Gusau Journal of Accounting and Finance

ARTIFICIAL INTELLIGENCE ADOPTION AND FINANCIAL EFFICIENCY IN DEPOSIT MONEY BANKS

Ayobaye SALEMCITY — 2026-04-30

This study explored the influence of the adoption of Artificial Intelligence on financial outcomes of deposit money banks between 2017 and 2023. It adopted ex-post facto research design in the study. A sample size of eight (8) banks was purposively selected from among twenty-four (24) deposit money banks. Secondary data were gathered from the selected sample. Analysis of the panel data revealed average values of 19%, 33.73%, 6.08%, and 25.52% for cost reduction, profitability, return on assets and revenue growth respectively, across the deposit money banks. There were strong positive correlations among investment in artificial intelligence and all the dependent variables of financial performance. The regression analysis showed that artificial intelligence investments contributed significantly to cost reduction, with coefficient of 1.089 at p < .01; profitability, with a coefficient of 1.156 at p < .01; return on assets, with a coefficient of .527 at p < .01; and revenue growth, with a coefficient of 1.089 at p < .01. The study concluded that the adoption of artificial intelligence by deposit money banks enhances and transforms their operational efficiency. It therefore recommends that Nigerian deposit money banks should prioritize investments in artificial intelligence infrastructure. Banks should also leverage artificial intelligence to diversify revenue streams and enhance customer personalization.

AN EMPIRICAL ANALYSIS OF FIRM-LEVEL EFFECTS OF FUEL SUBSIDY REMOVAL ON PROFITABILITY OF LISTED OIL AND GAS SECTOR IN NIGERIA

Busuyi Emmanuel Omodara — 2026-04-30

This study empirically examines the firm-level effects of fuel subsidy removal on the profitability of Nigeria’s listed oil and gas sector, following the 2023 policy reforms under the Renewed Hope administration. The research is motivated by the need to understand how macroeconomic reforms, particularly the elimination of fuel subsidies, impact the microeconomic performance of key industry players. Utilizing a census-based panel dataset of all seven oil and gas firms listed on the Nigerian Exchange Group from 2014 to 2024, the study employs fixed effects panel regression to analyze the relationship between subsidy removal, firm age, and net profit margin. The findings reveal that subsidy removal is associated with a statistically significant decline in net profit margin, with an average reduction of 1.6 percentage points post-reform. Contrary to expectations, older firms experienced a greater decline in profitability, suggesting that legacy firms may face structural challenges in adapting to abrupt policy changes. The results highlight the dual challenge faced by downstream oil and gas firms: managing increased input costs and navigating a price-sensitive market amid inflationary pressures. The study underscores the importance of firm-level analysis in evaluating the broader consequences of macroeconomic reforms and calls for targeted transitional support to mitigate adverse effects on firm performance. Policy implications include the need for phased implementation, efficiency grants, and tailored support for both older and newer firms. The research contributes to the literature by providing robust empirical evidence on the microeconomic impacts of subsidy reforms and offers actionable insights for policymakers, investors, and stakeholders in Nigeria’s petroleum sector.

ENVIRONMENTAL PREVENTION COST AND MARKET VALUE OF MULTINATIONAL FIRMS IN NIGERIA

Wale Henry AGBAJE — 2026-04-30

Business entity cannot exist in isolation, but relate with its environment to enhance its productivity, hence it has a corporate social responsibility. However, organization often times prioritize and address the interest of its shareholders and neglect other stakeholder’s interest. The constant environmental issues that occur as a result of the organization operations and activities has led to constant reduction in the market value of the firm.The study is therefore conducted to examine the effect of environmental prevention cost on market value of listed multinational firms in Nigeria. A longitudinal research design was adopted with extensive reliance on secondary data sourced from the annual reports of multinational companies listed on the floor of the Nigeria exchange group between year 2012 to 2022. The study focused on all the eighteen (18) multinational firms listed on the floor of NXG as at 31st December, 2022.The study utilized ordinary least square regression to examine the relationship between environmental prevention cost and market value. Environmental prevention cost has a positive and significant effect on market value of multinational companies in Nigeria indicating relationship. Environmental prevention cost is highly significant when evaluating environmental-related costs that have an impact on the market value of the company.Management of multinational companies should consider other means of detecting environmental problems and adequately ensure that the activities of the organization do not affect the environment negatively. Firms should adopt comprehensive reporting frameworks, such as the Global Reporting Initiative (GRI) standards, to provide clear and consistent information about their environmental efforts. Effective communication of environmental initiatives can build trust with investors and stakeholders, reinforcing the positive impact of sustainability on market valuation.

