Journal of Management Science Research and Contemporary Issues (JMSRCI)
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GOVERNANCE MECHANISMS AND ENVIRONMENTAL DISCLOSURE PRACTICES IN EMERGING ECONOMIES: A STUDY OF NIGERIAN OIL AND GAS FIRMS
Traditional financial reporting has become inadequate in capturing the environmental impact of firms, creating the need for stronger governance dynamics to drive comprehensive sustainability disclosure. This study explores how governance dynamics shape environmental disclosure practices among downstream oil and gas firms in Nigeria. Using a longitudinal panel design, it covers a twelve-year period (2014–2025) and examines all nine firms listed on the Nigerian Exchange Group. Data were drawn from annual reports, company websites, and the Exchange database, with environmental disclosure assessed through content analysis guided by Global Reporting Initiative (GRI) indicators. Panel EGLS regression with random effects was employed to test the relationships. The results show that gender diversity on boards and frequent board meetings significantly enhance environmental disclosure; this highlights the value of inclusive leadership and active board engagement in driving sustainability practices. However, chief executive tenure and board independence do not appear to play a significant role in disclosure. Based on these findings, the study recommends that firms deliberately increase female representation on their boards to broaden perspectives on environmental issues, while also prioritising continuous training for CEOs to strengthen sustainability leadership beyond tenure length. In addition, regulators should require firms to report the proportion of board meetings dedicated to sustainability matters and revisit the criteria for board independence to ensure genuine oversight rather than symbolic compliance. The study further recommends that stronger governance practices, particularly through diversity and engagement, can enhance the quality of environmental disclosure in Nigeria’s oil and gas sector.
EFFECT OF BOARD ATTRIBUTES ON RISK DISCLOSURE OF LISTED INDUSTRIAL GOODS COMPANIES IN NIGERIA
The past financial crisis and the winding-up of major firms worldwide highlighted the need for robust risk management and reporting, supported by strong corporate governance. This study examined how board attributes affected the risk disclosures of industrial goods companies listed on the Nigerian Exchange Group as of December 31, 2023. The research design used in this study is ex post facto. The 13 industrial goods companies listed comprised the study's population. The data, which covered ten (10) years period from 2014 to 2023, was taken from the industrial goods companies' publicly available financial statements. By using a dichotomous "1" if a company discloses risk in its financial statements and a "0" otherwise, to ascertain how risk disclosure was measured. The analysis method used in this study is logistic regression, and STATA version 16 is the analytical tool. According to the findings, the degree of risk disclosure by Nigerian industrial goods companies is significantly impacted by board size, board independence, and board gender diversity. It concludes that industrial goods companies can improve their risk disclosure. According to this study, boards in Nigeria's industrial goods sector should include a variety of perspectives, including nationality, specifically for independent directors whose experience can add value to the companies, as well as gender and expertise.
Heman Dauda, Saidu Adamu, PhD., & Gbegi Daniel Orsaa
FINANCIAL INCLUSION IN NIGERIA: INSTITUTIONAL, REGULATORY AND COMPARATIVE PERSPECTIVES
Financial inclusion remains a critical challenge in Nigeria, where large segments of the population are excluded from formal financial systems. This conceptual and comparative study critically examines Nigeria’s financial inclusion framework, focusing on institutional arrangements, regulatory policies, and systemic constraints. By contrasting Nigeria’s model with those of developed economies, the paper highlights gaps in policy coherence, institutional capacity, technological adoption, and regulatory effectiveness. While initiatives such as inclusive banking policies and digital financial services signal progress, they often lack the strategic depth and coordination observed in advanced economies. The study argues that Nigeria’s approach is frequently reactive, shaped by socio-economic and governance limitations, rather than proactive and integrated. Drawing on comparative insights, the paper offers recommendations for strengthening institutional frameworks, aligning regulations with global best practices, and leveraging technology to enhance access, affordability, and usage of financial services. Ultimately, meaningful financial inclusion in Nigeria requires a holistic, context-sensitive strategy that bridges policy ambition with practical implementation.
Abasiama Etim OKON and Joshua Benson NADIYASU
SOCIAL AND GOVERNANCE SUSTAINABILITY REPORTING AND MARKET PERFORMANCE OF QUOTED MANUFACTURING COMPANIES IN NIGERIA
Market performance of listed firms in Nigeria remains constrained by inadequate transparency, weak disclosure practices, and limited investor confidence, resulting in suboptimal firm valuation and reduced market efficiency. Therefore, the study examined the effect of social and governance sustainability reporting on market performance of listed manufacturing firms in Nigeria from 2015 to 2024, using an ex-post facto design and secondary data from the annual reports and accounts of 37 out of 76 manufacturing firms in Nigeria. A panel regression was used to analyse the data. The findings showed that social and governance sustainability reporting have a positive and significant effect on market performance of listed manufacturing firms in Nigeria for the period under study. The study concludes that social and governance sustainability reporting influence market performance. It therefore recommends that the regulatory agencies such as Financial Reporting Council of Nigeria, the Nigerian Exchange Group and Security and Exchange Commission, should enforce standardized social and governance disclosure frameworks with strict compliance monitoring, periodic audits, and annual reviews, while supporting firms through incentives, digital reporting systems, and capacity-building to enhance transparency and market valuation.
