FUDMA Journal of Accounting and Finance Research [FUJAFR]
FUDMA Journal of Accounting and Finance Research [FUJAFR] — eISSN: 2992-4693; pISSN: 2992-2704 (FUJAFR) — advances contemporary research in accounting and finance. It publishes original research articles that uncover the connectivity of accounting and finance with the global socio-economic and political environment, thereby encouraging continuous debates in the theory and practice of accounting and financial management. The scope of FUJAFR includes all aspects of accounting and finance, both conventional and contemporary. FUJAFR publishes quarterly in March, June, September, and December and has no deadline for submission of manuscripts. It is an open-access journal. FUJAFR is hosted by the Department of Accounting, Federal University Dutsin-Ma [FUDMA], Katsina State, Nigeria. The Journal publishes in soft copy, giving each article a unique Digital Object Identifier (DOI) to facilitate cross-referencing.
Department of Accounting, Faculty of Management Sciences, Federal University Dutsin-Ma, Katsina State, Nigeria.
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Influence of Auditors Scepticism on Audit Quality: Evidence from Audit Firms in Nigeria
The influence of auditors’ scepticism on audit quality has been a subject of debate regarding the robustness of audit procedure and appropriateness of audit reports on the financial statements of their clients. The study investigated the influence of auditors’ attitudes on audit quality. The aim is to examine the influence of auditors’ scepticism on audit quality. The study proxies audit scepticism using Questioning Mindset (QM), Alertness to Red Flags (ARF), Critical Evaluation of Evidence (CEE), Independence of Thought (IT) and Persistence (P) as independent variables, while audit quality is proxied by Going Concern Opinion Issuance (GCOI). Using an ex-post facto research design, data for the study were obtained via questionnaire administered to a sample of 690 respondents (115 each from six geopolitical zones of Nigeria) comprising auditors (partners, senior managers and audit trainees) from 30 audit firms (5 each from the geopolitical zones). The study adopted Partial Least Square Structural Equation Modelling (PLS-SEM) for analysing the data. Findings revealed insignificant influence of predictors on GCOI. The study recommends that audit firms in Nigeria should build cultures that encourage questioning, scepticism, and integrity over client satisfaction and strengthen client evaluation and acceptance processes to avoid high-risk or overly influential clients.
Copyright (c) 2025 FUDMA Journal of Accounting and Finance Research [FUJAFR] https://creativecommons.org/licenses/by-nc/4.0
Effect of Service Marketing Mix Strategy on Performance of Proprietary Patent Medicine Vendors (PPMVs); Moderating Role of Learning Competence
The success of MSMEs to the Nigerian economy is below expectation; the proprietary patent medicine vendor is not left out in terms of failure. Some scholars and professionals have attributed their failure to poor marketing mix strategy, and some attributed it to learning competence. Thus, this has prompted scholars and professionals to reexamine the determinants of MSMEs success. This study, therefore, examines the effect of service marketing-mix strategy on success of proprietary patent medicine vendors and incorporate learning competence as a moderator due to the inconsistence in the results of previous research on marketing mix strategy. A cross-sectional survey design using primary data was adopted for the study using structured questionnaire; and the unit of analysis is the owner/managers of patent medicine store in Zaria metropolis Kaduna state. The study employed simple random sampling technique to select the sample size of two hundred and forty-two (242) registered patent store. In order to test the proposed hypotheses of the study and to examine the relationships involving the moderating effects, both descriptive and inferential statistics were employed to analyze the data collected using Statistical Package for Social Science (SPSS) for window version 23 and Partial Least Squares (PLS) Structural Equation Modelling (SEM) path modelling using Smart PLS 3.2 software. The study revealed that learning competence moderates the relationship between service marketing mix strategy and performance. The study, therefore, recommends that patent medicine vendors should seek more knowledge in related fields for better performance.
Public Value Creation, Sustainability Accounting and Reporting by Nigerian Public Sector Organizations: Issues and Prospects
Sustainability accounting and reporting of public value delivered to citizens by the public sector has taken a central stage in transparency and good governance globally. Unfortunately, the delivery and reporting of value created by the Nigerian public sector are still issues of concern in the country. The study is exploratory research that examined the challenges of the accounting practice and reporting of public value created by the public sector in Nigeria. In the process of research, relevant literature on the subject matter and published articles obtained from the internet and library were reviewed. From the review, it was found that there was a lack of political will to deliver public value. Lack of involvement of citizens in public project delivery and lack of personnel with the requisite skills are some of the challenges of public value creation in the Nigerian public sector. The paper recommends, among others, that commitment of political leaders to create and deliver public value, involvement of citizens/stakeholders in the initiation and execution of public projects, training of personnel in the public sector on sustainability practice and reporting, and awareness creation on the importance/benefits of sustainability practice and reporting of value created as strategies to overcome the myriad of challenges of public value creation and sustainability reporting by the Nigerian public sector.
