The examined the role of book value of equity, abnormal earnings and earnings per share on investment decision of listed deposit money banks in Nigeria was evaluated. The study extracted secondary data from the annual financial statement from period 2015 to 2024. The data of the study was analysed using regression analysis. The study explanatory variables are earnings per Share, book value per share and abnormal earnings, the study considered firm size and firm financial leverage as the control variables. The empirical results revealed that book value per share has a strong, positive and significant effect on firm value, indicating that investors place substantial emphasis on the net asset position of banks when making investment decisions. The findings of the study indicate both earnings per Share and abnormal earnings indicate a positive insignificant relationship. The study concludes that financial statements are decision-useful for investment appraisal in Nigeria, but investors rely more heavily on balance sheet indicators particularly book value than on earnings measures. The study suggests that investors place greater emphasis on book value per share when assessing bank stocks, encourages bank managers to improve transparency regarding equity positions, and urges regulators to reinforce disclosure standards to enhance the reliability and relevance of financial reporting.
All over the world, the need for governments seeking ways of lessening the fiscal impact of aging populations and diversifying the sources of retirement income has led to a paradigm shift from the old public pension system to the contributory pension system. Despite all indications about the financial performance of pension fund administrators (PFAs) in the country, the contributors still feel uncertain about the prospects. This provokes research into the determinants of financial performance of pension funds administrators in Nigeria. The specific objectives are to: examine the effect of age of PFAs on their financial performance in Nigeria; assess the influence of pension fund contribution on the financial performance of PFAs in Nigeria; determine the effect of size of PFAs on the, financial performance in Nigeria; evaluate the effect of board size on the financial performance of PFAs in Nigeria and; examine the effect of board composition on the financial performance of PFAs in Nigeria. The population of the study consists of all the twenty-one (21) licensed PFAs in the country as at 31st December, 2019 out of which a sample of twelve (12) was taken for a study period of 2013 to 2019. The research data gathered for this study, which is from secondary sources only, include annual financial reports and accounts of the sampled firms selected. Both descriptive and inferential statistical tools of analysis were used. The inferential statistics used was panel regression analysis. Normality distribution test of the variables was carried out followed by test for the multicollinearity and heteroskedasticity of independent variables with the use of variance inflation factor (VIF) and Breusch-pagan/cook-weisberg test. The results indicated a positive significant effect of age on return on total assets (ROTA). The result also indicated a positive significant effect of contribution density on return on total assets (ROTA). Firm size as well has a Positive significant effect on return on total assets (ROTA). Board size was found not to have significant effect on return on total assets (ROTA). However, the result indicated a significant effect of board composition on return on total asset (ROTA). Overall, the result of the Wald X2 (23.07) with P-value (0.0003) at 5% level of significance, means that the independent variables. of the study have significant effect on financial performance pension fund administrators in Nigeria. The study recommends among others that a well constituted board for enhanced financial performance of PFAs in Nigeria.
This study examined the impact of monetary policy on financing of small-scale enterprises in Nigeria from 1999 to 2024. The specific objectives were to ascertain the impact of monetary policy rate, liquidity ratio, cash reserve ratio, and loan-to-deposit ratio on financing of small-scale enterprises in Nigeria. The study adopted ex-post facto research design with yearly time series data obtained from Central Bank of Nigeria (CBN) Statistical Bulletin and Monetary Policy Committee communiqué of the CBN. The dependent variable for this study was financing of small-scale enterprises, proxy by bank credit to small scale enterprises. A computer based multiple regression equation using Autoregressive Distributed Lag (ARDL) method of estimation was employed. The findings from the study revealed that monetary policy rate and loan-to-deposit ratio has positive and negative impact respectively on financing of small-scale enterprises in Nigeria but not statistically significant while liquidity ratio has negative but not significant impact on financing of small-scale enterprises in Nigeria over the time studied. Also, cash reserve ratio has negative significant impact on financing of small-scale enterprises in Nigeria over the time studied. The study therefore concludes that monetary policy, particularly cash reserve ratio considerably affects financing of small-scale enterprises in Nigeria such that lowering the ratio drives up credit to small scale businesses in Nigeria. Consequently, the study recommended among others that banks with liquidity can be incentivized to finance small businesses through the provision of partial credit guarantees from government agencies such as Bank of Industry while monetary authorities should ensure that banks rigorously adhere to the prescribed loan-to-deposit ratio and also the percentage of total credit that banks must provide to small-scale firms, with stricter penalties for non-compliance, such as forfeiting unused funds to the CBN.