INTEGRATED REPORTING: THE EFFECT OF BOARD CHARACTERISTICS ON MULTIPLE CAPITAL DISCLOSURE BY LISTED DEPOSIT MONEY BANKS IN NIGERIA

Aishat Otori Oyiza — 2026-04-30

The disclosure of multiple capitals is central to the idea of integrated reporting which is the latest development in the field of financial reporting. Board executives design strategies that affect the use of multiple capitals in the activities of the business as well as its disclosure to stakeholders of the business. As the disclosure of multiple capitals in integrated reports continues to attract increasing scholarly and regulatory attention, it becomes imperative to assess the role of the board of directors in shaping the level and quality of these disclosures. This study examines the extent to which the characteristics of the board affect the disclosure of these capitals in annual reports of listed deposit money banks in Nigeria. Using content analysis methodology, data was extracted from the annual reports of 14 listed banks covering a study period of 8 years from 2017 to 2024. The data was analyzed using generalized least square regression and the result reveal that while board gender and board independence have a significant positive effect on the disclosure of multiple capitals in annual reports, board size significantly and negatively affects the disclosure. Consequently, the study concludes that, the more number of independent executive directors and female directors present on the board, the higher the disclosure of the multiple capitals employed in the value creation process by firms. However, higher number of board members does not translate into increase in the disclosure of multiple capitals. The study therefore, recommends that policy makers ensure an adequate number of female directors and independent directors on the board while the size of the board should be maintained at an average number.

INTEGRATED REPORTING AND SOCIAL PERFORMANCE IN EMERGING ECONOMIES: EVIDENCE FROM NIGERIAN LISTED CONSUMER GOODS FIRMS

Titilayo Moromoke Oladejo — 2026-04-30

This study examines the impact of quality of integrated reporting on social performance of listed consumer goods manufacturing companies in Nigeria, during the year 2015-2024. Previous research in Nigeria and other emerging markets has primarily considered the financial and market impact of the integrated reporting, and there is little evidence to show whether reporting quality can be converted into real stakeholder-oriented investments. This paper fills this gap by connecting integrated reporting with monetary aspects of social performance such as employee training, employee welfare and corporate social responsibility spending. An index of integrated reporting quality was developed based on the content analysis of annual reports of firms to get panel data. The results show that an integrated reporting positively and significantly influences social performance, which implies that the higher the quality of reporting, the higher the social investment. Social performance is also boosted by profitability, though leverage and size of the firm do not have significant impacts. The findings suggest that integrated reporting has the potential to be a powerful tool of enhancing accountability and high achievable social outcomes in manufacturing companies in emerging markets.

EXCHANGE-BASED FINANCING CONTRACTS AND FINANCIAL PERFORMANCE OF ISLAMIC BANKS

Jimoh Abdulrazaq Taiye — 2026-04-30

This study aims to investigate the impact of exchange-based financing contracts on financial performance of Islamic banks in selected countries. Specifically, the study aims to examine the effects of murabaha, istisna’ salam and tawarruq contracts on return on asset of the banks. The study employed ex-post facto research design and population of the study consists of 27 countries whose financial data exists on Islamic Financial Service Board (IFSB) database. A sample of 9 countries was purposively selected from the population. The selection of these 9 countries was informed of data availability. Quarterly data were collected from IFSB database from 2014Q1 to 2022Q4. Fixed Effects Regression technique was used to analyse the data. Results showed that Murabaha and Istisna’ had positive, significant effects while Salam had negative, significant impact on ROA. The study also found that Tawarruq had no significant influence on ROA of the banks. Based on these findings, the study concluded that exchange-based financing exerted significant impact on financial performance of Islamic banks. The study recommended the development and adoption of exchange-based financial services as a form of financial innovation which tends to boost financial performance of Islamic banks. Aggressive marketing and awareness creation are also recommended for Istisna, Salam and Tawarruq to enable them to corroborate murahaba financing in enhancing financial performance of the banks.

