FUDMA Journal of Accounting and Finance Research [FUJAFR]
FUDMA Journal of Accounting and Finance Research [FUJAFR] — eISSN: 2992-4693; pISSN: 2992-2704 (FUJAFR) — advances contemporary research in accounting and finance. It publishes original research articles that uncover the connectivity of accounting and finance with the global socio-economic and political environment, thereby encouraging continuous debates in the theory and practice of accounting and financial management. The scope of FUJAFR includes all aspects of accounting and finance, both conventional and contemporary. FUJAFR publishes quarterly in March, June, September, and December and has no deadline for submission of manuscripts. It is an open-access journal. FUJAFR is hosted by the Department of Accounting, Federal University Dutsin-Ma [FUDMA], Katsina State, Nigeria. The Journal publishes in soft copy, giving each article a unique Digital Object Identifier (DOI) to facilitate cross-referencing.
Department of Accounting, Faculty of Management Sciences, Federal University Dutsin-Ma, Katsina State, Nigeria.
The FUDMA Journal of Accounting and Finance Research (FUJAFR) operates a copyright policy that ensures a balance between author rights and wide dissemination of scholarly work. 1. Author Copyright Retention Authors retain full copyright of their published work without restriction. Submission to FUJAFR does not transfer ownership of copyright to the journal. 2. License to Publish By submitting a manuscript and upon acceptance, authors grant FUJAFR: The right to publish, reproduce, and distribute the article The right to identify itself as the original publisher of the work This grant is non-exclusive, meaning authors are free to reuse their work in other contexts, provided proper acknowledgment of the original publication in FUJAFR is made. 3. Licensing of Published Content All articles are published under the: Creative Commons Attribution-NonCommercial License (CC BY-NC 4.0) Under this license: Users may share and adapt the work for non-commercial purposes only Proper attribution to the author(s) and the journal is required Any commercial use requires explicit permission from the copyright holder 4. Author Reuse Rights Authors are permitted to: Archive their published articles in institutional repositories or personal websites Share their work for educational and research purposes Reuse portions of their work in future publications (e.g., books or other articles), provided proper citation of the original publication is included 5. Third-Party Content Authors are responsible for obtaining permission to use any third-party copyrighted material (e.g., images, tables, datasets) included in their manuscripts. Proper acknowledgment must be provided where required. 6. Attribution Requirement All users of FUJAFR content must provide appropriate credit, including: Author name(s) Article title Journal name (FUJAFR) Year of publication
Effect of human resource accounting and corporate reporting of listed firms in Nigeria
Purpose: Concerns over the exclusion of human resource investments from conventional financial reporting standards have been raised by the growing importance of human capital in contemporary organizations. This study specifically looked at how corporate organizations handle the disclosure of human resources accounting in corporate reporting of listed firms in Nigerian. Methodology: The annual reports of fifty (50) carefully selected firms listed on the Nigerian Exchange Group (NGX) provided secondary data for the study, which employed an ex post facto research design. The collected data was examined using Descriptive statistics, Pearson correlation, Variance inflation factor, and Multiple regression analysis. Results: The findings showed that corporate reporting is positively and significantly impacted by the disclosure of employee recruitment and selection cost. Furthermore, the findings demonstrated that the transparency, dependability, and applicability of corporate reports are greatly enhanced by the disclosure of employee compensation and welfare costs, with the greatest benefit to corporate reporting coming from the disclosure of employee training and development costs. Conclusion: The study concludes that the disclosure and investments in human resources significantly improve company reporting by promoting more accountability, transparency, and the decision-usefulness of financial data. Recommendations: The study suggests that expanding the disclosure of human resource accounting data in corporate reporting and establishing comprehensive reporting standards for investments in human capital are crucial for organizational success. These steps would improve corporate reporting quality and provide stakeholders with a more accurate assessment of the organization's value and long-term sustainability.
Copyright (c) 2026 Kenny Esosa Orumwense, Osakue Franklyn Osaro https://creativecommons.org/licenses/by-nc/4.0
Strategic Management of the Centre for Entrepreneurship and ICT for Innovation, Revenue Generation, and Student Employability: A Case Study of Federal University Dutse
Purpose: This study examines the strategic management of the Entrepreneurship Centre and ICT Directorate at Federal University Dutse, Nigeria, with the aim of developing a framework for transforming the two units into sustainable hubs for innovation, revenue generation, and student employability. Methodology: The study adopted a pragmatic research paradigm, employing a single embedded case study design and a convergent parallel mixed-methods approach. Data were collected from 240 students, staff, and external stakeholders through questionnaires, interviews, and focus group discussions. Quantitative data were analysed using Ordinary Least Squares (OLS) regression, while qualitative data were analysed thematically. Institutional Theory and the Resource-Based View (RBV) guided the study. Results and conclusion: The findings revealed that strategic planning, resource allocation, stakeholder engagement, and monitoring and evaluation had no statistically significant effects on revenue generation, innovation output, or student employability. Qualitative evidence identified inadequate funding, bureaucratic bottlenecks, weak institutional support, and poor coordination between the two units as key constraints. Consequently, a three-phase strategic management framework comprising institutional alignment, implementation and resource orchestration, and sustainability and scaling was developed. Implication of findings: The framework offers practical guidance for integrating entrepreneurship and ICT functions into a unified innovation ecosystem that enhances financial sustainability, innovation capacity, and student employability in Nigerian public universities.