The survival and growth of domestic and international economic systems rely fundamentally on effective public sector fund management. But the incessant abuse or misuse of public fund management has been a great concern across the globe in the last decade. Sequel to this, this study examines the effects of public fund management practices on fraud prevention and detection in Kwara State, Nigeria. The study employed both descriptive and inferential statistics to analyze the data collected through questionnaire. The findings revealed significant positive relationship between unification of government accounts and fraud prevention and detection (? = 0.513, t = 5.824, p < 0.0001). Furthermore, result showed a significant positive relationship between cash consolidation and fraud prevention and detection (? = 0.203, t = 3.465, p < 0.001). The study recommends that unified arrangement of government bank accounts will enhance the fungibility of the government’s cash resources and consequently block revenue leakages and idle cash balances. By implication, no other government agencies should be allowed to operate bank accounts without the oversight of the treasury and encompassing all government cash, budgetary and extra-budgetary activities in the government.
Oil price volatility and stock market have been a debated phenomenon among various scholars. This is due to the importance of these two to a country's economic activities. However, oil price volatility across different sectors varies, due to the uniqueness of each sector in terms of their operations, rules and regulations and policies guiding them. Against these backdrops, this study seeks to investigate the oil price volatility effects on the sector stock market return. The study made use of daily secondary data sourced from Nigeria stock exchange and the Energy Information Administration (EIA), Spanning from 2008 to 2022. Exponential Generalized Autoregressive Conditional Heteroscedasticity model was used to examine the volatility of oil price on the two sector returns. The result revealed that oil price volatility is statistically significant at 5% level in influencing banking sector stock returns and the oil & gas sector returns. Also, the study found out that there is presence of positive and significant information asymmetry in the oil and gas sector, such that good news in the oil price markets has more propensity of increasing oil and gas sector return volatility than bad news. While there is presence of negative and significant information asymmetry, which implies that bad news in the oil price markets has more propensity of increasing banking sector return volatility than good news. Based on the findings, the study recommends that management of listed oil and gas companies in stock market should closely monitor the exposure of their companies to the oil price fluctuation by diversifying their investment. While banks should tie their bank capitalization to oil price shocks, to mitigate procyclical bank lending and allow banks to use their capital cushions created during boom periods.
For decades, theory has been put forward that investors in the market are rational and the price of assets fully reflects all available information in the market. Thus, when either good news or bad news about a firm’s prospect becomes public, both the firm's value and equity prices appreciate or depreciate. Sequel to this, this study examines investor sentiment, volatility and stock return in Nigeria. that Direct investor sentiment significantly affects stock risk return of companies listed on the NXG; indirect investors’ sentiments significantly affect stock risk return of company listed on the NXG; and selected macroeconomic indicator (inflation, exchange rate, oil price) significantly affect stock risk return of company's listed on the NXG. Thus, direct investors sentiment, indirect investor sentiment and selected macroeconomic indicators are responsible for stock risk return fluctuations and should therefore be taken as a systematic factor which place a critical role in predicting stock return and stop volatility in the Nigerian stock market.
This study examined the effect of credit risk indicators on stability of listed deposit money banks in Nigeria. The relationships between the loan-to-deposit ratio and provisions for doubtful debts on liquidity ratio. Quantitative research design was utilized, and the study analyzes panel data from 11 listed deposit money banks for the period of ten years from 2011 to 2021. Fixed and random effects were used for the regression analyses. The findings provide a significant positive relationship between the loan-to-deposit ratio and the liquidity ratio, suggesting that improved credit risk management through effective lending practices enhances banking stability. Conversely, the analysis highlights that provisions for doubtful debts do not significantly affect liquidity ratios, revealing gaps in current risk management frameworks. These insights underline the need for policy recommendations that enhance the loan-to-deposit ratio and improve provisions for doubtful debts to support the banking system's stability in Nigeria. This study contributes to the broader discourse on financial stability, providing empirical evidence and actionable strategies for risk managers and policymakers in navigating the complex financial landscape.
This study investigates the spillover effects between energy markets and Asian financial markets during the US-Israel conflict with Iran. Using simulated data and descriptive analyses, the research examines volatility transmission, correlations, and market interconnections across crude oil, natural gas, clean energy, and major Asian stock indices. The results indicate that energy market shocks rapidly transmit to financial markets, with varying intensity across different countries and sectors. Correlation analyses and heatmaps reveal strong linkages, highlighting the systemic vulnerability of Asian markets to geopolitical crises. The study underscores the importance of proactive monitoring, strategic energy planning, and financial risk management to mitigate the adverse impacts of energy-related shocks. By providing descriptive insights into market interconnectedness, the study offers a foundation for policymakers and investors to design strategies for market stability during extreme geopolitical events.
