Internal Drivers of Dividend Payout in Nigerian Quoted Manufacturing Companies

This study evaluated the internal drivers of dividend payout in Nigerian quoted manufacturing firms over the period of 2011 to 2019. The study employed secondary data gotten from annual financial reports of selected manufacturing firms and the Nigerian Stock Exchange Fact book. Dividend pay-out ratio served as the dependent variable whereas present net earnings per share, cost of floating new shares, financial leverage and liquidity served as the independent variables. The study employed the stationarity test which revealed the stationarity of the data at first difference. More so, panel regression using fixed effects model was employed as the Hausman test confirms it is more appropriate than the random effects model. The findings of the study evince that present net earnings per share, debt/equity ratio (leverage), flotation costs and liquidity showed significant influence on the dividend payout of the selected manufacturing firms in Nigeria. From the results of this study, we conclude that present net earnings per share, debt/equity ratio (leverage), flotation costs and liquidity are significant internal drivers of dividend payouts of quoted manufacturing firms in Nigeria. Therefore, the study recommends among others that manufacturing firms should ensure healthy, consistent and growing earnings so as to guarantee a stable and healthy profit margin. Manageable debt to equity ratio should be maintained to ensure financial flexibility as high debt levels can limit a company’s ability to pay dividends

Evaluation of Perfect Microsatellites in Nile Tilapia (Oreochromis niloticus) Genome

Microsatellites or simple sequence repeats (SSRs) consist of a sizable part of genomes and play a crucial role in the function of genes and the organization of the genome. The complete availability of a genome sequence for Nile tilapia (Oreochromis niloticus) provides the possibility of accomplishing a genome-wide analysis of SSRs in this species. I analyzed the abundance and density of perfect SSRs in the Nile tilapia genome and observed a sum of 252,047 microsatellites with 1–6 bp nucleotide motifs. This indicates that about 2.7 % of the Nile tilapia whole genome sequence (927.77Mb) is made up of perfect SSRs, with an average length of 135.68bp/Mb. The average density and frequency of perfect SSRs were 271.69 loci/Mb and 5834.46 bp/Mb, respectively. The six classes of perfect SSRs proportional distribution within the Nile tilapia genome were not even. Dinucleotide repeats (40.13 %) with a total count of 101145 of an average length of 26.11 bp happen to be the most abundant class of SSRs, while the percentages of mononucleotide, trinucleotide, tetranucleotide, pentanucleotide, and hexanucleotide repeats was 31.88 %, 11.98 %, 11.52 %, 4.22 %, and 0.26 %, accordingly. The various classes of SSRs repeat differ in their number of repeats with the highest being 95. My results indicate that 21 motifs contain the prevalent categories with a frequency above 1 locus/Mb: A, AAC, AAG, AATAG, AATTC, AC, AG, AGAT, AT, ATCT, ATG, ATGG, ATT, ATTT, C, CCT, CTG, CTTT, GT,  GTTT. View Article DOI: 10.47856/ijaast.2022.v09i10.00

Tilapia sex reversal using methyl testosterone (MT) and its effect on fish, man and environment

Tilapia is the second leading aquatic crop globally, next to carps and its production has increased tremendously within the last decade. Its production is however affected by stunting, a phenomenon brought about by overpopulation due to precocious reproduction under mixed sex culture system. Several methods such as use of predatory fish, hybridization, polyploidy and sex reversal, using methyl testosterone have been employed w1th different degrees of success. This paper reviews the use of methyl testosterone in sex reversal of tilapia and its consequent effects on fish, man and environment. It established the preference of all-male tilapia due to better and more uniform growth under culture system. It has been demonstrated that the hormone does not have any adverse effect on fish flesh after cessation of treatment of tilapia fry. In like manner; ingestion of fish produced by sex reversal does not therefore harm man. However,one is not too sure of the effect of the hormone or its by- products on vital organs (liver, kidney, pancreas and gills), metabolic profile and nucleic acids. This may also affect muscle building and perceived libido-enhancement in man. On the environment, the steroid is either biodegraded or mineralized. It must be stated that escapee from tilapia hatchery into the natural water may, however, alter the dynamics of the environment due to unforeseen consequences

Genetic status of tilapia at Badore landing site using RAPD markers

Molecular technique based on Random Amplified Polymorphic DNA (RAPD) analysis was applied to study genetic status among tilapia species from Badore landing site of Lekki lagoon. Individual variations within species population were assessed using PCR-RAP analysis with five Operon primers (OPC04, OPA02, OPB08, OPE02 and OPF03, Operon Technologies Inc, USA) which revealed dif ferent banding patterns of varying primer reproducibility. Graphical representation using UPGMA cluster analysis produced a dendrogram chart with five clusters (~f, ~e, ~p ,~S, and ~W) indicating different degrees of variations and similarities. There were various levels of genetic similarity observed possibly due to hybridization. Nevertheless, few distinct variations among the samples were visible, show ing possible genetic variability. At 0.89 (89%) coefficient, cluster,~f is made up of 7 samples which are genetically similar. At 0.834 (83.1 %) coefficient, distinct sample BTl2 forms a cluster (~p) with cluster ~f which shows they are related at this coefficient. Cluster ~W (84% coefficient) comprising of 7 samples forms another cluster with a distinct sample BT06 at about 0.79 coefficients. At 78.6% coefficient (cluster ~e). All the samples are genetically similar except sample BT17. This distinct sample can increase genetic variability by a cross between it and other strains of tilapia. Therefore, care should be taken by fish farmers who buy or use the fish samples from this landing site for culture. Proper molecular characterization of this fish species before culture becomes necessary to avoid genetic problems

Proximate Composition and Utilization of Napoleona imperialis Fruits.

