FUDMA Journal of Accounting and Finance Research [FUJAFR]
FUDMA Journal of Accounting and Finance Research [FUJAFR] — eISSN: 2992-4693; pISSN: 2992-2704 (FUJAFR) — advances contemporary research in accounting and finance. It publishes original research articles that uncover the connectivity of accounting and finance with the global socio-economic and political environment, thereby encouraging continuous debates in the theory and practice of accounting and financial management. The scope of FUJAFR includes all aspects of accounting and finance, both conventional and contemporary. FUJAFR publishes quarterly in March, June, September, and December and has no deadline for submission of manuscripts. It is an open-access journal. FUJAFR is hosted by the Department of Accounting, Federal University Dutsin-Ma [FUDMA], Katsina State, Nigeria. The Journal publishes in soft copy, giving each article a unique Digital Object Identifier (DOI) to facilitate cross-referencing.
Department of Accounting, Faculty of Management Sciences, Federal University Dutsin-Ma, Katsina State, Nigeria.
The FUDMA Journal of Accounting and Finance Research (FUJAFR) operates a copyright policy that ensures a balance between author rights and wide dissemination of scholarly work. 1. Author Copyright Retention Authors retain full copyright of their published work without restriction. Submission to FUJAFR does not transfer ownership of copyright to the journal. 2. License to Publish By submitting a manuscript and upon acceptance, authors grant FUJAFR: The right to publish, reproduce, and distribute the article The right to identify itself as the original publisher of the work This grant is non-exclusive, meaning authors are free to reuse their work in other contexts, provided proper acknowledgment of the original publication in FUJAFR is made. 3. Licensing of Published Content All articles are published under the: Creative Commons Attribution-NonCommercial License (CC BY-NC 4.0) Under this license: Users may share and adapt the work for non-commercial purposes only Proper attribution to the author(s) and the journal is required Any commercial use requires explicit permission from the copyright holder 4. Author Reuse Rights Authors are permitted to: Archive their published articles in institutional repositories or personal websites Share their work for educational and research purposes Reuse portions of their work in future publications (e.g., books or other articles), provided proper citation of the original publication is included 5. Third-Party Content Authors are responsible for obtaining permission to use any third-party copyrighted material (e.g., images, tables, datasets) included in their manuscripts. Proper acknowledgment must be provided where required. 6. Attribution Requirement All users of FUJAFR content must provide appropriate credit, including: Author name(s) Article title Journal name (FUJAFR) Year of publication
Macroeconomic variables and banking sector index performance: evidence from the Nigerian Exchange Group (NGX)
Purpose: This study investigates the effect of exchange rates, interest rates, and inflation on the Banking Sector Index of the Nigerian Exchange Group. It addresses the gap in sector-specific evidence, as aggregate market analyses often obscure how macroeconomic shocks uniquely influence banking sector performance separately. Methodology: Using an ex post facto design, the study analyzes monthly secondary data from 2012 to 2024 obtained from the Nigerian Exchange Group and the National Bureau of Statistics. The Vector Error Correction Model (VECM) was employed to examine both short-run dynamics and long-run equilibrium relationships among the variables. Results and conclusion: The findings confirm a significant long-run cointegrating relationship between the macroeconomic variables and the Banking Index. Exchange rate depreciation negatively affects the banking sector’s performance over the long term, while inflation exerts a strong positive long-run impact. Interest rates show no significant long-run relationship with the index. The error correction mechanism indicates a stable adjustment process, correcting approximately 13.2% of monthly disequilibrium. The study concludes that while the banking sector benefits from inflation, sustained currency depreciation poses a long-term threat. Implication of findings: The results imply that policymakers should place more priority on exchange rate stability. For investors and analysts, the findings suggest a need to emphasize exchange rate trends and inflation over interest rates when evaluating banking sector performance.
Copyright (c) 2026 Ibrahim Kukandaka https://creativecommons.org/licenses/by-nc/4.0
Assessing the impact of corrupt practices on public sector accounting performance in Kano State
Purpose: The purpose of this study is to assess the impact of corrupt practices on public sector accounting performance in Kano State, with a focus on how corruption affects transparency, accountability, and efficiency in financial reporting and resource management. Methodology: The study adopted a descriptive research design. Primary data were collected through a structured questionnaire using a 5-point Likert scale. The population comprised 75 personnel from the Kano State Ministry of Finance, including accountants, auditors, cashiers, and other financial officers. Due to the manageable population size, a census sampling technique was employed. Out of 75 questionnaires administered, 66 were completed and returned, yielding an 88% response rate. Data were analyzed using mean and standard deviation in SPSS. Results and conclusion: The results indicate that corruption persists in Kano State's public sector, substantially undermining transparency, accountability, and overall accounting performance. It was concluded that corrupt practices significantly distort financial information, weaken internal controls, and reduce the efficiency of public sector accounting functions. Implication of findings: The findings reveal that corruption severely undermines public sector accounting performance, erodes trust in institutions, and hampers effective resource management in Kano State, necessitating urgent reforms for transparency and accountability.
