Exploring information lifecycle management in the Nigerian financial sector: A case study

This research paper presents theoretical and practical approaches at how the banking sector manages financial information, with emphasis being placed on financial service operations of cheque processing and securities trading. The banking sector was identified as it is presently the most vibrant and emerging sector in the financial services in Nigeria, which mentioned in the Financial Times. The banking sector has been the driving force behind Nigeria’s equity, which is in access of $3.3bn in equity capital markets a transaction in 2007. The banks that were investigated in this research paper included banks that incorporate functions in the equity market as part of their daily operations and in the possession of relevant information on securities trading as well as information on cheque processing procedures. One of the main findings is that, there is above average knowledge and understanding of ILM within the financial sector in Nigeria. Therefore, it was recommended that the application of ILM techniques should be improved upon in the management of information in the Nigeria financial sector and to obtain the best results at every stage of the information lifecycle

An Examination of E-Banking Fraud Prevention and Detection in Nigerian Banks

E-banking offers a number of advantages to financial institutions, including convenience in terms of time and money. However, criminal activities in the information age have changed the way banking operations are performed. This has made e-banking an area of interest. The growth of cybercrime – particularly hacking, identity theft, phishing, Trojans, service denial attacks and account takeover– has created several challenges for financial institutions, especially regarding how they protect their assets and prevent their customers from becoming victims of cyber fraud. These criminal activities have remained prevalent due to certain features of cyber, such as the borderless nature of the internet and the continuous growth of the computer networks. Following these identified challenges for financial institutions, this study examines e-banking fraud prevention and detection in the Nigerian banking sector; particularly the current nature, impacts, contributing factors, and prevention and detection mechanisms of e-banking fraud in Nigerian banking institutions. This study adopts mixed research methods with the aid of descriptive and inferential analysis, which comprised exploratory factor analysis (EFA) and confirmatory factor analysis (CFA) for the quantitative data analysis, whilst thematic analysis was used for the qualitative data analysis. The theoretical framework was informed by Routine Activity Theory (RAT) and Fraud Management Lifecycle Theory (FMLT). The findings show that the factors contributing to the increase in e-banking fraud in Nigeria include ineffective banking operations, internal control issues, lack of customer awareness and bank staff training and education, inadequate infrastructure, presence of sophisticated technological tools in the hands of fraudsters, negligence of banks’ customers concerning their e-banking account devices, lack of compliance with the banking rules and regulations, and ineffective legal procedure and law enforcement. In addition, the enforcement of rules and regulations in relation to the prosecution of financial fraudsters has been passive in Nigeria. Moreover, the findings also show that the activities of each stage of fraud management lifecycle theory are interdependent and have a collective and considerable influence on combating e-banking fraud. The results of the findings confirm that routine activity theory is a real-world theoretical framework while applied to e-banking fraud. Also, from the analysis of the findings, this research offers a new model for e-banking fraud prevention and detection within the Nigerian banking sector. This new model confirms that to have perfect prevention and detection of e-banking fraud, there must be a presence of technological mechanisms, fraud monitoring, effective internal controls, customer complaints, whistle-blowing, surveillance mechanisms, staff-customer awareness and education, legal and judicial controls, institutional synergy mechanisms of in the banking systems. Finally, the findings from the analyses of this study have some significant implications; not only for academic researchers or scholars and accounting practitioners, but also for policymakers in the financial institutions and anti-fraud agencies in both the private and public sectors

Determination of flow resistance coefficient for vegetation in open channel: laboratory study

This study focused on determination of flow resistances coefficient for grass in an open channel. Laboratory works were conducted to examine the effects of varying of roughness elements on the flume to determine flow resistance coefficient and also to determine the optimum flow resistance with five different flow rate, Q. Laboratory study with two type of vegetation which are Cow Grass and Pearl Grass were implementing to the bed of a flume. The roughness coefficient, n value is determine using Manning’s equation while Soil Conservation Services (SCS) method was used to determine the surface resistance. From the experiment, the flow resistance coefficient for Cow Grass in range 0.0008 - 0.0039 while Pearl Grass value for the flow resistance coefficient are in between 0.0013 - 0.0054. As a conclusion the vegetation roughness value in open channel are depends on density, distribution type of vegetation used and physical characteristic of the vegetation itsel

Large Scale Document Management System: Creating Effective Public Sector Knowledge Management System

The digital age has redefined the production process and utilisation of documents globally. In the information age, the process of input, delivery, storage, receipt, and categorization of data is critical. The public sector has to rely more and more on automated, reliable solutions in order to keep their information safe and readily accessible for effective governance. A document management system is a computer system used to track and store electronic documents and/or images of paper documents. The term has some overlap with the concepts of content management systems often viewed as a component of enterprise content management systems and related to digital asset management, document imaging, workflow systems and records management systems. This paper examines an ongoing document management implementation case study in a public sector of digital assets of over twelve million pages, scalable to billions of pages, highlighting the taxonomy, content and knowledge management creation using an enterprise content management system and discusses the role in national development and growt

