Financial Ratios as Predictor of Corporate Failure: The Nigerian Banking Sector in Focus

This research work was carried out to predict corporate failure in banks through the use of financial ratios. Corporate failure and distress is a real possibility for any company. To analyse the data the Altman Z Score model of predicting corporate failure was used. Some of the findings was that the Altman Z Score model is an effective means of predicting failure and there is no relationship between the financial statement of distressed banks and those of healthy banks because, while the former revealed a Z score below 1.8 (likely to fail), the later revealed a Z score above 1.8 (not likely to fail). The conclusion was that, corporate failure as a process commences with poor management decision. Some recommendations were made based on the conclusion reached. Prominent among these recommendations is that, to forestall failure, banks would need to watch the appropriateness of their decisions

An Empirical Analysis of Reported Profits of Nigerian Companies: Inventory Valuation Effects

The purpose of this paper is to examine profits reported in the financial statements of companies operating in Nigeria in order to ascertain whether they are real or paper profit. To achieve this objective, the Last-In-First-Out(LIFO),First-In-First-Out(FIFO) method and Weighted Average Cost(WAC) methods of inventory valuation were used to analyse the data gathered .it was found that, companies operating in Nigeria use the FIFO method for valuing their stock. The sampled companies posted the highest profit using the FIFO method when compared with other methods(LIFO and WAC). The conclusion was that companies in Nigeria report ‘paper profit’…It was recommended that, the Nigerian Statement of Accounting Standard(SAS) No. 4 on Stock should be reviewed and recommend the use of LIFO method just as in most developed countries like United States of America to forestall the reporting of paper profit in Nigeria. JEL: M4

Effects of Bank Mergers and Acquisitions on Small Business Lending in Nigeria

Merger and Acquisition (M&A) is one of the instruments of the recent banking reforms in Nigeria. One of the implications of the reform is its effect on the lending to small businesses, which was divided into static and dynamic effect (restructuring, direct and external) in this study. Data were collected by crosssectional survey research design and were subsequently analyzed by the ordinary least square method. The analyses show that bank size, financial characteristics and deposit of non-merged banks are positively related to small business lending, while for merged banks the reverse is the case. From the above result, it is evident that M&A have not only static effect on small business lending but also dynamic effect, therefore, given the central position of small businesses in the current government policy on industrialization of Nigeria, policy makers in Nigeria should consider both the static and dynamic effects of M&A on small business lending in their policy thrust. JEL: G2

Accounting Function Outsourcing, Auditors Independence, and Users Perception of Financial Reports: Evidence from Nigeria

This study focuses on the relationship among accounting function outsourcing, auditors’ independence and users perception of reports. The design and technique employed in data collection were cross-sectional survey design and data collection through administration of questionnaires on respondents. The Pearson correlation (r) statistics and then t-statics were used to analyse data collected and it was found that accounting function outsourcing impairs auditors’ independence and results in substandard financial reporting. Following from the findings, some recommendations were made, prominent amongst which was that, organisations should put in place adequate mechanisms to enable them carryout accounting function with recourse to their external auditor

3-TIER E-COMP: A NOVEL E-COMMERCE MANAGEMENT PORTAL BASED ON SECURED SDLC APPROACH

In today’s business world, there is an urgent need to develop a new approach for customer to business owner transactionssecurely. This research develops, implements, and discussed a novel 3 – Tier E-Commerce Management portal. This makesonline business very flexible and secured on the part of business owners and customers. Our proposed system seeks toreplace the conventional E-commerce models on the internet today. We argue that process logic manipulation using SecuredSoftware Development Life Cycle (SSDLCM) on Ecommerce platform is a promising scheme for studying andunderstanding script processing on the new web paradigms. In this research, we define security calculus for 3 Tier EComPwith the aim of eradicating SQL injection possibilities as well as exploiting Software as a service in a dynamic Ecommercedomain. Also, we developed a new access hierarchy for E-commerce comprising of Application layer users, designatedadministrator and super administrators in the 3 – Tier EComP. We developed a new encryption scheme based on XAMPMD5 Random Curve Cryptography (XMD5 – RCC) running on Secure Socket Layer (SSL) which protects the user andadministrators on the Ecommerce platform. The result of encryption scheme randomly generates and secures the logindetails dynamically on the server during the authentication and authorization phases. The programming was accomplishedwith PhP, and MySQL Server. The overall methodology as detailed in the body of the work could serve as good template forapplication developers and other researchers.Keywords: E-Commerce, XMD5-RCC, SSL, Platform, SSDLCM, Software, Servic