RISK MANAGEMENT COMMITTEE ATTRIBUTES AND RISK DISCLOSURE OF QUOTED DEPOSIT MONEY BANKS IN NIGERIA
This study examined the effect of risk management committee (RMC) attributes on risk disclosure among quoted deposit money banks in Nigeria. The study aims to assess how specific characteristics of risk management committees, such as committee size (RMCSIZE), independence (RMCIND), financial expertise (RMCFE), and the frequency of meetings (RMCMF), influence the level and quality of risk-related disclosures in the banks' annual reports. Given the critical role of transparency and risk management in the banking sector, particularly in developing economies, understanding these relationships is essential for improving governance practices and regulatory frameworks. An ex-post facto research design was employed, utilizing secondary data derived from the annual reports of the thirteen (13) quoted deposit money banks operating within the Nigerian financial sector over a specified period. The data analysis was conducted using panel regression techniques, which allowed for a detailed examination of the associations between the independent variables (RMC attributes) and the dependent variable (risk management disclosure). The findings reveal that certain RMC attributes significantly impact risk disclosure. Specifically, the study found that RMC independence (RMCIND) and committee size (RMCSIZE) positively influence the extent of risk disclosure, suggesting that more independent and larger committees are better positioned to enhance transparency. On the other hand, financial expertise (RMCFE) showed a negative relationship with risk disclosure, which may indicate complexities in how financial expertise is utilized within the committee. Frequency of meetings (RMCMF) is not found to have a statistically significant impact on risk disclosure. The study is grounded in Agency Theory and Signaling Theory, providing a theoretical framework for understanding the dynamics of risk disclosure. Agency Theory suggests that well-structured committees can mitigate agency problems through better monitoring, while Signaling Theory highlights the role of risk disclosures as signals of firm quality to stakeholders. The findings of this study have important implications for regulators, policymakers, and banking institutions, suggesting that enhancing certain RMC attributes can lead to improved risk transparency and better governance. Consequently, recommendations are made for strengthening regulatory guidelines on RMC composition and practices to ensure more effective risk management and disclosure in the Nigerian banking sector.
Dr. USAMN Buhari Agyo, Dr. IBRAHIM, Ahmadu & ADAM, Adam Abubakar
EFFECT OF AUDIT COMMITTEE ATTRIBUTES ON FIRM VALUE AMONG QUOTED CONSUMER GOODS, HEALTHCARE, AND INDUSTRIAL GOODS SECTORS IN NIGERIA
This study investigated the impact of audit committee characteristics on the value of Nigerian listed companies (particularly in the consumer goods, healthcare, and industrial goods sectors) from 2015 to 2024. A post-hoc data analysis approach was used, analyzing secondary data from the annual reports of 40 listed companies on the Nigerian Stock Exchange. Panel regression analysis was employed to assess the relationship between audit committee characteristics (independence, size, financial expertise, and gender balance) and firm value. The results show that audit committee independence has a significant positive impact on firm value, as increased independence can improve firm performance. Conversely, a negative correlation exists between audit committee size and financial expertise and firm value, but this correlation is not statistically significant. Therefore, strengthening the audit committee and improving its financial expertise does not necessarily guarantee increased firm value. A positive correlation also exists between gender diversity and firm value, but this correlation is also not statistically significant. Based on these findings, this study recommends that Nigerian companies operating in the consumer goods, healthcare, and industrial goods sectors should prioritize the independence of their audit committees to enhance their oversight functions and potentially increase firm value. Furthermore, companies should strive to establish a balanced audit committee that includes diverse perspectives and is capable of making effective decisions while avoiding extremism that could negatively impact performance. While promoting gender diversity can facilitate broader perspectives, its direct impact on company value may be limited; therefore, it should be considered in conjunction with other corporate governance improvements.
BALA Muhammad Yusuf & Dr. Bello Mohammed Bamanga
MODERATING EFFECT OF BOARD EXPERTISE ON THE RELATIONSHIP BETWEEN OPERATIONAL AND LIQUIDITY RISK INFORMATION DISCLOSURE AND CORPORATE MARKET VALUE OF LISTED CONSUMER GOODS COMPANIES OF NIGERIA
The study examined the moderating effect of board expertise on the relationship between operational and liquidity risk information disclosure and corporate market value of listed companies in Nigeria's consumer goods sector. Utilizing a Generalized Method of Moments (GMM) approach, data was collected from 540 firm-year observations, covering operational risk disclosure, liquidity risk disclosure, and board expertise attributes. The findings indicate that board expertise significantly moderates the relationship between operational risk information disclosure and corporate market value, enhancing firm performance. However, board expertise negatively moderates the relationship between liquidity risk disclosure and market value, suggesting complexities in how diverse boards manage liquidity risk communications. The study concludes that board expertise plays a significant role in influencing how risk disclosures affect corporate market value. Specifically, while board expertise positively moderates the relationship between operational risk disclosure and corporate market value, it has a negative moderating effect on the relationship between liquidity risk disclosure and market value. Therefore, the study recommends that to leverage the benefits of board expertise effectively, firms should invest in training programs that equip board members with the necessary skills to communicate risk disclosures clearly. These programs should emphasize effective decision-making processes and the importance of cohesive communication strategies, particularly in relation to liquidity risk management
Effect of technology and auditor rotation on audit quality of listed Commercial Banks in Nigeria
The study examined the effect of audit technology and auditor rotation on audit firm size among listed companies in Nigeria over the period 2010–2024. An ex post facto research design was adopted, and secondary data were obtained from the annual reports and corporate disclosures of selected listed companies. A total of 180 firm-year observations were analyzed using descriptive statistics, correlation analysis, and binary logistic regression techniques. The descriptive results indicated a high level of technology adoption among the sampled firms, while auditor rotation occurred relatively infrequently. Correlation analysis revealed positive associations among the technology-related variables and no evidence of severe multicollinearity. The regression results showed that Computer-Assisted Audit Techniques (CAATs) exerted a significant negative effect on audit firm size, while Technology Integration (TI) had a significant positive effect. However, Specialized Audit Software (SAS) and Auditor Rotation (AR) exhibited positive but statistically insignificant effects. The study concluded that technology integration significantly influences audit firm size and competitiveness. Therefore, audit firms should strengthen investment in advanced audit technologies and continuous professional training to improve audit effectiveness and sustain competitive advantage in the evolving auditing environment.
