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Browsing by Author "Yusuf Olamilekan Quadri"

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Agent Banking, Mobile Money Operation and Financial Inclusion in Nigeria: Supply Side Perspective
(The International Journal of Applied Business, 2024-04-01) Yusuf Olamilekan Quadri; Kudirat Mopelola Malik-Abdulmajeed; Ayorinde Olutimi Akinwumi; Ifedolapo Oluwasolape Omotosho
Background: The inability to achieve optimum financial inclusion in Nigeria has necessitated the review of various policies and instruments meant to reduce the level of financial exclusion. Objective: Hence this study investigates the impact of agent banking and mobile money operation on financial inclusion in Nigeria, focusing on the supply side. Method: Descriptive research design was adopted and secondary data ranging from 2013 to 2021 were obtained from the World Bank Global Financial database and e-payment statistics of the Central Bank of Nigeria. Ordinary least squares repression was used to analyse the data. Results: Findings revealed that at 5% significance level, point-of-sale and mobile money operations have a positive impact on financial inclusion while web/internet banking plays a limited role in achieving financial inclusion. Conclusion: The study concluded that both agent banking and mobile money operations impact on financial inclusion in Nigeria; the study, therefore, recommends that more off-site automated teller machine and licensed agents should be encouraged to cater for the rural residents and ultimately improve financial inclusion.
An Empirical Analsis of Corporate Capital Structure and Financial Perforance of Listed Congloerates in Nigeria
(Copernican Journal of Finance & Accounting, 2019) Lukman Adebayo Oke; Daud Omotosho Saheed; Yusuf Olamilekan Quadri
The relationship between capital structure and firms’ financial performance has attracted the attention of many researchers both locally and globally. The paucity of empirical evidence from Nigeria in this regard, especially on Nigerian conglomerate firms, portends the need for further research. Against this backdrop, the study investigated the impact of capital structure on the financial performance of listed conglomerates in Nigerian using descriptive statistics, pairwise correlation and panel data regression technique to analyze the secondary data extracted from the annual reports and accounts of the six (6) selected conglomerates for the period 2008 to 2017. The study found that financial leverage proxy by total debt ratio, long-term debt ratio and short-term debt ratio have significant impact on the selected firms’ financial performance proxy by return on assets, except debt to equity ratio that reveals an insignificant impact on return assets (ROA). Firm size and growth also reported a significant effect on the financial performance of the selected firms. The findings is in tandem with the proposition of the agency cost theory in the Nigeria settings but with caution considering the facts that firms in Nigeria were largely finance through short term debt obligation as against long term debt funding that was presumed in the agency cost theoretical proposition. It is therefore recommended that managers of companies should be guided when seeking credit advances from the financial market as it is important when considering the appropriate capital mix that optimize firm value
Bank Specific Factors and Loan Repayments Culture of Credit Takers of Microfinance Banks in Kwara State
(Bayero University Journal of Finance, 2024-06-30) Lukman Adebayo-Oke Abdulrauf; Yusuf Olamilekan Quadri; Ismail Jimoh; Sikiru Abdullahi Safura
The loan repayment culture in instrumental to the sustainability and effectiveness of the microfinance banks but overtime, the microfinance banks in Nigeria have been recording high default rates and over-indebtedness from the loans disbursed to credit takers at various categories. Hence, this study investigates the effect of bank specific factors on the loan repayment culture of the credit takers of microfinance banks in Kwara State. Primary data was collected from the loan officers, account officers and marketers of the 33 microfinance banks in Kwara State as at 2023 and multi-stage sampling technique was utilized in selecting appropriate sample size of 160 staff of microfinance banks across all the 3 senatorial districts in Kwara State. OLS regression model was used to analyze the model and the study found that bank specific factors such as funding adequacy, interest rate, credit appraisal process and loan tenure do not impact on the repayment culture of the credit takers of microfinance banks in Kwara State. However, the distance to MFBs appears to be significant indicating the credit takers feel less committed to the repayment of loan due to the distance of the MFBs. This study recommends that microfinance banks should ensure proximity to the credit takers for effective monitoring and loan utilization.
