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ACCOUNTING AND ECONOMIC DEVELOPMENT IN NIGERIA
(2016) Adeoye Amuda Afolabi
ACCOUNTING INFORMATION SYSTEMS, INTERNAL CONTROL MECHANISMS AND PERFORMANCE OF GOVERNMENT AGENCIES IN KWARA STATE, NIGERIA
(POLAC MANAGEMENT REVIEW (PMR) DEPARTMENT OF MANAGEMENT SCIENCE NIGERIA POLICE ACADEMY, WUDIL-KANO, 2024-09) Olumoh, Yusuf Alabi
Abstract Over the years, government agencies in Nigeria have struggled with implementing Accounting Information Systems (AIS) and Internal Control Mechanisms (INTCON) due to technological limitations, inadequate staff training, resistance to change, and insufficient funding. These challenges hinder accurate reporting, accountability, and efficiency, crucial for optimal performance and service delivery. Given this, the study investigates how AIS and INTCON can enhance the overall performance of these agencies. A cross-sectional survey research design and quantitative paradigm were adopted, targeting stakeholders from 20 ministries. A purposive sample of 250 staff from various ministries in Kwara State, Nigeria, was surveyed using a structured questionnaire. The study used Partial Least Squares Structural Equation Modeling for data analysis. Findings revealed significant positive relationships between AIS and INTCON with performance, supported by coefficients of 0.329 and 0.402, and p-values of 0.000 at a 5% significance level. The study concludes that the strategic use of AIS and INTCON can enhance organizational performance. It recommends that government agencies in Nigeria prioritize investments in AIS and INTCON to improve performance. By enhancing the quality and effectiveness of their accounting information systems, organizations can ensure more accurate financial reporting and better decision-making processes. Similarly, strengthening internal control mechanisms can help organizations mitigate risks, prevent fraud, and improve operational efficiency.
ACCOUNTING INFORMATION SYSTEMS, INTERNAL CONTROL MECHANISMS AND PERFORMANCE OF GOVERNMENT AGENCIES IN KWARA STATE, NIGERIA
(POLAC MANAGEMENT REVIEW (PMR) DEPARTMENT OF MANAGEMENT SCIENCE NIGERIA POLICE ACADEMY, WUDIL-KANO, 2024-09) Olumoh, Yusuf Alabi
Abstract Over the years, government agencies in Nigeria have struggled with implementing Accounting Information Systems (AIS) and Internal Control Mechanisms (INTCON) due to technological limitations, inadequate staff training, resistance to change, and insufficient funding. These challenges hinder accurate reporting, accountability, and efficiency, crucial for optimal performance and service delivery. Given this, the study investigates how AIS and INTCON can enhance the overall performance of these agencies. A cross-sectional survey research design and quantitative paradigm were adopted, targeting stakeholders from 20 ministries. A purposive sample of 250 staff from various ministries in Kwara State, Nigeria, was surveyed using a structured questionnaire. The study used Partial Least Squares Structural Equation Modeling for data analysis. Findings revealed significant positive relationships between AIS and INTCON with performance, supported by coefficients of 0.329 and 0.402, and p-values of 0.000 at a 5% significance level. The study concludes that the strategic use of AIS and INTCON can enhance organizational performance. It recommends that government agencies in Nigeria prioritize investments in AIS and INTCON to improve performance. By enhancing the quality and effectiveness of their accounting information systems, organizations can ensure more accurate financial reporting and better decision-making processes. Similarly, strengthening internal control mechanisms can help organizations mitigate risks, prevent fraud, and improve operational efficiency.