Impact of Shadow Economy on Tax Revenue in Sub-Saharan Africa
This study tends to focus on how shadow economy and trade openness influence tax revenue in the Sub-Saharan Africa (SSA). The study used four SSA countries to test this relationship from 1991 to 2017. The study employs pool OLS with robust standard error to address the potential threat of heteroscedasticity. The result from this estimation indicate that shadow economy diminished the amount of tax revenue generated by these countries. Thus, the study recommends that appropriate measures should be put in place to curtail the size of the shadow economy because of its detrimental effects on tax revenue.
Copyright (c) 2024 FUDMA Journal of Accounting and Finance Research [FUJAFR] https://creativecommons.org/licenses/by-nc/4.0
Regulatory changes and their Impact on Tax compliance: An overview of Finance Act 2023
The aim of this study is to evaluate and review the regulatory changes and their impact on tax compliance, it is an anthology of the existing literature on finance Act and tax compliance with a view to identifying the gaps to which future literature may be directed within the Nigerian context. The paper discusses the concept of finance Act and its surrounding issues on tax compliance as appraised by different authors. The data used for the study were mainly secondary data from different sources. The researchers critically review related literatures from various secondary sources with a particular emphasis on Finance Act 2023, as well as other Nigerian tax legislations. The secondary sources were complemented by the personal observation of Nigerian tax system in Nigeria by the researchers. The study revealed mixed findings on the extent to which finance Act and other financial regulations impact on the economy. The study also concludes that, the factors determining financial regulations are not fixed, and vary from one jurisdiction to another. The study therefore recommends that, from the theories that relates to financial regulations, there shall be a unified theory that amalgamates the existing theories; and that which will be amenable to the ever-changing reporting environment.
Effect of Intellectual Capital on Financial Performance of Listed Consumer and Industrial Goods Companies in Nigeria
The study examined the effect of intellectual capital on the financial performance of listed consumer and industrial goods firms in Nigeria from 2013 to 2022. The population of the study consisted of thirty-two (32) listed consumer and industrial goods firms on the Nigeria Exchange Group, from which a sample twenty-six (26) firms was chosen using the purposive sampling technique. The study used secondary data that was taken from the companies' financial statements, and it employed a longitudinal panel research design. The results showed that capital employed by the listed consumer and industrial goods firms in Nigeria has a positive and significant effect on the financial performance. However, the study found that human capital has no significant effect on the financial performance of listed consumer and industrial goods firms, while structural capital has a negative but significant effect on the financial performance. The study recommends that listed consumer and industrial goods firms should strategically invest to optimize capital employed as this will improve the financial performance.
Human Resource Accounting and Share Price Performance Evidence from Listed Insurance Firms in Nigeria
This study investigates the impact of Human Resource Accounting (HRA) on share price performance among listed insurance firms in Nigeria. Specifically, the study examines the effects of human capital efficiency, structural capital efficiency, capital employed efficiency, and the value-added intellectual capital coefficient (VAIC) on share price performance. This research adopts ex-post facto and descriptive research designs, utilizing data from 13 insurance firms listed on the Nigerian Exchange Group from 2012 to 2021. Random effect regression model was employed to address statistical issues ensuring robust results, after controlling for multicollinearity and heteroscedasticity. The findings reveal that human capital efficiency and capital employed efficiency significantly enhance share price performance, highlighting the importance of these factors in driving market valuation. Conversely, VAIC shows a significant negative impact on share price performance, suggesting that not all aspects of intellectual capital positively influence market outcomes in the insurance sector. These results contribute to a deeper understanding of how human resource investments affect financial performance, particularly in the context of emerging markets like Nigeria. Based on these findings, this study recommends among others that insurance firms should prioritize investments in human capital development through targeted training and continuous professional development. This approach will enhance employee productivity and innovation, which in turn would positively influence share price performance and contribute to the overall financial health and market competitiveness of the firm.
Moderating Role of Board Composition on the Relationship between Environmental Disclosure and corporate performance of Nigerian manufacturing Quoted Companies
This study is to ascertain the moderating effect of board composition on the relationship between environmental disclosure and corporate performance. Secondary data collected from the published annual reports and accounts of the selected listed manufacturing companies in Nigeria. The study made use of forty-five (45) manufacturing quoted on the Nigerian Exchange Group (NGX) and covers a period of ten (10) years ranging from 2013-2022. Agency theory is used as the foundational theory. Descriptive statistics, correlation and regression techniques were used to analyze the data. The findings of the study show that there is a significant effect of environmental disclosure on ROA of listed manufacturing companies in Nigeria. The study further revealed that board composition significantly moderates the relationship between environmental disclosure and financial performance of the sampled manufacturing companies listed on the NGX. The study recommends for an effective/efficient board composition in companies which will lead to more robust environmental disclosures, thus have a significant effect on corporate performance of companies.