Blockchain For Food: Making Sense of Technology and the Impact on Biofortified Seeds

The global food system is under pressure and is in the early stages of a major transition towards more transparency, circularity, and personalisation. In the coming decades, there is an increasing need for more food production with fewer resources. Thus, increasing crop yields and nutritional value per crop is arguably an important factor in this global food transition. Biofortification can play an important role in feeding the world. Biofortified seeds create produce with increased nutritional values, mainly minerals and vitamins, while using the same or less resources as non-biofortified variants. However, a farmer cannot distinguish a biofortified seed from a regular seed. Due to the invisible nature of the enhanced seeds, counterfeit products are common, limiting wide-scale adoption of biofortified crops. Fraudulent seeds pose a major obstacle in the adoption of biofortified crops. A system that could guarantee the origin of the biofortified seeds is therefore required to ensure widespread adoption. This trust-ensuring immutable proof for the biofortified seeds, can be provided via blockchain technology

Product Lifecycle Engineering and Management a Life Line for SMEs in Nigeria: An Appraisal

In this 21st century and beyond characterized with rapid development change in technology and innovations, organizations must relentlessly improve their product processes and systems, if they hope to outperform their competitors and maintain relevancy. Invariably, every product has 'life', starting with the design/development, followed by resource extraction, production, use/consumption, and end-of-life activities. However,, Product Lifecycle Engineering and Management (PLM), represents a very important approach for achieving a more sustainable paradigm of work and life, a more sustainable product development, manufacturing, use and dismissal. It is remarkable to note that SMEs account for 97% of all businesses in Nigeria, employs 50% of Nigeria's workforce, and produce 50% of Nigeria's industrial output, but most of these companies (SMEs) are short-lived. The sustainability of these companies and their products' lifecycle has become imperative in order to increase their contributions towards economic, social, political, environmental, and technological development of the Nigeria nation. This paper therefore, shows that effective and efficient PLM will inevitably play a vital and unprecedented role in creating sustainable product environment for SMEs in Africa and most especially fast growing economy like Nigeria. Keywords: Lifecycle, Management, Sustainability, SMEs, ICT Solution, Product Life, Developmen

Environmental Accounting Practices and Corporate Performance: Study of Listed Oil and Gas Companies in Nigeria

This study investigated the effect of environmental accounting practices on corporate performance of listed oil and gas companies in Nigeria, 2012-2018. This was achieved through the formulation of Hypotheses which we tested using data obtained from stock exchange fact books, corporate sustainability reports and annual reports of sample firms. Ex-post facto research design was employed in the study and the analysis carried out using simple linear regression. Findings reveal environmental accounting practices and accounting have significant positive effects on both turnover and Return on capital employed; while the effect on net profit even though positive, was insignificant. The theoretical outcome of this study is the Performance Improvement Theory (PIT) which states that firms are involved in sustainability accounting generally for the reason of improved corporate performance benefit drivable through good reputation and cost reduction. Our study concluded that, environmental accounting has significant positive effect on corporate performance of practicing companies. It is therefore recommended amongst others that corporate organizations should extend their management accounting and financial reporting systems to environmental accounting as a way of ensuring long-run corporate sustainability. Index terms: Environmental accounting, Corporate Performance, Performance improvement (PIT) theory. DOI: 10.7176/EJBM/12-22-08 Publication date:August 31st 202

Effect of Forensic Accounting on the Financial Performance of Commercial Banks on Nigeria

The current study was on the effects of forensic accounting on the performance of commercial bank in Nigeria. Fraudulent activities in a commercial bank setting may have a negative effect on the viability, performance, sustainability and reputation of commercials banks.  This study was conducted through explanatory research design which required the analysis of how a set of independent variables affect the dependent variable.  The target populations comprised of all 609 forensic managers, their staff and internal control managers and their staff. For the purpose of this study, sampling frame of 21 commercial banks was taken.  A sample of 61 respondents was used which was spread proportionately across 6stratum. The stratum included Forensic Managers, Forensic Assistant Manager, Internal Audit Manager, Internal Audit assistant manager, forensic staff and internal audit staff. The study used primary data that was collected through self-administered questionnaires. The findings indicated that forensic investigation and forensic litigation was statistically significant in explaining changes in financial performance of commercial banks. The findings of this study were crucial in the formulating study conclusions. However, the study also took into account the expectations of the study. It was possible to conclude from the study findings that forensic investigation and forensic litigation were statistically significant in explaining changes in financial performance of commercial banks in Nigeria. It was also possible to conclude that use of forensic financial information influenced and improved performance of commercial banks in Nigeria.  The unique contribution of this paper is that it clearly addresses the effects of forensic accounting on the performance of commercial bank in Nigeria, upon which majority of commercial banks in a developing economy ought to adapt to mitigate financial irregularities. Key Words: Forensic Accounting, financial performance, financial informatio