ABDULLAHI, Muhammad Dan’iya & EZIKE, Maryjane Nkemdili
Taxation and Economic Growth in Nigeria: Evidence from Autoregressive Distributed Lag Analysis
This study examines the effect of taxation on economic growth in Nigeria using quarterly data spanning 2011Q1–2024Q4, with emphasis on tax composition rather than aggregate tax revenue. Specifically, the study investigates the growth effects of Petroleum Profit Tax, Company Income Tax, and non-import Value Added Tax, while real gross domestic product is employed as the proxy for economic growth. A quantitative research design is adopted, and the Autoregressive Distributed Lag (ARDL) framework is utilised to analyse short-run dynamics and test for the existence of a long-run relationship. The ARDL bounds test indicates the absence of cointegration, suggesting that taxation and economic growth do not exhibit a stable long-run equilibrium relationship over the study period. Short-run estimates from the selected ARDL(5,0,0,0) model reveal that economic growth is predominantly driven by its own lagged dynamics, reflecting strong persistence. Petroleum Profit Tax and Company Income Tax exert negative but statistically insignificant short-run effects on growth, whereas non-import Value Added Tax exhibits a statistically significant negative effect. These findings indicate that the growth effects of taxation in Nigeria are short-run and structure-dependent, underscoring the importance of improving tax efficiency, enhancing productive revenue utilisation, and promoting fiscal diversification to support sustainable economic growth.
MOHAMMED Hassanat, Muhammad Akaro Mainoma, Salihu Liman Mairafi & MUSA Sadiq Abdul-Khadir
Effects of credit risk on financial performance of quoted Deposit money banks in Nigeria
This study investigates the effect of credit risk on the financial performance of quoted deposit money banks in Nigeria. It specifically examines how non-performing loans (NPL), loan-to-deposit ratio (LDR), and loan loss provision (LLP) influence profitability, proxied by return on assets (ROA). The population comprises all twelve deposit money banks listed on the Nigerian Exchange Group, from which eleven were purposively selected based on data availability and consistency in financial reporting over a ten-year period (2015–2024). The study adopts an ex post facto research design and utilizes secondary data obtained from the banks’ audited annual financial statements, the Nigerian Exchange Group Factbook, and the Central Bank of Nigeria Statistical Bulletin. Descriptive statistics, correlation analysis, and diagnostic tests were conducted, followed by panel regression analysis, with the Hausman test indicating that the random effects model was the most appropriate estimator. The results show that NPL exerts a negative but statistically insignificant effect on ROA, LDR has a positive yet insignificant impact, while LLP exhibits a positive and significant relationship with financial performance. These findings imply that effective loan provisioning enhances performance, whereas credit quality and intermediation efficiency remain critical but not yet optimized. The study recommends that banks strengthen credit monitoring systems, maintain optimal loan–deposit structures, and implement prudent provisioning practices to achieve sustained profitability and financial resilience.
DUROJAYE Afees, Salihu Liman Mairafi, Vincent Harrison S. & MUSA Sadiq Abdul-Khadir
Effect of enterprise risk adoption and risk governance structure on voluntary disclosure of listed manufacturing firms in Nigeria
This study empirically investigates the effect of Enterprise Risk Management (ERM) Adoption and Risk Governance Structure (RGS) on the level of Voluntary Disclosure among listed manufacturing firms in Nigeria. The research utilizes a positivist, ex-post facto approach with a sample of 410 firm-year observations, employing a Random Effects panel regression model to test the effect of the two distinct Risk Management proxies on Voluntary Disclosure. The independent variables are Enterprise Risk Management Adoption and Risk Governance Structure, while the dependent variable is Voluntary Disclosure measured using a comprehensive disclosure index. The findings show that both Enterprise Risk Management Adoption and Risk Governance Structure have a statistically significant and positive effect on the extent of voluntary disclosure. The study concludes that investments in sophisticated ERM frameworks and effective RGS mechanisms are crucial for listed manufacturing firms seeking to mitigate information asymmetry and improve market valuation through enhanced voluntary disclosure. The recommendation is for management and regulatory bodies to focus resources on strengthening the maturity of ERM implementation and the structural integrity of risk governance to meet global standards for corporate transparency and resilience.
1Dr. MUSA, Umar Doshiro; 2SALEH, Alhassan Waziri & ANVAH, Ovye James
Effect of Supply Chain Management Practices on the Sustainable Performance of Pharmaceutical Enterprises in Nasarawa State
The pharmaceutical sector plays a critical role in public health and economic development; however, many pharmaceutical enterprises in Nasarawa State continue to face operational inefficiencies, particularly across the supply chain. This study examined the effect of Strategic Sourcing and Inventory Management on the sustainable performance of pharmaceutical enterprises in Nasarawa State, Nigeria. Grounded in the Triple Bottom Line (TBL) theory, the research explored how supply chain strategies influence sustainability across financial, social and environmental dimensions. A survey research design was adopted and data were collected from 197 owners and managers of registered pharmaceutical enterprises using a structured questionnaire. Analysis was conducted using Partial Least Squares Structural Equation Modelling (PLS-SEM). The results revealed that both strategic sourcing and inventory management have positive and statistically significant effects on sustainable performance, with strategic sourcing demonstrating a stronger influence. Based on these findings, the study recommends that pharmaceutical enterprises adopt integrated sourcing frameworks and modern inventory systems as strategic tools to enhance sustainability, reduce operational waste and improve service delivery in the state’s healthcare supply chain.