Copyright (c) 2026 Mansur Sunusi https://creativecommons.org/licenses/by-nc/4.0
Mediating effects of information asymmetry and cost of capital on the relationship between financial reporting quality and investment efficiency of listed deposit money banks in Nigeria
Purpose: The purpose of this paper is to examine the serial mediating effects of information asymmetry (IA) and cost of capital (COC) on the relationship between financial reporting quality (FRQ) and investment efficiency (IE) of listed Deposit Money Banks (DMBs) in Nigeria over ten-year period (2008-2017) using Barron and Kenny's (1986) mediation model steps. Methodology: The paper employed ex-post facto research design. Its population covered fourteen (14) DMBs that remained listed from 31st December, 2008 to 31st December, 2017. The data required for the study was available and so, census sampling technique was used to cover the entire fourteen (14) banks. Secondary sources of data comprising published annual reports and accounts of the listed DMBs and Thomson Reuters Data stream were used. The techniques of data analysis used are OLS, GLS and FGLS regression. Results and Conclusion: The results found are that FRQ affects both Underinvestment (Underinv) and Overinvestment (Overinv) directly and indirectly through its effect on IA and COC of listed DMBs in Nigeria. Hence, the paper concluded that IA and COC mediate the relationship between FRQ and Underinv/Overinv of listed DMBs in Nigeria. Implications of Findings: Practically, the findings imply that the level of IE in the Nigerian banking industry will improve if the listed DMBs adopt the practice of reporting comprehensive and relevant information to capital providers.
Copyright (c) 2026 Sunusi Ridwan Ayagi https://creativecommons.org/licenses/by-nc/4.0
Impact of capital structure on financial performance of listed consumer goods companies in Nigeria
Purpose: This study examines the impact of capital structure on the financial performance of listed consumer goods companies in Nigeria. Methodology: The study covers a 14-year period (2010–2024). Capital structure is proxied by Total Debt to Total Assets (TDTA), Long-Term Debt to Total Assets (LTDA), and Total Debt to Equity (TDTE), while financial performance is measured using Return on Assets (ROA) and Tobin’s Q. Secondary data were sourced from the Nigerian Exchange Group (NGX) for 16 listed consumer goods firms that met the selection criteria. The study employed descriptive statistics, correlation matrix, and panel regression analysis using Panel Corrected Standard Errors (PCSE) to test the hypotheses. Result and conclusion: The findings reveal that TDTA and LTDA have significant positive effects on ROA, while TDTE exerts a significant negative effect, implying that asset-based and long-term debt financing enhance profitability, whereas excessive equity-based leverage reduces it. For Tobin’s Q, TDTE and firm size show significant negative effects, Implication of findings: Indicate that high leverage and larger firm size are associated with lower market valuation. The study concludes that an optimal mix of debt financing is critical for enhancing firm profitability and market value. It recommends that managers of consumer goods firms should carefully structure their capital mix, with more emphasis on long-term debt financing, while avoiding excessive equity-based leverage to improve both profitability and shareholder value.
Copyright (c) 2026 Aliyu Suleiman Kantudu, Junaidu Mohammed Kurawa, Muhammad Shehu Garba https://creativecommons.org/licenses/by-nc/4.0
Capital structure, board characteristics and financial performance of listed consumer goods companies in Nigeria
Purpose: The main objective of the study is to examine the moderating effect of board characteristics on the relationship between capital structure and financial performance of listed consumer goods companies in Nigeria. Methodology: The study utilized a secondary source of data collection, which was obtained from the annual reports and accounts of listed consumer goods companies in Nigeria for a period of fourteen years (2010-2023). The panel data are analyzed using descriptive statistics, Pearson correlation, and regression analysis. Results and conclusion: The findings reveal that capital structure has a significant impact on the financial performance of the sampled companies. Board composition has an insignificant impact on the financial performance (ROA and Tobin’s Q) of listed consumer goods companies in Nigeria. More so, board composition does not moderate the relationship between capital structure and financial performance of listed consumer goods companies in Nigeria. Implication of findings: The conclusion implies that the relationship between capital structure and financial performance cannot be moderated by board composition. It is therefore recommended that management of consumer goods companies in Nigeria should maintain a capital structure that is balanced between debt and equity. This will help to reduce the cost of capital and improve the firm's financial flexibility. Similarly, management should use debt financing strategically to fund productive investments. These steps will help to increase the firm's profitability and return on equity. Increasing the proportion of independent directors on the board will help improve the board's independence and effectiveness, which can lead to better decision-making and firm performance.
Impact of leverage, firm size on firm ownership of listed industrial goods firms in Nigeria
The study examines the impact of leverage and firm size on firm ownership of listed industrial goods firms in Nigeria. The dependent variable firm ownership is measured with managerial ownership (MO), foreign ownership (FO), and institution ownership (IO), while the independent variables are leverage (LEV) and firm size (FS). The data was extracted from the Nigerian Exchange group (NGX) annual report of listed industrial goods firms in Nigeria. The study covers a period of 10 years (2013–2023). The study used descriptive statistics, correlation matrix, and regression analysis to analyze data. The study found managerial ownership (MO) has a positive correlation with leverage (LEV), and firm size (FS), foreign ownership (FO) has a negative correlation with leverage (LEV) and a positive correlation with firm size (FS), institutional ownership (IO) has a negative correlation with leverage (LEV) and a positive correlation with firm size (FS). It was recommended that management should focus on their ownership structures, specifically managerial, foreign, and institutional ownership. Transparent governance practices and a balanced ownership distribution are suggested to enhance investor confidence and attract foreign and institutional investment.
