Weak Form Efficiency of the Insurance Industry: Empirical Evidence From Nigeria

This paper evaluates the insurance sector of Nigeria Stock Exchange (NSE) for evidence weak-form efficiency using daily returns from January 2009 to February 2016. The study employs descriptive analysis, non-parametric runs test and autocorrelation function as well as Ljung-Box Q statistics in conducting the evaluation. Descriptive statistics of the insurance sector return series show negative skewness and leptokurtic distribution. Estimates from the Jarque-Bera normality test show that the insurance sector returns do not follow normal distribution. Results of the runs test reject null hypothesis of randomness in the return series of the insurance sector in the period studied. Furthermore, the autocorrelation functions and the Ljung-Box Q tests provide evidence of serial correlation in the stock returns of the insurance sector. Overall results from the study suggest that the insurance sector of NSE is not weak-form efficient. Consequently, technical analysis on the insurance sector of the NSE may not be fruitless

Sensitivity of Capital Market Development to Public Debt in Nigeria

This article investigated the sensitivity of capital market development to public debt in Nigeria using descriptive statistic, regression analysis, and the Engle-Granger co integration techniques for the period ranging from 1981 to 2014. The estimates from the descriptive analysis showed that both the market capitalization and public debt series were not normally distributed at 5% significance level. The ADF unit root test showed that the market capitalization and public debt series were integrated of order one (i.e., I (1)). The results from the regression model provide evidence to show that capital market development is not sensitive to domestic debt at any conventional level, but it is sensitive to external debt at 10% significance level. The estimates of the Engle-Granger co integration tests show that capital market development is not co integrated with public debt. It is recommended that capital market and debt management authorities should formulate policies will enhance linkage between the markets

Life Cycle Assessment of Environmental Impacts of Using Concrete or Timber to Construct a Duplex Residential Building

Traditionally, the choice of construction materials depended principally on the strengths of materials, cost of material, availability of materials, simplicity of erection, aesthetics and technical expertise available to the society. This meant that little attention was paid to the environment impacts of materials adopted for civil construction. After centuries of speedy advancement accompanied by deteriorating ecosystem as evidenced by the global climate change and the accompanying gap between the rich and the poor, the world is becoming more conscious of the ecosystem and the future of mankind. This has led to the growing quest for sustainable development. In the more recent years, environmental and sustainability factors are becoming compelling factors in the choice of construction materials. Researches focused on materials for affordable houses for the increasing low income masses are on the increase. This research focuses on the environmental impact performance of concrete and timber applied to a modest duplex residential building. It explores using Athena Impact Estimator software to model the greenhouses gases expressed in terms of carbon dioxide equivalents, sulphur dioxide equivalents, phosphate equivalents and ethane equivalents potentials obtainable from using concrete or timber to build a duplex residential building. From the various results obtained, it is very evident that timber construction is more eco-friendly in terms of carbon emission reduction which translates to reducing global warming, thermal insulation and energy efficiency. This will be helpful in making choice for building materials to be adopted for affordable houses developing countries

Assessing the Life Average Daily Dose (Ladd) due to Heavy Metal Contents in Water Samples from Covenant University, Canaanland, Ota, South West Nigeria

The consumption of water with elevated concentration of lead (Pb) can prevent Hemoglobin Synthesis (Anemia) and results in Kidney diseases. A cross sectional study was conducted in to estimate the risk of exposure to lead via groundwater and bottled water ingestion pathway for the population of Covenant University, Canaanland, Ota, Ogun Sate using Perkin Elmer Optima 8000 ICP-OES. The concentration of Pb, Cr, Cd and As varies from water sample to another with the highest value of .7.07 ¹gL¡1 was noted in borehole water sample (BH1) behind John Hall. Comparing the value with the International recommended level by USEPA and WHO respectively, 7.07gL¡1is less than 15¹gL¡1 and 10 ¹gL¡1. The Life Average Daily Dose (LADD) estimated in this present study reported higher in BH1 for lead (Pb) and could pose health hazard if accumulated for a long time. This work suggest measures to employ quality water treatment plant to reduce the level of heavy metals in the selected water samples and also more research on radioisotopes in the same water sample

The Relevance Of Policy And Practice On Sanitation Effort In Developing Nations: The Experience Of A Semi-Urban City In South-West Nigeria

Inappropriate waste management and poor sanitation practices have become major concerns in many developing countries in sub-Saharan Africa. The objectives of this study are to appraise the relevance of institutional policy and practice on sanitation effort with the case study of a semi-urban city in Southwest Nigeria. The study involved the assessment of procedures and techniques available in waste collection, treatment, disposal practices and compliances with institutional rules and regulations. The survey involved the use of structured questionnaires, in-depth interviews, on-site observations and focus group discussions in the various local communities and villages drawn across the 16 wards of the municipality. The data assessed captured social demographic-, housing-, socio culturalcharacteristics, sanitation and hygiene behaviour and problems with poor water and sanitation. Both quantitative and qualitative techniques in data collection and analysis were utilized as main instruments. The Statistical Package for Social Sciences (SPSS) software application was employed for the purpose of analysis. Responses collected were coded using a linkert scaling procedure. The procedure combines descriptive analysis and bivariate regression estimation in arriving at the results obtained. Results of the study showed that there is no connection between institutional policies and the people's sanitation practices in the communities and more so, the management practices in most communities expose the inhabitants to unnecessary health risks. This has put a challenge on sanitation effort at reaching the Millelium Development Goal (MDG) target. It is therefore recommended, that a sustained cooperation be developed among all key actors (government, waste managers, public health workers and inhabitants) so as to implement an economic, sustainable, safe and reliable sanitation strategy and practices. This should not only be limited to legislation and policy formulation but also in its monitoring and enforcement. In addition, there is need for sensitizing the general public and raising their awareness level on environmental risks associated with poor sanitation practices