ENVIRONMENTAL DISCLOSURE, AUDIT COMMITTEE ATTRIBUTES AND EARNINGS MANAGEMENT: EVIDENCE FROM LISTED MANUFACTURING FIRMS IN NIGERIA

OMOBOLADE STEPHEN OGUNDELE — 2026-04-30

The study examines the nexus between audit committee features, environmental disclosure and earnings management (EMA) of listed Nigerian manufacturing firms. Specifically, it investigates how audit committee female gender diversity, audit committee meeting frequency, audit committee independence, and environmental practice disclosure, alongside firm-specific variables such as returns on assets, leverage, firm size, and revenue growth, influence earnings management, proxied by the Modified Jones model. Using panel data from thirty-six selected manufacturing firms over a specified period from 2015 to 2024. The study employed regression analysis to test the relationship between the variables. From the fixed effect model, the findings revealed that environmental disclosure practices have a negative but statistically insignificant effect on EMA, which suggests that increased disclosure does not necessarily constrain opportunistic reporting practices. Among the governance variables, audit committee female gender diversity exhibits a significant negative effect on EMA, indicating that greater female representation enhances monitoring and reduces earnings manipulation. In contrast, the frequency of audit committee meetings is positively related to EMA at a marginal level of significance. Also, audit committee independence shows a significant positive effect on EMA, which implies potential limitations in the effectiveness of independent members. Regarding the control variables, revenue growth significantly reduces earnings manipulation, while firm size demonstrates a weak negative relationship with earnings management. Leverage also shows a significant negative relationship with earnings management. Conversely, return on assets is positively and significantly associated with earnings management, suggesting that more profitable firms may engage in income smoothing. The study concludes that certain audit attributes are effective in constraining EMA while others highlight the need for stronger enforcement.

THE DEGREE OF INTEGRATED REPORTING IMPLEMENTATION IN NIGERIAN LISTED FIRMS: DOES A FIRM'S SECTOR MATTER

Mohammed Ajape Kayode — 2026-04-30

Transitioning from traditional financial reporting to Integrated Reporting (IR) is vital for transparency, yet adoption levels remain inconsistent in emerging economies. This study investigated the extent of Integrated Reporting (IR) adoption across industrial sectors in Nigeria and evaluated the influence of industry classification on reporting quality.Using a purposive sample of 126 listed firms on the Nigerian Exchange Group from 2010 to 2022, the study employed content analysis of annual reports and secondary financial data. Differences across sectors were tested using Analysis of Variance (ANOVA). Findings indicate an average disclosure index of approximately 50%, suggesting that Nigerian corporate entities are only halfway toward full implementation of the framework. While traditional elements like Governance and Business Performance are well-reported, there is a critical deficiency in reporting forward-looking elements such as Business Model, Risks and Opportunities, and Outlook. Furthermore, ANOVA results reveal significant differences in IR disclosure levels across industries (p < 0.001). Current IR practices remain partially embedded in conventional structures and are insufficient to reduce information asymmetry, given the limited disclosure of strategic, future-oriented data. Regulatory bodies, including the Financial Reporting Council of Nigeria, should mandate standardized sectoral guidelines to enhance reporting quality.

EFFECT OF RISK MANAGEMENT PRACTICES ON THE PROFITABILITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

Ike Romanus Chukwuma — 2026-04-30

This study examined the effect of risk management practices on the profitability of listeddeposit money banks in Nigeria over the period 2015 to 2024. The study adopted an ex post facto research design and utilized panel data obtained from the annual reports of 14 listed banks, resulting in 140 observations. Profitability was measured using return on assets (ROA), while risk management practices were proxied by credit risk (CR), liquidity risk (LR), operational risk (OR), and capital adequacy ratio (CAR), with bank size as a control variable. Data were analyzed using descriptive statistics, correlation analysis, and panel regression techniques. The fixed effects regression results revealed that credit risk (? = -0.073, p = 0.000), liquidity risk (? = -0.018, p = 0.047), and operational risk (? = -0.082, p = 0.000) had significant negative effects on profitability, while capital adequacy (? = 0.059, p = 0.004) had a significant positive effect. The model explained 70.1% of the variation in profitability (R² = 0.701). The study concluded that effective risk management practices significantly influence bank profitability. It was recommended that bank management should strengthen credit risk management frameworks to reduce non-performing loans and improve financial performance.