Copyright (c) 2026 Kabiru Sa’ad Sa'id, Umar Musa Kallah, Bashir Mahmood Baffa https://creativecommons.org/licenses/by-nc/4.0
An assessment of taxation and ESG disclosure in Nigeria: A review of literature and research agenda
Purpose: This study conceptually looked at the link between taxation and ESG disclosures in Nigeria, as it places strong emphasis on applying logic and interpreting current knowledge. Methodology: In order to ensure that the conceptual discourse is based on accepted knowledge, the study also relied on secondary sources, including peer-reviewed journal articles, books, scholarly publications, government and institutional reports, and reputable online databases that examined the interrelationship of taxation and ESG disclosures in Nigeria. Results and Conclusion: The study found that Nigeria has stepped up her efforts to enact laws and regulations pertaining to environmentally related taxes having been a signatory to several United Nations (UN) SDGs and other UN’s Protocols on the Environment and Climate Change initiatives. However, upon these feat made, the study observed that Nigeria still continues to face challenges such as lack of a comprehensive carbon tax strategy, tax enforcement and compliance monitoring. Implication of Findings: In view of the findings made, the study recommended that Nigeria should adopt a comprehensive carbon and environmental tax system that levies a legally required tax on companies for each cubic meter of CO2 emissions instead of only their earnings. The environmental taxes now referred to as Hydrocarbon Tax in the new tax reform act should be designed to capture other industries apart from the upstream petroleum operations in relation to crude oil and enforce compliance from companies in environmental degradation.
Copyright (c) 2026 John Chika Onwuchekwa, Justina A Okoror https://creativecommons.org/licenses/by-nc/4.0
Moderating role of board independence on the relationship between auditor’s characteristics and financial reporting timeliness among non-financial service firms in Nigeria
Purpose: This study examined the moderation effect of board independence on the relationship between auditor’s characteristics and financial reporting timeliness and the moderating effect of board governance among listed non-financial service firms in Nigeria. Methodology: The study used expo-facto research design where the secondary data were collected from non-financial service firms listed in the Nigeria Exchange Group. The study used simple random sampling technique to select sixteen (16) firms for the period covering 2018 to 2024 and analysed using descriptive statistics, correlation analysis and Generalized Linear Model Regression (GLM) technique. Results and Conclusion: The results showed that auditor’s independence has a significant negative effect on financial reporting timeliness in listed service firms in Nigeria auditor’s experience has a significant negative effect on financial reporting timeliness in listed non-financial service firms in Nigeria. On the moderating, it was found that, board independence had no moderating effect on the relationship between auditor’s independence and financial reporting timeliness in listed non-financial service firms in Nigeria. However, board independence had a moderating effect on the relationship between auditor’s experience and financial reporting timeliness in listed non-financial service firms in Nigeria. Implication of Findings: The finding highlights that auditor independence is a core value of auditor characteristics that enhance early disclosure of accounting information to the users.
Copyright (c) 2026 Sadiq Oshoke Akhor, Dennis Onutomaha Akrawah https://creativecommons.org/licenses/by-nc/4.0
Forensic accounting techniques and fraud control in the Nigerian public sector: The moderating role of financial inclusion
Purpose: This study investigated the effect of forensic accounting techniques on fraud control in the Nigerian public sector and examined whether financial inclusion strengthens the relationship between forensic accounting techniques and fraud control. Specifically, the study evaluated the influence of data mining, ratio analysis, trend analysis, and the net worth method on fraud control while assessing the moderating role of financial inclusion. Methodology: A quantitative survey research design was adopted. Data were collected from 296 respondents drawn from federal and state Ministries, Departments, and Agencies (MDAs) in Calabar, Cross River State. A structured questionnaire was used for data collection, while Structural Equation Modelling (SEM) was employed for data analysis. Results and Conclusion: The findings revealed that data mining and trend analysis have significant positive effects on fraud control, indicating their effectiveness in identifying irregularities and fraudulent practices in the public sector. Conversely, ratio analysis and the net worth method showed significant negative relationships with fraud control, suggesting possible challenges in their application. The study further found that financial inclusion significantly moderates the relationship between forensic accounting techniques and fraud control by enhancing transparency, accountability, and financial traceability. These findings provide empirical support for the Vulnerable Group Theory of financial inclusion. Implication of Findings: The study contributes to forensic accounting literature by providing evidence from the Nigerian public sector and highlighting the importance of financial inclusion in strengthening fraud control. It recommends the institutionalization of forensic accounting practices and the expansion of financial inclusion initiatives to improve fraud detection and prevention.