HARUNA Muhammad Awwal, ADAMU, Abdul & ABDULLAHI Musa Abdullahi
Effect of board size and independence on earnings management of listed consumer goods companies in Nigeria
This study investigates the effect of board size and board independence on earnings management within the unique institutional context of Nigeria's listed consumer goods sector. Grounded in Agency Theory, the research examines how these two key board characteristics influence the level of discretionary accruals, which serve as the primary proxy for earnings management. Utilizing an ex-post facto research design, secondary data were collected from the annual reports of 15 listed consumer goods firms over a ten-year period (2013–2022), resulting in 150 firm-year observations. A census sampling method was employed due to the manageable population size, and the data were analyzed using a Random Effects panel regression model, following diagnostic tests that confirmed homoscedasticity and the appropriateness of the random effects estimator., Board Independence have a significant positive relationship with earnings management, Conversely, Board Size was found to have no statistically significant effect on earnings management,. The study concludes that the efficacy of board size and independence is highly context dependent. In Nigeria's emerging market environment, structural governance metrics like board independence may be subject to tokenistic compliance or informational disadvantages that limit their monitoring effectiveness. It recommends that regulators and firms strengthen the effectiveness of board independence through stricter compliance monitoring and improved disclosure practices in order to enhance the board’s oversight role in reducing earnings management practices.
SULEIMAN, Mudasiru1 , M. M. Naburgi 2 , M.U. Doshiro 3
Effect of Customer and Supplier Relationship Management on the Sustainability of Pharmaceutical Enterprises in Nasarawa State
The study examined the effect of Customer Relationship Management (CRM) and Supplier Relationship Management (SRM) on the sustainability of pharmaceutical enterprises in Nasarawa State. Anchored on Stakeholder Theory, this research explored how strategic management of customer and supplier relationships can enhance sustainability across financial, social and environmental dimensions. The study adopts a survey research design. Data was collected from 191 owners and manager of pharmaceutical enterprises in the state, utilizing a well-structured questionnaire. The analysis, conducted using PLS-SEM, revealed that both CRM and SRM have positive significant effect on sustainability. The study recommends that pharmaceutical enterprise owners and managers adopt customer and supplier relationship management as core strategic practices to enhance long-term sustainability through strengthened customer engagement and collaborative supplier partnerships.
HARUNA Muhammad Awwal, ABDULLAHI Musa Abdullahi & UMAR Ibrahim Ohinoyi
EFFECT OF CREDIT RISK MANAGEMENT ON FINANCIAL STABILITY OF QOUTED DEPOSIT MONEY BANKS (DMBs) IN NIGERIA
Financial stability remains a critical concern for banking systems, particularly in emerging economies where macroeconomic volatility and sectoral credit concentration increase default risk. This study examined the effect of credit risk management on the financial stability of listed deposit money banks over the study period using panel data analysis. Secondary data were obtained from published annual reports of selected banks, covering 130 firm-year observations. The findings revealed that non-performing loans have a negative and statistically significant effect on financial stability, indicating that deterioration in asset quality weakens bank resilience. Capital adequacy ratio was found to have a positive and significant effect on financial stability, suggesting that well-capitalized banks are better positioned to absorb shocks and maintain operational continuity. However, loan loss provisions showed a negative but statistically insignificant relationship with financial stability. The study concludes that effective credit risk management, particularly in controlling non-performing loans and maintaining adequate capital buffers, is essential for sustaining financial stability. It recommends strengthened credit monitoring, enhanced risk assessment frameworks, and continuous regulatory supervision to ensure resilience in the banking sector.
NABURGI, Musa Mohammed MAINOMA, Iliyasu Mohammed & ISIYAKU, Yanusa
Effect of forensic accounting mechanisms on fraud detection in Federal Ministries, Departments and Agencies (MDAS) in Nigeria
This study examined the effect of forensic accounting mechanisms on fraud detection in Federal Ministries, Departments, and Agencies (MDAs) in Nigeria. It was necessitated due to persistent financial fraud in the Nigerian public sector; such as ghost worker syndrome, contract inflation, and misappropriation of funds in Federal MDAs. The study was conducted to ascertain the extent to which forensic data analytics and financial crime investigation enhance fraud prevention and detection accuracy. Forensic data analytics and financial crime investigation were used as the key explanatory variables to address these challenges. It adopted the Fraud Diamond Theory as a theoretical framework. Survey and documentary research designs were adopted. The target populations were Directors of Finance and Accounts, Heads of Internal Audit Units, and Chief Accountants in selected Federal MDAs in Abuja. The total population of the study was 133. A sample size of 107 was determined using the Krejcie and Morgan formula. Primary data were sourced from structured questionnaires while secondary data were sourced from official reports of EFCC and the Office of the Auditor-General for the Federation. The primary method of data collection used the instrument of a structured, closed-ended questionnaire, while the secondary method of data collection used the document inventory checklist to obtain qualitative data from official financial reports. Descriptive statistics were used to present the quantitative data, while multiple linear regression statistical technique was used to analyze and test the hypotheses at a p<0.05 significance level. Findings from hypothesis one revealed that forensic data analytics has significantly enhanced fraud prevention in Federal MDAs, with a p-value of 0.000 (p < 0.05). The result of hypothesis two revealed that financial crime investigation has a significant positive impact on fraud detection in Federal MDAs, with a p-value of 0.000 (p < 0.05). The study concluded that both forensic data analytics and financial crime investigation are indispensable mechanisms that significantly enhance fraud detection outcomes in the Nigerian public sector. The study recommended, among other things, that the Office of the Accountant-General of the Federation should invest in modern technological infrastructure for forensic data analytics and that management of Federal MDAs should establish dedicated in-house forensic investigation units staffed with certified fraud examiners.