Impact of Non-Financial Services by Listed DMBs on the Development of SMEs in Nigeria
This study examined the Impact of Non-Financial Services by listed DMBs on the development of Small and Medium Enterprises (SMEs) in Nigeria. The study adopted survey research design by administration of questionnaire to a sample size of 150 drawn from the population of Micro, Small and Medium Enterprises (MSMEs) registered with CAC. Descriptive statistics, t-test and simple linear regression analysis were employed to analyze the data with the aid of SPSS. The findings of the study revealed a strong and statistically significant relationship between non-financial services and SMEs’ growth and development. Based on this, the study recommends that Deposit Money Bank (DMBs) should focus on tailoring their non-financial services to meet specific needs of different categories of MSMEs as classified by SMEDAN. There is also the need for increased awareness among SMEs regarding availability and benefits of non-financial services provided by DMBs.
Corporate Governance and Voluntary Human Capital Disclosure of Quoted Deposit Money Banks in Nigeria
The study examines the factors influencing human capital disclosure in corporate reports of 14 Nigerian deposit money banks. The research used secondary data from annual reports from 2014 to 2023, and the logistics regression was used for data analysis. The results showed that managerial ownership positively affects human capital disclosure, leading to higher disclosure levels. This result aligns with previous studies showing a positive relationship between managerial ownership, institutional ownership, board financial expertise, board independence and human capital disclosure. The study concludes that managerial ownership is a viable corporate governance mechanism for improved voluntary disclosures. Signaling the market positively and encouraging executive directors to focus on long-term viability and product quality. The study suggests that board financial expertise positively impacts human capital disclosure (HCD), suggesting that understanding accounting principles and financial statements can improve board oversight and shareholder interests. It recommends companies to improve human capital disclosures in corporate reports, adopt robust methodologies, and encourage voluntary disclosure of value-added human resource activity.
Corporate Attributes and Risk Management Disclosure of Listed Insurance Companies in Nigeria
Disclosure of risk management practices by firms enhances transparency, thus giving shareholders’ more confidence and lowering their uncertainty about future cash flows. This study therefore examined the effects of corporate attributes on risk management disclosures of listed insurance firms in Nigeria from 2013 to 2022. Firm size, firm profitability and firm leverage were the measures of corporate attributes employed in this study while risk management disclosure was the dependent variable. The research design adopted for this study was ex post facto and twenty-three listed insurance firms constituted the population of the study. Purposive sampling technique was employed to select eight listed insurance firms and secondary used were analysed using marginal logistic regression. The statistical package employed was STATA 16. From the analysis, it was found out that firm size, firm profitability and firm leverage have significant effect on risk management disclosure of listed insurance firms in Nigeria. Thus, it was concluded that some firm specific attributes can enhance risk management disclosures of listed insurance firms in Nigeria. Based on these findings, the study recommended that the management of insurance firms in Nigeria should strive to increase their level of profitability as more profitable firms have the incentives to engage in risk management and disclosure practices.
Determinants of Adoption of Computer Assisted Auditing Techniques: A Survey of Auditors in Kano State, Nigeria
Computer assisted auditing techniques (CAATs) have been identified as a necessary and sufficient conditions for an effective and qualitative audit report. This study analyzed the determinants of adoption of computer assisted auditing techniques with focus on auditors practicing in Kano, Nigeria. The study adopted survey method where 125 auditors were sampled from seventeen audit firms through a multi-stage sampling technique. The data was analyzed using econometric methods (Ordered Logit Regression) in line with the Unified Theory of Acceptance and Use of Technology (UTAUT). Performance expectancy and effort expectancy were found to be statistically significant determinants of auditors’ total intention to CAATs adoption and usage. However, facilitating condition and social influence were not significant in explaining the auditor’s total intention to CAATs adoption and usage. The study recommends that, audit firms should invest in technological tools and train auditors on computer tools. Also, the regulatory bodies should consider computer proficiency as part of the regulatory checks. This adoption and usage of CAATs will help the auditors to produce an effective and qualitative audit report.
Copyright (c) 2023 FUDMA Journal of Accounting and Finance Research [FUJAFR] https://creativecommons.org/licenses/by-nc/4.0
Effect of Conditional Cash Transfer Programme on the Households in Gwiwa L.G.A. of Jigawa State
This study investigated the effect of Conditional Cash Transfer (CCT) programme on households in Gwiwa Local Government Area (LGA) of Jigawa State, Nigeria. The CCT programmes have gained prominence as a poverty alleviation strategy for low-income countries. The study employed a case study method with qualitative assessments. The study adopted both primary and secondary methods of data collections through the means of survey and documentary evidence. The data analysed in this study was collected using a structured interview, while the secondary data was collected from the documented feedbacks of beneficiaries by the National Cash Transfer Office (NCTO). Tables, percentages and content analysis method were used to analyze the data. To advance credible arguments for the discourse, the Social Capital Theory was adopted. Some of the findings were improved savings abilities and specialized livelihood activities among others. From the findings made, it was concluded that the conditional cash transfer programme has improved the household finances and savings abilities of recipients and enabled them to enroll in multiple saving groups which led to improved livelihood. The study recommended the proposition for improved funding to sustain the savings abilities and improved livelihood activities of the recipients in Gwiwa Local Government Area. This could have a wider-reaching positive effect on households as well as improved well-being and livelihoods of recipients in Jigawa state in particular and the nation at large.