Copyright (c) 2026 John Ogenyi Oboh, Solomon Andortan Andortan, Francis Ubi Ntum, Florence O Otuagoma https://creativecommons.org/licenses/by-nc/4.0
Information technology and tax administration in Cross River State, Nigeria: Empirical evidence from a quantitative study
Purpose: This study examined the effect of information technology on tax administration in Cross River State, Nigeria, with emphasis on tax processing time. Methodology: The study adopted a quantitative survey design. Data were collected from 239 staff of the Cross River State Internal Revenue Service using structured questionnaires. Descriptive statistics and multiple regression analysis were employed using SPSS. Results and Conclusion: The findings revealed that electronic tax registration, electronic tax assessment, and electronic tax filing significantly influenced tax processing time. Electronic tax payment and electronic tax audit showed positive but insignificant effects. The study concluded that digital tax administration improves efficiency and reduces delays when electronic systems are properly integrated and managed. Implication of findings: The study recommends increased investment in digital infrastructure, taxpayer education, system integration, and staff training to strengthen electronic tax administration and improve public sector efficiency.
Copyright (c) 2026 Peace Emelumba, Sunday A Effiong, Okon Ikpe Eyibio https://creativecommons.org/licenses/by-nc/4.0
Audit Committee Attributes and Audit Report Lag of Listed Non-financial Firms in Nigeria
Financial reporting timeliness is one of the qualitative features of a relevant financial report. However, there have been delays by some companies in submitting the report audited above the 90-day regulatory deadline provided. It is in line with this that this study seeks to examine the effect of audit committee attributes and audit report lag of listed non-financial firms in Nigeria over a period of 10 years across the sector. The dependent variable for the study is audit report lag, while the independent variable is audit committee attributes proxied by audit committee meeting and audit committee composition. The study employed a truncated Poisson regression to analyze the data. It was found that the audit committee meeting has a negative and significant impact on the timeliness of the financial report of listed non-financial firms in Nigeria. This implies that an increase in audit committee meetings significantly reduces audit delay of non-financial firms in Nigeria and vice versa.
Copyright (c) 2025 Rashida Lawal, Sunusi Ridwan Ayagi https://creativecommons.org/licenses/by-nc/4.0
Board Attributes and Audit Quality of Quoted Financial Firms in Nigeria
The reliability of accounting information, which heavily depends on the quality of financial Audit report, is crucial for users. The board of directors, appointed to protect shareholders' interests, is legally empowered to oversee management and ensure high-quality audits of their operations. In this context, this study investigates the relationship between board attributes and audit quality among publicly traded financial firms in Nigeria from 2016 to 2022. The specific objectives are to analyze how board size, board independence and female directors on board relate to the engagement of Big Four audit firms, which represents audit quality. A sample size of 45 firms were selected through purposive sampling. Binary logistic regression was used to analyse the effect of board attributes on audit quality of listed financial firms in Nigeria. The results indicated that board size and significantly and positively affect audit quality, while board independence and female directors on the board have an insignificant effect on audit quality. The study recommends larger board sizes, more independent non-executive directors and more female directors to ensure high-quality audits in the Nigerian financial firms.
Copyright (c) 2025 Sani Rufai Abdullahi, Moses Elaigwu, Ademu Stephen Ibrahim https://creativecommons.org/licenses/by-nc/4.0
Audit Committee Diligence and Gender Diversity as Catalysts for Scale Efficiency in Nigerian Manufacturing Firms
This study examined the impact of audit committee diligence and gender diversity on scale efficiency in Nigerian manufacturing firms. Audit committee diligence, measured by the frequency of meetings, reflects the committee's commitment to ensuring effective oversight and operational efficiency. Gender diversity introduces diverse perspectives that enhance decision-making processes. Using a panel research approach with data from 50 listed Nigerian manufacturing firms over the period 2012–2022, the study employed panel regression models to analyze the relationship between audit committee attributes and scale efficiency, measured by scale efficiency based on turnover and assets. The results showed that audit committee diligence positively and significantly influenced scale efficiency based on assets, highlighting the importance of frequent and focused meetings in driving operational efficiency. However, diligence had an insignificant relationship with scale efficiency based on turnover, suggesting that its immediate impact on revenue-related efficiency may be limited. Conversely, audit committee gender diversity exhibited an insignificant relationship with both measures of scale efficiency, implying that gender diversity alone may not directly influence scale efficiency in the Nigerian context. The findings contribute to the growing literature on corporate governance by providing empirical evidence from an emerging economy. The study highlights the need for strengthening audit committee practices through enhanced training and promoting an inclusive governance environment that leverages diverse perspectives for better decision-making. Keywords: Audit committee diligence, Gender diversity, Scale efficiency, Nigerian manufacturing firms.