Bank Specific Factors and Loan Repayments Culture of Credit Takers of Microfinance Banks in Kwara State
(Bayero University Journal of Finance, 2024) Lukman Adebayo-Oke Abdulrauf; Yusuf Olamilekan Quadri; Ismail Jimoh; Sikiru Abdullahi Safura
The loan repayment culture in instrumental to the sustainability and effectiveness of the microfinance banks but overtime, the microfinance banks in Nigeria have been recording high default rates and over-indebtedness from the loans disbursed to credit takers at various categories. Hence, this study investigates the effect of bank specific factors on the loan repayment culture of the credit takers of microfinance banks in Kwara State. Primary data was collected from the loan officers, account officers and marketers of the 33 microfinance banks in Kwara State as at 2023 and multi-stage sampling technique was utilized in selecting appropriate sample size of 160 staff of microfinance banks across all the 3 senatorial districts in Kwara State. OLS regression model was used to analyze the model and the study found that bank specific factors such as funding adequacy, interest rate, credit appraisal process and loan tenure do not impact on the repayment culture of the credit takers of microfinance banks in Kwara State. However, the distance to MFBs appears to be significant indicating the credit takers feel less committed to the repayment of loan due to the distance of the MFBs. This study recommends that microfinance banks should ensure proximity to the credit takers for effective monitoring and loan utilization.
BANKING SERVICE INNOVATIONS AND CUSTOMER SATISFACTION IN ILORIN METROPOLIS OF NIGERIA
(MALETE JOURNAL OF ACCOUNTING AND FINANCE, 2022) Lukman Adebayo Oke Abdulrauf (PhD); Emmanuel Semilore Tinuoye; Yusuf Olamilekan Quadri; Fatai Akosile (PhD)
The increasing stiff competition in the banking industry has placed customer satisfaction at the centre of banks’ product and service decisions. The study examines the impact of banking service innovations on customer satisfaction in Ilorin metropolis. The study employed survey research design and the population consist of bank customers in Ilorin metropolis from which four hundred and twenty five (425) customers were drawn as sample. Descriptive statistics and Partial Least Square Structural Equation Model (PLSSEM) were employed in the analysis of data collected through structured questionnaire. The findings revealed that, cardless ATM service (t-value = 5.650, p-value = 0.000) and phygital banking (t-value = 6.175 and p-value = 0.000) have significant impact on customers satisfaction at 5% level of significance whereas envelop deposit service had no significant effect. The study concluded that banking service innovations such as cardless ATM and phygital banking are the service innovations that influence customer satisfaction in Ilorin metropolis. The study therefore recommended that managements of DMBs should provide more ATMs with cardless operation options at bank premises or other commercial points in the metropolis. Also, DMBs’ management should design more user friendly, personalised and less costly digital bank applications which can enable customers to efficiently access virtually all bank services even without visiting any branch.
Board Characteristics, Asset Quality and Financial Performance of Deposit Money Bank
(Copernican Journal of Finance & Accounting, 2023-12-22) Yusuf Olamilekan Quadri; Ifedolapo Oluwasolape Omotosho; Daud Omotosho Saheed; Babatunde Abdullah Adio
This study evaluates how the board composition and asset quality of Nigerian deposit money banks affected their financial performance. The study used a sample size of 20 out of 33 deposit money banks and an ex-post facto research design. Panel least square regression techniques were then used to assess the secondary data gathered from the audited financial records of the participating deposit financial institutions for the years 2014 to 2021. The study found that while asset quality has a negative impact on the performance of Nigerian banks, the size of the board and the makeup of the credit committee have a beneficial impact. As a result, the study came to the conclusion that board qualities and asset quality are two further elements that affect deposit money bank performance in Nigeria. In order to ensure that its members are appropriately diverse and in compliance with the Corporate Governance Code, the study proposed that the size of deposit money institutions’ boards be rationalized. In order to guarantee that banks are not exposed to excessive risk, it was also advised that the Central Bank of Nigeria should keep an eye on the operations of the credit committee.