The Knowledge Economy: How Intellectual Capital Drives Financial Performance of Non-financial Service Firms in Nigeria
The study investigates the relationship between intellectual capital and financial performance of 58 listed non-financial service firms in Nigeria for a period of eleven years from 2012 to 2022.The study extracts data from annual reports and accounts of the listed non-financial service firms in Nigeria. The study aligns with correlational research design and positivism research philosophy. The modified Value-added intellectual coefficient (MVAIC) method is applied to measure the value-based intellectual performance of the sampled firms. Return on equity (ROE) and Tobin’s (TQ) are used to measure the financial performance of the firms. The intellectual capital (human and structural and relational capital) of selected firms has been analyzed and their impact on financial performance has been measured using the multiple regression technique. The findings of the analysis reveal that the relationships between intellectual capital and financial performance indicators, namely ROE and TQ, are varied. The study results suggest that intellectual capital influences the financial performance of Nigeria’s listed non-financial service firms. The study recommends that the board of directors of non-financial service firms in Nigeria should identify, protect and ensure effective utilization of intellectual capital in their companies in order to achieve long-term success and competitiveness. The study provides policy implications as the MVAIC method can be used as an important tool by decision-makers in the knowledge economy to integrate intellectual capital in the decision-making process.
Investment Decision and Market Value of Nigerian Listed Deposit Money Banks
This study considered the influence of investment decision on the market value of Nigerian listed deposit money banks (DMBs). Ex-post facto research design was employed. Secondary sources were used to gather information on market value and investment decisions. These sources included the annual reports of the banks that were sampled from 2010 to 2021. Out of the total population of 14 listed banks as of December 31, 2021, twelve (12) listed DMBs were chosen using the purposive sample technique. For data analysis, panel regression, correlation, and descriptive were tools employed. The outcome stated that return on capital employed recorded positive and significant influence on the Tobin Q and the market share price of listed Nigerian DMBs. The implication of the results is that banks that are able to generate better return on the capital employed in their operation have higher tendency to attract higher valuation in the market. It was concluded that investment decision served as determinant factors that influence the market valuation of Nigerian Deposit Money Banks. The study recommends that strategies to increase investment portfolio should be a priority; and also continue efforts should be made to improve return on capital employed that can enhance market valuation.
Effect of Fair Value Measurement on the Share Price of Listed Deposit Money Banks in Nigeria
This study examined the effect of fair value accounting on share price of listed deposit money banks in Nigeria from 2016 to 2022. the data used was obtained from the annual reports of the banks. OLS regression was employed in the analysis of the data. The results from the regression analysis show that earnings per share, fair value hierarchy, fair value through other comprehensive income have significant effect on the value relevance of listed deposit money banks in Nigeria. The study concludes that earnings per share is an important variable investor’s pays attention to when making investment decision. In addition, the study concludes that banks which discloses information regarding fair value hierarchy will attract investors and this will result in a corresponding increase in share price. Furthermore, the study concludes that investors pay close and more attention to other comprehensive income value. And finally, the study concludes that fair value through other comprehensive income have an effect on the share price of listed deposit money banks in Nigeria. The study therefore, recommends among others that management of listed deposit money banks in Nigeria should ensure that information using fair value are disclosed since its disclosure have an effect on share price. The study also recommends that regulatory bodies should establish an evaluation system to monitor adequate discourse of fair value information.
Effect of Tax Audit on Compliance of Taxpayers: A case study of Katsina State Board of Inland Revenue
This paper focus on the effect of tax audit on the compliance of taxpayers in the Katsina State Board of Internal Revenue. This paper adopted the survey research design, using primary data. The questionnaire was structured thematically, in line with the research hypotheses, so that the respondents can concentrate on each theme and provide focused answers. The target population of the study comprised of the entire staff of the Katsina State Board of Internal Revenue in Katsina State which aggregated to a sum of Seventy-five (75) staff. The total staffs of the board were considered for the study consisting of Seventy-five staff. Tax Remittances (TAR) is the dependent variable. Independent Variable Audit Yield (ADY) and Field Tax Audit (FDTA) are considered as having potential effect on Tax Audit. Questions were measured on a 5-point “Likert” scale ranging from strongly disagreed (1) to strongly agreed (5) and a mean was obtained to compare against the expected mean. The result on Tax Compliance proxy by Tax Remittances is found to be positively associated with Audit Yield and Field Tax Audit with a coefficient of 0.342 and statistically significant at 5% with a P-value of 0.007. This goes to prove that Audit Yield field and Tax Audit have a statistically influence on Tax Compliance in Katsina State which implies that the null hypotheses of the study are rejected.