DACHAKAR DAYEN IBRAHIM, NABURGI, Musa Mohammed & MAINOMA, Iliyasu Mohammed
EFFECT OF AUDIT ATTRIBUTES ON FINANCIAL REPORTING QUALITY OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA
This study examined the effect of audit attributes on financial reporting quality of listed consumer goods companies in Nigeria. Longitudinal research design was adopted, covering a sample of 18 firms listed on the Nigerian Exchange Group over the period of ten (10) spanning 2016 through 2025. Secondary data were obtained from audited annual financial statements, and the analysis was conducted using the dynamic panel Generalized Method of Moments (GMM) technique to address issues of endogeneity and unobserved heterogeneity. The findings revealed that financial reporting quality is dynamic, as past reporting quality significantly influences current reporting outcomes. Audit firm size was found to have a negative but statistically insignificant effect on financial reporting quality, Audit type (industry specialization) exhibited a positive and significant relationship with financial reporting quality. In contrast, audit fees and audit tenure showed significant negative effects on financial reporting quality. The study concluded that audit effectiveness in Nigeria’s consumer goods sector depends more on audit specialization and independence than on audit firm size. It was recommended among others that listed consumer goods companies in Nigeria should ensure stricter regulation of audit tenure, improved monitoring of audit fees, and greater emphasis on auditor specialization in order to enhance financial reporting quality and strengthen investor confidence.
NABURGI, Musa Mohammed MAINOMA, Iliyasu Mohammed & OKOYE, Ifeoma Nwadiogo
Moderating Effect of Board Diversity on the Relationship Between Risk Information Disclosure and Value of Listed Commercial Banks in Nigeria
This study investigates the moderating effect of board diversity on the relationship between operational and liquidity risk information disclosure and value of listed commercial banks in Nigeria’s financial sector. Utilizing a Generalized Method of Moments (GMM) approach, data was collected from 540 firm-year observations, covering operational risk disclosure, liquidity risk disclosure, and board diversity attributes. The findings indicate that board diversity significantly moderates the relationship between operational risk information disclosure and value, enhancing firm performance. However, board diversity negatively moderates the relationship between liquidity risk disclosure and market value, suggesting complexities in how diverse boards manage liquidity risk communications. The study concludes that board diversity plays a significant role in influencing how risk disclosures affect value. Specifically, while board diversity positively moderates the relationship between operational risk disclosure and value, it has a negative moderating effect on the relationship between liquidity risk disclosure and market value. Therefore, the study recommends that to leverage the benefits of board diversity effectively, firms should invest in training programs that equip board members with the necessary skills to communicate risk disclosures clearly. These programs should emphasize effective decision-making processes and the importance of cohesive communication strategies, particularly in relation to liquidity risk management.
EZIKE, Maryjane Nkemdili & Dr. BELLO, Mohammed Bamanga
Effect of risk management on the financial stability of quoted commercial banks in Nigeria
The study examined the effect of risk management on the financial stability of quoted commercial banks in Nigeria, with a focus on credit, market, operational, and liquidity risk management. Using a dynamic panel data approach, the study analyzes data from 150 observations across listed banks to determine how different risk management influence financial stability, measured through capital adequacy, asset quality, liquidity ratios, and earnings performance. The lagged financial stability variable is included to account for the persistence of past performance on current stability outcomes. The results indicate that past financial stability positively and significantly affects current stability, highlighting the cumulative nature of bank performance. Credit risk management and operational risk management exhibit negative and statistically significant effects on financial stability, suggesting that inadequate credit assessment, high non-performing loans, and weak operational controls undermine banks’ financial resilience. Conversely, market risk management shows a positive and significant effect, indicating that effective management of interest rate and foreign exchange exposures strengthens stability. Liquidity risk management, though positive, is not statistically significant, implying that its influence may depend on specific institutional and macroeconomic conditions. Based on these results, the study recommends strengthening credit and operational risk frameworks, adopting proactive market risk strategies, continuous risk monitoring, and reinforcing regulatory oversight. These measures can enhance banks’ resilience, protect depositor funds, and promote the stability of the Nigerian banking sector
Moderating effect of managerial ownership on board characteristics and financial performance of quoted commercial banks in Nigeria
This study examined the moderating effect of managerial ownership on the relationship between board characteristics and financial performance of quoted commercial banks in Nigeria and the study was grounded in Resource Dependence Theory. The study adopted an ex post facto research design using secondary data extracted from the annual reports of thirteen quoted commercial banks over a ten-year period. Board characteristics were proxied by board size, board independence, board gender diversity, board financial expertise, board meeting frequency and foreign board membership, while return on assets (ROA) was used as a measure of financial performance. The study employed a dynamic panel estimation technique to account for endogeneity and firm-specific effects. Specifically, the interaction between board independence and managerial ownership shows a negative and statistically significant effect, suggesting that higher levels of insider ownership may weaken the monitoring effectiveness of independent directors. Similarly, the interaction between board financial expertise and managerial ownership reveals a strong negative and statistically significant relationship with performance, implying that an overconcentration of financial expertise, when combined with managerial ownership, may limit strategic flexibility. Conversely, other interaction effects are statistically insignificant. The interaction between board size and managerial ownership is negative but insignificant, indicating no substantial joint influence on performance. The interaction between board gender diversity and managerial ownership is positive but insignificant, suggesting a weak complementary effect. Likewise, board meeting frequency interacting with managerial ownership shows a positive but insignificant effect, while the interaction with foreign board membership is negative and insignificant. The study concludes that managerial ownership significantly influences the effectiveness of board governance mechanisms and recommends optimal ownership levels, stronger board independence, and improved utilization of board expertise.
