FINANCIAL INCLUSION AS A PARADOX FOR ECONOMIC GROWTH IN NIGERIA

Access to financial services at affordable rate is one of the major concerns of financial inclusion in both advanced and developing nation around the globe since the subject matter is considered as a key driver for economic growth acceleration. This paper sought to empirically examine how financial inclusion variables (financial deepening, access to finance, saving mobilization and liquidity ratio) contribute to economic growth in Nigeria (2008-2022). Data for the study were collected secondarily from Statistical Bulletins of the Central Bank of Nigeria (C.B.N.) and Federal Office of Statistics (F.O.S.). Specifically, data consisting of economy and bank parametric which include GDP, financial deepening represented by (FD1 and FD2), Total loan and advances of the deposit money banks (LA), Total Deposit of the deposit money banks (TD) and Liquidity ratio (LQR) of deposit money banks spanning about twenty five-year period; 2008 to 2022 were extracted. OLS regression analysis was adopted, and the entire outcomes of the regression analysis indicates a positive relationship exist between the financial inclusion and economic growth in Nigeria given cognizance to the reported coefficients on each of the adopted variables. Therefore, it was recommended that financial regulators should request for comprehensive and adequate policy guidance that will encourage financial inter-mediation across board as this will no doubt foster economy growth

EFFECT OF WORKING CAPITAL MANAGEMENT ON FIRM’S VALUE: EVIDENCE FROM LISTED PHARMACEUTICAL FIRMS IN NIGERIA

Effective working capital management is crucial for the success and sustainability of listed pharmaceutical firms in Nigeria. The study examined the working capital management on firm’s value: evidence from listed pharmaceutical firms in Nigeria. The specific objectives are to determine the effect of average collection period (ACP), average payment period (APP), cash conversion cycle (CCC) and inventory conversion period (ICP) on value of listed manufacturing firms in Nigeria. This study adopted an ex-post facto research design. The population of this study consists of all listed pharmaceutical companies on the floor of the Nigeria Exchange Group as at31st December, 2021. There are eleven (11) listed pharmaceutical companies in Nigeria. Due to unavailability of data five (5) companies are used for the sample size of this study. The data obtained were analyzed using descriptive techniques such as minimum, maximum, mean, and standard deviation and inferential techniques such as correlation and regression analysis. The study revealed that average collection period (ACP), average payment period (APP), cash conversion cycle (CCC) and inventory conversion period (ICP) have significant effect on value of listed manufacturing firms in Nigeria. The study conclude that the working capital managementhas significant effect on firm’s value of listed pharmaceutical firm. This study recommends regularly review and adjust working capital management strategies to ensure alignment with changing business needs and invest in financial technology and automation to streamline working capital management processes. It also recommends that implement efficient accounts receivable management to reduce average collection period and negotiate with suppliers to extend payment terms and reduce average payment period

HISTORICO-LEGAL AND SOCIOCULTURAL CAUSES AND THE IMPLICATIONS OF PEASANTS’ REVOLT AGAINST TAXATION IN IBADAN, WESTERN NIGERIA

The expectation that the Nigerian elites who were vested with political power at independence in 1960would improve the lives of the populace appeared to be misplaced, because the nascent Nigerian statebounced from one avoidable social conflict to the other. One of the avoidable problems was the ill-conceivedincrease in the tax rate of the peasants by the Government of Western Nigeria in a period of economicdepression. This article examines the reasons for the resistance to taxation, the legal and extra-legal waysby which the peasants were able to engage the military administration of Western Nigeria, albeit theNigerian state laws enforcement machinery to a standstill, using the case study method. The article foundthat there were certain demographic similarities among the leaders of the agitation by a review of theexisting literature. The rebellious peasants had their own legal order and communication system rooted inthe Yoruba indigenous system. The article concluded that the violent agitation of the peasants beganbecause of the refusal of the authority and the ruling elites to heed the pleas of the peasants through petitionsand peaceful representations. The article therefore recommended that there is a need for the stateauthorities to understand the plights of the citizenry before imposing higher tax burden on them. Similarly,the different levels of governments in the Nigerian federation should learn from this experience in theformulation of current and future tax policies. Further, the Nigerian state’s resort to violence in this casewas defeated in the face of popular revolt