CAPITAL STRUCTURE AND FINANCIAL PERFORMANCE: EVIDENCE FROM NIGERIAN LISTED INDIGENOUS OIL AND GAS FIRMS
(MALETE JOURNAL OF ACCOUNTING AND FINANCE, 2019-12-23) ARIKEWUYO, Abubakar Ajide; Babatunde Abdullahi Adio; Yusuf Olamilekan Quadri
The combination of equity capital and debt capital forms the capital structure of an enterprise which in achieving firms’ objective is the utmost aspect of managerial and financial decisions. It has the ability of manipulating the operating, non-financial and financial performances of a firm as well as risk exposure due to returns payable to the provider of capital in the form of interest and dividend. Hence, this study takes a look at how the capital structure impacts on the financial performance of listedindigenous oil and gas firms in Nigeria. The study adopted an ex-post facto research design and data was extracted from annual reports of the eight (8) sampled firms for periods of 2009 to 2018. The data was analyzed using panel data regression technique to examine the extent of the impact of the independent variables on the dependent variables. The study revealed that at 0.05 significant level, Short-term Debt (STD) and Equity (EQ) have a positive and significant impact on the financial performance of listed oil and gas firms in Nigeria in terms of Return on Assets (ROA) and Return on Equity (ROE) while Long-term Debt (LTD) had a negative significant impact on the financial performance in terms of Return on Assets (ROA) and Return on Equity (ROE) of listedindigenous oil and gas firms in Nigeria. Thus, the study concluded that capital structure has a positive impact on the financial performance of listed indigenous oil and gas firms in Nigeria. Therefore the study recommended that indigenous oil and gas firms in Nigeria should adopt a short term capital for short term financing to avoid the problem of over-capitalization, which will, in turn, lead to drop in the financial performance and a long term debt should be used to implement the capital projects to avoid the problem of over-trading by oil and gas firms in Nigeria because long term debt contribute less to financial performance.
DIVIDEND POLICY AND SHARE PRICE VOLATILITY OF LISTED CONGLOMERATES IN NIGERIA
(Journal of Accounting and Management, 2019-12-28) Lukman Adebayo Oke; Daud Saheed Omotosho; Yusuf Olamilekan Quadri
In spite of long periods of empirical research, the connection between corporate dividend policy and share price volatility remains disputable among scholars and researchers. Circumstantial to this, the study investigates the relationship between corporate dividend policy and share price volatility of listed conglomerates in Nigeria. The study adopted descriptive statistics, pairwise correlation and panel data regression technique to analyze the data collected from the audited financial reports of listed conglomerates for a period of 10 years (2009 — 2018). The study revealed that dividend yield has a negative influence on share price volatility. Consequently. the study concluded that corporate dividend policy plays a significant role in the Nigerian listed conglomerates share price volatility. The investigation recommends that listed conglomerates firms should devise a dividend policy that takes cognizance of the existing and prospective investors
Dividend Policy and Share Price Volatiliy
(Journal of Accounting and Management, 2019) Lukman Adebayo Oke; Daud Omotosho Saheed; Yusuf Olamilekan Quadri
In spite of long periods of empirical research, the connection between corporate dividend policy and share price volatility remains disputable among scholars and researchers. Circumstantial to this, the study investigates the relationship between corporate dividend policy and share price volatility of listed conglomerates in Nigeria. The study adopted descriptive statistics, pairwise correlation and panel data regression technique to analyze the data collected from audited financial reports of listed conglomerates for a period of 10 years (2009 – 2018). The study revealed that dividend yield has a negative impact on share price volatility and dividend payout ratio has a negative influence on share price volatility. Consequently, the study concluded that corporate dividend policy plays a significant role in the Nigerian listed conglomerates’ share price volatility. The investigation recommends that listed conglomerates firms should devise a dividend policy that takes cognizance of the existing and prospecting investors.