TAX RATE AND EARNINGS PER SHARE (EPS) OF LISTED INDUSTRIAL GOODS COMPANIES IN NIGERIA

Kabiru Mande Dambuwa — 2026-04-30

This study examines the impact of tax rates on the earnings per share (EPS) of industrial companies listed on the Nigerian Exchange Group (NGX) from 2019 to 2023. The study population consists of thirteen industrial firms, with secondary data extracted from audited financial statements and annual reports. The methodological framework utilizes panel data techniques, encompassing descriptive statistics, correlational statistics, and inferential testing. Specifically, a panel multiple regression model is employed to evaluate the relationship between the independent variables effective tax rate and marginal tax rate and the dependent variable, EPS. The empirical results reveal that the effective tax rate exerts a significant negative influence on the EPS of the sampled firms. Consequently, the study recommends that Nigerian industrial companies enhance their tax planning frameworks by utilizing statutory tax credits and incentives, optimizing transaction structures, and proactively managing fiscal risks. Implementing these strategies is expected to bolster EPS and improve overall corporate financial performance.

THE IMPACT OF AUDIT ATTRIBUTES ON FINANCIAL REPORTING TIMELINESS OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

Muhammad Usaini — 2026-04-30

This study examines the impact of audit attributes on financial reporting timeliness of listed deposit money banks in Nigeria using an Ex Post Facto Research Design. The population of the study consist of thirteen (13) listed deposit money banks from the Nigerian Exchange Group (NGX). However, the study uses the census sampling approach, where ten (10) banks were selected as the sample size. Data were collected from secondary sources including annual reports and accounts of listed deposits money banks. The collected data were analyzed using multiple regression analysis techniques. The findings revealed that audit size (big four) positively and significantly influence financial reporting timeliness of listed deposit money banks in Nigeria. However, audit fee and tenure did not significantly influence financial reporting timeliness of listed deposit money banks in Nigeria. The study concluded that the use of big four audit firms by banks improve the reporting timeliness of banks in Nigeria. It is recommended among others that deposit money banks should consider engaging Big Four audit firms (Deloitte, PwC, EY, and KPMG) when possible. These firms' expertise and resources can enhance compliance with reporting deadlines and improve financial statement reliability.

INTERNAL AUDIT EFFECTIVENESS AND ACCOUNTABILITY OF LOCAL GOVERNMENT ADMINISTRATION IN KWARA STATE

Abdulraheem Olayiwola KADIR — 2026-04-30

Despite the constitutional proximity of local governments to grassroots populations, issues such as financial mismanagement, corruption, and poor service delivery remain prevalent, raising concerns about the efficacy of existing accountability mechanisms. Consequently, the study investigates how key dimensions of internal audit effectiveness: Public Expenditure Tracking Survey (PETS), local government autonomy, control environment, and social audit enhance accountability in local government administration in Kwara State. The study adopts a survey research design, drawing data from 227 respondents comprising local government staff and accountability stakeholders, with 185 valid responses analysed. Data were collected through structured questionnaires and analysed using descriptive statistics and Generalized Linear Model (GLM) techniques. Findings reveal that PETS, control environment, and social audit exert statistically significant positive effects on accountability, with social audit emerging as the most influential predictor. While local government autonomy showed a positive relationship, its effect was not consistently significant across all model specifications. The results further indicate that strengthened monitoring systems, participatory governance, and robust internal control frameworks are critical drivers of accountability. The study concludes that internal audit effectiveness significantly enhances accountability in local governments. It recommends the institutionalization of digital PETS platforms, strengthening of control environments, promotion of social audit mechanisms, and enhancement of local government autonomy to improve transparency, citizen engagement, and overall governance outcomes.

REVENUE GENERATION CAPACITY, INTER-GOVERNMENTAL RELATIONS, AND QUALITY SERVICE DELIVERY AMONG LOCAL GOVERNMENTS IN KWARA STATE