Copyright (c) 2025 Osarenren Aigienohuwa, Osasogie Irowa-Omoregie https://creativecommons.org/licenses/by-nc/4.0
Influence of Forensic Accounting on Litigation Support and Engagement in Nigeria
The research focused on the influence of forensic accounting on the objectivity of forensic accountant’s investigation and the Attorney’s judgment in litigation cases in Nigeria. The study was carried out using a descriptive survey design. The study population is the over 400 professionals and practitioners in Osogbo, Osun State which included deposit money banks, law firms, audit firms, higher education institutions as well as small and mid-sized industries. In determining the sample size, Solvin’s formula was used and 200 respondents were selected in the study while a technique of randomization and convenience sampling has been applied. For this study, primary data were used. Questionnaires have been employed as a tool for collecting data. The results of the study showed that forensic accounting (α = 0.293; p < 0.05) and (α = 0.243; p < 0.05) had positive and significant effect on the objectivity of forensic accountant’s investigation and the Attorney’s judgment in litigation cases in Nigeria respectively. The study concluded that the use of forensic accounting services in Nigeria is an effective way to obtain verifiable evidence and support for litigation that aids activities of Attorney’s in the process of prosecuting fraudsters and ensuring dispute resolution. The study recommends that management of firms in Nigeria should develop more interest in forensic accounting by recruiting more forensic accountants with good knowledge in investigative skills and litigation support services as part of their accounts and audit departments.
Copyright (c) 2024 Olatunji Oludayo Osunwole, Ademola, Adeniran Adewumi, Olatoke Adewale Adeyemi, Taiwo Adekanye https://creativecommons.org/licenses/by-nc/4.0
Corporate Attributes and Earnings Management: Evidence from Listed Non-Financial Firms in Nigeria
The financial reporting practices of firms are usually influenced the certain attributes specific to such firms. The main objective of this study therefore, was to examine the effect of corporate attributes on earnings management practices of nonfinancial firms listed on the Nigerian Exchange Group for the period 2014 to 2023. The research design adopted for this study was ex post facto. Secondary data were used and the population of the study was 109 listed nonfinancial. Purposive sampling technique was adopted to select 70 companies as the sample size of this study. The Robust regression technique was used in analyzing the data and the statistical software employed was STATA 16. The results of the analysis revealed that firm age has significant negative effect on real earnings management; firm size has significant negative effect on real earnings management; and profitability has significant negative effect real earnings management of listed nonfinancial firms in Nigeria. Based on these findings, it was thus concluded that corporate attributes significantly influence earnings management practices of listed nonfinancial firms in Nigeria. It was therefore recommended among others Government and regulatory bodies should provide additional support and guidance to smaller firms to help them establish strong financial controls and reduce the possibility of earnings management.
Copyright (c) 2024 Rose Augustine Odokwo , Nkanikpo Ibok, Eno Gregory Ukpong https://creativecommons.org/licenses/by-nc/4.0
Effectiveness of Fiscal and Economic Policy in Monitoring Inflation in Nigeria
This study investigates the effectiveness of monetary and fiscal policies in controlling inflation in Nigeria from 1993 to 2023. Using co-integration and error correction methods on yearly time series data, the study reveals several key findings. The unit root test indicates that only inflation (INF) is stationary at levels, while money supply (MS), taxation (TAX), and government expenditures (GEX) are stationary at first difference. The results show that an increase in the money supply and government expenditures lead to a rise in the inflation rate, whereas higher taxation reduces it. Based on these findings, the study concludes that MS, TAX, and GEX significantly impact on inflation in Nigeria. The study recommends that policymakers should better manage the money supply to reduce the inflation rate by decreasing the amount of money in the economy. Increasing the tax rates on individuals and companies, especially during periods of high inflation, can lower the amount of spendable money among citizens, thereby reducing inflation. Lastly, the government should control its expenditures to decrease the total amount of money in circulation, effectively reducing the country's inflation rate.
Copyright (c) 2024 Chinenye Okeke https://creativecommons.org/licenses/by-nc/4.0
Value Added Tax and Economic Growth of Nigeria (2003-2022)
This study empirically examined the relationship between value added tax and economic growth of Nigeria. Time series data on Value Added Tax (VAT) revenue, Total (Federal Government) Revenue (TR), Total (Federal Government) Expenditure (TE) and Gross Domestic Product (GDP) from 2003 to 2022 sourced from the Central Bank of Nigeria (CBN) were analysed, using both simple regression analysis and descriptive statistical method. VAT was used as the independent variable while TR, TE and GDP were used as the dependent variables. Findings showed that VAT revenue accounts for a significant variation in TR, TE and GDP in Nigeria. A very significant and positive correlation also exist between VAT revenue and TE but that the contribution of VAT to TE cannot be directly traceable to any specific expenditure of government like health, education or payment of salaries. The study therefore recommends that government should use a certain percentage of VAT revenue to finance critical sectors of the economy like agriculture, power or health which have direct bearing on the citizens. This can be achieved by establishing a Value Added Tax Fund (VATFund) as is the case with Tertiary Education Trust Fund (TETFund) and other Trust Funds of government.
Copyright (c) 2024 Theresa Ekpe Oto, Solomon Wayas 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.
Copyright (c) 2025 Hafsat Adenike Yusuf, Kabiru Jinjiri Ringim, Fatima Mahdi https://creativecommons.org/licenses/by-nc/4.0
Board Diversity and Value of Listed Industrial Goods Firms in Nigeria: Does Audit Committee Independence Matter?