This study examined the effect of audit committee characteristics on the financial performance of listed Nigerian deposit money banks, measured by ROA and ROE. The study was motivated by ongoing debates about therole of audit committee size, meeting frequency, independence, and expertise in improving governance and performance in emerging economies with evolving regulations. A quantitative panel design was used, utilising secondary data from the audited annual reports and financial statements of 12 listed deposit money banks from 2015 to 2024. The study employed Fixed Effects,Random Effects and Pooled Ordinary Least Squares (OLS) estimation methods. The findings revealed that the frequency of audit committee meetings was negatively related to both ROA and ROE at the 5% significance level. In addition, auditor size was negatively associated with ROE. Audit committee financial expertise exhibited a highly significant negative relationship with the performance measures at the 1% level. Overall, the study could not reject the null hypothesis; rather, it concluded that the audit committee's attributes negatively affect financial performance. The study finds that while stronger governance mechanisms can enhance oversight and accountability, they may also reduce short-term profits for Nigerian deposit money banks. The results support the Banking Governance Framework and indicate that effective governance relies not only on structural adherence but also on its practical implementation. The study suggests that regulators and bank boards should adopt a balanced, unique approach to audit committee governance, taking into account each bank's operational realities and strategic goals.
The persistent volatility in private sector deposits has raised concerns about their impact on the profitability and stability of Deposit Money Banks (DMBs) in Nigeria. This study investigates the effect of demand deposits, savings deposits, and time deposits on bank profitability, proxied by Return on Assets (ROA), between 2015 and 2024. An ex post facto research design was adopted using secondary data sourced from the Central Bank of Nigeria (CBN), Nigerian Deposit Insurance Corporation (NDIC), and selected banks’ annual reports. Descriptive statistics, correlation analysis, diagnostic tests, and panel regression techniques were applied to validate and estimate the model. The regression results revealed that demand deposits negatively and significantly influence profitability (? = –0.081, p = 0.009), while savings deposits (? = 0.116, p = 0.007) and time deposits (? = 0.097, p = 0.012) positively and significantly affect profitability. The model recorded a strong explanatory power with R² = 0.731, indicating that 73% of variations in profitability are explained by the deposit structure. The study concludes that the composition and management of private sector deposits significantly determine the financial performance of Nigerian DMBs. It recommends prudent liquidity management for demand deposits, expanded digital savings mobilization strategies, and incentivized policies to promote long-term time deposits, thereby enhancing financial intermediation efficiency and sustainable profitability.
This study investigates the impact of board attributes specifically, board independence, board size, board gender and board meetings on timeliness of financial reports using a sample of forty-two listed non-financial firms in Nigeria. The study adopted the Panel Corrected Standard Error. The study found board independence, board size and board gender have a significant negative impact on the timeliness of financial reports of the studied firms, while board meetings is positively but insignificantly related to the timeliness of financial reports of listed non-financial firms in Nigeria. The study further recommends SEC to require listed non-financial firms to increase the participation of non-executive directors, increase number of directors on board and increase the participation of women on board as it has been proven by the study that the increases would lead to a decrease in the intervals of audit delay.
This study investigates financial statement fraud (FSF) among BOFI firms listed in the Nigerian capital market using the Beneish M-score model over the study period. The objective is to detect the likelihood of earnings manipulation and identify the key financial indicators driving fraudulent reporting behavior. Secondary data from audited financial statements were analyzed using ratio-based diagnostics, including DSRI, GMI, AQI, SGI, DEPI, SGAI, LVGI, and TATA. The M-score results indicate that a significant proportion of firms exhibit potential manipulation tendencies, suggesting persistent risks of financial misreporting in the sector. Further statistical analysis reveals that DSRI, SGI, DEPI, LVGI, and TATA are significant predictors of FSF, while correlation and mean difference tests confirm structural differences between manipulators and non-manipulators. The findings highlight the importance of financial transparency, stronger regulatory oversight, and improved audit effectiveness in reducing earnings manipulation. The study recommends the integration of fraud detection models into regulatory surveillance systems.