Copyright (c) 2026 Muhammad Shehu Garba https://creativecommons.org/licenses/by-nc/4.0
Impact of firm size, firm age on the profitability of listed consumer goods firms in Nigeria
Purpose: This study investigates the impact of firm size and firm age on the profitability of listed consumer goods firms in Nigeria. Methodology: The study utilizes panel data covering 13 years (2010–2022) obtained from the annual reports of consumer goods firms listed on the Nigerian Exchange Group and employs regression analysis to examine the effects of Firm Size (FS) and Firm Age (FA) on profitability measured by Return on Equity (ROE) and Return on Assets (ROA). Results and conclusion: The regression results show that the overall model is statistically significant for ROE but not significant for ROA, while firm Size does not exhibit a statistically significant relationship with profitability; firm age demonstrates a statistically significant negative relationship. Implication of findings: It indicates that older firms tend to experience lower profitability, possibly due to rigidity and reduced adaptive capacity over time. The findings imply that stakeholders should not rely solely on firm size and age in assessing profitability but should also consider operational efficiency, industry dynamics, management effectiveness, capital structure, financial ratios, and prevailing market conditions, while future studies are encouraged to incorporate broader variables and larger samples to generate more comprehensive insights.
Effect of public debt management on budget implementation performance: evidence from selected states in Nigeria
Purpose: This study investigated the effect of public debt management on budget implementation performance in Nigerian states. Specifically, the study analysed the effect of the domestic debt management ratio and the external debt management ratio on the budget implementation performance of selected states in Nigeria. Methodology: The study captured a total of 18 states randomly selected across the 6 geopolitical zones of Nigeria. Panel-based data were collected across the 18 states over a period of 10 years spanning from 2014 to 2023. Data collated were analysed using correlation estimation, panel pooled OLS estimation, and fixed effect estimation. Results and conclusion: Results revealed that the domestic debt management ratio exerts an insignificant negative effect on the budget implementation performance of states in Nigeria. (-0.0292211, p > 0.05). The external debt management ratio, on the other hand, exerts a positive insignificant effect on budget implementation performance (0.0609831, p > 0.05). This study concludes that domestic debt management has an insignificant tendency to impede budget implementation performance among states in Nigeria, just as external debt management has an insignificant likelihood to improve budget implementation, though it does not pose any negative threat. Hence, this study recommends, among others, that state governments should ensure efficient and effective domestic and external debt management systems that create a minimal level of debt relative to total revenue for efficient and effective budget implementation. Implication of findings: The findings of this study suggest that state governments in Nigeria should take necessary steps to manage their domestic and external debt profiles to enhance their capacities for effective budget implementation.
Copyright (c) 2026 Victoria Bamitale Aremu https://creativecommons.org/licenses/by-nc/4.0
Can financial inclusion reduce income inequality? Evidence from Nigeria
Purpose: This study examines the effect of financial inclusion on income inequality in Nigeria. Specifically, it evaluates whether improvements in financial access, alongside selected macroeconomic variables, significantly influence the level of income inequality in the country. Methodology: The study adopts an ex post facto research design using annual time-series data for Nigeria. The population of the study comprises all annual macroeconomic observations relevant to financial inclusion and income inequality in Nigeria within the study period. Based on data availability and consistency across sources, the study uses annual observations covering 1985–2020. Data were obtained from the World Development Indicators, Central Bank of Nigeria Statistical Bulletin, Federal Ministry of Education reports, and the Standardized World Income Inequality Database. The study employs Ordinary Least Squares and Newey-West regression techniques for estimation. Results and conclusion: The findings show that financial inclusion exerts a reducing effect on income inequality in Nigeria. Economic growth also contributes to inequality reduction, while inflation and real interest rate tend to worsen inequality. Government spending shows a negative but weak effect on inequality, while primary school enrolment does not exert a statistically significant short-run effect. The study concludes that financial inclusion is an important instrument for promoting a more equitable income distribution in Nigeria. Implication of findings: The findings imply that policies aimed at expanding access to financial services, strengthening macroeconomic stability, and improving the efficiency of public spending are essential for reducing income inequality and promoting inclusive growth in Nigeria.
Copyright (c) 2026 Hafiz Ismail, Habiba Bello, Ahmad Danjuma, Sadiq Dalil Wakili https://creativecommons.org/licenses/by-nc/4.0
Assessing the effect of information analysis on the containment of financial crimes in Nigeria
Purpose: This paper assesses the effect of Information Analysis (IA) on the containment of financial crimes in Nigeria. Methodology: Cross sectional research design was used to examine the relationship between the variables of the study. A total of 454 structured questionnaires were administered to staff of compliance departments in CBN, DMBS, EFCC and NFIU. Data collected was subjected to various diagnostic tests such as normality, reliability and validity using IBM-SPSS V.26 software. Correlation and multiple linear regressions analyses were employed for the analysis of data. Results and conclusion: The study found that IA significantly affects the containment of financial crimes in Nigeria. The result for multiple regression analysis indicates that IA is a significant variable in influencing the containment of financial crimes in Nigeria. Implication of findings: The study recommends that Reporting Entities (Res) and Law Enforcement Agencies (LEAs) should ensure that they comply with IA to effectively and efficiently contain FCs in Nigeria.