EXCHANGE RATE FLUCTUATION AND FINANCIAL PERFORMANCE OF LISTED MANUFACTURING COMPANIES IN NIGERIA
(Gusau Journal of Accounting and Finance, 2025-04-30) Yusuf Olamilekan Quadri
The havoc from continuous exchange rate fluctuation poses a sizeable threat to manufacturing companies especially those that utilize import-depended inputs in their production processes and consequentially affect their output and performance. Hence, this study evaluates the exchange rate fluctuation and financial performance of listed manufacturing companies in Nigeria. The study adopted a secondary source of data while descriptive statistics and regression analysis were used to analyze the data. The regression analysis result revealed that at a 5% (0.05) level of significance, all four proxies of exchange rate fluctuations are statistically significant to the financial performance of listed manufacturing companies in Nigeria. This led to the failure to accept any of the hypotheses raised to guide this study, with the conclusion that exchange rate fluctuation significantly affects the financial performance of listed manufacturing companies in Nigeria. Therefore, it was recommended that listed manufacturing companies should consider adopting robust foreign exchange risk management strategies ranging from hedging techniques, diversification of markets, and maintaining a clear understanding of their foreign exchange exposures.
Government Accountability and Tax Compliance: The Nigeria Experience
(Department of Accounting and Finance, Kwara State University, Malete, 2019) Lukman Adebayo Oke; Yusuf Olamilekan Quadri
Governments across the world are expected to bring real growth, development and good governance to their citizenry using different robust economic policies. One among the measures used is by ensuring that capital expenditure outweigh the recurrent expenditure. Financing government expenditure is typically tasking and a prominent opportunity available to the government in generating revenue is through taxes. Taxation is a major source of government revenue, however, not every national government are ready to effectively exploit this great opportunity of revenue generation. This may be attributed to variety of reasons among which are the system of taxation; tax legislation; tax administration and policy issues; over reliance on other sources of revenue (such as aid and grants); corrupt practices within the system – especially because it relates to the system of collection and behavior of citizens towards tax payment; and ease of tax payment. The willingness to pay tax, which can depend upon the aforementioned issues in tax-revenue generation, remains a key taxation-challenge everywhere in the world. Accountability represents the very fact of being answerable and responsible; government accountability is one among the foundations of excellent governance and economic growth because it takes the shape of social welfare services provision. Government accountability is additionally seen as the anticipations of citizens that the revenue generated from taxes will be used for the advancement of the overall public. Tax revenue has been having hiccups and all boiled down to its level of compliance. Adeniji and Jegede (2019) opined that voluntary tax compliance is a mirage in Nigeria; yet a feat that the government has been seeking to achieve for many years. Most taxpayers believe that the taxes collected are largely misappropriated because the government is perceived, in most quarters to be unscrupulous and insensitive to the requirements of the people. As a result, taxpayers engage in tax minimization schemes (tax avoidance) and/or outright evasion or are reluctant to perform their civic duty of voluntarily paying their taxes as they hold the view that such monies will either be spent recklessly or find yourself in individual pockets. In spite of this, the government expects that its citizens are going to be fully compliance with the prevailing tax laws, to enable it earn a part of the required revenue to supply and maintain the essential social services for its citizenry but people deliberately do not intend to pay tax for a myriad of reasons, the central of which is that the incontrovertible fact that they have lost trust in the government. Accountability and Transparency of the government by the masses are a serious source of concern hence the masses see non-compliance option as a bail out. The peoples’ willingness is greatly influenced by their perception of the government’s delivery (Akintoye & Tashie, 2013). Consequently, due to non-compliance of the potential tax payers, the role of taxes in enhancing the revenue base of nations of the world will be undermined. This may result in a negative effect on the GDP and hence retardation to economic growth and development. This study therefore seeks to work out the extent of relationship between government accountability, tax compliance and economic growth from Nigerian perspective.