This study investigates the effect of board diversity specifically gender, nationality, and expertise on the firm value of listed industrial goods firms in Nigeria, with a focus on the moderating role of audit committee independence. Using panel data from 11 firms spanning 2014 to 2023, and employing panel regression analysis, the findings reveal that board gender diversity and board expertise significantly enhance firm value. Moreover, audit committee independence strengthens the positive effects of gender diversity and expertise on firm performance. However, board nationality diversity shows no significant direct or moderate influence on firm value. These results underscore the importance of inclusive and skilled boards, supported by independent audit oversight, in improving firm outcomes. The study suggests among others that the regulatory bodies such as the Financial Reporting Council (FRC) and the Nigerian Exchange Group (NGX) should enforce minimum female representation on boards to institutionalize the benefits of gender diversity.
Copyright (c) 2025 Junaidu Bawa, Suleiman A.S. Aruwa, Suleiman Mamman, Sadiya Ahmed Almustapha https://creativecommons.org/licenses/by-nc/4.0
Impact of Capitalization on Financial Performance of Jaiz Bank plc
This paper investigated the impact of capitalisation on the financial performance of Jaiz Bank Plc, the first full-fledged Islamic bank in Nigeria. Using quantitative research methodology, the study examined the relationship between risk management and financial performance, such as Return on Assets (ROA). The data were obtained from the published financial statements of the Jaiz Bank Plc in Nigeria from 2013 to 2023. The study employed the multiple regression technique. The SPSS software package version 26 was used to carry out the analysis. Descriptive statistics and regression analysis are employed to analyse the data. The findings showed that capitalisation (CAP) significantly impacts ROA. It is, therefore, recommended that Jaiz Bank Plc should improve capitalisation strategies to enhance ROA. This can be achieved by efficiently allocating its capital to high-yield Sharia-compliant investments and enhancing capitalisation through equity financing or issuing Sukuk.
Copyright (c) 2025 Farida Mohammed Shehu, Kasim Muhammad Sani https://creativecommons.org/licenses/by-nc/4.0
Relevance of Takaful in Achieving Sustainable Development Goal 3 in Muslim Majority and Developing Countries
The importance of inclusive financial mechanisms in accomplishing health-related goals has been brought to light by the growing emphasis on sustainable development, especially in relation to Sustainable Development Goal 3 (SDG 3), "Good Health and Well-being." This study examines how Takaful, an insurance concept that complies with Shariah, might help accomplish SDG 3. The study synthesises the body of academic and policy-based research on Takaful and its benefits for community resilience, financial risk protection, and healthcare accessibility in Muslim-majority and developing nations using a literature review methodology. According to the review, by providing moral risk-sharing models, lowering out-of-pocket medical costs, and encouraging social cohesion during medical emergencies, Takaful can remove structural obstacles in health finance. Furthermore, incorporating Takaful into national health insurance programs holds promise for advancing universal health coverage, a key SDG 3 goal. However, as barriers to its wider influence, the study also points to deficiencies in public awareness, product diversification, and regulatory frameworks. The study comes to the conclusion that, even while Takaful by itself is not a cure-all, it is a highly relevant supplementary mechanism in sustainable health systems, especially when traditional insurance models encounter sociocultural opposition.
Copyright (c) 2025 Farida Mohammed Shehu https://creativecommons.org/licenses/by-nc/4.0
The Tax Audit Management, Tax Control Mechanisms, and the Performance of State Internal Revenue Services in South-West, Nigeria
The development of any nation is closely tied to its ability to generate and allocate revenue effectively, particularly for public infrastructure and services. In Nigeria, rising government expenditures and dwindling revenues have pushed state governments to explore strategies for improving their revenue base. Among the most critical of these strategies are efficient tax audit management and robust tax control mechanisms. Despite their importance, low tax compliance and high tax evasion continue to challenge the effectiveness of tax systems. This study examines the relationship between tax audit management, tax control mechanisms, and the performance of State Internal Revenue Services (SIRS) in South-West Nigeria. It specifically investigates how these two constructs impact SIRS performance across six states: Lagos, Ogun, Oyo, Osun, Ondo, and Ekiti. A cross-sectional survey design was employed, using structured questionnaires administered to 383 randomly selected respondents from a population of 8,771 management staff. Data analysis was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) to estimate the relationships among the study variables. The study concludes that tax audit management and tax controls enhance SIRS performance significantly, thereby enhancing efficiency and compliance. The study therefore recommends that tax authorities strengthen tax audit management practices by implementing more effective strategic audit plans, ensuring consistent case tracking, and maintaining audit independence through risk-based reviews. More focus and emphasis should be placed on back-duty audits, proper documentation, and structured compliance processes. SIRS should conduct regular evaluations, integrate risk management, and align controls with international standards.