Mediating effects of information asymmetry and cost of capital on the relationship between financial reporting quality and investment efficiency of listed deposit money banks in Nigeria
Purpose: The purpose of this paper is to examine the serial mediating effects of information asymmetry (IA) and cost of capital (COC) on the relationship between financial reporting quality (FRQ) and investment efficiency (IE) of listed Deposit Money Banks (DMBs) in Nigeria over ten-year period (2008-2017) using Barron and Kenny's (1986) mediation model steps. Methodology: The paper employed ex-post facto research design. Its population covered fourteen (14) DMBs that remained listed from 31st December, 2008 to 31st December, 2017. The data required for the study was available and so, census sampling technique was used to cover the entire fourteen (14) banks. Secondary sources of data comprising published annual reports and accounts of the listed DMBs and Thomson Reuters Data stream were used. The techniques of data analysis used are OLS, GLS and FGLS regression. Results and Conclusion: The results found are that FRQ affects both Underinvestment (Underinv) and Overinvestment (Overinv) directly and indirectly through its effect on IA and COC of listed DMBs in Nigeria. Hence, the paper concluded that IA and COC mediate the relationship between FRQ and Underinv/Overinv of listed DMBs in Nigeria. Implications of Findings: Practically, the findings imply that the level of IE in the Nigerian banking industry will improve if the listed DMBs adopt the practice of reporting comprehensive and relevant information to capital providers.
Copyright (c) 2026 Sunusi Ridwan Ayagi https://creativecommons.org/licenses/by-nc/4.0
Capital structure, board characteristics and financial performance of listed consumer goods companies in Nigeria
Purpose: The main objective of the study is to examine the moderating effect of board characteristics on the relationship between capital structure and financial performance of listed consumer goods companies in Nigeria. Methodology: The study utilized a secondary source of data collection, which was obtained from the annual reports and accounts of listed consumer goods companies in Nigeria for a period of fourteen years (2010-2023). The panel data are analyzed using descriptive statistics, Pearson correlation, and regression analysis. Results and conclusion: The findings reveal that capital structure has a significant impact on the financial performance of the sampled companies. Board composition has an insignificant impact on the financial performance (ROA and Tobin’s Q) of listed consumer goods companies in Nigeria. More so, board composition does not moderate the relationship between capital structure and financial performance of listed consumer goods companies in Nigeria. Implication of findings: The conclusion implies that the relationship between capital structure and financial performance cannot be moderated by board composition. It is therefore recommended that management of consumer goods companies in Nigeria should maintain a capital structure that is balanced between debt and equity. This will help to reduce the cost of capital and improve the firm's financial flexibility. Similarly, management should use debt financing strategically to fund productive investments. These steps will help to increase the firm's profitability and return on equity. Increasing the proportion of independent directors on the board will help improve the board's independence and effectiveness, which can lead to better decision-making and firm performance.
Copyright (c) 2026 Aliyu Suleiman Kantudu, Junaidu Mohammed Kurawa, Muhammad Shehu Garba https://creativecommons.org/licenses/by-nc/4.0
Effect of artificial intelligence on audit practices: empirical evidence from auditors in Southern Nigeria
Purpose: This study examines the effect of artificial intelligence (AI) on audit practices. This study aims to determine whether AI will affect auditing practices in any way. This investigation was supported by the Task–Technology Fit (TTF) theory. Methodology: Using a structured questionnaire and a research survey design, data was gathered from primary sources. The study's sample size consisted of 316 auditors from audit firms in southern Nigeria. Multiple regression analysis was used to determine the kind and strength of correlations between the study variables. Results and conclusion: Findings show that the p-value of 0.0391 was less than 0.05, the results demonstrated that machine learning (ML) significantly affects auditing practices (AUP). A p-value of less than 0.05 indicates that expert systems (ES) have a substantial impact on auditing practices (AUP), and a p-value of less than 0.05 indicates that natural language processing (NLP) has a significant impact on auditing practices (AUP). The results of the study demonstrated that artificial intelligence (ML, ES, and NLP) significantly and favorably impacted auditing practices. Implication of findings: To improve efficiency, accuracy, and fraud detection skills, audit firms and regulatory agencies should proactively incorporate Artificial Intelligence (AI) techniques into audit practices. To automate regular audit processes, analyze vast amounts of financial data in real time, and more successfully discover abnormalities or dangers than using traditional approaches, technologies like machine learning, expert system, and natural language processing should be implemented.