Abdulraheem O. Kadir — 2026-04-30

The persistent inefficiency in grassroots service delivery in Kwara State has been linked to weak internally generated revenue mechanisms, overdependence on statutory allocations, and ineffective intergovernmental fiscal arrangements that undermine the autonomy and performance of local government councils. Thus, this study investigates the impact of internally generated income, statutory allocation, and intergovernmental relations on the quality service delivery at the local government level in Kwara State. Banking on the development and Fiscal Federalism theories, the study’s philosophy is based on positivism approach and the research design was cross-sectional survey. Structured questionnaires were used to collect primary data to 320 respondents who were chosen in sixteen local government areas using stratified random sampling method in Kwara State. Descriptive statistics and multiple regression analysis were used to analyse the data collected and the results found that internal generated revenue, statutory allocation and intergovernmental relations have positive and significant impacts on quality service delivery. This implies that financially stable and well-coordinated local governments are better positioned to respond to community needs and promote grassroots development through quality service delivery. The findings also indicated that financial ability and coordination of institutions together explain the differences in service delivery results, and the model explains a significant percentage of the variance. The study concludes that an optimal mix of enhanced revenue-generating capability and enhanced intergovernmental cooperation are the key elements of successful service delivery at the grassroots. It is therefore recommended that the implementation of the modern systems of revenue collection, greater openness in the management of statutory funds, and the institutionalisation of coordinated intergovernmental structures towards better service delivery outcomes.

ACCOUNTING PRACTICES IN THE ERA OF BLOCK CHAIN TECHNOLOGY IN NIGERIA

ADAMU NUHU YAWURI — 2026-04-30

Block chains offer a novel, secure way to process and store user-accessible financial and non-financial data. This study uses a conceptual approach to investigate accounting processes in the blockchain era. Without a doubt, accounting procedures have changed as a result of the advancement of blockchain technology and the growing interconnectedness of business transactions, creating and reforming new standards from the conventional norms. The use of block chain technology has transformed the accounting and auditing space in the global architecture and revealed new trends, inventions, and developments in the field of accounting. Accounting practices must unavoidably adapt and embrace this growth of digital money in their traditional standards in order to keep up with the always expanding, demanding, dynamic, and competitive global accounting architecture. The use of block chain technology has transformed the accounting and auditing space in the global architecture and revealed new trends, inventions, and developments in the field of accounting. Accounting practices must unavoidably adapt and embrace this growth of digital money in their traditional standards in order to keep up with the always expanding, demanding, dynamic, and competitive global accounting architecture.

DISCLOSURE OF BIODIVERSITY REPORTS AND EARNINGS MANAGEMENT BY LISTED MANUFACTURING FIRMS IN NIGERIA

Segun Idowu ADENIYI — 2026-04-30

The research evaluated how listed manufacturing companies' earnings management is affected by biodiversity report disclosure in Nigeria. This study specifically ascertained how listed manufacturing companies' real and discretionary accrual earnings are affected by the disclosure of biodiversity reports in Nigeria. Causal comparative research was selected as the research methodology for this investigation. Forty-four (44) manufacturing companies that were listed as at December 31st, 2023 serve as our population. Thirty-eight (38) manufacturing companies were chosen as sample size using the judgmental sampling technique. Secondary sources were used to gather data during a twelve-year span, from 2012 t - 2023. E-view version 10.0 software was used to analyze the data obtained using the Ordinary Least Square linear regression technique. According to the study, the disclosure of biodiversity reports significantly affects management of real earnings as well as discretionary accrual earnings. The research recommends that policy makers and Regulators should mandate manufacturing firms to disclose their activities in protecting natural ecosystem, animal and plant species in their Financial Reports and Account.

FINTECH INNOVATIONS AND FINANCIAL INCLUSION IN NIGERIA: A CATALYST FOR SUSTAINABLE ECONOMIC DEVELOPMENT

AKUNOMA ONOME OMENA — 2026-04-30

This study examines the effect of fintech innovations and financial inclusion in promoting sustainable economic development in Nigeria from 2009 to 2023. The study utilized a quantitative research design using secondary panel and time-series data sourced from the Central Bank of Nigeria Financial stability report, NIBSS, World Bank Global Findex and IMF reports. Fintech innovations is the independent variables proxied by mobile banking transactions (MB), point of sale transactions (POS), automated teller machine transaction (ATM), and internet banking transactions (IB). Financial inclusion, proxied by account ownership and digital payment usage, served as the mediating variable, while economic development, measured by GDP per capita growth is the dependent variable. Bank performance measures (ROA, ROE, and CAR), together with inflation and exchange-rate volatility, were introduced as control variables. Data analysis was conducted using Eviews 12 software. The methodology involved descriptive statistics, correlation analysis, and multiple regression models. The results of the study show that mobile banking transaction (MB) and point of sales transactions (POS) significantly enhanced financial inclusion, while automated teller machine transactions (ATM) negatively affected financial performance. Financial inclusion exerted a strong positive effect on GDP per capita growth and fully mediated the relationship between fintech innovations and economic development in Nigeria. The study concludes that fintech serves as a catalyst for inclusive growth in Nigeria, but its developmental potential depends on extending access to underserved groups and maintaining macroeconomic stability.