CORPORATE SOCIAL RESPONSIBILITY AND FINANCIAL PERFORMANCE OF LISTED CEMENT MANUFACTURING COMPANIES IN NIGERIA

The relevance of corporate social responsibility in corporate performance needs continuousreassessment for the validity or otherwise of the previous related studies. This informed the currentstudy to empirically examine whether corporate social responsibility (CSR) has effect on financialperformance of listed cement manufacturing companies in Nigeria. The study is based on ex-postfacto research design using secondary data. The study population consisted of three cementmanufacturing companies quoted on Nigerian Exchange Group. However, two of the threecompanies formed sample size based on data availability, while data for the study were extractedfrom the audited annual reports of the sampled cement companies. The data obtained wereanalyzed with the use of descriptive statistics, correlation, and regression method, and it wasstatistically observed that corporate social responsibility has a positive, but negligible effect onreturn on asset. It was also observed that the effect of corporate social responsibility on earningsper share is positive and substantial. It can be summarized that good corporate responsibility willpossibly improve the financial performance of a firm. It is therefore recommended thatorganizations should engage in different philanthropic activities to continue to enjoy peaceful coexistencewith the members of the host community. Moreover, it is expected of every corporateentity to have effective control measures in place to cushion the negative effect of its activities onthe operating environment. This will, however, impact positively on the firm’s performanc

AUDIT COMMITTEE’S ATTRIBUTES AND QUALITY OF FINANCIAL REPORTING ON LISTED CONSUMER GOODS FIRMS IN NIGERIA

Confidence of the community in general and the investment community in particular in theaccuracy of the Nigerian companies\u27 financial reports has decreased due to the repeateddocumentation of accounting manipulations in financial statements. This has led to businesstakeovers and collapse. The prevalence of takeovers and or collapse has caused significantconcern about how well corporate governance procedures guarantee the preparation anddisclosure of more effective accounting records. Therefore, this study examined the effects of auditcommittees’ attributes on the quality of financial reporting of listed consumer goods firms inNigeria. The data for the study was obtained from the annual reports of the sample of sixteenconsumer goods firms listed for the period 2009 to 2022. The data was analyzed using fixed effectregression analysis after conducting the Hausman test and the Breusch-Pagan test. The studyfound that audit committees independence (ACI), audit committees’ size (ACS), and shareholdersinvolvement in the committees (SIAC) have a considerable tendency to enhance the standard ofpublished financial information of Nigerian consumer goods businesses that are listed. The studyconcluded that the audit committee affects the quality of the financial statements of listed consumergoods companies in Nigeria. To maintain an effective oversight function and foster a positiveenvironment for the legally required audit that promotes a reliable and unbiased perspective ofthe financial information, this study proposed that the governing board of executives guaranteethe nomination of appropriate audit committee members who have adequate financial skills,including shareholders

EFFECT OF LIQUIDITY MANAGEMENT ON THE FINANCIAL PERFORMANCE OF LISTED CONSUMER GOODS COMPANIES IN NIGERIA

Insolvency and bankruptcy have been the bane of many consumer goods companies CGCs due to frequent challenges such as slow inventory turnover, inefficient collection processes, and poor trade credit policies in consumer goods companies which have been negatively impacting cash flow, liquidity management, and customer payment behavior, thus resulting in bad debt and financial crisis. This research investigates the effects of liquidity management on the financial performance of listed consumer goods companies (CGCs) employing an expost-facto research design. All 21 listed consumer goods companies make up the population; fifteen of these were specifically selected using a judgmental sampling technique for reasons based on their capital bases, their readiness of data for ten years (2014–2023), and their listing on the NGX. Secondary data were used to analyze the financial accounts of the listed consumer goods companies. The panel OLS was the data analysis technique employed. The results revealed that liquidity management significantly affects ROA (p = 0.000000) and ROE (p = 0.000000) at a 1% significant level. The study concluded that liquidity management has a significant effect on consumer goods sectors in Nigeria. Therefore, it recommended that consumer goods companies invest in strategies that can increase profitability without significantly compromising liquidity