Copyright (c) 2026 kenny Esosa Orumwense, Joy Ogbebor https://creativecommons.org/licenses/by-nc/4.0
Macroeconomic variables and banking sector index performance: evidence from the Nigerian Exchange Group (NGX)
Purpose: This study investigates the effect of exchange rates, interest rates, and inflation on the Banking Sector Index of the Nigerian Exchange Group. It addresses the gap in sector-specific evidence, as aggregate market analyses often obscure how macroeconomic shocks uniquely influence banking sector performance separately. Methodology: Using an ex post facto design, the study analyzes monthly secondary data from 2012 to 2024 obtained from the Nigerian Exchange Group and the National Bureau of Statistics. The Vector Error Correction Model (VECM) was employed to examine both short-run dynamics and long-run equilibrium relationships among the variables. Results and conclusion: The findings confirm a significant long-run cointegrating relationship between the macroeconomic variables and the Banking Index. Exchange rate depreciation negatively affects the banking sector’s performance over the long term, while inflation exerts a strong positive long-run impact. Interest rates show no significant long-run relationship with the index. The error correction mechanism indicates a stable adjustment process, correcting approximately 13.2% of monthly disequilibrium. The study concludes that while the banking sector benefits from inflation, sustained currency depreciation poses a long-term threat. Implication of findings: The results imply that policymakers should place more priority on exchange rate stability. For investors and analysts, the findings suggest a need to emphasize exchange rate trends and inflation over interest rates when evaluating banking sector performance.
Copyright (c) 2026 Ibrahim Kukandaka https://creativecommons.org/licenses/by-nc/4.0
Impact of firm size, firm age on the profitability of listed consumer goods firms in Nigeria
Purpose: This study investigates the impact of firm size and firm age on the profitability of listed consumer goods firms in Nigeria. Methodology: The study utilizes panel data covering 13 years (2010–2022) obtained from the annual reports of consumer goods firms listed on the Nigerian Exchange Group and employs regression analysis to examine the effects of Firm Size (FS) and Firm Age (FA) on profitability measured by Return on Equity (ROE) and Return on Assets (ROA). Results and conclusion: The regression results show that the overall model is statistically significant for ROE but not significant for ROA, while firm Size does not exhibit a statistically significant relationship with profitability; firm age demonstrates a statistically significant negative relationship. Implication of findings: It indicates that older firms tend to experience lower profitability, possibly due to rigidity and reduced adaptive capacity over time. The findings imply that stakeholders should not rely solely on firm size and age in assessing profitability but should also consider operational efficiency, industry dynamics, management effectiveness, capital structure, financial ratios, and prevailing market conditions, while future studies are encouraged to incorporate broader variables and larger samples to generate more comprehensive insights.
Copyright (c) 2026 Muhammad Shehu Garba https://creativecommons.org/licenses/by-nc/4.0
Assessing the impact of corrupt practices on public sector accounting performance in Kano State
Purpose: The purpose of this study is to assess the impact of corrupt practices on public sector accounting performance in Kano State, with a focus on how corruption affects transparency, accountability, and efficiency in financial reporting and resource management. Methodology: The study adopted a descriptive research design. Primary data were collected through a structured questionnaire using a 5-point Likert scale. The population comprised 75 personnel from the Kano State Ministry of Finance, including accountants, auditors, cashiers, and other financial officers. Due to the manageable population size, a census sampling technique was employed. Out of 75 questionnaires administered, 66 were completed and returned, yielding an 88% response rate. Data were analyzed using mean and standard deviation in SPSS. Results and conclusion: The results indicate that corruption persists in Kano State's public sector, substantially undermining transparency, accountability, and overall accounting performance. It was concluded that corrupt practices significantly distort financial information, weaken internal controls, and reduce the efficiency of public sector accounting functions. Implication of findings: The findings reveal that corruption severely undermines public sector accounting performance, erodes trust in institutions, and hampers effective resource management in Kano State, necessitating urgent reforms for transparency and accountability.
Copyright (c) 2026 Mansur Sunusi https://creativecommons.org/licenses/by-nc/4.0
Impact of capital structure on financial performance of listed consumer goods companies in Nigeria
Purpose: This study examines the impact of capital structure on the financial performance of listed consumer goods companies in Nigeria. Methodology: The study covers a 14-year period (2010–2024). Capital structure is proxied by Total Debt to Total Assets (TDTA), Long-Term Debt to Total Assets (LTDA), and Total Debt to Equity (TDTE), while financial performance is measured using Return on Assets (ROA) and Tobin’s Q. Secondary data were sourced from the Nigerian Exchange Group (NGX) for 16 listed consumer goods firms that met the selection criteria. The study employed descriptive statistics, correlation matrix, and panel regression analysis using Panel Corrected Standard Errors (PCSE) to test the hypotheses. Result and conclusion: The findings reveal that TDTA and LTDA have significant positive effects on ROA, while TDTE exerts a significant negative effect, implying that asset-based and long-term debt financing enhance profitability, whereas excessive equity-based leverage reduces it. For Tobin’s Q, TDTE and firm size show significant negative effects, Implication of findings: Indicate that high leverage and larger firm size are associated with lower market valuation. The study concludes that an optimal mix of debt financing is critical for enhancing firm profitability and market value. It recommends that managers of consumer goods firms should carefully structure their capital mix, with more emphasis on long-term debt financing, while avoiding excessive equity-based leverage to improve both profitability and shareholder value.