GOVERNMENT ACCOUNTABILITY AND TAX COMPLIANCE: THE NIGERIA EXPERIENCE
(Malete Journal of Accounting and Finance, 2019-12-28) Lukman Adebayo Oke; Yusuf Olamilekan Quadri
The usage of tax revenue which is a major source of government revenue has been questioned over time as a result of ineffective accountability of its usage. This has been ascribed to the level of corruption which hampered the level of tax compliance. This is evidenced with the Nigeria’s corruption index ranking on Transparency International. This study hence recommends that to ensure transparency and accountability, government needs to make comprehensive communication on the usage of tax revenue generated periodically.
Income Diversification, ESG Practices and Financial Sustainability of Listed Non-Financial Firms in Nigeria
(Springer Nature, 2025) Lukman Adebayo-Oke Abdulrauf; Yusuf Olamilekan Quadri; Sherif Akanji Ibrahim
Meeting the current financial needs and ensuring resource availability for future operations is vital for firms to maximize their shareholders wealth and improve overall health of the economy. However, ineffective allocation of resources to new ventures and ESG compliance issues have compacted the overall performance thereby undermining the listed non-financial firms’ financial sustainability. Consequently, this study investigates the impact of income diversification and ESG practices on the financial sustainability of the firm. Longitudinal research design was used and 84 out of the 104 listed non-financial firms were sampled using multi-stage sampling technique. Data obtained from the annual reports of the sampled firms as well as the ESG-CSR Hub were analyzed using panel data regression (GLS) technique and the findings revealed that income diversification and ESG practices have impact on the financial sustainability of the listed non-financial firms in Nigeria. The study therefore recommends that firms should identify more complementary revenue sources especially in the high-growth sectors in order to minimize investment and operational risk. Also, firms should invest in the energy-efficient technologies and waste management practices while implementing ESG frameworks that will position them competitively in a dynamic environment.
INFLUENCE OF FIRM CHARACTERISTICS ON LOAN APPROVAL FOR SMEs IN NORTH CENTRAL NIGERIA: BANKERS’ PERCEPTION
(MALETE JOURNAL OF ACCOUNTING AND FINANCE, 2020-06-27) Lukman Adebayo Oke; Yusuf Olamilekan Quadri; Daud Omotosho Saheed
The scourge of paucity of finance to SMEs which has been undermining their potential as drivers of economic growth has been blamed partly on firm related characteristics. However, the fact that little has been done in this regard from the supply side (banks) spurs this research. This study investigates the influence of firm specific characteristics on loan approval for SMEs in North Central Nigeria. Data was drawn from the primary source through the use of questionnaires to elicit responses from the sampled bank loan officers in the study area. A sample of 207 was drawn from the volunteer loan officers in 448 branches using multistage sampling technique. Descriptive statistics and Kruskal Wallis H were employed in analyzing the data. The study found that all the identified firm characteristics (size, age, incorporation, industry, financial information, location and collateral), which are all significant at 0.01 but with varying degrees, are the factors influencing banks’ credit approval for SMEs in the North Central Nigeria. The study concluded that while banks attach greater importance to firm size, firm age and location in their loan decision for SMEs, they also give consideration though lesser, to other factors. The study thus recommended among others, the need for SMEs to synergize and borrow as consortium rather than as individual units. This will facilitate improved financial access and economies of scale in terms of relatively reduced loan costs. Similarly, SMEs should also consider setting up urban offices to achieve close proximity to their banks for better financial access.
