Can The Functions Of A Paper Bill Of Lading Be Replicated By Electronic Bill Of Lading

The replication of the functions of paper bill of lading by the electronic bill of lading has generated series of controversy among shippers and carriers from high tech states and low tech states. Due to the nature of the traditional functions of paper bill of lading being capable of recognised as receipt for goods, evidence of contract of carriage and documents of title, proponent of the paper bill have questioned the capability of the electronic bill to actually replicate these functions. Modern means of replicating the paper bill are in operation in advanced states. Such electronic data base system like Bolero, The @ Global Trade, APL have all attempted to replicate the paper bill of lading, though, with some defects which borders on security concerns associated with electronic data message coupled with the evidentiary value of such data messages in different jurisdictions. Furthermore the problems of negotiability and meeting the writing requirements of the paper bill by the electronic bill has been a major source of concern considering the deep rooted conservative attitude of traders. Various arguments and defects of the paper and electronic bill of lading will be examined critically with the objective of finding practical and viable option which is faster and convenient in transacting international business for shippers and carriers. Keywords: bill of lading, electronic bill, contract of carriag

An Empirical Analysis of Inflationary Impacts on Profitability and Value of Selected Manufacturing Firms in Nigeria

The study investigated the nature of the relationship between inflation and the value of firms in the manufacturing sector of a developing economy like Nigeria. It also tried to discern the nature of the relationships between inflation and profitability (proxied by return on assets) and economic value added and return on assets. The study employed secondary data collated from the audited financial statements of the sampled firms. These were analyzed using multiple regressions and analysis of variance. Results indicate a strong negative relationship between inflation and firm value and an insignificant negative relationship between inflation and return on assets (proxy for profitability). Further, the relationship between return on assets and economic value added is insignificant. Inflation, even at low level, seriously understates the true value of the firm. The implication of the findings is deducible from the fact that accurate estimation of the real value of the firm necessitates incorporating inflation element to arrive at the value of investments in fixed assets and other long term investments. It also highlights the fact that most business failures are caused by unwise investments in fixed assets that could easily have been detected if inflation rate is incorporated to get at the real cost of investible funds. Keywords: Inflation, Return on Assets, Firm Valuation, Manufacturing Firm

Studying the Influence of Board Size on the Financial Performance of Selected Manufacturing Firms in Nigeria

This study examined the effect of board size on financial performance (proxied by both economic value added (EVA) and return on assets (ROA) of the manufacturing sector in Nigeria using publicly listed firms.  The study investigated the extent and nature of the relationship between board size and profitability of publicly listed manufacturing firms; and nature and extent of the relationship between board size and firm size of same firms. The study adopts quantitative panel methodology in analyzing secondary (panel) data collected and collated from the audited financial statements of 46 quoted manufacturing firms drawn from 95 subsectors of (NSE) for the twelve year period (2003-2014). It revealed that manufacturing firms with smaller board size are more viable than those with larger board size.  It also reported that firms within the sector with larger boards recorded lesser profits in contrast.  The implication of the findings can be deduced from the problem associated with free rider syndrome characteristic of chief executive officer dualizing as managing director for firms in Nigeria.  Further, stricter regulating of corporate institutions is imperative because of the significant role that these institutions play in the stock markets and negative repercussions that are experienced when their risk-taking is not properly regulated.  The study, recommends, among others, that firms seeking some improvement in their performance should constitute smaller sized boards of directors composed of few independent directors.  Moreover, there may be a need to revisit regulation with respect to constituting board size which would balance the interest of executives and shareholders. Key words: Board size, Financial Performance, Quoted Manufacturing Firm

Effectiveness of the Economic and Financial Crimes Commission (EFCC) in Enhancing Accountability in the Nigerian Public Sector

The study is aimed at identifying strategies and measures that will strengthen the effectiveness of the commission in their fight against corruption in the Nigerian public sector to ensure accountability and transparency. The research adopted content analytical method and revealed that lack of societal cooperation, poor staff training, pre-bargaining and systemic disorder affect the effectiveness of the Economic and Financial Crimes Commission (EFCC) in their fight against corruption in the Nigerian public sector. The implication of the findings is that, it will be difficult for the government to succeed in the fight against corruption in Nigeria if the identified problems are not addressed. The study, suggests, that concerned and enlightened individuals should collaborate with the EFCC to get rid of corruption in Nigeria. Further, the government should adopt appropriate measures no matter how bitter, to root-out these causes of corruption if Nigeria is really serious about the fight against corruption. Government should ensure that the public sector officials discharge their duties in compliance with the code of conduct guiding the public sector. Key words: Effectiveness, EFCC, Accountability, Public Secto

The tracheophytes (Angiosperms and Pteridopytes) of Augustine University Campus, Ilara-Epe, Lagos State, Nigeria

This study was carried out to assess the avalanche of species existing in an undisturbed vegetation in Lagos State, Nigeria, prior to developmental activities. One hundred and eighty-eight (188) plant species (Angiosperms and Pteridopytes) across 68 families were recorded, following standard taxonomic protocols. The trees and shrubs were dominant and cut across 25 and 24 families, respectively. The family Rubiaceae had the highest number of species represented, with 18, followed by Euphorbiaceae with 17, then Papilionaceae and Apocynaceae with 10 each. This preliminary survey showed that the study area is a rich biodiversity hotspot especially as it accommodated some unique species of South-Western Nigeria. Even though urbanization and the development of the study site is inevitable, the conservation of the Eredo-Sugbo area of the site should be encouraged as much as possible