Copyright (c) 2025 Yusuf Alabi Olumoh, Sanni Mubaraq https://creativecommons.org/licenses/by-nc/4.0
Impact of Country Macro Factors and Firm Specific Factors on Debt Capital Structure: Evidence from Non-Financial Firms in Nigeria
This study looks into how non-financial enterprises in Nigeria make decisions about their debt structures based on firm-specific and country-macro factors. The study uses secondary data from Nigerian non-financial companies that were listed between 2010 and 2024. The study employed a Panel OLS to analyze the collected data. The panel regression's findings show how firm-specific factors (firm sales, profits, fixed assets, and tax) and macro factors (inflation, interest rates, currency rates, and gross domestic product growth) affect the debt capital structure of Nigeria's non-financial companies. The findings show that whereas interest rates, taxes, and exchange rates are negatively correlated with debt capital structure, GDP growth rates, inflation rates, firm size, and profit are positively correlated. When making long-term funding decisions, the study advises company managers in the Nigerian sector to consider the potential effects of these macro and firm specific factors on their funding choices as well as their implications for the sector's overall growth.
Copyright (c) 2025 Kabir Usman Yusuf, Ahmed Balarabe Musa https://creativecommons.org/licenses/by-nc/4.0
The Control Activities of Financial Institutions in Nigeria and Risk Assets Quality
In view of the persistent collapse of financial institutions in Nigeria, it became eminent to ascertain how control activities affect the risk assets quality of Nigerian financial sector. The study applied ex-post research design method and relied on secondary data spawned from yearly financial records spanning 2010-2023. The population of the study comprised all eleven (11) categories of financial institutions operating in Nigeria as of December 31, 2023, in line with the classifications provided by the Central Bank of Nigeria (CBN). A purposive sampling technique was applied to select institutions from four key categories: deposit money banks, non-interest banks, development banks, and merchant banks, resulting in a total of 42 institutions. For empirical analysis, the study adopted Feasible Generalized Least Squares (FGLS) estimation technique. The findings revealed that both Capital Adequacy Ratio (CAR) and Loan to Deposit Ratio (LDR) have a positive and insignificant influence on non-performing loans, while Loan to Assets Ratio (LTAR) was found to have a negative and not significant effect. In view of the findings, policy makers and financial institutions should exercise restraints in placing too much emphasis on CAR and LDR, and instead strengthen internal credit risk control, due diligence process and adherence to early warning signals. Furthermore, lending should be guided with a well-defined risk appetite and efficient recovery process.
Copyright (c) 2025 Charles Segun Ilelaboye, Olubunmi Modupe Odugbemi https://creativecommons.org/licenses/by-nc/4.0
Corporate Governance Financial Expertise and Exceptional Performance of Quoted Non-Financial Firms in Nigeria
This study investigates the relationship between corporate governance, financial expertise, and the exceptional performance of quoted non-financial firms in Nigeria. The study utilizes secondary source panel data from 2005 to 2023 for 75 firms listed on the floor of the Nigerian Exchange Group (NGX). The results of the generalized methods of moments (GMM) regression indicated that all the variables of audit committee members with financial expertise (ACFE), board members with financial expertise (BFE), and CEOs with financial expertise (CEOFE) are positively significant with FPE. The study concludes that corporate governance financial expertise positively affects the exceptional performance of quoted non-financial firms in Nigeria. The study therefore recommends that management should maintain the current membership of the audit committee with financial expertise or consider increasing it to guarantee its effectiveness in improving the profitability of the firms, since ACFE has a positive and significant relationship with the exceptional performance of quoted non-financial companies in Nigeria.
Copyright (c) 2025 Lawrence Egbadju, Akuboere Salome Korolo https://creativecommons.org/licenses/by-nc/4.0
Effect of Free Cash Flow and Inventory Turnover on Performance of Listed Manufacturing Firms in Nigeria: The Moderating Role of Leverage
The impact of free cash flow efficiency, inventory turnover, and financial leverage on firm performance remains fragmented and inconclusive in the existing literature, with limited context-specific insights tailored to the Nigerian manufacturing sector. This study examined the effect of free cash flow efficiency, inventory turnover, and financial leverage on the performance of listed manufacturing firms in Nigeria using panel data of 49 companies covering the period 2012 to 2023. Firm performance was proxied by Tobin’s Q, while regression analysis was conducted using the robust random-effects model. This study adopts an ex post facto research design. The findings revealed that financial leverage had a positive and statistically significant effect on firm performance proxied by Tobin’s Q, while free cash flow efficiency and inventory turnover have an insignificant effect on Tobin’s Q. However, the interaction between Free Cash Flow Efficiency and Financial Leverage was positive and significant, suggesting that Financial Leverage moderates the relationship and enhances the effect of Free Cash Flow Efficiency on firm performance. The study concluded that financial leverage, when prudently managed, plays a strategic role in enhancing Tobin's Q, particularly when paired with efficient internal cash flow utilization. Based on these findings, it is recommended that manufacturing firms in Nigeria adopt prudent leverage strategies that complement efficient free cash flow management, as the combined effect significantly enhances market valuation and overall firm performance.