Copyright (c) 2026 Jonathan Daboh Tagang, Samaila I Ningi , Ado Ahmed, Shittu O Ibrahim https://creativecommons.org/licenses/by-nc/4.0
Integrating digital forensics and machine learning for fraud detection in Nigerian deposit money banks: a PLS-SEM and artificial neural network approach
Purpose: This study examines the association between digital forensic capabilities and fraud detection effectiveness in Nigeria’s five largest deposit money banks—United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc, First Bank Nigeria Limited, and Guaranty Trust Bank Plc. Specifically, it evaluates the relative contributions of network forensics, cloud forensics, mobile forensics, and Internet of Things (IoT) forensics to fraud detection effectiveness. Methodology: A cross-sectional survey design was adopted, with data collected through structured questionnaires administered to staff of the selected banks. Of the 306 questionnaires distributed, 243 valid responses were obtained, representing a 79% response rate. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test hypothesized relationships and Artificial Neural Network (ANN) analysis to assess predictive importance. PLS-SEM analysis was conducted using JASP version 0.95.3, while ANN estimation employed a multilayer perceptron model in SPSS version 27. Results and conclusion: The PLS-SEM results indicate that digital forensic capabilities jointly explain a substantial proportion of variance in fraud detection effectiveness with all R² > 0.75. Cloud forensics (β = 0.515) and network forensics (β = 0.500) exhibit the strongest associations, followed by IoT forensics (β = 0.456) and mobile forensics (β = 0.449). ANN results corroborate these findings, ranking cloud forensics as the most important predictor (normalized importance = 100%), closely followed by network forensics (99.7%), mobile forensics (85.3%), and IoT forensics (79.8%). Implication of findings: The study implies that bank management should prioritize investment in cloud and network forensic infrastructures, complemented by targeted training and process integration, to enhance fraud detection performance. However, the cross-sectional and self-reported nature of the data limits causal inference, indicating the need for future longitudinal studies using objective fraud performance indicators.
Copyright (c) 2026 Ridwan Adebisi Sanusi , Ibraheem Sanusi, D. O. B. Briggs https://creativecommons.org/licenses/by-nc/4.0
Outsourcing accounting services and accountability: evidence from small and medium scale enterprises in Osogbo, Osun State, Nigeria
Purpose: This study investigated the influence of accounting activities outsourcing on accountability in small and medium-scale enterprises (SMEs) in Osogbo, Osun State, Nigeria. Methodology: The survey research design was employed for the study, with the population of the study consisting of 120 registered small and medium-scale enterprises (SMEs) operating in Osogbo. The convenience sampling technique is adopted in selecting 100 respondents from the SMEs to make up the sample size of the study. Data for the study were collected using questionnaires. The study adopted correlation and regression analysis to examine the relationship and effect of the explanatory variables on the dependent variables. Results and conclusion: The study found that accounting activities outsourcing has a positive significant effect on transparency while it has a negative effect on the relevance of financial activities. Also, accounting activities outsourcing has a non-significant effect on accountability. The study therefore recommends that SMEs should engage professional accounting services to improve transparency, ensure outsourced accounting functions are properly monitored to maintain relevance, and complement outsourcing with internal controls to enhance overall accountability. Implication of findings: The implication of this study is that outsourcing accounting activities can improve transparency in SMEs but may reduce the relevance of financial information if not properly managed. It also suggests that outsourcing alone does not guarantee accountability without adequate supervision. SMEs should therefore manage outsourced accounting functions strategically to enhance transparency, relevance, and accountability.
Copyright (c) 2026 Samuel Oladele Obisesan, Blessing Onyi Akinde, Oluwatimileyin Esther Adenle, Lukmon Adewale Adeoye, Richard Oluwatayo Ewuola https://creativecommons.org/licenses/by-nc/4.0
Audit market competition, opinion shopping, and audit quality: Evidence from audit firms in Nigeria
Purpose: This study is motivated by the intense competition in the audit market environment which fosters audit opinion shopping practices, eventually raising critical concerns about the credibility of audit. The research examines the extent of audit opinion shopping in Nigeria, the influence of market competition on such behaviour, and the implications for audit quality. Methodology: A descriptive and correlational research design was adopted, using primary data collected from 200 auditors. Responses were analyzed using the Statistical Package for the Social Sciences (SPSS), employing descriptive statistics, reliability tests, and regression techniques. Results and conclusion: The descriptive analysis results revealed evidence of audit opinion shopping among Nigerian firms, with market competition exerting a significant influence on the likelihood of such practices. The findings also revealed that opinion shopping significantly affects audit quality, particularly in relation to timeliness, comparability, and reliability of financial statements. The study concludes that while competition may enhance efficiency in the audit market, it also provides opportunities for opportunistic opinion shopping, which undermines audit quality. Implication of findings: It recommends stronger regulatory oversight, improved enforcement of auditor independence, and the adoption of governance mechanisms that discourage frequent auditors switching for favourable opinions.
Copyright (c) 2026 Oluwamayowa Olalekan Iredele, Regina Christina Fidelis https://creativecommons.org/licenses/by-nc/4.0
Financial development, remittances and access to education in Nigeria
Purpose: This study investigates the effects of financial development, remittances and their interaction on access to education in Nigeria. Methodology: The study used the Autoregressive Distributed Lag and Dynamic Ordinary Least Squares technique on time-series data sourced from the International Monetary Fund, the World Bank and the Central Bank of Nigeria for the period 1980 to 2021. Results and conclusion: Findings from the analysis reveal that remittances had a statistically significant and positive effect on access to education in the short and long run, unlike financial development, which was negative and non-significant. When both variables were interacted, a negative and non-significant effect was observed suggesting that a developing financial sector does not mediate the positive impact of remittances on education in Nigeria. Additionally, government expenditures on education positively and significantly enhances access to education. Implication of findings: Policy makers and relevant stakeholders in the financial and educational sectors in Nigeria should intensify ways to improve access to formal financial services, develop financial products and services tailored towards education and provide incentives to channel remittances aimed at funding education.