ACCOUNTING SYSTEM AND FINANCIAL REPORTING QUALITY OF MICROFINANCE BANKS IN KWARA STATE, NIGERIA
(Nigerian Journal of Accounting and Finance, 2021-06-14) Alabi Fatai Zakariyau; Abdulrasaq Mustapha
The continuous reported cases of closure of microfinance banks in various States of Nigeria by the regulatory authority has raised serious concerns on the quality of information in the financial reports of microfinance institutions. This may not be unconnected to the nature of accounting system put in place to track the economic reality that constitutes the content of financial reports. Expectedly, optimal accounting system is to guarantee the quality of financial reports but going by the rate of scandal among microfinance banks which should have been revealed in their financial reports, the level at which optimal accounting system is been deployed among microfinance banks need to be empirically investigated. Therefore, this study examined the effect of accounting system on the quality of financial reports of microfinance banks in Kwara State, Nigeria. The study employed a cross-sectional survey research design. The primary data collected through the questionnaire administered to four hundred and seven (407) respondents from all micro-finance banks in Kwara State were analysed using ordinary least square (OLS) regression. The study found that accounting staff competence, Information Technology and internal control system have positive and significant effect on the quality of financial reports of microfinance banks in Kwara state. These findings imply that the extent to which management of microfinance banks deploy competent accounting staff, maintain effective internal control and information technology utilization explain variations in their financial reports. In view of these findings, this study recommends that management of microfinance banks should pay attention to the level of investment deployed to various components of accounting system in order to be consistently producing reliable and relevant financial reports.
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
An Empirical Analysis of Corporate Capital Structure and Financial Performance of Listed Conglomerates in Nigeria
(Copernican Journal of Finance & Accounting, 2019-10-19) Lukman Adebayo Oke, Daud Saheed Omotosho and 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.
An Islamic principle-based integrated solution for China's housing affordability issues
(Emerald, 2023) Ma, Y; Taib, FM; Gold, N O
Purpose: This study aims to merge the world’s proven ways of housing finance, including musharakah mutanaqisah, housing cooperatives and real estate crowdfunding, to present an alternative housing unaffordability solution based on the Islamic finance principle. It is intended to reduce the burden of funding for both sides (consumers and developers) and create win–win chances for all stakeholders, including intermediaries. By moving away from debt financing and merging the features of crowdfunding and cooperative, it is hopeful that the burden of home ownership will no longer be the case. Design/methodology/approach: This paper presents the opinions of potential Chinese homebuyers (minority Muslims and most non-Muslims) and a few industry experts toward the proposed model via a mixed research method. Findings: According to the findings, the majority of respondents agreed with the proposed paradigm. Just concerned that China’s lack of community culture and trust could pose a major threat to implementation. However, this paper argues that Chinese local governments may perform pilot testing in places where Islamic culture is prevalent. Their unique community culture and fundamental understanding of Shariah law may affect the viability of the proposed model. Originality/value: The proposed model would increase the applicability of Islamic finance as a way of protecting the social order of communities in the spirit of upholding justice and fairness. A new type of housing loan based on musharakah mutanaqisah may squeeze out the real estate bubble and provide stakeholders with a multidimensional investment channel. In particular, the study identifies the impact of Chinese Islamic financing on government and cultural needs. It presents possible challenges for implementing the proposed model in reality and helps bridge the gap between theory and practice.
Assessment of budget compliance: Evidence from the Nigerian public sector
(African Accounting and Finance Association, 2024-10-28) Tajudeen Lawal; Adeoye Amuda Afolabi
Purpose: Evidence suggests that the federal government annually budgets and appropriates amounts for both capital and recurrent expenditure to various ministries, departments, and agencies, yet there is no impact on the ordinary citizen on the street. The question is whether it is a result of non-compliance with budgets or other factors hindering budget compliance. In addition, the federal government introduced different policies to fast-track the process of budgeting and public expenditure; several factors have prolonged the period of the current economic recession. From the fiscal policy side, delays in budget approval and implementation are major challenges. Against this background, this study examines factors that influence budget compliance and in relationship with variance in Nigeria. Methodology: The data was gathered from secondary sources and analysed using the Engle-Granger co-integration test and the augmented Dickey-Fuller (ADF) test (Units root test). Findings: The findings revealed that corruption, political stability, and type of government have a significant negative relationship with variance. Additionally, corruption and crude oil prices show a negative effect on actual total expenditure. However, Gross Domestic Product (GDP) and revenue are positively significant with budget variance and actual total expenditure. Limitations/Implications: This study illustrates evidence relevance to the public and academic debates about how government should use all the institutions at their disposal to minimise corruption since corruption reduces the variance and actual total expenditure. In addition, since crude oil price hinder government expenditure, the federal government should focus more on other source of revenue for budget apart from crude oil. Originality: This study provides the effect of corruption, crude oil price, political stability and the type of government, as indicators for budget compliance on the variance and total actual expenditure. As a result, this study contributes to the literature in the area of budgeting system for the public sector in developing countries with specific focus on Nigeria.