INFLUENCE OF FIRM CHARACTERISTICS ON LOAN APPROVAL FOR SMEs IN NORTH CENTRAL NIGERIA: BANKERS’ PERCEPTION
(MALETE JOURNAL OF ACCOUNTING AND FINANCE, 2020) Lukman Adebayo Oke; Yusuf Olamilekan Quadri; Daud Omotosho Saheed
The scourge of paucity of finance to SMEs which has been undermining their potential as drivers of economic growth has been blamed partly on firm related characteristics. However, the fact that little has been done in this regard from the supply side (banks) spurs this research. This study investigates the influence of firm specific characteristics on loan approval for SMEs in North Central Nigeria. Data was drawn from the primary source through the use of questionnaires to elicit responses from the sampled bank loan officers in the study area. A sample of 207 was drawn from the volunteer loan officers in 448 branches using multistage sampling technique. Descriptive statistics and Kruskal Wallis H were employed in analyzing the data. The study found that all the identified firm characteristics (size, age, incorporation, industry, financial information, location and collateral), which are all significant at 0.01 but with varying degrees, are the factors influencing banks’ credit approval for SMEs in the North Central Nigeria. The study concluded that while banks attach greater importance to firm size, firm age and location in their loan decision for SMEs, they also give consideration though lesser, to other factors. The study thus recommended among others, the need for SMEs to synergize and borrow as consortium rather than as individual units. This will facilitate improved financial access and economies of scale in terms of relatively reduced loan costs. Similarly, SMEs should also consider setting up urban offices to achieve close proximity to their banks for better financial access.
MICROFINANCE BANKS AND DEVELOPMENT OF SMALL AND MEDIUM SCALE ENTERPRISES IN KWARA STATE: DEMAND SIDE'S PERSPECTIVE
(Journal of Accounting and Management, 2019-12-28) Lukman Adebayo Oke; Yusuf Olamilekan Quadri; Daud Omotosho Saheed; Makinde Kehinde Alao
Limited access to finance by SME operators has been a major hindrance to the development of SMEs in Nigeria. This necessitated frantic efforts by government at al levels to remove this blockade including Kwara State. Hence, this study investigates the impact of microfinance banks on the development of small and medium scale enterprises in Kwara State. Primary data were collected through a self-structured questionnaire that was developed and administered to 195 SMEs operators in Kwara State. The data were analyzed using descriptive statistics, correlation, and multiple regression. The empirical analyses showed that at 5% significance level, there is a strong positive relationship between timely access to finance and DMRs development, deposit mobilization has a significant positive impact on SMEs development, and non-financial services of microfinance banks have a significant positive effect on DMRs development. The study therefore recommends that microfinance bank should ensure timely access to loans by DMRs operators to embark on profitable and value-added investment. The study also recommends that microfinance banks should improve their deposit mobilization to enhance their liquidity and in-turn boost their capacity to grant loans to SMEs operators which will increase their profitability.
Microfinance Banks and Development of Small and Medium Scale Enterprises in Kwara State: Demand side’s Perception.
(Journal of Accounting and Management, 2019) Lukman Adebayo Oke; Yusuf Olamilekan Quadri; Daud Omotosho Saheed; Makinde Kehinde Alao
Limited access to finance by SME operators has been a major hindrance to the development of SMEs in Nigeria. This necessitated frantic efforts by government at all levels to remove this blockade including Kwara State. Hence, this study investigates the impact of Microfinance Banks on the development of Small and Medium Scale Enterprises in Kwara State. Primary data were collected through a self-structured questionnaire that was developed and administered to 195 SMEs operators in Kwara State. The data were analysed using descriptive statistics, correlation, and multiple regression. The empirical analyses showed that, at 5% significance level, there is a strong positive relationship between timely access to finance and SMEs development, deposit mobilisation has a significant positive impact on SMEs development, and non-financial services of Microfinance Banks have a significant positive effect on SMEs development. The study, therefore, recommends that Microfinance Banks should ensure timely access to loans by SMEs operators to embark on profitable and value-added investment projects. The study also recommends that Microfinance Banks should improve their deposit mobilisation to enhance their liquidity and in-turn boost their capacity to grant loans to SMEs operators which will increase their profitability.