Prof. A. D. Zubairu, Dr. I. O. Abdullahi & AKONU, Samuel Gbubemi
Effect of firm characteristics on audit fees among quoted healthcare companies in Nigeria
The study examined the effect of firm characteristics on audit fees among quoted healthcare companies in Nigeria. The study utilized a longitudinal research design to capture variations across firms and over time. The population comprised all quoted healthcare companies in Nigeria, and a census approach was adopted involving seven (7) firms over the period 2015 to 2024. Secondary data were obtained from published annual financial statements. The Generalized Linear Model (GLM) was employed for analysis. The findings revealed that audit fees exhibit strong persistence over time, indicating that previous audit engagements significantly influence current audit pricing. Firm complexity had a positive and significant effect on audit fees, showing that more complex healthcare firms incur higher audit costs due to increased audit effort. Firm size also showed a positive and significant relationship with audit fees. Firm profitability was positively and significantly associated with audit fees. Firm leverage equally exhibited a positive and significant effect. Firm liquidity also showed a significant positive relationship with audit fees. In conclusion, firm characteristics significantly influence audit fees among quoted healthcare companies in Nigeria, confirming that audit pricing is largely driven by firm-specific attributes. It is therefore recommended that firms should improve operational efficiency and internal control systems to manage audit costs effectively. Highly leveraged firms should adopt prudent financial strategies to reduce audit risk exposure. Regulators should ensure enhanced transparency in audit fee disclosures, while auditors should continue to apply risk-based pricing models that reflect client characteristics.
BALA Muhammad Yusuf & AKPEGI Patrick Onahi (PhD)
Effect of audit attributes on earnings management among listed Deposit Money Banks (DMBs) in Nigeria
This study investigates the effect of audit attributes on earnings management among listed Deposit Money Banks (DMBs) in Nigeria, focusing on total audit fees, audit independence, audit firm tenure, and audit firm size. Utilizing a sample of 14 listed DMBs over a seven-year period (2018–2024), the study employs an ex-post facto research design and Ordinary Least Squares (OLS) regression to analyze 98 firm-year observations. Earnings management is measured through discretionary loan loss provisions, derived using a modified Jones model, while audit attributes are proxied by total audit fees (natural logarithm), audit independence (ratio of non-audit to total fees), audit firm tenure (years of engagement), and audit firm size (Big 4 vs. non-Big 4). The findings reveal a significant positive relationship between total audit fees and audit firm tenure with earnings management, suggesting that higher fees and longer tenure may compromise auditor independence, thereby enabling earnings manipulation. Conversely, audit independence and audit firm size exhibit a negative but statistically insignificant relationship with earnings management, indicating that larger, reputable audit firms may enhance audit quality but lack significant impact in this context. Grounded in agency and signaling theories, the study highlights the critical role of audit attributes in mitigating information asymmetry and managerial opportunism. These findings have significant policy implications for regulatory bodies like the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), recommending stricter regulations on nonaudit services, mandatory auditor rotation, and the engagement of reputable audit firms to enhance financial reporting quality. The study contributes to the academic discourse by providing empirical evidence specific to Nigeria’s banking sector, addressing gaps in the literature regarding the interplay of audit attributes and earnings management in a developing economy.
Effect of environmental and economic sustainability reporting on market performance of quoted manufacturing companies in Nigeria
Manufacturing firms in Nigeria face challenges in achieving strong market performance due to increasing environmental pressures, weak economic transparency, regulatory compliance demands and inconsistent sustainability disclosure practices, which collectively reduce investor confidence, distort firm valuation, and undermine long-term competitiveness in the capital market. The study examined the effect of environmental and economic disclosure on market performance of listed manufacturing firms in Nigeria from 2015 to 2024, using an ex-post facto design, secondary data from the annual reports and accounts of 36 out of 76 population of manufacturing firms in Nigeria. A panel regression was used to analyse the data. The findings showed that environmental and economic disclosure have a positive and significant effect on market performance of listed manufacturing firms in Nigeria. The study concludes that environmental and economic disclosure influence market performance. It therefore recommends that federal reporting council of Nigeria Nigerian exchange group and security and exchange commission should enforce standardized environmental and economic disclosure frameworks requiring manufacturing firms to report key sustainability indicators, supported by strict compliance monitoring, annual reviews, and listing requirements. In addition, incentives, digital reporting systems, and capacity-building programs should be introduced to enhance disclosure quality, improve transparency, and strengthen investor confidence and market valuation.