This paper explores the transformative potential of artificial intelligence (AI) in enhancing financial accountability, corporate governance, and economic sustainability in Nigeria. As the global digital economy advances, AI technologies such as machine learning, natural language processing, and predictive analytics offer powerful tools for real-time auditing, fraud detection, and resource optimization. These capabilities significantly enhance transparency and strengthen fiscal discipline. Drawing on global case studies, the study highlights how AI, when supported by robust regulatory and ethical frameworks, can significantly strengthen financial oversight and governance. In Nigeria, however, AI adoption faces notable challenges, including regulatory gaps, limited technical capacity, data privacy concerns, algorithmic bias, and the opaque nature of AI systems. Existing policies such as the National Digital Economy Policy and Strategy (2020–2030) and the Nigeria Data Protection Regulation (2019) provide some groundwork, but inconsistent implementation and the lack of a comprehensive AI legal framework hinder progress. Ethical considerations, including data governance, fairness, and explainability, are critical to ensuring public trust and equitable outcomes. Without deliberate safeguards, AI risks reinforcing systemic inequities. The paper recommends urgent action, including enacting the National Artificial Intelligence Strategy 2024, mandating AI explainability standards, and strengthening data protection enforcement. A proactive, ethical approach to AI deployment is essential for Nigeria to harness its full potential for inclusive, transparent, and sustainable development.
The prevalence of fraud in deposit money banks in Nigeria has reached an overwhelming crescendo, with far-reaching consequences; hence, the need to curb the tempo cannot be overemphasised. This study investigates the perceived role of forensic auditing in enhancing fraud detection within the Nigerian banking sector, with particular focus on selected commercial banks in Lagos State, Nigeria. Specifically, the study examines the relationship between key dimensions of forensic auditing, including litigation support services, arbitration, investigative accounting, and technological integration, and the effectiveness of fraud detection mechanisms. A cross-sectional research design was adopted, employing a quantitative approach to generate and analyse data. The target population comprised commercial banks operating within Lagos State. Using a convenience sampling technique, five banks, namely, First Bank of Nigeria Ltd., Guaranty Trust Bank Ltd., Zenith Bank Plc., Access Bank Plc., and Wema Bank Plc., were selected for the study. Primary data were collected through a structured questionnaire administered to relevant respondents. To ensure the reliability of the research instrument, Cronbach’s Alpha was utilised, with results indicating a high level of internal consistency. The findings indicate a significant positive relationship between forensic auditing practices and respondents' perceptions of fraud detection effectiveness in Deposit Money Banks. Based on these findings, the study recommends the institutionalisation of dedicated forensic audit units within banking institutions. Such units should operate with a degree of independence to effectively manage and investigate fraud-related cases, thereby strengthening internal control systems and enhancing overall financial integrity.
This paper examined the relationship existing between corporate governance and performance of listed banks in Nigeria. The secondary data were extracted from the annual financial statements of seven listed banks that dominated market and with data availability from 2015 – 2024. The size of the firm was also discovered to be a helpful indicator to enhance the work of the bank as shown through the returns on assets (ROA, coefficient?=?0.110, p?0.05), returns on equity (ROE, coefficient?=?1.025, p?0.01) and the Tobin Q (coefficient?=?0.009, p?0.01). The age of firms affected Tobin positively with coefficient of 0.433 significant at 0.01 but not significant at 0.001 in ROA and ROE. The effect of variables measured by board size, board independence, and board diversity was positive, but most variables had insignificant statistical values which indicated that the board has little influence on performance through their governance mechanism. According to the findings, age and firm size are good performance determiners in the Nigerian banks but corporate governance has mixed effects. The analysis therefore recommends the enhancement of professional capacity and effectiveness through the consolidation of board effectiveness and the promotion of diverse and inclusive board composition.
The limited utilization of intellectual capital remains a key constraint to the financial performance of ICT firms in Nigeria. This study examines the effect of intellectual capital components; Research and Development Intensity (RDI), Human Capital Efficiency (HCE), and Structural Capital Efficiency (SCE), on the financial performance of Nigerian ICT firms. Employing an explanatory research design and quantitative approach, secondary data were obtained from audited annual reports of ten ICT firms covering 2015–2024. Panel data regression techniques, including Pooled OLS, Fixed Effects, and Random Effects Models, were applied, with the Hausman test determining the most suitable estimator. Descriptive, correlation, and diagnostic tests confirmed data validity and reliability. The results reveal that RDI, HCE, and SCE significantly and positively influence firm performance, while leverage negatively affects profitability. The study concludes that intellectual capital is a crucial determinant of profitability and competitiveness. It recommends that firms increase investment in R&D, enhance employee capacity development, and strengthen organizational structures to maximize innovation and operational efficiency.