Assessment of budget compliance: Evidence from the Nigerian public sector
(2024) Tajudeen Lawal Adeoye Amuda Afolabi
Asset and liability risk assessment and share performance of deposit money banks in Nigeria.
(Department of Accounting and Management, Faculty of Arts and Social Sciences, Nigerian Defence Academy, Kaduna., 2019-05-27) Mohammed yabagi Ibrahim; Daniya Adeiza Abdulazeez; Tajudeen Lawa
This study examines asset and liability risk assessment on share price of deposit money banks in Nigeria. The population of the study is sixteen (16) listed deposit money banks in Nigeria stock exchange as at 2018 and fourteen (14) deposit money banks was the sample size of the study for the period of five years (2012-2016). Secondary data were gathered from annual report and accounts of the sample listed deposit money banks. The study utilizes descriptive research design to examine the relationship between the variables of the study. Multiple regression analyses were carried out in the study. The finding of the study revealed a positive relationship between earnings per share and asset risk management. Similarly, the regression results further showed that there is a negative and significant relationship between customers deposit and earnings per share indicating that a unit increase in the customers deposit will lead to a decrease i earnings per share. Therefore, the study recommends that deposit money banks in Nigeria should mobilise deposits from customers and increase loan with portfolio management of asset and liabilities for risk diversification in order to generate higher profitability. Also, deposit money banks should increase loans to customers to boost their net income since loan to customers attract interest.
Audit Committee Effectiveness and Audit Fee among Listed Deposit Money Banks in Nigeria
(Asian Journal of Economics, Business and Accounting, 2020-12-21) Abdulrasaq Mustapha; Abdulrauf O. Isiaka; Kudirat A. Babatunde
The persistent cases of corporate accounting scandals which have rocked the Nigerian banking sector in spite of auditor certification of financial statements as free from material error have raised concern not only on the effectiveness of audit committees but also on audit services despite the huge amount charged on their clients. Hence, this study examined the effect of audit committee effectiveness on audit fee of listed deposit money banks in Nigeria. Using an ex-post facto research design, the data sourced through the annual reports of twelve (12) banks for the period between 2012 and 2018 were analysed using random-effect regression analysis. The result of the study revealed that audit committee effectiveness proxy with audit committee audit committee expertise (t-value =3.22 & p-value = 0.000), audit committee diligence (t-value = 3.57, & p-value = 0.000) and audit committee gender diversity (t-value = 3.85 & p-value =0.000) has significant positive effect on audit fee of listed deposit money banks in Nigeria. This implies that an effective audit committee would demand for high audit quality service from the auditor, thereby increasing the audit efforts and time which subsequently result to higher audit fee. The study concluded that an effective audit committee would demand high audit service from the external auditor thereby ensuring that the financial statement published is relevant and of faithful representation.
Audit pricing, start-up cost and opinion shopping
(Journal of Accounting and Management Information Systems, 2014) Oladipupo Muhrtala Tijania; Ahmad Bukola Uthman; Zayyad Abdul-Baki; Lukman Adebayo Oke
The purpose of this paper is to predict the association between the effect of start-up cost and audit opinion shopping on the pricing strategies of medium-sized audit firms. Using a sample of 753 local –office-year observations between 2006 and 2011, we find evidence of a positive association between higher audit pricing of new private client and audit opinion shopping. We also find that start-up cost is a good predictor of higher initial fees charged by auditors for private clients. While earnings risk management (ERM) and financial performance risk (FPR) are significant factors in audit pricing, litigation risk (LR) however failed to evolve as a direct significant predictor. Although this study focused on the effects of start-up costs and opinion reporting, it fails to differentiate between firm cost allocation and apportionment. The model can be used to assist audit firms not only to develop pricing strategies that fully reflect the effective cost allocation, but also to be receptive to the implications of opinion reporting on service pricing.