TAX BURDEN ON INCOME EARNERS IN EDO STATE, NIGERIA

OGBEIDE ELOGHOSA IVIE — 2026-04-30

This study analyzes the tax burden on income earners in Edo State, Nigeria, with emphasis on the variation of tax obligations across income groups and the implications for compliance behavior and state revenue generation. The study was motivated by persistent public concern over rising tax pressures, low disposable income, and perceived inequities in the state’s tax system. Specifically, the research examined variations in tax burden among income groups, the types and rates of taxes imposed, taxpayers’ compliance behavior, and the challenges faced in fulfilling tax obligations, while also recommending measures to reduce the tax burden without compromising revenue generation. A descriptive survey research design was adopted, utilizing both primary and secondary data. Structured questionnaires were administered to 400 respondents drawn from civil servants, private-sector employees, and self-employed individuals across Edo State using stratified random sampling. Data collected were analyzed using descriptive statistics and regression techniques. The findings revealed that lower-income earners shoulder a relatively heavier tax burden compared to higher-income earners. The study also established that lack of adequate taxpayer education, poor administrative efficiency, and multiplicity of taxes negatively affect tax compliance. The study recommends rationalization of tax rates, enhanced tax education, improved transparency in tax administration, and the deployment of digital systems to promote fairness, compliance, and sustainable revenue generation for Edo State.

FINANCIAL INTERMEDIATION EFFICIENCY AND THE IMPACT OF PRIVATE SECTOR DEPOSITS ON BANK PROFITABILITY AND STABILITY IN NIGERIA

Biliqees Ayoola Abdulmumin — 2026-04-30

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.

ASSESSING THE EFFECT OF INTELLECTUAL CAPITAL ON THE FINANCIAL PERFORMANCE OF ICT FIRMS IN NIGERIA

Biliqees Ayoola Abdulmumin — 2026-04-30

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.

IMPACT OF MONETARY POLICY ON FINANCING OF SMALL-SCALE ENTERPRISES IN NIGERIA

NWANI ONYEMAECHI CHRISTOPHER — 2026-04-30

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.

AUDIT COMMITTEE ATTRIBUTES AND FINANCIAL PERFORMANCE OF DEPOSIT MONEY BANKS: EVIDENCE FROM NIGERIA

Olajumoke R Ogunniyi — 2026-04-30

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.

ASSESSING SHORT- AND LONG-TERM RISK SPILLOVERS IN THE ENERGY-FINANCIAL NEXUS: EVIDENCE FROM INTERNATIONAL COMMODITIES AND THE RUSSIAN STOCK MARKET

ABDULRASAQ MUSTAPHA — 2026-04-30

This study investigates the bidirectional risk spillover effects between international energy commodities and the Russian financial market using a time-varying parameter vector autoregression (TVP-VAR) framework, frequency decomposition, and quantile spillover analysis. The research captures both short- and long-term volatility transmission and identifies asymmetries in extreme market conditions. Results indicate that energy markets are dominant transmitters of shocks, particularly during geopolitical and commodity price crises, while the Russian financial sector acts as a net receiver, exhibiting heightened vulnerability to downside risk. Quantile-based analysis further reveals pronounced tail-dependent effects, underscoring the necessity of incorporating extreme events in risk management. The study offers actionable insights for policymakers, financial regulators, and institutional investors, highlighting strategies for stress testing, hedging, and cross-border coordination to enhance market resilience. The paper contributes to the literature by extending bidirectional spillover analysis to the Russian context, incorporating time-frequency and quantile methodologies.