Copyright (c) 2026 FUDMA Journal of Accounting and Finance Research [FUJAFR] https://creativecommons.org/licenses/by-nc/4.0
Effect of artificial intelligence on audit practices: empirical evidence from auditors in Southern Nigeria
Purpose: This study examines the effect of artificial intelligence (AI) on audit practices. This study aims to determine whether AI will affect auditing practices in any way. This investigation was supported by the Task–Technology Fit (TTF) theory. Methodology: Using a structured questionnaire and a research survey design, data was gathered from primary sources. The study's sample size consisted of 316 auditors from audit firms in southern Nigeria. Multiple regression analysis was used to determine the kind and strength of correlations between the study variables. Results and conclusion: Findings show that the p-value of 0.0391 was less than 0.05, the results demonstrated that machine learning (ML) significantly affects auditing practices (AUP). A p-value of less than 0.05 indicates that expert systems (ES) have a substantial impact on auditing practices (AUP), and a p-value of less than 0.05 indicates that natural language processing (NLP) has a significant impact on auditing practices (AUP). The results of the study demonstrated that artificial intelligence (ML, ES, and NLP) significantly and favorably impacted auditing practices. Implication of findings: To improve efficiency, accuracy, and fraud detection skills, audit firms and regulatory agencies should proactively incorporate Artificial Intelligence (AI) techniques into audit practices. To automate regular audit processes, analyze vast amounts of financial data in real time, and more successfully discover abnormalities or dangers than using traditional approaches, technologies like machine learning, expert system, and natural language processing should be implemented.
Copyright (c) 2026 kenny Esosa Orumwense, Joy Ogbebor https://creativecommons.org/licenses/by-nc/4.0
Agency banking and women employment in Auchi metropolis: evidence from POS operators
Purpose: This study examines the effect of agency banking, with particular emphasis on Point of Sale (POS) operations, on women’s employment generation in Auchi Metropolis, Nigeria. It aims to assess the relationship between POS businesses and women’s employment. However, study reexamined the relationship because it was discovered that the nature and existence of this possible relationship were inconsistent. Methodology: The study adopts a quantitative research approach, using primary data collected from a sample of 109 female POS operators in Auchi Metropolis. Data was analyzed using descriptive statistical techniques to evaluate employment outcomes for POS activities. Results and conclusion: The findings reveal that POS operations serve as a significant source of employment and income for women in Auchi Metropolis. Despite challenges such as security risks, network failures, and limited access to finance, agency banking has enhanced women’s economic participation and contributed to financial inclusion. The study concludes that POS businesses play a critical role in promoting women’s employment and livelihoods. Implication of findings: The study implies that policymakers, financial institutions, and regulators should implement targeted interventions—such as improved security measures, reliable network infrastructure, and accessible credit facilities—to strengthen and expand women’s participation in POS operations, thereby fostering inclusive employment and sustainable economic development.
Copyright (c) 2025 FUDMA Journal of Accounting and Finance Research [FUJAFR] https://creativecommons.org/licenses/by-nc/4.0
Effect of responsibility accounting on financial and social performances of branch expansion of microfinance institutions in the CamCCUL network, Cameroon
Purpose: Microfinance Institution (MFI) branch expansion plays a critical role in enabling these institutions to achieve double bottom line objectives. However, this expansion strategy has introduced some management challenges pointing to responsibility accounting (RA). This study seeks to investigate the effect of RA on the financial and social performance of MFIs in the CamCCUL network, Cameroon. Methodology: The study adopted the quantitative research method using questionnaires to collect data from a sample of 86 MFIs selected through convenience and simple random techniques. Robust OLS regression was employed to analyse data. Results and conclusion: Results indicate that for financial performance, assigning responsibilities and delegating authority (ARDA), allocating costs and revenues for controllability (ACRC) and establishing performance measurement targets (EPMT) were statistically insignificant while performance evaluation (PE) and performance incentive systems (PIS) were statistically significant. On social performance, ACRC, EPMT and PIS were statistically insignificant, whereas ARDA and PE were statistically significant. The study concludes that MFIs should pay rigorous attention to RA principles and integrate them into their strategic plans to ensure that accountability and transparency drive overall institutional performance. The study recommends that, MFIs should conduct periodic performance appraisals and use results for cost allocation, decision-making and promotion; incentive systems should be tied to measurable performance results to motivate staff towards congruency. Implication of findings: The study has implications for policymakers to regulate and enforce RA implementation for business sustainability across all sectors and enable MFIs to enhance accountability and expansion complexity management as well as narrow the existing literature gap on RA in Cameroon.
Assessment of entrepreneurial innovation on sustainability of industrial leather clusters in Kano State
Purpose: Entrepreneurial innovation is a major contributor to the growth and sustainability of business enterprises, which in turn boosts the economy. It has also been acknowledged by scholars and professionals that entrepreneurial innovation is a driver of business survival and sustainability. Thus, the study examined the effect of entrepreneurial innovation on the sustainability of industrial leather clusters in Kofar Wambai, Kano State. Methodology: A cross-sectional survey design using primary data was adopted using a structured questionnaire. The unit of analysis is the artisans of industrial leather clusters in Kofar Wambai, Kano State. A simple random sampling technique was employed to select the sample size of eighty-six (86). To test the proposed hypothesis, the multiple regression analytical tool was employed. Results and conclusion: The result of the analysis revealed a positive and significant effect of the independent variable, entrepreneurial innovation (process and product innovativeness), on the sustainability of industrial leather clusters in Kofar Wambai, Kano State. Implication of findings: The study recommends artisans in Kofar Wambai adopt pursuing a concurrent, dual-focus innovation (process and product) strategy to maximize sustainability gain in Kofar Wambai industrial leather clusters of Kano state.