Impact of leverage, firm size on firm ownership of listed industrial goods firms in Nigeria
The study examines the impact of leverage and firm size on firm ownership of listed industrial goods firms in Nigeria. The dependent variable firm ownership is measured with managerial ownership (MO), foreign ownership (FO), and institution ownership (IO), while the independent variables are leverage (LEV) and firm size (FS). The data was extracted from the Nigerian Exchange group (NGX) annual report of listed industrial goods firms in Nigeria. The study covers a period of 10 years (2013–2023). The study used descriptive statistics, correlation matrix, and regression analysis to analyze data. The study found managerial ownership (MO) has a positive correlation with leverage (LEV), and firm size (FS), foreign ownership (FO) has a negative correlation with leverage (LEV) and a positive correlation with firm size (FS), institutional ownership (IO) has a negative correlation with leverage (LEV) and a positive correlation with firm size (FS). It was recommended that management should focus on their ownership structures, specifically managerial, foreign, and institutional ownership. Transparent governance practices and a balanced ownership distribution are suggested to enhance investor confidence and attract foreign and institutional investment.
Effect of public debt management on budget implementation performance: evidence from selected states in Nigeria
Purpose: This study investigated the effect of public debt management on budget implementation performance in Nigerian states. Specifically, the study analysed the effect of the domestic debt management ratio and the external debt management ratio on the budget implementation performance of selected states in Nigeria. Methodology: The study captured a total of 18 states randomly selected across the 6 geopolitical zones of Nigeria. Panel-based data were collected across the 18 states over a period of 10 years spanning from 2014 to 2023. Data collated were analysed using correlation estimation, panel pooled OLS estimation, and fixed effect estimation. Results and conclusion: Results revealed that the domestic debt management ratio exerts an insignificant negative effect on the budget implementation performance of states in Nigeria. (-0.0292211, p > 0.05). The external debt management ratio, on the other hand, exerts a positive insignificant effect on budget implementation performance (0.0609831, p > 0.05). This study concludes that domestic debt management has an insignificant tendency to impede budget implementation performance among states in Nigeria, just as external debt management has an insignificant likelihood to improve budget implementation, though it does not pose any negative threat. Hence, this study recommends, among others, that state governments should ensure efficient and effective domestic and external debt management systems that create a minimal level of debt relative to total revenue for efficient and effective budget implementation. Implication of findings: The findings of this study suggest that state governments in Nigeria should take necessary steps to manage their domestic and external debt profiles to enhance their capacities for effective budget implementation.
Copyright (c) 2026 Victoria Bamitale Aremu https://creativecommons.org/licenses/by-nc/4.0
Can financial inclusion reduce income inequality? Evidence from Nigeria
Purpose: This study examines the effect of financial inclusion on income inequality in Nigeria. Specifically, it evaluates whether improvements in financial access, alongside selected macroeconomic variables, significantly influence the level of income inequality in the country. Methodology: The study adopts an ex post facto research design using annual time-series data for Nigeria. The population of the study comprises all annual macroeconomic observations relevant to financial inclusion and income inequality in Nigeria within the study period. Based on data availability and consistency across sources, the study uses annual observations covering 1985–2020. Data were obtained from the World Development Indicators, Central Bank of Nigeria Statistical Bulletin, Federal Ministry of Education reports, and the Standardized World Income Inequality Database. The study employs Ordinary Least Squares and Newey-West regression techniques for estimation. Results and conclusion: The findings show that financial inclusion exerts a reducing effect on income inequality in Nigeria. Economic growth also contributes to inequality reduction, while inflation and real interest rate tend to worsen inequality. Government spending shows a negative but weak effect on inequality, while primary school enrolment does not exert a statistically significant short-run effect. The study concludes that financial inclusion is an important instrument for promoting a more equitable income distribution in Nigeria. Implication of findings: The findings imply that policies aimed at expanding access to financial services, strengthening macroeconomic stability, and improving the efficiency of public spending are essential for reducing income inequality and promoting inclusive growth in Nigeria.