Valuers' perception of the effect of client influence on valuation practice

The literature indicates that valuers yield to client influence to bias valuations. Studies also show that client influence has several effects on valuation practice. This study investigated valuers' perception of the effect of client influence on valuation practice with the objective of determining whether the perception differs for valuers of different characteristics. The investigation focused on secured lending valuations in Nigeria. The research design was cross-sectional survey. The sample comprised 270 valuation firms selected through the stratified random sampling design. Data collection utilised questionnaire structured on 5–point Likert format. Data analysis employed mean statistics and Kruskal-Wallis test. The results revealed that valuers perceive that client influence undermines integrity of the valuers; the valuation firm and the valuation profession; as well as questions valuers' expertise and, constrains the development of the valuation profession. This perception is the same irrespective of the characteristics of the valuer. It can be inferred that valuer characteristics are not important in explaining valuers' perception of the effect of client influence on valuation practice. The policy implication of the research is the necessity for the regulatory agencies to review valuation practice standards to institute measures to check the intervention of clients in valuations. The limitation of the research is that it investigated only valuers. It suggests that research be conducted on the subject from clients' perspective.Keywords: Client influence; valuation; bias valuation; valuer characteristics; valuation practic

Measuring housing affordability: the two approaches

Measuring housing affordability has become an important field of research and an essential step in housing policy response. Through a review of previous studies from the early 1990s, this study provides a description of the two main approaches to measuring affordability – the ratio and the residual income measures. The objective is to present descriptions of the measures from the perspectives of different authors and the ongoing debate on their relative suitability as affordability measures. The review revealed lack of consensus on the most suitable approach. Some researchers advocate replacement of the ratio approach with the residual income approach while some argue for continued use of the ratio approach. Yet others advocate modified measures that account for the short-comings of the two main measures. Some scholars have actually developed and applied such modified measures. By bringing the diverse views of scholars on the subject over a relatively long period to a single platform, the paper has made valuable contribution to the housing affordability literature. The implication for research is the need to develop methodologies for measuring housing affordability which reflect the housing market practices of developing countries.Keywords: Housing affordability; housing costs; housing expenditure-to-income ratio; ratio approach; residual income approac

The tracheophytes (Angiosperms and Pteridopytes) of Augustine University Campus, Ilara-Epe, Lagos State, Nigeria

This study was carried out to assess the avalanche of species existing in an undisturbed vegetation in Lagos State, Nigeria, prior to developmental activities. One hundred and eighty-eight (188) plant species (Angiosperms and Pteridopytes) across 68 families were recorded, following standard taxonomic protocols. The trees and shrubs were dominant and cut across 25 and 24 families, respectively. The family Rubiaceae had the highest number of species represented, with 18, followed by Euphorbiaceae with 17, then Papilionaceae and Apocynaceae with 10 each. This preliminary survey showed that the study area is a rich biodiversity hotspot especially as it accommodated some unique species of South-Western Nigeria. Even though urbanization and the development of the study site is inevitable, the conservation of the Eredo-Sugbo area of the site should be encouraged as much as possible

IRON TECHNOLOGY AND POLITICAL POWER: EXAMPLES FROM THE IRON SMELTING BELT OF NSUKKA AREA, ENUGU STATE, SOUTH-EASTERN NIGERIA

Iron smelting and its technology in Nigeria, particularly in South-Eastern Nigeria, had long gone into oblivion. Most people seem not to recollect coherent information about it as people aver that the furnace walls and iron slag dotted across the zone grew out from the ground. What a crass show of ignorance! But pointers to the practice exist in so many areas in form of iron slag, broken pieces of tuyere and furnace walls, etc. One area in South-Eastern Nigeria that is replete with these clues even to an intimidating level is Nsukka area in Enugu State. The area, possibly due to its proximity to the University of Nigeria, Nsukka has been well researched on, archaeologically speaking, especially in the area of iron technology. However, one fascinating feature of this technology lies not only on the magnitude of these pointers but how its tangible aspects grade into the intangible cultural practices of the respective communities where they occur. Apart from the often touted military superiority of those who possessed iron over those who did not, our ethnographic research in Nsukka area shows that iron could be a symbol of power in another way. As we observed, some areas with large concentration of evidence of iron workings tend to produce kings of their communities and where it is otherwise, they anoint kings or title takers. Is this a coincidence? This paper attempts to bring out the state of archaeological research, the ways the past through the furnace walls and iron slag, live in the present and direct the future in Nsukka area. It also tries to explore avenues through which these could be harnessed to attract UNESCO attention so as to use the features for the benefit of mankind. It concludes by calling on the National Commission for Museums and Monuments (NCMM) and Nigerian Tourism Development Corporation (NTDC)/Culture ministry to redirect attention on those non-renewable national resources. Key Words:  Iron, Technology, Political power, Nsukka, Iron smelting belt, Nigeria