Copyright (c) 2025 Gina Oghogho Olufemi https://creativecommons.org/licenses/by-nc/4.0
Cashflow Management and Financial Performance of Industrial Goods Sector in Nigeria
The primary objective of this research is to investigate the impact of cash flow management on the financial performance of the industrial goods sector in Nigeria. Specifically, the study focuses on assessing the influence of cash flows from operating activities, cash flows from investing activity, and cash flows from financing activities on return on equity of selected industrial good firms in Nigeria. Ex post facto research is a study that investigates possible cause-and-effect relationships by analyzing data from events that have already occurred, without manipulating any variables. The panel least squares regression techniques were employed to examine the implicit relationship between the variables. The study found a significant negative relationship between cash flow from investing activities and financial performance. Additionally, cash flow from financing activities does not show a statistically significant relationship with financial performance in this sector. These findings highlight important considerations regarding the role of cash flow management in driving financial outcomes. In conclusion, the research underscores the importance of a balanced approach to cash flow management across all activities, operating, investing, and financing to achieve sustainable financial performance in the industrial goods sector. Firms should prioritize investments that align with their strategic objectives while maintaining efficient operations to optimize financial outcomes. It is recommended that firms focus on selecting investment projects with higher potential returns and avoid inefficient or excessive investments that do not align with their strategic goals.
Copyright (c) 2025 Salome Akuboere Korolo, Emmanuel Omolaye Korolo https://creativecommons.org/licenses/by-nc/4.0
Comparative analysis of timely loss recognition during local and international accounting standards regimes: Case of listed manufacturing firms in Nigeria
The study investigates the pattern of timely loss recognition among listed manufacturing firms in Nigeria before and after the implementation of the International Financial Reporting Standard (IFRS). This effort was made by the craving of the accounting standards’ setters to continue ascertaining the quality of accounting standards issued under IFRS and its implication on accounting information issued during the reporting regime. The study relied on ex post facto research, and secondary data covering a 7-year period before and a 7-year period after IFRS implementation were drawn from the annual reports of 17 purposively selected manufacturing firms listed on the Nigerian Exchange Group (NGX), using certain selection criteria. Results based on a panel regression test reveal higher timely recognition of losses during the IFRS reporting period than the period before IFRS implementation. The result of the interactive terms and timey losses also reveals the existence of earnings smoothing in the pre-IFRS period, which seems to have been informed by less timely loss recognition. Thus, the study concludes that more losses are recognized by conservative corporate managers during the IFRS reporting period based on this context. The findings have implications for the potential investors, lenders of excess liquidity, and standard setters, among others.
Copyright (c) 2025 Muyiwa Ezekiel Alade https://creativecommons.org/licenses/by-nc/4.0
CSR Compensation Cost and Firm Value in Nigeria: Mediating Effect of Liquidity, Moderating Effect of Firm Size, Firm Growth and Business Risk
This work ascertains the influence of the financial aspect of CSR compensation cost on firm value of consumer goods firms in Nigeria for the period 2019-2023. The population consists of the twenty listed consumer goods firms in the Nigerian Exchange Group as of 31st October 2020. Seven of the firms were sampled; secondary data was gathered from the firm’s annual reports for the period of five years. Linear regression was used with the aid of Statistical Package for Social Sciences software 26 to test the hypotheses. The result reveals that the financial aspect of CSR compensation cost has no constructive and substantial influence on Tobin’s q, the mediating effect of the financial aspect of CSR compensation cost has no constructive and substantial influence on liquidity, and the moderating effect of the financial aspect of CSR compensation cost has no constructive and substantial influence on firm size, firm growth, and business risk of the consumer goods firms. The study concludes that the financial aspect of CSR compensation cost has no influence on the firm’s value. The implication of the finding shows that the amount the firms invest in CSR activities for community and society sustainable development was not properly practised; that was why the firms’ financial aspect of CSR compensation costs has no constructive and substantial influence on the Tobin’s q, liquidity, firm size, firm growth and business risk of the firms.
Copyright (c) 2025 Hwerien Rosemary Idamoyibo https://creativecommons.org/licenses/by-nc/4.0
The Impact of MSME Characteristics on Enhancing Voluntary Tax Compliance in Bayelsa State, Nigeria
The impact of Micro, Small, and Medium-Sized Enterprises' (MSMEs') attributes on voluntary tax compliance in Bayelsa State, Nigeria, is examined in this study. Data was gathered from 171 MSME managers using a cross-sectional survey approach and standardized questionnaire; 140 valid replies resulted in an 81.9% response rate. Using regression analysis and Spearman's rank correlation, the study investigates the connections among sectoral differences, business size, ownership structure, profitability, and voluntary tax compliance. The results show that firm size and tax compliance have a substantial positive association (r = 0.821), suggesting that larger MSMEs are more likely to follow tax laws. Ownership structure and compliance show a moderate association (r = 0.600), indicating that companies with more owners are generally more financially accountable. On the other hand, sectoral differences have a poor connection (r = 0.218) with tax compliance, suggesting that compliance behaviour is not considerably impacted by the type of industry. Compliance and profitability have a positive correlation (r = 0.629), suggesting that more successful companies are better equipped to pay their taxes. In order to increase compliance rates, the report emphasizes the significance of creating a favourable tax administration regime for MSMEs through customized tax laws and instructional programs. In the end, these findings support economic stability and sustainable development by offering insightful information to stakeholders and policymakers looking forward to enhancing tax compliance and revenue collection in Nigeria's MSME sector.