Does board size, audit firm tenure, and audit firm size affect audit quality of listed companies in Nigeria?
Purpose: The study examined the determinants of audit quality among listed oil and gas, agriculture, and natural resources firms in Nigeria by assessing the influence of board size, audit firm tenure, and audit firm size. The study was anchored on agency theory and resource dependency theory to explain how governance structures and auditor characteristics shape audit quality outcomes. Methodology: An ex-post facto research design was adopted, using secondary data obtained from all 19 listed firms of the sectors under study in Nigeria over a ten-year period (2014–2023). The dataset was analyzed using Panel Generalized Least Squares (PGLS) regression to determine the extent to which board size, audit firm tenure, and audit firm size impact audit quality. Results and Conclusion: The study shows that board size, audit firm tenure, and audit firm size each have positive and significant effects on audit quality. Larger boards enhance oversight, longer auditor–client relationships strengthen audit understanding, and larger audit firms provide superior expertise and resources. Overall, these factors are key determinants of audit quality in Nigeria’s oil and gas, agriculture, and natural resources sector. Implication of Findings: The findings suggest that stronger governance structures—through adequately sized boards, optimal auditor tenure, and the use of reputable audit firms—can significantly improve audit quality. These insights support policy and regulatory efforts aimed at enhancing the credibility of financial reporting in Nigeria’s primary goods sector.
Board characteristics and corporate risk disclosures among listed firms in Nigeria
Purpose: The study examined the effect of board characteristics on corporate risk disclosure (CRDI) among listed consumer goods firms in Nigeria from 2014 to 2023. Drawing on agency and legitimacy theories, the research investigates how board size, board independence, board nationality, and risk committee size influence risk disclosure practices. Methodology: The study adopts an ex post facto research design and utilizes secondary data from 18 purposively selected listed firms. Corporate risk disclosures were measured using a 21-item checklist, and panel regression analysis with the Generalized Least Squares (GLS) technique was employed to address potential econometric issues. Control variables included audit firm size and firm age. Results and Conclusion: Results indicate that board size and board nationality have no significant effect on CRDI, while board independence exhibits a negative and statistically significant impact. In contrast, risk committee size has a positive and significant relationship with corporate risk disclosure. Audit firm size and firm age also significantly influence disclosure levels. The study concludes that specialized governance structures, particularly effective risk committees, are key drivers of enhanced risk transparency, whereas the mere presence of larger boards or foreign directors does not guarantee improved disclosure. Implication of Findings: These findings imply that firms should prioritize board effectiveness over numerical size, enhance the integration and engagement of independent and foreign directors, and strengthen risk committees through appropriate resourcing and expertise. The study contributes to the literature on corporate governance and transparency by providing context-specific insights for regulators, corporate boards, and policymakers in emerging economies.
The moderating effect of corporate governance on the relationship between entrepreneurial orientations and business performance of women owned enterprises in North-western States of Nigeria
Purpose: This study aimed to examine the moderating effect of corporate governance on the relationship between entrepreneurial orientation and business performance of women-owned enterprises in the northwestern states of Nigeria. However, the nature and existence of this potential relationship were found to be mixed, which prompted this study to re-examine the relationship. Methodology: The data were collected from a field survey of the women-owned enterprises in the northwestern region of Nigeria. A total of 222 questionnaires were returned, but only 210 were usable for data analysis from the target respondents, which consist of women owners/managers of businesses in the selected SMEs. This study employed the quantitative survey research approach and Partial Least Squares Structural Equation Modelling (PLS-SEM) algorithm and bootstrap techniques to test the hypotheses. Results and conclusion: Results obtained support the hypothesis on the direct influence of the entrepreneurial orientation and its proxies, such as innovativeness, competitive aggressiveness, autonomy and corporate governance, on business performance. Similar results regarding the moderating effects of corporate governance on the relationship between entrepreneurial orientation and business performance were also found. Interestingly, the findings indicated that corporate governance positively moderates the relationship between entrepreneurial orientation and business performance. Implication of findings: Finally, this study has succeeded in validating the aforementioned conceptualisation as well as advancing significant theoretical and practical contributions to the researchers, entrepreneurs and regulatory authorities for further understanding of the influence of entrepreneurial orientation and business performance.
Monetary policy and the manufacturing sector in Nigeria
Purpose: This study investigates how Nigeria’s manufacturing sector responds to key monetary policy measures. Specifically, it examines the extent to which the treasury bill rate (TBR), prime lending rate (PLR), inflation rate (INF), and exchange rate (EXR) influence manufacturing sector output (MFO). Methodology: The study employed time series data obtained from the Central Bank of Nigeria (CBN) Statistical Bulletin covering 2010–2023. Preliminary econometric procedures, including unit root tests and the Johansen cointegration technique, were used to determine the stationarity status and long-run relationships among the variables. Based on these outcomes, an error-correction framework was estimated to capture short- and long-run dynamics between monetary policy indicators and manufacturing sector output. Results and conclusion: The findings reveal that monetary policy variables, specifically the exchange rate, treasury bill rate, inflation rate, and prime lending rate, do not exert a significant influence on Nigeria’s manufacturing output in either the medium or long run. The study concludes that the weak transmission of monetary policy to the real sector may stem from structural bottlenecks, policy inconsistencies, and an unfavourable operating environment that limit the responsiveness of manufacturers to monetary adjustments. Implication of findings: The study suggests the need for the government to strengthen the regulatory framework by streamlining procedures, reducing bureaucratic delays, and lowering compliance costs. Enhancing transparency and ensuring stable, predictable policy implementation will improve the operating climate for manufacturers and support better monetary policy transmission to the sector.
