Challenges Faced by Individual Investors in the Nigerian Capital Market

Capital markets in Africa have been faced with a number of challenges in their bid to efficiently mobilize capital for the funding of their long-term capital projects and the Nigerian capital market is no exception. It has not been able to efficiently and effectively mobilize the funds in the hands of savers and channel same to the companies that need them for their long-term capital investment. The paper attempts to identify the challenges faced by individual investors in the course of their participation in the capital market which may be hindering the flow of funds to the market. Primary data obtained from unstructured questionnaires was analyzed using frequency distribution table and simple percentages. A number of challenges ranging from inefficiencies of capital market operators, lack of information about quoted companies, the capital market crash, paucity of investible funds, low returns on investment, and lack of transparency in the market, among others were identified. It was also clear from the responses that many individual investors are not knowledgeable about the workings of the capital market, and that more education is needed to create awareness of capital market activities. A number of suggestions were proffered for policy makers to mitigate these challenges. Keywords: Individual investors, Challenges, Nigerian capital marke

Fundamental Factors Influencing Individual Investors to Invest in Shares of Manufacturing Companies in the Nigerian Capital Market

In a bid to diversify theeconomy and shore up the revenue base of the country, the Nigerian Governmenthas shifted its attention to the manufacturing sector which it believes has thegreatest potential to realize this objective. This paper aims at identifyingthe fundamental factors that influence individual investors to invest in theshares of manufacturing companies quoted on the Nigerian capital market. Astructured questionnaire was used to obtain primary data from 130 respondentswhich were analyzed using descriptive statistical techniques employing meanscores and standard deviation to assess the relative importance of each factorthat influence investment decisions. The results showed that the five mostinfluencing factors are past performance, expected bonus issue, growthpotential, future dividend and the profitability of the company. Five principalfactors were extracted using factor analysis which showed that accountinginformation and company growth potential accounted for the larger percentage ofvariance. This study has shown that investors place more importance on thoseeconomic factors which are commonly classified in literature as wealthmaximizing criteria. High price of manufacturing shares and lack of access toborrowed funds were found to be the most limiting factors to investing inmanufacturing shares. This reflects the low level of income in the countrywhich could have adverse consequences on the level of funds that willultimately be channeled to the capital market and subsequently made availableto the manufacturing sector which remains the most promising sector for thediversification of the economy.     Keywords:Fundamental factors influencing investment, Individual investors, Manufacturingcompanies, Nigerian capital market

Molecular evolutionary genetics analysis of major histocompatibility complex class I, II and III genes in ruminants and monogastrics

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The Influence of Demographic Factors on the Investment Objectives of Retail Investors in the Nigerian Capital Market

Demographic factors, as a group have been found to determine the type and level of investment an investor makes. The aim of this paper is to determine the influence of demographic factors on the investment objectives of retail investors in the Nigerian capital market. Primary data was obtained through a structured questionnaire administered on 180 respondents and analyzed with simple descriptive techniques. Chi-square test and correlation analyses were conducted to assess the effect of demographic factors on the investment objectives of retail investors in the Nigerian capital market. The results reveal that investors’ employment status and income are the most influencing factors on their investment objectives. While income has significant effect on all investment objectives, employment status has significant effect on all investment objectives with the exception of diversification objective. Educational qualification of investors has a significant effect on security investment objective. Demographic factors like gender, age, marital status and capital market experience have no significant effect on the investment objectives of retail investors in the Nigerian capital market. These findings should assist capita market operators when advising their clients on where to invest. They should also act as a guide to policy makers in coming up with policies aimed at repositioning the Nigerian capital market for more efficient fund mobilization for investment in the economy. Keywords: Demographic factors, Retail investors, Investment objectives, Nigerian capital market

Determination of best fitted regression model for estimation of body weight in Nigerian indigenous chickens

Farmers rearing indigenous chickens in the villages or peri-urban settlements often have problems of accurately estimating body weight of their chicken. Therefore, the study was conducted to determine the best-fitted regression model for estimating body weight of Nigerian indigenous chickens using different linear body measurement. Data on body weight and body measurements recorded on 137 Nigeria indigenous chickens consisting of 57cocks and 80 hens were used for the study. Parameters measured were Body weight (BW), Body length (BL), Wing length (WL), Wing span (WS), Drum stick (DS) Shank length (SL), Body length (BL), Breast girth (BG) and Keel length (KL). Body weight was regressed on body measurements by forward, backward, stepwise and full model regression analysis, to determine the combination of body dimension for each sex that explains variation in the dependent variable for male and female chickens at 20th week of age. The outcome of the study showed that BW= -2223.73 +33.67SL +11.62DS +17.83BG +56.87BL +79.13KL and BW= -1608.61 +13.21WL +20.51BG +69.57BL are the best fitted regression model for predicting body weights of Nigerian indigenous cock and hen, respectively at 20 weeks of age

Identity Management Reform and Fraud Prevention in the Nigerian Banking Industry

This paper assesses the effect of identity management reform, namely the Bank verification number (BVN) policy on fraud prevention in the Nigerian banking industry. Using secondary data obtained from annual reports of Nigerian Deposit Insurance Corporation (NDIC) from 2011 to 2018, the study employed descriptive method to analyze trend in fraud variables before and after introduction of the policy and independent t-test to test the hypotheses in the study. Findings revealed that there was an initial decrease in number of staff involved and total amount involved in fraud in the two years following BVN introduction, but which showed increases thereafter. A similar trend was revealed in various fraud types with internet banking fraud showing significant increases in frequency of cases. The results from the t-tests revealed that the BVN policy had no significant impact on fraud prevention within the period under study. It was recommended that the banking public be educated on the different types of fraud and how to protect their personal details from getting into wrong hands. There is also the need to beef up security by improving on protocols required to carry out bank transactions particularly in the area of internet banking. It was also suggested that all bank account numbers be linked to the National Identity Number (NIN) immediately in line with proposals made by the Federal Government on identity management

Quantitative trait loci for bone traits segregating independently of those for growth in an F-2 broiler X layer cross

An F broiler-layer cross was phenotyped for 18 skeletal traits at 6, 7 and 9 weeks of age and genotyped with 120 microsatellite markers. Interval mapping identified 61 suggestive and significant QTL on 16 of the 25 linkage groups for 16 traits. Thirty-six additional QTL were identified when the assumption that QTL were fixed in the grandparent lines was relaxed. QTL with large effects on the lengths of the tarsometatarsus, tibia and femur, and the weights of the tibia and femur were identified on GGA4 between 217 and 249 cM. Six QTL for skeletal traits were identified that did not co-locate with genome wide significant QTL for body weight and two body weight QTL did not coincide with skeletal trait QTL. Significant evidence of imprinting was found in ten of the QTL and QTL x sex interactions were identified for 22 traits. Six alleles from the broiler line for weight- and size-related skeletal QTL were positive. Negative alleles for bone quality traits such as tibial dyschondroplasia, leg bowing and tibia twisting generally originated from the layer line suggesting that the allele inherited from the broiler is more protective than the allele originating from the layer