BANK CREDIT ACCESSIBILITY AND PERFORMANCE OF SMES IN KWARA STATE, NIGERIA: A PLS-SEM ANALYSIS
(Copernican Journal of Finance & Accounting, 2020) Mubaraq Sanni; Lukman Adebayo Oke; Idayat Titilayo Alayande
This study examines the effect deposit money banks credit accessibility on SMEs performance in Kwara State, Nigeria. The population of the study consists of three hundred and eighty-two (382) respondents and one hundred and ninety-eight (198) were randomly selected as the sample size of the study. Data were drawn from the primary source to elicit responses from SME owners/managers. Descriptive statis tics and Partial least square - Structural Equation Model (PLS-SEM) estimation tech niques were employed to analyse the data collected. The study revealed that deposit money banks credit accessibility has a positive significant effect on SME performance (T=10.795, β=0.043) at 5% significance level and credit related charges (interest) also has a positive significant effect on SME performance (T=10.690, β =0.458). This im plies that provision of finance by deposit money banks at relatively low cost play an im portant role in boosting the performance of SMEs. The study therefore concluded that SMEs in Kwara State are faced with the problem of access to finance as they are not ful ly benefiting from the credit facilities of the deposit money banks. The study therefore recommended that deposit money banks should put in place a more SME friendly credit administration system for SMEs to enable them access fund easily and affordably.
BANKING SERVICE INNOVATIONS AND CUSTOMER SATISFACTION IN ILORIN METROPOLIS OF NIGERIA
(Malete Journal of Accounting and Finance, 2022-06-30) Lukman Adebayo Oke Abdulrauf, Emmanuel Semilore Tinuoye, Yusuf Olamilekan Quadri & Fatai Akosile
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 (PLS-SEM) 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.
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 Attitude towards risk-taking, Ownership Structure and Quality of Accounting Information of Listed Insurance Companies in Nigeria
(2023) Adeoye Afolabi Babatunde Moses Ololade Ayodele Peters
Board attributes and intellectual capital disclosure of listed non-financial services firms in Nigeria
(Kashere Journal of Management Sciences, 2022-09-29) Tajudeen Lawal
Intellectual capital is a hidden asset that generates wealth for organisation but which are rarely shown in the financial statement of firms. This study therefore examines the impact of board attributes on intellectual capital disclosure of four hundred and forty-four firm-year observations of listed non financial services firms in Nigeria from 2011-2020. The study analysed the data by means of descriptive statistics to provide summary statistics for the variables. Similarly, the study adopted Robust Ordinary Least regressions to test the study hypotheses using STATA software. The regression results revealed that board gender and educational attributes have significant positive impact on intellectual capital disclosure. However, the study revealed that board ownership has no significant impact on intellectual capital disclosure of the firms. The study recommends that management should consider the inclusion of more women as part of the board of directors of the non-financial services firms in order to influence the decision to increase their intellectual capital disclosure. Also, in order to improve monitoring capacities and expertise diversity of the board towards improvement in intellectual capital, listed non-financial services firms in Nigeria should maintain the education level of the board members. Finally, the percentage of shares held by directors should be regulated by the firm's regulator in order to improve the intellectual capital disclosure of the firms
BOARD CHARACTERISTICS AND THE LIKELIHOOD OF FINANCIAL STATEMENT FRAUD
(Copernican Journal of Finance & Accounting, 2020-06-20) MUHAMMED LAWAL SUBAIR; RAMAT TITILAYO SALMAN; AYODEJI FATAI ABOLARIN; ABDULRASHEED TAIWO ABDULLAHI; AKEEM SISOFA OTHMAN
The study examines the effect of board characteristics on financial statement fraud likelihood of quoted manufacturing firms in Nigeria. The scope of the study covers board attributes such as board independence, board expertise and board diligence; and the beneish M-score was used as the measure of fraud likelihood. This study utilized a quantitative research design. The sample covered 39 manufacturing companies in the Nigerian Stock Exchange (NSE) as at 2019. Secondary data was utilized for this study and the data were extracted from the annual reports of corporate organizations for the period 2013-2019 financial years. The binary logit regression was employed as the method of data analysis in the study. The findings reveal that the odd ratio of board independence, board expertise and board diligence negatively and significantly reduce the log odds of financial statement fraud in manufacturing firms in Nigeria. The study concludes that there is a need for boards to be more effective in their monitoring roles to reduce the occurrence of fraud.
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.

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