ATOTSE Hilda Nguyilan, Prof. A.D. Zubairu & Prof. S. M. Aza
Moderating effect of audit committee independence on the relationship between board heterogeneity and risk disclosure among listed non-financial service companies in Nigeria
The study examined the moderating effect of audit committee independence on the relationship between board heterogeneity and risk disclosure among listed non-financial service companies in Nigeria. In an environment characterised by economic volatility, regulatory uncertainty, and growing demand for corporate transparency, effective risk disclosure has become increasingly important for investor confidence and market stability. Drawing on agency theory and resource dependence theory, the study investigates how different dimensions of board heterogeneity board size, board independence, gender diversity, financial expertise, and meeting frequency influence the extent of risk disclosure, and whether audit committee independence strengthens or weakens these relationships. An ex-post facto research design was adopted, using secondary data obtained from the annual reports of selected listed non-financial service companies over the study period. Panel regression techniques were employed to analyse the data and test the study’s hypotheses. The results reveal that board gender diversity and board financial expertise have a significant positive effect on risk disclosure, while board size shows only a weak influence. Board independence and board meeting frequency do not significantly affect risk disclosure on their own. Audit committee independence has a negative direct effect on risk disclosure; however, it significantly and positively moderates the relationships between board diversity, board financial expertise, and risk disclosure. This indicates that independent audit committees enhance the ability of heterogeneous and financially knowledgeable boards to promote more comprehensive and credible risk reporting. The study concludes that effective risk disclosure in Nigerian non-financial firms depends not only on-board heterogeneity but also on the strength and independence of audit committees. It recommends strengthening audit committee independence, improving board diversity and financial expertise, and reinforcing regulatory enforcement to improve transparency and the quality of corporate risk reporting
Dr. A.A Musa, Dr. M.M NABURGI & HAMMAWA, Mohammed Shuaibu
Effect of Internal Control System Effectiveness on Fraud Prevention in Abuja Municipal Area Council (AMAC), FCT, Abuja
This study examined the effect of internal control system effectiveness on fraud prevention in Abuja municipal area council (AMAC), FCT, Abuja, the study adopted survey design as it sought to establish the relationships among the study variables. The population for this study consisted of 700 individuals affiliated with AMAC, FCT, Abuja, by applying the Yaro-Yamane formula to the population size of 700, a sample size of 320 was determined. Primary and secondary data were used in the study. The primary data was sourced through the administering of well-structured questionnaire. The multiple linear regression models were used for this study. Based on the results of the analysis, the study shows that that control environments have a positive effect on fraud prevention in AMAC, FCT, ABUJA. Also, the result reveals that audit competences have a positive and insignificant effect on fraud prevention in AMAC, FCT, ABUJA. Furthermore, the finding show that use of technology in control activities have a positive and significant effect on fraud prevention. And finally, the result showed that frequent internal risk assessment has a positively insignificant effect on fraud prevention. Based on the results of the study, it is therefore concluded that forensic accounting services (persuasive skill, audit competences, and technology in auditing) have significant and positive effect on fraud prevention. Based on the findings and conclusion of this study, it is recommended that AMAC, FCT, Abuja management should relentlessly engage the services of forensic accountants as it contributes greatly in fraud prevention. It should place a very high level of dependence on internal audit frequency as it can be employed as an effective tool for financial crimes detection and control. The insignificant in the study is because of poor adjudication of the investigations of forensic accountants. To prevent fraud in the institution, it is recommended that AMAC, FCT, Abuja should employ more persuasive skill. The study also recommends an increased level of dispute resolution mechanisms as it will reduce subsequent level of fraud in AMAC, FCT, Abuja. The study also recommends that management of the institution should enforce individual responsibility, lawsuit, internal controls, internal audit checks, trainings on emerging trends and policy changes, risk department, audit fraud department, internal audit checks, trainings on frauds and sharing of information as legal strategies to prevent frauds.
Ibrahim, Musa Gulani, Dr. Mainoma, Iliyasu Mohammed & Dr. A. M. Liman
Cultural Hegemony in Staff Recruitment and the Performance of Nigerian Public Universities
This study examined cultural hegemony in staff recruitment and the performance of Nigerian public universities, with particular focus on political-institutional hegemony and civil-society-institutional hegemony as dimensions of hegemony as they influence the performance of Nigerian public universities. The research adopted a quantitative design, using survey data collected from 124 out of 139 distributed questionnaires, representing an 89.2% response rate. Multiple regression analysis was conducted using SPSS version 27. The findings revealed that political-institutional hegemony exerted a statistically significant negative effect on the performance of Nigerian universities (β = −.589, p < .05), indicating that political interference, patronage, and favouritism reduced institutional outcomes. Conversely, civil-society institutional hegemony had a statistically significant positive effect on the performance of the Nigerian public universities (β = .491, p < .05), suggesting that transparent recruitment norms and professional safeguards enhanced performance. The model explained 57.5% of the variance in university performance (R² = .575), demonstrating that cultural hegemonies are key predictors of institutional outcomes. The study concluded that minimizing political influence in recruitment while strengthening civil-society practices would improve productivity, research outputs, and governance in Nigerian universities. It recommends promoting merit-based recruitment and institutional transparency to mitigate the negative effects of political dominance. The study contributes to the literature by empirically quantifying the dual impact of political and civil-society hegemonies on university performance. Limitations include the exclusion of other structural factors such as funding and strikes, with suggestions for future research to adopt a more comprehensive model.