CORPORATE GOVERNANCE MECHANISMS AND THE LIKELIHOOD OF CORPORATE SUSTAINABILITY REPORTING: EVIDENCE FROM LISTED FINANCIAL INSTITUTIONS IN EMERGING ECONOMIES

Nageri Ibraheem Kamaldeen — 2026-04-30

This study examines the influence of corporate governance mechanisms on the likelihood of corporate social disclosure among listed financial institutions in Nigeria. Using panel data from 25 deposit money banks over the period 2005 to 2024, the study employs a binary probit regression model to estimate the probability of disclosure based on key governance attributes, including audit committee strength, board size, foreign board membership, and financial expertise. The findings reveal that board size exerts a positive and statistically significant effect on disclosure likelihood, suggesting that larger boards enhance transparency through diverse expertise and improved monitoring capacity. In contrast, audit committee strength shows a negative and significant relationship, indicating that excessive monitoring may discourage voluntary disclosure due to risk aversion and compliance-oriented behavior. Foreign board membership and financial expertise exhibit positive but insignificant effects, reflecting structural and institutional constraints within the Nigerian context. The results further demonstrate strong model performance and significant differences between disclosing and non-disclosing firms, confirming the robustness of the empirical approach. The study contributes to the literature by providing evidence from an emerging market and highlighting the nuanced role of governance mechanisms in shaping sustainability reporting practices. Policy implications emphasize the need for regulatory reforms that strengthen governance structures, promote standardized reporting frameworks, and enhance sustainability oversight.

IDENTIFYING FINANCIAL STATEMENT FRAUD INDICATORS IN NIGERIAN BANKS: EVIDENCE FROM RATIO-BASED BENEISH 8-M-SCORE DIAGNOSTICS

Yinka Ibrahim Agbeyinka — 2026-04-30

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.

UNDERSTANDING ENERGY-FINANCIAL MARKET INTERCONNECTIONS IN ASIA AMID THE US-ISRAEL-IRAN CONFLICT: A DESCRIPTIVE AND RISK-BASED ANALYSIS

Taiwo A. Muritala — 2026-04-30

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.

CORPORATE GOVERNANCE STRUCTURE AND FINANCIAL PERFORMANCE IN NIGERIAN DEPOSIT MONEY BANKS

Andrew Osaretin IZEKOR — 2026-04-30

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.

IS BOARD ATTRIBUTES A MISSING LINK TO TIMELINESS OF FINANCIAL REPORT? EVIDENCE FROM NON-FINANCIAL LISTED FIRMS IN NIGERIA

Nabila Kabir — 2026-04-30

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.

TAX COMPLIANCE AND ADMINISTRATIVE EFFICIENCY AS DETERMINANTS OF INTERNALLY GENERATED REVENUE IN KANO STATE

Ismaila Abubakaar — 2026-04-30

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.

PERCEIVED ROLE OF FORENSIC AUDIT IN FRAUD DETECTION IN DEPOSIT MONEY BANKS IN NIGERIA

ODEDINA SHERIFF BOLARINWA — 2026-04-30

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.

THE ROLE OF FORENSIC ACCOUNTING IN DETECTING AND PREVENTING FRAUD IN THE PUBLIC SECTOR OF KANO STATE

Mansur Sunusi — 2026-04-30

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.

THE EFFECT OF CREDIT RISK INDICATORS ON STABILITY OF LISTED DEPOSIT MONEY BANKS IN NIGERIA

Umar Salim Ibrahim — 2026-04-30

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.

CORPORATE GOVERNANCE AND PERFORMANCE OF LISTED BANKS IN NIGERIA

ABDULKADRI MUSTAPHA — 2026-04-30

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.

ARTIFICIAL INTELLIGENCE FOR FINANCIAL ACCOUNTABILITY, CORPORATE GOVERNANCE, AND ECONOMIC SUSTAINABILITY: AN OVERVIEW

STEPHEN GWAR — 2026-04-30

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 IMPACT OF BOARD CHARACTERISTICS ON DIVIDEND POLICY OF LISTED CONSUMER GOODS FIRM IN NIGERIA

Muhammad Usaini — 2026-04-30

This study examines the impact of board characteristics on dividend policy of listed consumer goods firms in Nigeria using a correlational research design. The population consist of twenty-one (21) listed consumer goods firms in Nigeria. The study using a simple random sampling technique, selected 10 listed consumer goods firms as the sample size of the study using taro Yamane sampling technique. Data were sourced from listed consumer goods firms annual report and account for over five (5) year’s period and analyzed using descriptive and inferential statistical methods. The findings revealed that board independence has a positive and statistically significant influence on dividend policy. Conversely, board gender diversity exhibits a negative and significant effect on dividend payouts. Similarly, board expertise demonstrates a strong negative relationship with dividend payments. This concludes that board characteristics significantly affect dividend policy of consumer goods firms in Nigeria. The study recommends that consumer goods firms should strengthen the proportion of independent directors on their boards, as this governance structure is positively linked to dividend payouts and can enhance shareholder value. Also, while encouraging gender diversity is essential for inclusivity and diverse perspectives, boards should ensure that dividend policies align with shareholder expectations by balancing conservative financial management with adequate returns.