Forensic accounting litigation support and detection of public sector corruption in Nigeria
Purpose: The rise in financial fraud cases in Nigeria's public sector, attributed to the ineffectiveness of statutory audits in detecting and preventing such activities, has led to an increased demand for forensic accountants. This study investigates the effect of forensic accounting in the detection of public sector corruption in Nigeria with a focus on three antigraft agencies. Methodology: The study adopted a descriptive survey research design and collected data using a structured questionnaire. Using Taro Yamane's formula and a purposive sampling technique, four hundred and five (405) respondents of relevant staff of the antigraft agencies were selected for the study. The method of data analysis used was descriptive statistics and multiple linear regressions based on 386 questionnaires returned by the respondents. Results and conclusion: Findings of the study revealed that forensic accounting litigation support had a significant positive relationship with public sector corruption in Nigeria, indicating that the adoption of forensic accounting techniques is useful for detecting public sector corruption, and funds lost through bribery, embezzlement, accounting fraud, and financial malpractice can be recovered through the services of forensic accountants. Implication of findings: The study's findings suggest ways to enhance integrity, accountability, and financial governance in Nigeria, providing actionable insights for improved public sector practices and policies. The study recommends that special courts should be established to speed up the litigation process so that cases that are corruption-related in the Nigerian public sector do not linger for too long, as is the case in conventional courts.
The Accounting ratios and share price of quoted consumer goods firms in Nigeria
Purpose: This study examines the impact of accounting ratios on the stock prices of quoted consumer goods firms in Nigeria, providing insights for investors and stakeholders. The research uses financial reports of quoted consumer goods firms in Nigeria from 2013 to 2022, focusing on Dividend Per Share, Earnings Per Share, Returns on Assets, and Current Ratio. Methodology: An ex-post-facto design was adopted, utilizing secondary data obtained from 15 out of 21 quoted consumer goods firms from NGX over ten years (2013-2022), being a purposeful sampling technique representing 71.43% of the population. Balanced panel data regression analysis and descriptive statistics were employed. Results and conclusion: The findings show an R-squared value of 0.36, indicating that inflation, interest rates, earnings per share, current ratio, and return on assets account for approximately 36% of the variations in stock prices, while variables outside the model account for 64%. Implication of findings: The study highlights the importance of considering both internal and external factors when making investment decisions and suggests that investors should look beyond accounting ratios to understand stock price movements.
Perception of infrastructural development and tax compliance among small and medium scale enterprises in Lagos state: The mediating role of taxpayers’ satisfaction with revenue utilization
Purpose: This study investigates how small and medium-sized enterprises (SMEs) in Lagos State, Nigeria, perceive infrastructural development and how these perceptions influence their tax compliance behaviour, using taxpayers’ satisfaction as a mediating variable. Methodology: The study used both secondary and primary sources to collect relevant data. The study adopted a survey research design. A total of 42,072 small and medium enterprise owners in Lagos State were the population, out of which a sample size of 400 was drawn. Four hundred (400) copies of the questionnaire were administered, and 364 were returned, while only 342 copies were usable. The data collected were analyzed using descriptive and inferential statistics. Three hypotheses were formulated and tested using regression analysis; Process Macro on SPSS was used to test the fourth hypothesis, testing the mediating effects of taxpayers’ satisfaction on the relationship between infrastructure development and tax compliance. Results and conclusion: Results show that infrastructural development significantly impacts taxpayers’ satisfaction with government spending and compliance with tax regulations. The study further revealed that taxpayers’ satisfaction plays a mediating role in the relationship between infrastructural development and tax compliance. Based on this finding, it is recommended that the Lagos State government should continue to enhance the provision and quality of infrastructure to improve taxpayers’ satisfaction and, in turn, foster greater compliance among residents. Implication of findings: The findings imply that the level of infrastructural development influences the satisfaction derivable by SME from government spending, and by extension, the relationship between infrastructural development and tax compliance.
Corporate environmental disclosure and market value. Do board independence matter?
Purpose: This paper aims to examine the relationship between three measures of corporate environmental disclosure and market value using Nigerian non-financial listed companies. The paper also explores the effect of the moderating role of board independence. Methodology: We use DICTION software to obtain the measurements of environmental disclosure volume, general disclosure tone, and specific disclosure tone, as well as regression analysis using the GMM model to take care of endogeneity issues. Results and conclusion: The empirical studies revealed that general environmental disclosure and specific environmental disclosure have a positive and statistically significant impact on the Tobin’s Q. We document that board independence positively moderates the relationship between general and specific environmental disclosure on Tobin’s Q. We recommend that firms should focus on environmental responsibility reporting as a driver for better performance and value enhancement and that it will help to achieve SDG 12 as enshrined in the United Nations SDGs 2030 agenda. The paper considers only the environmental dimension of sustainability with the use of only non-financial listed Nigerian companies for twelve (12) years (2011-2022). Implication of findings: Management, investors, professionals, policymakers and authorities should consider the environmental disclosure requirements for proper informed decisions. The study tests the progress in achieving the sustainable development goals (SDG 12) as well as the role of the moderating variable of board independence in Nigerian listed non-financial firms.