Attitude and Beliefs of Nigerian Undergraduates to Spectacle Wear

Background: Uncorrected refractive error is a common cause of preventable visual impairment. Glasses are the cheapest and commonest form of correction of refractive errors. To achieve this, patients must exhibit good compliance to spectacle wear. Patients’ attitude and perception of glasses and eye health could affect compliance to spectacle wear.Objective: To determine the attitude and beliefs of Nigerian undergraduates to spectacle wear.Method: A cross sectional study of 500 undergraduates of the University of Benin, Nigeria. Age range was from 18 to 30 years, mean age 23 ± 2.7 years. There were 269 males and 231 females. Semi structured questionnaires were distributed to the participants and collected same day after completion.Results: Two-thirds (68%) of the total population studied had not heard of refractive error. About a third (38%) believed wearing eyeglasses was one of the methods used to correct refractive error. Half (50%) believed they would wear spectacles if prescribed with one by their doctor. Sixty-four percent believed eyeglasses are harmful to the eyes; and 65% did not know that eyeglasses could be used to relieve other forms of ocular discomfort like headache and tearing. Fifty-seven per cent of respondents saw people who wore eyeglasses as visually handicapped, while 60% believed that eyeglasses were meant for old people. Majority of the respondents (56%) believed that they would be teased if they wore glasses.Conclusion: Knowledge of refractive errors and acceptance of glasses for the correction of refractive errors among Nigerian undergraduates is not encouraging. Public enlightenment programs to promote benefits of wearing prescribed spectacles are needed.Keywords: Refractive error, glasses, spectacle, students, blindnes

Models for predicting compressive strength and water absorption of laterite-quarry dust cement block using mixture experiment

The use of laterite, quarry dust and recycle aggregates etc as replacement for sand in sandcrete block production is common trend in developing countries like Nigeria. Most resources and research efforts are committed towards conducting trial test with a view to coming up with mix production that will yield the desired property. This work presents a mathematical model for predicting the compressive strength and water absorption of laterite-quarry dust cement block using augmented Scheffe's simplex lattice design. The statistical models developed can predict the mix proportion that will yield the desired property. The models were tested for lack of fit and found to be adequate.Keywords: compressive strength, laterite, mixture experiment, quarry dust, water absorptio

ARMS PROLIFERATION AND THE CHALLENGES OF INTERNAL SECURITY: THE NIGERIAN EXPERIENCE

One of the fundamental obstacles to peace and security in Nigeria today is the presence and continued proliferation of small arms and light weapons (SALW). The proliferation of small arms constitutes a major source of destruction to lives and properties and exacerbates inter-communal tensions leading to full-fledge insurgency.  The main aim of the study is to provide an analysis of arms proliferation and internal security in Nigeria with a view to identifying the root causes. The research design is descriptive and the framework of analysis adopted is Frustration-Aggression Theory and the qualitative research method. Secondary sources of data are used for the study. Some of the causes o f arms proliferation include, the borders of Nigeria are porous, thus, making it easy for entry and exit of arms, drugs, as well as traffic of human, rising rates of unemployment, conflicts, struggle for power and more so, the high level of corruption in the country compounds this security challenges faced by Nigeria. Also the internal security challenge include ethnic militia in different geopolitical zone Boko-Haram in the northeast, banditry in the northwest, secessionist agitation led by IPOB in the southeast herdsmen attack in the north central etc .The government should as matter of urgency start addressing the causes of  arms proliferation avoid corruption  and provide jobs to the teeming youth of the country who are unemployed

Influence of Rock Mineralogy on Subsurface Water in Ado-Ekiti, Nigeria

Sudden geometric increase in population of Ado-Ekiti has lead to an increase in demand for water and harnessing of subsurface water reserve. This research investigated the possible infiltration of dissolved mineral from weathered rock into subsurface water in the area (basement complex rocks), and comparing the mineral level with the set standard for quality water by the World Health Organization Physical test were carried out on hardness, colour, odour, conductivity, pH, and turbidity. Chemical test for sodium (Na+) and potassium (K2+) was also done using experimental scientific set standard. The analysis of the sodium, potassium ions, and the conductivity of the water indicate that dissolved mineral from rocks have great influence on the underground water property. The level of the dissolved mineral is within the acceptable limit for water quality standard set by the W.H.O. Sourcing for underground water should not be based on hydro geological variable alone but possible chemical interference from the geology of the environment (rock type).African Research Review Vol. 2 (2) 2008 pp. 175-18