AI-TECHNOLOGY, GENDER DIVERSE-BOARDS AND WORKPLACE DIVERSITY & EQUAL OPPORTUNITY DISCLOSURE

Muhammad Aminu Isa — 2026-04-30

This study determines the moderating effect of AI-technology on the impact of gender diverse-boards on workplace D&EO disclosure of companies listed on the Nigeria Exchange Group (NGX).The study used Global Reporting Initiative standard to measure D&EO disclosure variable. The investigation is based on data generated from annual reports and financial statements of companies listed on NGX over a period 2022-2024. It used the system generalized method of moments (GMM) estimation techniques to assess the relationships in order to tackle the potential issue of endogeneity. Findings of the study showed that there is a significant relationship between gender diverse-boards and the level of workplace D&EO disclosure. Specifically, the study found that gender diverse-boards captured by the proportion of female on board and AI-technology measures as technologies assets are positively associated with the level of workplace D&EO disclosure. While the interaction of AI-technology with gender diverse-boards reduces the level of workplace D&EO disclosure. The findings provide insights to regulators, stakeholders and boards on mechanisms that should be deploy to drive transparency on workplace D&EO among Nigerian companies. This study extends the frontier of existing literature by providing evidence on the link between AI-technology and gender diverse-boards with workplace D&EO disclosure. This study indicates that the influence of AI-technology on workplace D&EO disclosure is different from when it is interacted with gender diverse-boards. The paper also provides initial evidence on the significance of use of AI-technology on workplace D&EO disclosure.

SUSTAINABILITY REPORTING QUALITY AND FINANCIAL SECTOR IN AFRICA: A CRITICAL MEASURES AND SYSTEMATIC REVIEW

FAKUNMOJU Segun Kamoru — 2026-04-30

This paper offers all-inclusive synthesis of old and recent qualitative and quantitative literature on the participation of financial sector to sustainability practices in their style of reporting to meet international standard. Evidence accumulated over the last decade (2015-2025) indicates that financial institutions like banks, and microfinance banks that embrace sustainability reporting quality attract foreign investors and survive economic crisis. However, most African banks find it difficult to indoctrinate sustainability practices or SDGs in their reporting style which make most banks in Africa not survive economic crisis and fail to attract foreign investors. The paper examined how sustainability reporting quality indoctrinate in the activities of financial sector. The review revealed that banks and other financial institutions that embrace and adopt sustainability reporting quality compete and meet up international standard which enhance more foreign investors and improve economic growth. Despite broad push by United Nation sustainability commitments, financial institutions still face substantial accountability and transparency gaps which hinder sustainability reporting quality of banks in developing countries like Africa. Thus, policymakers and bank managers need to strengthen sustainability reporting quality to enhance transparency and align national practices with international standards which leads to sustainable growth in Africa.

OIL PRICE VOLATILITY AND STOCK MARKET RETURN: EVIDENCE FROM NIGERIA

Ahmed ADEKUNLE — 2026-06-16

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.

EFFECTS OF PUBLIC SECTOR FUND MANAGEMENT PRACTICES ON FRAUD PREVENTION AND DETENTION: EVIDENCE FROM KWARA STATE, NIGERIA

Oluwafunmike OBASESAN — 2026-04-30

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.

IMPACT OF BOARD CHARACTERISTICS ON FINANCIAL PERFORMANCE OF LISTED INDUSTRIAL GOODS FIRMS IN NIGERIA

Muhammad Usaini — 2026-04-30

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.

DETERMINANTS OF FINANCIAL PERFORMANCE OF PENSION FUNDS ADMINISTRATORS IN NIGERIA

Olalekan AJAYI — 2026-04-30

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 31^st 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.

EXAMINING THE ROLE OF EARNINGS PER SHARE,BOOK VALUE OF EQUITY AND ABNORMAL EARNINGSON INVESTMENT DECISIONS

Umar Salim Ibrahim — 2026-04-30

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.

INVESTORS’ SENTIMENT, VOLATILITY AND STOCK RETURN: EVIDENCE FROM THE NIGERIANEXCHANGE GROUP (NGX)

Oloruntoba OYEDELE — 2026-04-30

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.