Energy consumption and economic development in Nigeria
Purpose: The study investigated the effect of energy consumption and economic development in Nigeria. Methodology: The data for the study were sourced from the World Bank Database from 1990 to 2023. Following the unit root test, the Toda-Yamamoto Granger Causality or Block Exogeneity Wald was carried out. Results and conclusion: Principally, no causality exists from access to electricity for the urban population (UPEt), electricity availability to rural populations (RPEt), energy production through renewable sources (EPRt) (hydro), electricity production through non-renewable sources (EPNt), and electric power transmission and distribution losses (EDLt) to per capita income in Nigeria. The findings suggested that enhancements in electricity access and production did not significantly contribute to economic development, as measured by per capita income during the period analyzed. Implication of findings: The study, among others, recommended that stakeholders in the energy industry in Nigeria should synergize to enhance the provision of a reliable and quality electricity supply instead of merely increasing access. The implication of this finding is that making energy utilization and affordability better will improve the economy.
Copyright (c) 2025 Clever Ikiotimi Tuke, Victor E. Oriavwote https://creativecommons.org/licenses/by-nc/4.0
Influence of stakeholder ecosystem on corporate environmental disclosure among non-financial firms in Lagos State, Nigeria
Purpose: In Nigeria, especially non-financial firms in Lagos State are involved in the inadequacy of waste management infrastructure, resulting in litter pollution and health issues for the immediate community. Thus, this study therefore investigated the influence of the stakeholder ecosystem through operational, primary, environmental advocacy and strategic stakeholders on corporate environmental disclosure among non-financial firms in Lagos State, Nigeria. Methodology: this study adopts survey research design, which centers on collecting data from sample size of 294 representing the entire non-financial firms’ Lagos state, Nigeria. Results and conclusion: the findings of the result conclude that operational stakeholders have a positive but not significant relationship with corporate environmental disclosures among non-financial firms in Lagos State, Nigeria. However, primary stakeholders, environmental advocacy stakeholders, and strategy stakeholders all have negative but insignificant relationships with corporate environmental disclosures among non-financial firms in Lagos State, Nigeria. Implication of findings: therefore, this study recommends that operational health and environmental protection should be integrated into the daily operations of non-financial firms in Lagos State, Nigeria. However, in Lagos State, Nigeria, non-financial firms should address the interest of shareholders in environmental reporting concerning long-term value and shareholder value through environmental sustainability. Additionally, the study also recommends that non-financial firms in Lagos State, Nigeria, should put their immediate needs first by offering corporate social responsibility and environmental cooperation. Lastly, managing directors of non-financial companies in Lagos State, Nigeria, ought to offer substantial financial support through environmental commitment in management relations with environmental waste management.
Impact of external debt on exchange rate in Nigeria
Purpose: This study investigates the impact of external debt on exchange rate movements in Nigeria from 1981 to 2023, assessing how external debt, debt servicing, and foreign reserves jointly influence exchange rate stability within the framework of the Keynesian Theory of Public Debt. Methodology: An ex-post facto research design and time series analytical approach were adopted, using secondary data sourced from the CBN Statistical Bulletin and the World Bank database. The Autoregressive Distributed Lag (ARDL) technique was applied to estimate both the short-run and long-run dynamics among the variables. The bounds test confirms a significant long-run relationship among the variables (F-statistic = 8.887 > 4.66 at 1% level). Results and conclusion: In the long run, external debt (LEXDT) and foreign reserves (LFORS) exert positive and statistically significant effects on the exchange rate, while debt servicing (LDBSV) exerts a negative but statistically insignificant effect. The error correction term (ECM = –0.2007) is negative and significant, indicating that about 20% of short-run deviations are corrected annually. With an R-squared of 0.994, the model explains over 99% of exchange rate variations. The study concludes that external debt and foreign reserves are major determinants of Nigeria’s exchange rate dynamics, whereas rising debt servicing worsens currency performance. Implication of findings: The findings imply that Nigeria must adopt a cautious but productive borrowing strategy, channel external loans into foreign-exchange-generating investments, strengthen debt management practices, build a robust foreign reserve base, and implement a balanced fiscal–monetary policy mix to enhance exchange rate stability and support sustainable macroeconomic growth.
Effect of external auditors’ attributes on financial reporting quality of listed insurance firms in Nigeria
Purpose: The need for greater attention to the activities of insurance firms, as bankruptcy would not just affect the shareholders, customers, and employees alone but the economy in general. This study assessed the effect of audit attributes on the financial reporting quality of listed insurance firms in Nigeria. Methodology: The sample of the study is 20 insurance firms listed in the Nigerian Exchange Group (NGX) out of the 23 insurance firms. The data for this study were secondary data sources, which were collected from published financial statements of the selected listed insurance firms for the period of 10 years, covering 2013-2022. Results and conclusion: The study found that audit independence has a negative and insignificant effect on financial reporting quality. Also, the study found that audit competence has a positive and significant effect on financial reporting quality. The study concluded that the competence of auditors shows a positive significant effect on financial reporting quality; this indicates that competence is one of the factors that influence financial reporting quality even when not supported by other factors to effectively enhance FRQ. Implication of findings: Based on the findings, the study recommended that regular training and certification programs should be organized for auditors to ensure they possess the necessary skills and knowledge, supported by strong regulatory oversight. Professional accounting bodies and regulators should collaborate to offer continuous professional development programs.