Internally Generated Revenue (IGR) has become a critical source of fiscal sustainability for sub-national governments in Nigeria, especially in states like Kano, which face volatility in federal allocations due to fluctuations in oil revenue. This study examines the determinants of IGR in Kano State, focusing on tax compliance and tax administrative efficiency as key factors influencing revenue mobilization. The research adopts a quantitative survey design, using primary data collected from 385 respondents, including small and Medium-scale Enterprise (SME) owners, large taxpayers, and staff of the Kano State Internal Revenue Service (KIRS). A stratified and simple random sampling technique was employed to ensure representative participation, and the reliability of the instrument was confirmed through Cronbach’s Alpha (? = 0.81). Descriptive statistics, correlation, and multiple regression analyses were applied to test the hypotheses. The results reveal that tax compliance has a strong positive effect on IGR (? = 0.52, p < 0.001), while tax administrative efficiency has a moderate positive effect (? = 0.41, p < 0.001). The model explains 62% of the variance in IGR (R² = 0.62), indicating the importance of these factors in revenue mobilization. The findings are consistent with Deterrence Theory, which emphasizes the role of credible enforcement and perceived penalties in motivating taxpayer compliance. The study recommends enhancing taxpayer education, awareness, and enforcement, alongside improving administrative processes, staff capacity, and digitalization of tax operations, to increase revenue collection. These measures will strengthen fiscal sustainability, reduce overreliance on federal allocations, and improve Kano State’s ability to finance public goods and services.
This study investigates the impact of board characteristics on financial performance of listed industrial goods firms in Nigeria. The population of the study consist of all the twelve (12) listed industrial goods firms in Nigeria. However, nine (9) firms were selected as the sample size using simple random sampling technique. Data were obtained from annual reports and accounts of the industrial goods firms over a six (6) years period and analyzed using multiple regression analysis. The findings shows that board size has a negative and significant effect on the return on asset of listed industrial goods firms in Nigeria. In contrast, board independence and board nationality show positive and insignificant effects on return on assets. The study concludes that larger boards may slow down decision-making and reduce operational efficiency, which negatively impacts financial performance. The study recommends that industrial goods firms should maintain optimally sized boards, which will balance expertise with efficiency and improve financial performance.
This study examined the role of forensic accounting in detecting and preventing fraud in the public sector of Kano State, Nigeria. Guided by Cressey’s Fraud Triangle Theory (1953), the study addressed two research questions and tested two null hypotheses at the 0.05 level of significance using the one-sample t-test. A descriptive survey design with a census approach was adopted. Data were collected from all 300 employees in the Accounts and Finance Departments across the 25 ministries of the Kano State Government, with 288 questionnaires retrieved and analysed. The instrument used a 5-point Likert scale and was analysed using descriptive statistics (mean and standard deviation) and a one-sample t-test with SPSS version 23. Findings revealed mixed perceptions among respondents. Several items recorded mean scores above 3.0, while some items scored below 3.0. One-sample t-tests indicated no statistically significant effect on fraud detection (p = 0.745) or prevention (p = 0.837) at the 0.05 level. The study concludes that forensic accounting is perceived to have a limited role in fraud detection and prevention in Kano State’s public sector.
This study examined the effect of corporate governance structure on the financial performance of deposit money banks in Nigeria from 2015 to 2024. The study is anchored on agency theory, and employed the ex-post facto research design. A two-step dynamic panel Generalized Method of Moments (GMM) estimation technique was employed to analyze data obtained from the annual reports of 11 listed banks. Financial performance is measured using Return on Equity (RE), while corporate governance structure was proxied by board size, board composition, board diligence, and ownership concentration. The preliminary analyses such as descriptive statistics, panel unit root test, and correlation tests, were conducted before model estimation. The results showed that board size has a significant negative effect on bank performance, suggesting that larger boards reduce efficiency and decision-making effectiveness. Board diligence exerted a positive and significant effect, implying that frequent board meetings enhanced oversight and profitability. However, board composition and ownership concentration showed positive but statistically insignificant effects on bank performance. The study concluded that board structure, particularly board size and board diligence, played a crucial role in shaping financial performance. It recommended based on findings that regulatory authorities should promote lean, active, and competent boards to strengthen governance effectiveness to ensure sustainable profitability in Nigeria’s banking sector.
