shareholder wealth.
| 12 |
Author(s):
Albert Boata, Ernest Frempong, Michaelina Firmin Ansah.
Page No : 164-180
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Persistent Dynamics: The Enduring Phenomenon of Accounting Scandals and their Resilience Despite Negative Impacts.
Abstract
Accounting scandals persist despite their well-known harmful effects on corporate reputation, investor trust, and economic stability. This study finds that 84% of respondents acknowledge their prevalence, and 85% expect them to continue despite regulations. Key factors include weak corporate culture and governance, auditor conflicts, complex financial instruments, earnings pressure, flawed executive compensation, and poor internal controls. These scandals erode public trust, investor confidence, financial stability, and auditing credibility. The study emphasizes the urgent need for stronger regulatory frameworks, improved corporate governance, and rigorous enforcement to reduce fraud recurrence and protect market integrity.
| 13 |
Author(s):
Laura Imeide John, Olalekan O. Akinrinola (Ph.D.).
Page No : 181-201
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Governance and the Performance of the Nigerian Capital Market (1998-2024).
Abstract
In recent times, effective governance has become a key indicator for determining the attractiveness of capital markets, particularly in developing economies such as Nigeria. Through its pivotal role in engineering economic growth, Nigeria’s capital market provides a platform for facilitating wealth transfer and enabling long-term investments. While the market continues to make significant progress, concerns about corporate governance practices among listed companies have raised questions about the effectiveness and performance of the market. This study examines the relationship between governance and the performance of the capital market in Nigeria from 1998 to 2024. The research employs quantitative analysis of secondary data from the Nigerian Exchange Group (NGX). Linear regression was utilized to assess the influence of governance proxied by institutional framework, legal and regulatory activism and market competition. Performance of the capital market is proxied by market capitalization. The findings reveal a significant relationship between effective corporate governance practices and capital market performance. The study concludes with policy recommendations for policymakers, regulators and business leaders to strengthen governance practices and enhance the performance of the Nigerian capital market.