Copyright (c) 2026 Hafiz Ismail, Habiba Bello, Ahmad Danjuma, Sadiq Dalil Wakili https://creativecommons.org/licenses/by-nc/4.0
Integrating digital forensics and machine learning for fraud detection in Nigerian deposit money banks: a PLS-SEM and artificial neural network approach
Purpose: This study examines the association between digital forensic capabilities and fraud detection effectiveness in Nigeria’s five largest deposit money banks—United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc, First Bank Nigeria Limited, and Guaranty Trust Bank Plc. Specifically, it evaluates the relative contributions of network forensics, cloud forensics, mobile forensics, and Internet of Things (IoT) forensics to fraud detection effectiveness. Methodology: A cross-sectional survey design was adopted, with data collected through structured questionnaires administered to staff of the selected banks. Of the 306 questionnaires distributed, 243 valid responses were obtained, representing a 79% response rate. Data were analyzed using Partial Least Squares Structural Equation Modeling (PLS-SEM) to test hypothesized relationships and Artificial Neural Network (ANN) analysis to assess predictive importance. PLS-SEM analysis was conducted using JASP version 0.95.3, while ANN estimation employed a multilayer perceptron model in SPSS version 27. Results and conclusion: The PLS-SEM results indicate that digital forensic capabilities jointly explain a substantial proportion of variance in fraud detection effectiveness with all R² > 0.75. Cloud forensics (β = 0.515) and network forensics (β = 0.500) exhibit the strongest associations, followed by IoT forensics (β = 0.456) and mobile forensics (β = 0.449). ANN results corroborate these findings, ranking cloud forensics as the most important predictor (normalized importance = 100%), closely followed by network forensics (99.7%), mobile forensics (85.3%), and IoT forensics (79.8%). Implication of findings: The study implies that bank management should prioritize investment in cloud and network forensic infrastructures, complemented by targeted training and process integration, to enhance fraud detection performance. However, the cross-sectional and self-reported nature of the data limits causal inference, indicating the need for future longitudinal studies using objective fraud performance indicators.
Copyright (c) 2026 Ridwan Adebisi Sanusi , Ibraheem Sanusi, D. O. B. Briggs https://creativecommons.org/licenses/by-nc/4.0
Assessing the effect of information analysis on the containment of financial crimes in Nigeria
Purpose: This paper assesses the effect of Information Analysis (IA) on the containment of financial crimes in Nigeria. Methodology: Cross sectional research design was used to examine the relationship between the variables of the study. A total of 454 structured questionnaires were administered to staff of compliance departments in CBN, DMBS, EFCC and NFIU. Data collected was subjected to various diagnostic tests such as normality, reliability and validity using IBM-SPSS V.26 software. Correlation and multiple linear regressions analyses were employed for the analysis of data. Results and conclusion: The study found that IA significantly affects the containment of financial crimes in Nigeria. The result for multiple regression analysis indicates that IA is a significant variable in influencing the containment of financial crimes in Nigeria. Implication of findings: The study recommends that Reporting Entities (Res) and Law Enforcement Agencies (LEAs) should ensure that they comply with IA to effectively and efficiently contain FCs in Nigeria.
Copyright (c) 2026 Jonathan Daboh Tagang, Samaila I Ningi , Ado Ahmed, Shittu O Ibrahim https://creativecommons.org/licenses/by-nc/4.0
Outsourcing accounting services and accountability: evidence from small and medium scale enterprises in Osogbo, Osun State, Nigeria
Purpose: This study investigated the influence of accounting activities outsourcing on accountability in small and medium-scale enterprises (SMEs) in Osogbo, Osun State, Nigeria. Methodology: The survey research design was employed for the study, with the population of the study consisting of 120 registered small and medium-scale enterprises (SMEs) operating in Osogbo. The convenience sampling technique is adopted in selecting 100 respondents from the SMEs to make up the sample size of the study. Data for the study were collected using questionnaires. The study adopted correlation and regression analysis to examine the relationship and effect of the explanatory variables on the dependent variables. Results and conclusion: The study found that accounting activities outsourcing has a positive significant effect on transparency while it has a negative effect on the relevance of financial activities. Also, accounting activities outsourcing has a non-significant effect on accountability. The study therefore recommends that SMEs should engage professional accounting services to improve transparency, ensure outsourced accounting functions are properly monitored to maintain relevance, and complement outsourcing with internal controls to enhance overall accountability. Implication of findings: The implication of this study is that outsourcing accounting activities can improve transparency in SMEs but may reduce the relevance of financial information if not properly managed. It also suggests that outsourcing alone does not guarantee accountability without adequate supervision. SMEs should therefore manage outsourced accounting functions strategically to enhance transparency, relevance, and accountability.
Copyright (c) 2026 Samuel Oladele Obisesan, Blessing Onyi Akinde, Oluwatimileyin Esther Adenle, Lukmon Adewale Adeoye, Richard Oluwatayo Ewuola https://creativecommons.org/licenses/by-nc/4.0