CUSTOMER RELATIONSHIP MANAGEMENT TOOLS AND ORGANIZATIONAL PERFORMANCE OF COMMERCIAL BANKS IN SOUTHWEST, NIGERIA

The purpose of the study was to examine the extent at which customer relationship managementtools influence the organizational performance of commercial banks in Southwest, Nigeria. Thestudy was carried out using the descriptive research design of the survey type. The population ofthe study was six hundred and twenty-four (624) respondents which comprised all thezonal/branch, operations, human resources manager and customer care giver of five of each ofthe twenty-six (26) commercial banks in Southwest, Nigeria, (CBN, 2024). The sample of the studyconsisted of three hundred and ninety (390) respondents which was achieved through multistagesampling techniques. The study adopted a questionnaire instrument tagged ‘CustomersRelationship Management Tools and the Organizational Performance of Commercial Banks’(CRMPB). The reliability of the instrument was estimated at 0.80 using Chronbach’s Alphareliability method. The data collected for this study was analyzed using both descriptive andinferential statistics. All hypotheses were tested at 0.05 level of significance. This study revealedthat there is significant relationship between the usage of customer relationship management toolsand the organizational performance of commercial banks operating in Southwest, Nigeria; thereis significant relationship between Hub Spot CRM tools and customer retention rate ofcommercial banks operating in Southwest, Nigeria, and there is significant relationship betweenOracle CX Cloud CRM tools and cross-selling and upselling opportunities in commercial banksoperating in Southwest, Nigeria. Based on the findings of the study, it was recommended thatcommercial bank operators should adopt the usage of CRM tools to enhance their organizationalperformance

INTERNAL CONTROL SYSTEM AND FINANCIAL REPORTING QUALITY OF LISTED OIL AND GAS COMPANIES IN NIGERIA

Poor reporting quality is a destructive issue in the business world while the internal control is perceived as a form of assurance technique to the management and stakeholder. In response to series of abysmal financial reporting from Nigeria’s oil and gas sector, this study appraised the effect of internal control system on financial reporting qualities of the listed oil and gas sectors in Nigeria. A survey research design was employed and primary data were obtained through structured questionnaire distributed to 233 management staff, selected randomly from nine oil and gas firms in Nigeria. The data was subjected to multiple regression analysis and the study revealed that control activities, monitoring activities, control environment, and risk assessment have p-value of 0.000 and beta of 0.33; 0.56; 0.359; -0.323 respectively on the comparability of financial reports in Nigeria’s oil and gas sector. The study concludes that efficient internal controls system enhanced improved financial reporting quality. It was recommended that the management should implement efficient risk assessment system in place to ensure preventions from irregularities and compliance to standards and other regulatory requirements. Also, there should be an effective risk assessment to reduce mismanagement of firm’s assets

MICROFINANCE AND INCOME LEVEL IN NIGERIA

In underdeveloped nations, microfinance has drawn a lot of attention as an effective tool for reducing poverty and promoting economic empowerment as potent stimulators of income level. This is achieved through channelization of credit to the poor and unbanked segment of the economy to help them engage in new productive business activities or to sustain or expand existing ones. This paper examines the relationship between microfinance banks activities and income level in Nigeria, using per capita income (PCI) as the dependent variable, and microfinance banks activities such as loan and advances (LADV), deposit mobilization (TDEP) and other non-banking financial activities (NBFIN) as independent variables. The research adopted quantitative design and employed regression analysis in analysing the effect of microfinance bank activities on income level in Nigeria between 1995 to 2022. The findings were that the activities of microfinance banks account for more than 53% of the variation in per capita income. The paper thus concluded that these institutions make financial markets accessible to individuals and households so they can finance investments and boost their per capita income. It recommends that microfinance banks should seek to mobilize deposits from the underserved demography of the economy to help the economically active but underserved segment of Nigerian society raise their standard of living

DIVIDEND POLICY AND MARKET VALUE OF NIGERIAN LISTED DEPOSIT MONEY BANKS

The two obvious choices involving amount the bank need for investments as well as for dividends distribution have been an issue. In most regulations, dividend payment had been withheld in order to satisfy investment decision as if it is not essential. Therefore, this study investigated dividend policy’s influence on listed Nigerian deposit money banks’ market value. An ex post facto research design was utilised while a purposive sampling approach was applied to select 12 banks out of the total population of 14 banks that were listed consistently with available data within the period of examination. Detailed information as regards market value (Tobin Q and share price) as well as dividend policy (dividend payout, dividend per share, dividend yield) of Nigerian listed banks was obtained from their annual reports together with accounts that were made public between 2011 and 2022 as well as Nigerian Exchange Group Fact Book, 2022. Data collected were analysed using descriptive (mean, median, standard deviation) and inferential statistics (correlation and panel data estimation). The outcomes reveal that dividend policy represented by dividend payout had positive and significant influence on the market value. This suggested that paying dividend regularly to the shareholders led to high market value. This study concluded that dividend policy influence market value of listed deposit money banks in Nigeria. It was recommended that bank management should pay attractive dividend regularly to their respective shareholder. Also, there should be regulation as to paying dividend regularly