Are African stock markets efficient? Evidence from wavelet unit root test for random walk

In this paper, we used the recently developed frequency based wavelet unit root test alongside a number of time domain unit root tests to examine the validity or otherwise of the random walk hypothesis for seven African largest markets. Unlike previous studies that affirms the validity of the random walk behaviour for African markets, our results reveal that when frequency domain is factored into stock market behaviour framework, evidence abound to reject the null of unit root test for each of the African markets studied. This implies that African markets are inefficient, contributes to growth and provide good opportunities for arbitrage trading. The results have critical implications for investors, policy makers as well as the academics

Synthesis, Characterization and Antimicrobial Activity of Cu (II), Co (II) and Ni (II) Histidine Complexes

Ternary complexes of histidine amino acid (Schiff base) were synthesized, characterized and tested against multi-drug resistant pathogens. The metal ion centers included Cu (II), Ni (II) and Co (II). These complexes were characterized using physico-chemical and spectroscopic analytical methods. All the complexes are found to be considerably soluble in both polar and non-polar solvents including methanol, ethanol, butanol, acetone, ethyl acetate, and benzene and di ethyl-ether. Electronic Absorption Studies using FT-IR spectrophotometer revealed ν (O-H), ν (C=O), ν (C=N), ν (M -N) and ν (M-O) occurred between 3410 - 3417, 1751 - 1753, 1519 – 1521, 671 – 678, 439 – 470 cm-1 respectively in complexes and ligand. UV-Visible was further used to elucidate the complexes resulting in transitions characteristics of the ligand and complexes. The Schiff base showed no antimicrobial activity at various therapeutic concentrations. However, the metal complexes exhibited broad spectrum antibiotic activities against the multi-drug resistant pathogens at minimum inhibitory concentration (MIC ≤ 200 µg/ml). The metal complexes showed strong activity against the isolates at medium and high concentrations, the bacteria strains included E.coli, P. aeruginosa, S. typhi and S. aureus and the fungi strains of Candida albicans, Aspergillus flavus and Aspergillus niger. The bioactivity recorded against these multi drug resistant pathogens indicates the potentials of these complexes for further therapeutic studies. Keywords: Histidine complex, synthesis, characterisation, antimicrobial activity, pathogens

Renewable Energy and Sustainable Food Security in Nigeria

Renewable energy sources are becoming an increasingly important alternative source of energy in the agricultural sector. The use of renewable energy will reduce the use of fossil fuels, thereby minimizing the emission of green house gases. Increased use of renewable sources of energy especially in the agricultural sector will enhance the sustainability of food security in Nigeria and the quality of the environment. The use of renewable energy sources in the agricultural sector will also lead to environmentally friendly, sustainable and viable sources of energy to reduce the dependency on deplet­ing fossil fuels. Increasing attention is being focused on the installation and usage of renewable energy sources in the agricultural sector in several countries of the world purposely to contribute to global reduction in greenhouse gas emissions and sustainable food security. This paper attempt to explain the role of renewable energy sources in agricultural sector as a means of enhancing sustainable food security in the country and presents the existing technologies, policies  and emerging opportunities in renewable energy application in the agricultural sector. Keyword: Available incentive, Energy policy, Renewable energy, Sustainable food security

Analysis of corruption and economic growth in Nigeria

This paper studied corruption and the Nigerian economic growth. In doing this, the study looked at historical overview of corruption in Nigeria and conceptual issues were also discussed. It also reviewed the causes and effects of corruption, without leaving out the dynamics of corruption. Also, the study looked at the relationship between corruption and the Nigerian economic growth. However, the study introduces a new perspective on the role of corruption in economic growth and provides quantitative estimates of the impact of corruption on the economic growth in Nigeria as well as their causal relationship. This study used the ordinary least squares (OLS) to determine the relationship between corruption and economy growth. The study applied the granger causality method to measure the causal relationship that exists between corruption and the gross domestic product (GDP). The results revealed that corruption impairs and impacts economic growth. It is on this basis, we draw our conclusion and suggest that Private Anti-Corruption Initiatives, Public anti-corruption initiatives andPublic education campaign/programmes should be strengthened and motivated in to address the cause of corruption rather than its effects. Key Words: Growth, Granger Causality, Corruption, Nigeria, Economi

Hepatotoxicity of Aqueous Leaf Extract of Bridelia ferruginea on the Liver of Albino Rats