MORTGAGE FINANCE, MACROECONOMIC FACTORS AND HOUSING DEVELOPMENT IN NIGERIA
(Journal of Economics and Allied Research, 2025) SHERIFF AKANJI IBRAHIM; Lukman Adebayo-Oke Abdulrauf; Yusuf Olamilekan Quadri
Despite the critical role of housing as a component of economic growth and social stability, literatures has shown that housing development in Nigeria can be constrained by lack of longterm financing, as well as macroeconomic factors. This study examines the intricate relationships between mortgage finance, housing development and the interactive effect of macroeconomic factors in Nigeria. This research employs data on housing delivery, mortgage finance and macroeconomic factors, sourced from the Central Bank of Nigeria (CBN) statistical bulletin and Federal Mortgage Bank of Nigeria (FMBN) annual audited report between 2005 to 2022. The research adopt an expos factor and experimental descriptive design. Pre-estimation test such as unit root test and Bound test were employed to test for stationarity and cointegration. Empirical analysis was conducted using the Autoregressive Distributed Lag (ARDL) model. Findings from this study revealed that mortgage loan interaction variable have a very weak positive effect on housing delivery in the long run, with a coefficient of 0.005230 (p-value; 0.0005), mortgage equity’s negative effect was also reduced in the long run, with a coefficient of -0.001611 (p-value; 0.0268). Mortgage interest rate was also found to have a reduced negative effect on housing delivery in the long run, with a coefficient of -0.005316 (pvalue; 0.0003). The research concludes that macroeconomic factors’ interaction with mortgage finance negatively affects changes in housing delivery. Consequently, the research recommends that policymakers implement holistic measures to stabilize the economy, while incentivizing mortgage lending to guarantees access to adequate and affordable housing for Nigeria’s growing population.
OWNERSHIP ATTRIBUTES AND FIRM VALUE: EVIDENCE FROM LISTED NON-FINANCIAL FIRMS IN NIGERIA
(Gusau Journal of Accounting and Finance, 2025-04-30) Yusuf Olamilekan Quadri; Lukman Adebayo-Oke Abdurauf; Sheriff Akanji Ibrahim
The volatile macroeconomic environment in which listed non-financial firms operate in Nigeria has posed many challenges to firm value maximisation due to policy inconsistencies, governance imbalance from ownership configuration, investors’ confidence-related issues, regulatory barriers among others. Hence, this study investigates the impact of ownership attributes on firm value of listed non-financial firms in Nigeria. The study adopted a longitudinal research design and the data of 84 sampled listed non-financial companies were extracted from the annual reports and market data websites. Panel generalised least square regression was employed to analyse the data obtained and the results exhibited that foreign ownership (β=0.1183, p-value = 0.000), institutional ownership (β = 0.5511, p-value = 0.000), managerial ownership (β = 0.2206, p-value = 0.031) and ownership concentration (β = 0.1181, p-value = 0.007) are all significant at 5% significant level, The study concluded that ownership attributes enhance the firm value of listed non-financial firms in Nigeria; thus, it was recommended that sustainable value creation strategies should be adopted in balancing all forms of ownership attributes among listed non-financial firms in order to enhance firm value.
Role of Informal Financing in Promoting SMEs in Nigeria
(The IUP Journal of Business Strategy, 2025-03-30) Sheriff Akanji Ibrahim; Lukman Adebayo-Oke Abdulrauf; Yusuf Olamilekan Quadri; Aina Taye John
Small and medium enterprises (SMEs) are critical to Nigeria’s economic development, contributing to employment generation, innovation and poverty alleviation. However, access to finance remains a major constraint for SMEs, limiting their ability to grow and sustain operations. The study examines the role of informal financing in promoting SME growth in Ilorin Metropolis, Kwara State, Nigeria, focusing on the extent to which SMEs rely on informal financial sources and the impact of such financing on business performance. The study employs a quantitative research approach, using survey questionnaires to collect data from SME owners and managers. A multiple linear regression model was employed. The results established that informal financing positively impacts SME growth, with personal savings having the strongest influence, followed by family and friends and cooperative societies. Based on these findings, the study recommends policy interventions to improve SME access to financing, including reforming microfinance loan structures, strengthening cooperative societies, implementing financial literacy programs, and introducing government-backed credit facilities tailored to SME needs. Additionally, integrating informal financing models into the formal financial system could bridge the gap between SMEs and structured financial products, enhancing business sustainability.

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