Ecological risk estimation of heavy metal pollution in roadside dust of Ado-Odo Ota, Southwestern Nigeria

Increased industrial, commercial and transport activities have constantly introduced air pollutants such as heavy metals in the atmosphere. Roadside dust samples were collected from 10 locations along Ota-Benin road, analysed for Cr, Cd, Co, Ni, Pb, Fe, Mn, Cu, As and Zn, and the ecological risk was evaluated for the heavy metals’ concentration in the roadside dust particles using the Hakanson method. The results revealed that Cd (3.103 mg/kg) and Cu (mg/kg) surpassed the threshold effect level. Pollutant source identification analysis revealed possible origin from motor oil, plastics, metalliferous extraction, dyes, and paints industries. The contamination factor for Ni was found to be at a moderate level in location SM8, SM9 and SM10 and a similar category was observed for Pb in location SM7, SM8, SM9 and SM10. Zn concentration in location SM5, SM6, SM7, SM8, SM9 and SM10 fell within the moderate contamination factor zone as well. Furthermore, the mean i r E of the individual metals in the sample region followed the order of Cd > Ni > Pb > As > Cu > Zn > Cr indicating a high risk associated with cadmium within the sample region

Jungle Honey Enhances Immune Function and Antitumor Activity

Jungle honey (JH) is collected from timber and blossom by wild honey bees that live in the tropical forest of Nigeria. JH is used as a traditional medicine for colds, skin inflammation and burn wounds as well as general health care. However, the effects of JH on immune functions are not clearly known. Therefore, we investigated the effects of JH on immune functions and antitumor activity in mice. Female C57BL/6 mice were injected with JH (1 mg/mouse/day, seven times intra-peritoneal). After seven injections, peritoneal cells (PC) were obtained. Antitumor activity was assessed by growth of Lewis Lung Carcinoma/2 (LL/2) cells. PC numbers were increased in JH-injected mice compared to control mice. In Dot Plot analysis by FACS, a new cell population appeared in JH-injected mice. The percent of Gr-1 surface antigen and the intensity of Gr-1 antigen expression of PC were increased in JH-injected mice. The new cell population was neutrophils. JH possessed chemotactic activity for neutrophils. Tumor incidence and weight were decreased in JH-injected mice. The ratio of reactive oxygen species (ROS) producing cells was increased in JH-injected mice. The effective component in JH was fractionized by gel filtration using HPLC and had an approximate molecular weight (MW) of 261. These results suggest that neutrophils induced by JH possess potent antitumor activity mediated by ROS and the effective immune component of JH is substrate of MW 261

LIFE AVERAGE DAILY DOSE OF RADIUM-226 ON SOME WATER SAMPLES COLLECTED AT GIRI AND KUJE AREA OF ABUJA, NORTH-CENTRAL NIGERIA

226Ra concentrations were studied to represent the radiological risk of groundwater of the Giri and Kuje areas of Abuja, North-Central Nigeria. Two borehole water samples were collected from the Giri and Kuje areas of Abuja with a hand-dug well and Abuja Water Board as control. Inductively Coupled Plasma Mass Spectrometry (ICP-MS) was used to measure the concentrations of radionuclide of 226Ra exposed to the dwellers. The activity concentrations of 226R in groundwater supplies for drinking and domestic purposes ranges from 44

Natural radioactivity concentrations of 226Ra, 232Th, and 40K in commercial building materials and their lifetime cancer risk assessment in dwellers

Elevated radioactivity levels of 226Ra, 232Th, and 40K in building materials were measured using gamma-ray spectrometry and their associated lifetime cancer risks were also determined. The mean activity concentrations of 226Ra, 232Th, and 40K are 45.72 § 0.55, 65.90 § 8.89, and 487.32 § 15.20 Bq kg¡1, respectively. Statistically, the principal component (PC) analysis indicates that higher loadings were recorded in Principal Component One (PC1) with large contribution from 232Th and 40K. The leverage studies indicate that BN Ceramics (BNC) contributes more to the loadings in PC1 followed by Golden Crown Ceramic (GCC) sample and GC. The mean values of 0.399 mSv y¡1 for annual effective dose from the samples surpassed the world’s average value of 0.07 mSv y¡1 by a factor of 5.7. The mean gamma index from the measured samples is 0.644, whereas a mean value of 0.271 for alpha index is noted in the samples. The activity utilization index (AUI) from the samples satisfied the AUI <2, which corresponded with the annual effective dose of <0.3 mSv y¡1, except interlock Site 2 and Gomez Spain tiles. Significantly, the mean value of excess lifetime cancer risk of 0.0014 is slightly lower than the world average value of 0.29 £ 10¡3