The hepatic effect of aqueous extract of Bridelia ferruginea leaves on the liver of albino rats (Rattus norvegicus) was investigated. The rats were fed with their feed (pellets) and clean water and were left for a period of four weeks to acclimatize to their new environment and thereafter the experiment commenced. The rats were grouped into four groups; the control group which did not receive the extract at all and three other groups according to dose of extracts administered orally. There was a steady increase in weight in both control and treated group in the treated group. The alanine aminotransferase (ALT) concentration was a mean value of  10.4 +1.0U/I for the control group while the treated groups were 38.1 + 3.8U/I, 57.7 + 19.3U/I, and 77.6 + 6.0U/I (at the doses of 50, 100, 150 and 200mg/kg weight/day) respectively. The aspartate aminotransferase (AST) concentration had a mean value of 11.5 + 0.5U/I for the control group and 45.6 + 1.3U/I , 44.6 + 4.1U,  41.5 + 2.4U/I  and 50.5+3.3 UI (at the doses of 50, 100, 150 and 200mg/kg weight/day).The transaminases (AST and ALT) are well known enzymes used as biomarkers to predict possible toxicity to the liver. Possible damage to liver cells resulted in elevation of both these transaminases in the serum. Furthermore, measurement of enzymatic activities of AST and ALT is of clinical and toxicological importance as changes in their activities are indicative of liver damage by toxicants or in diseased condition. Histological section of the control group had a normal architecture were the central veins,portal traits hepatocytes and sinusoids appear normal. The lobula unit is also well define. However, group rats treated with 50mg/kg/bw and 100mg/kg/bw showed disintegration of the hepartic cells represented by the separation and disruption of these cells in the tissue with karyolitic nuclei. Also, in rats group treated with 150mg/kg/bw showed extensive area of patchy and confluent hepatocyte necrosis and lobular inflammation Keywords: Hepatotoxicity, Bridelia ferruginea,Albino rat

Measurement of penile size in healthy Nigerian newborns using conventional penile length measurement technique

Objectives We attempted to establish a standard penile length for male newborn Nigerians using the conventional penile length measurement technique.Summary Defining the normal penile size in the neonate is paramount to making accurate diagnosis of abnormalities of the penis and the medical and surgical management of these anomalies.Patients and methods We carried out a prospective cross-sectional study of all term male neonates within 72 h of birth from April 2013 to March 2014 in the three largest obstetric centres (University College Hospital, Adeoyo Maternity Hospital and Our Lady of Apostles Catholic Hospital) in Ibadan, Nigeria. They underwent clinical examination, and their penile sizes were measured using the conventional penile length measurement technique.Results A total of 675 male Nigerian newborns were studied. The mean penile length was 3.14 ±0.65 cm, and the mean penile width was 0.97± 0.15 cm.Conclusion The penile dimensions obtained are comparable with reported values in previous studies in other parts of the world

A Comparative Study of Energy Demand of Instant- Pounded Yam Flour Production Methods

Traditionally, method of producing pounded yam by pounding cooked yam using pestle and mortar is time and labour consuming, thus discouraging consumption of the food among urban elite. Conversion of yam tubers to instant-pounded yam flour requires quantifiable magnitudes. Therefore, the objective of this study was to determine energy conservation potentials of the established three instant-pounded yam flour methods of production. Data were collected from nine instant-pounded yam flour producing factory using structured questionnaires, oral interview, and direct measurement of processing parameters. The data were fit into standard equations to estimate energy demand. Energy required for processing 1000 kg of yam to instant-pounded yam flour using cooking method, steaming method and wet-milling methods were 6720.15MJ, 6934.48MJ and 4296.56MJ respectively, equivalent to 6.7 MJ/kg, 6.9 MJ/kg and 4.3 MJ/kg respectively. Energy intensity for peeling, washing, slicing and packaging were 0.0055 MJ, 0.003 MJ, 0.0076 MJ and 0.2 MJ respectively, and are the same for all the methods studied.  Drying consumed more than half of the total energy requirements in each method; cooking (66.26%), steaming (79.04%) and wet-milling methods (76.57%). Using energy demand as criterion, wet- milling method is recommended. Keywords: Instant-pounded yam flour, production method, energy demand, energy pattern

Stock Market Volatility: Does our Fundamentals Matter?

This study used EGARCH estimation techniques to examine the impact of the systematic risk emanating from the macroeconomy on stock market volatility based on monthly data sourced from 1985 to 2013 on the Nigerian economy. Our results show that all the macroeconomic variables tested exerts on stock market pricing and that the stock market pricing is most influenced by exchange rate volatility. We thus recommend that policy makers on the one hand should pay close attention to the innovations in the macroeconomic variables when formulating macroeconomic or financial stability policy. On the other hand, market practitioners should calibrate volatility of macroeconomic variables in their portfolio decision making process