Copyright (c) 2025 Pretty Dennis Adigwe https://creativecommons.org/licenses/by-nc/4.0
The Effect of Financial Technology on MSMEs Performance: The Mediating Role of Financial Inclusion
Financial technology (fintech) has made financial services more accessible to small and medium enterprises (SMEs) by offering digital payment methods and alternative financing platforms. Because of this advancement, financial inclusion has improved, making it easier for SMEs to get loans and handle transactions effectively. The purpose of the study is to empirically investigate the effect of fintech on SME performance in Jigawa State and whether financial inclusion can mediate the relationship. A descriptive research design approach was used to sample 352 SMEs in Jigawa State, Nigeria, using a convenient sampling technique. A structural equation modelling technique using Smart PLS v.4.1 software was used to test inferential statistics, and SPSS v.23 software was used to test descriptive statistics. The specific indirect effects statistics show that among the dimensions of fintech, Perceived Usefulness (PUS) and Perceived Ease of Use (PEU) were found to mediate between financial inclusion and SME performance, whereas Perceived Trust (PTT) and Responsiveness (RPN) have no mediating effect. The result of the path coefficient indicates that PUS, PEU, and PTT have a positive and significant influence on financial inclusion, while RPN does not. Among the fintech dimensions, PUS & RPN have a positive and significant effect on SME performance, while PEU & PTT don’t. The study also found that financial inclusion significantly predicts SME performance. The government should support fintech companies to develop new business solution apps/software since their perceived usefulness is recognised by SMEs.
Copyright (c) 2025 Mohammed Hamidu Usman, Sallau Muhammad Muhammad, Sulaiman Ibrahim Kassim https://creativecommons.org/licenses/by-nc/4.0
Key Macroeconomic Variables and Stock Market Development in Nigeria: Evidence from Granger Causality Test
The study examined the key macroeconomic variables on stock market development in Nigeria using the Granger causality test from Nigeria from 1986 to 2019. The study relies heavily on secondary data (time series) sourced from the various institutions. Data on GDP, money supply (M2), interest rate, and exchange rate were sourced from the Central Bank of Nigeria (CBN). Data of all share indices was sourced from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE). Data on inflation was sourced from the National Bureau of Statistics (NBS). The statistical properties of data were tested using the ADF and PP tests. The test indicated that interest rate and trade openness are stationary at level, while all share index, money supply, exchange rate, and inflation rate are stationary at first difference. The Granger causality test indicates that there is bi-directional causality among the variables except for the exchange rate. Based on these findings, the study recommends that the Central Bank of Nigeria should ensure stability in the exchange rate by promoting trade, tourism, and foreign investment, and it recommends that the Central Bank of Nigeria and fiscal authorities should embark on liberalization policies and ease all trade barriers to encourage trade amongst its trading partners.
Copyright (c) 2025 Aminu Yusuf, Mohammed Gwadabe, Ali Yahaya Ukashatu https://creativecommons.org/licenses/by-nc/4.0
Analysis of the Impact of Key Macroeconomic Variables on Stock Market Development in Nigeria
The study investigates the impact of key macroeconomic variables on stock development in Nigeria. The macroeconomic variables investigated include money supply, inflation, interest rate, exchange rate, trade openness, and all share index from 1986 to 2019. The Augmented Dickey-Fuller and Phillips-Perron and autoregressive distributive lag (ARD) model. Based on the findings, the long-run relationship indicates that money supply has a positive and statistically significant impact on all share indices. Furthermore, the exchange rate has positive but statistically insignificant effects on all share indices. The interest rate indicates positive and statistically significant effects on all share indices. Trade openness indicates a positive but statistically insignificant effect on all share indexes in Nigeria. The inflation rate shows a negative and statistically insignificant effect on all share indices in Nigeria. Interestingly, the error correction term (ECT) met all its theoretical and statistical requirements in both sign and size. It measures the speed of adjustment towards equilibrium after the initial deviation is corrected. The ECT coefficient is -0.201711 and significant at 5%, which indicates that 20 % of the disequilibrium due to the shock in the previous years is adjusted back to the long-run equilibrium in the current year. Based on the findings, the current study recommends that regulatory authorities and policymakers should ensure general stability in money supply and exchange rates by promoting trade in the economy.
Copyright (c) 2025 Aminu Yusuf, Mohammed Gwadabe , Ali Yahaya Ukashatu https://creativecommons.org/licenses/by-nc/4.0
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.
Copyright (c) 2025 Alfred Ilemona Sani https://creativecommons.org/licenses/by-nc/4.0