JOSIAH, Simon & WILLIAMS, Iditere Ikijere
Effect of marketing strategies on sales performance of small and medium scale enterprises in Jalingo Metropolis, Taraba State
The broad objective of this study was to examine the Effect of Marketing Strategies on Sales Performance of Small and Medium Enterprise s in Jalingo Metropolis, Taraba State. The study adopted descriptive survey design with a population of 1,691 subjects and sample size of 315 cases determined with the aid of Krejcie & Morgan Sample Size Table. The study adopted stratified random sampling technique to draw the sample. Questionnaire was used as data collection instrument, while Multiple Regression statistical techniques was employed to analyze the data with the aid of Software Package for Social Sciences (SPSS) version 23. The study found that Product Strategy has statistically significant effect on Sales Performance of SMEs in Jalingo Metropolis. Similarly, the study also found that Price strategy has statistically significant effect on Sales Performance of SMEs in Jalingo Metropolis. Therefore, the study concludes that Marketing Strategies predict Sales Performance. The implication of these findings to SMEs operators is that improvements in either product or price or both strategies will improve the level of sales. Based on the findings, the study recommended that SMEs Owners/Managers should establish and implement a comprehensive integrated product strategies that are customer-centric by providing customised products and request-based-products which will help in satisfying customer specific demands and needs. SMEs should also consider, as a policy matter, adopting regular price review practice to align with current economic realities infused with customer-perceived price to boost sales performance.
ANDERIBOM, Tebrimam Samuila, JOSIAH, Simon & TARFA, Victoria Meshach
Constructive Collective Bargaining as Panacea to ASUU VS FGN Face-Off: 2009-2025 Debate
This study examined constructive collective bargaining as a panacea to ASUU–FGN face-off (2009–2025 Debates). Using a quantitative design, data were gathered from a sample of 384 academic staff drawn from institutions across Nigeria’s six geopolitical zones using a multidimensional sampling technique. Reliable instrument with Cronbach’s α > .70 was administered and analyzed with SPSS v27 Multiple regression results indicate the model explains a substantial proportion of variance in the ASUU–FGN face-off (R² = .536; F(3, 368) = 51.894, p = .000 < .05 sig level). The study found that all the three predictors included in the study had statistically significant negative influence on the face-off between ASUU and Federal Government of Nigeria with transparency and trust-building (β = −.347, p < .05), dialogue and conflict management mechanisms (β = −.321, p < .05), and timely implementation of agreements (β = −.298, p = .05). The study concludes that constructive collective bargaining remains a potent panacea for fostering sustainable industrial harmony between ASUU and the FGN, with transparency and trust-building emerging as the most decisive factor. Thus, the study recommends that (i) the Federal Government and ASUU institutionalize transparent negotiation practices and proactive fiscal disclosure; (ii) the government establish dedicated budgetary provisions, monitoring frameworks, and clear timelines to guarantee timely implementation of agreements; and (iii) both parties adopt formalized, problem-solving dialogue structures (grievance channels, mediation, and negotiator training) to prevent and manage disputes. These measures together position constructive collective bargaining as a practical panacea for sustainable industrial harmony in Nigerian higher education.
WILLIAMS, Iditere Ikijere & JOSIAH, Simon
Impact of Human Capital and Income Inequality on Life Expectancy in Nigeria
The study examines the impact of human capital and income inequality on life expectancy in Nigeria from 1985 to 2023, utilising secondary data from the World Development Indicators and employing the Autoregressive Distributed Lag (ARDL) model. Evidence reveal that income inequality exerts a significant negative long-run effect on life expectancy, while human capital shows a robust positive impact. Critically, cointegration among variables is validated through bounds testing, and diagnostic checks confirm model robustness. The study recommends that sustainable improvements in Nigeria’s life expectancy require integrated policies prioritising equitable wealth distribution alongside strategic investments in education and healthcare infrastructure to enhance human capital, offering policymakers evidence-based pathways to bridge health disparities and advance socio-economic development.
Zikengyu Yakubu Jethro & Haruna, Abdulhadi Aliyara
Meditating Effect of Firm Performance on the Relationship Between Board Independence and ESG Disclosure in Selected Developing Countries
This study explores how firm performance influences the relationship between board independence and Environmental, Social, and Governance (ESG) disclosure among nonfinancial listed firms in selected developing countries. Grounded in agency theory and slack resources theory, the research addresses ongoing debates and inconsistent findings in previous studies about whether and how board independence affects ESG disclosure, particularly in the context of developing economies. Using a purposive sample of 282 firms drawn from the Refinitiv database over 10 years, starting from 2012, the study measures ESG disclosure through ESG scores, while board independence and firm performance are captured using well-established indicators, specifically Tobin’s Q, ROA, and ROE, all sourced from Refinitiv. Data analysis was conducted using Structural Equation Modelling (SEM) and MedSEM techniques in STATA. The results show a significant positive link between board independence and ESG disclosure. Importantly, firm performance partially mediates this relationship, accounting for a modest but statistically significant portion of the total effect across the full sample. Further analysis by sub-samples revealed differences in the mediation effect depending on both the proxy used for firm performance and the regional context. In some cases, partial mediation was observed; in others, full mediation emerged. These findings remained robust even after accounting for the potential effects of the COVID19 pandemic. Overall, the results provide empirical support for the idea that corporate governance mechanisms such as having an independent board can enhance ESG transparency, in part by improving firm performance. The study makes a valuable contribution to the ESG literature in developing economies and lends support to both agency theory and slack resources theory as explanations for firms' non-financial disclosure behaviour. The findings also offer practical insights for policymakers, regulators, and corporate leaders, emphasising the importance of governance reforms and performance driven strategies to strengthen ESG practices in emerging markets.
Joshua Benson Nadiyasu and Bamenda Philip Chinda