Wild fruits abound in forests of south eastern Nigeria which are not properly utilized. These fruits are occasionally consumed by locals not because they knew the content of such fruits but rather because their fore fathers consumed such fruits in the past. It is against this background that Napoleona imperialis was studied to determine its proximal composition and possible economic utilization. The pulp of the fruit was analyzed proximately using standard methods for carbohydrate, fat, crude fibre, protein, ash content and moisture content and was used for the production of fruit jam. The proximate analysis showed that the pulp contains 9.9% carbohydrate, 1.0% fat, 5.05% fibre, 1.3% protein, 0.35% ash and 87.5% moisture while the jam contained 15.7% carbohydrate, 0.2% fat, 2.5% fibre, 0.4% protein, 0.25% ash and 80.5% moisture. Flame photometric analysis showed that the jam contained 0.16g/mg sodium and 0.13g/mg potassium. Key words: Napoleona imperialis, fruit products, proximate analysis.

Developing Efficient Lead Time Practice in the Supply Chain Process to Enhance Customers’ Satisfaction in FMCGs in Nigeria

The production and delivery of high quality goods and services that satisfy customers’ expectations are essential elements in determining the long term achievement of manufacturing companies. This paper aims to develop efficient lead time management in the supply chain processes of Nigerian fast moving consumer goods (FMCGs) manufacturing companies as this would enhance the production of indigenous products of high quality thereby satisfying the consumers’ needs, moreover, contributing to economic growth and development of the manufacturing industry in Nigeria. The study uses a quantitative approach consisting of a cross-sectional survey and the administration of structured questionnaires to staff of FMCGs in selected study areas of Lagos and Ogun State, Nigeria. The data available for this study was analyzed using ordered logistic regression model with the aid of different statistical tool; SPSS IBM version 24 and STATA 13.0. The outcome of the study indicated the underlying dimensions of lead times and the service response level of customers, with an overall objective to meet customers’ needs. Furthermore, the result showed that adequate stock level and reduction in lead times contributed to the availability of quality products to customers on time. Keywords: Supply chain, Lead time, Customer satisfaction, FMCGs, Manufacturing industry. DOI: 10.7176/JESD/10-2-1

TEST OF RANDOM WALK ON SELECTED STOCK MARKETS IN AFRICA

This study investigated the efficiency market theory in four (4) selected African stock markets (Nigeria, South Africa, Kenya and Morocco) proxied by their All-share indices from the perspective of random walk hypothesis using the variance ratio tests. Daily market returns data from 01/02/2012 to 26/03/2020 obtained from the individual national stock markets via their official websites was employed. The findings of the study evince that over the study period, the daily returns movement on Nigeria stock exchange All-share index is affected by historical price information; hence, Nigeria stock market follows the random walk pattern whereas the daily returns movement on South Africa FTSE-JSE stock exchange index, Kenya (Nairobi) stock exchange index and Morocco (Casablanca) stock exchange index are not affected by historical price information; hence, South Africa, Kenya and Morocco stock markets do not follow the random walk pattern. We therefore conclude that African stock markets are largely inefficient; hence, they are characterized by market anomalies and momentum effects implying that financial resources are not efficiently and effectively mobilized. Also, there is lack of evidence of weak form efficiency in African markets which also implies the existence of arbitrage opportunities which would lead to abnormal returns or profits if well exploited. From the findings of this study, we recommend amongst others that there is need for investors and traders in the African stock markets to exploit the existing arbitrage opportunities that are created by market anomalies in order to possibly beat the stock markets and earn abnormal returns. This can be achieved by using market trading strategies that are consistent with technical analysis such as day-of-the week momentum strategy

The Effects of Global Warmingontourism Development in Nigeria

It has been observed that our environments are changing daily because of the effect of global warming. Similarly the tourism industries are facing challenges as a result of Ozone Layer depletion. This has prompted the topic of this research which is “The effect of Global warming on Tourism Development”. In the course of this research, the researcher used primary and secondary methods to collect data. A total of 165 copies of questionnaires were distributed and only 160 were returned completely. Simple percentage was used in circulating the research questions. It was concluded that global warming has effect on tourism development. The study therefore, recommends that the introduction of aviation fuel tax throughout the world is preferable and also a shift from fossil fuel use to renewable energy sources. Keywords: Global warning, Tourism, Development, Impact

Body-weight variations in four week old Clarias gariepinus

The variation in size and weight of fry and fingerlings of Clarias gariepinus has been a major factor affecting the success of hatchery production of the species. It encourages cannibalism, thus reducing the overall survival. The disparity in weight and population was assessed to determine the necessity of sorting as a reliable method of controlling size disparity and mortality in hatchery production. Two-week-old fry with average weight of 15mg and length range of 0.8-0.9cm were randomly sampled and stocked at 200 fry/litre in 30 litre circular tanks. The fish were fed for four weeks on 45% crude protein diet, ad libitum. At the end of four weeks, there were three groups; large, medium and small with mean weight of 4.02g, 1.24g and 0.17g, respectively. The cumulative mean weight was 1.8g, population ratio was 1:8:10 for large, medium and small, respectively

Hybridization and speciation among cichlids: the case of 'Wesafu', an ecotype cichlid

Fishes of the family Cichlidae are known for spectacular adaptive radiation and therefore serve as a model for evolutionary and ecological studies. They are highly speciated due to hybridization that frequently occur in the wild. The existence of an ecotype cichlid, ’wesafu’ in Epe Lagoon, Lagos, Nigeria appears to be the result of such hybridization. This paper reviews the profile of wesafu and compare the species with other cichlids, evaluate the probable causes of speciation which includes diversity in feeding morphology, mate choice, adaptation to changes in habitat arising from water level dynamics , eco-phenotypic variation, restricted migration to predation and introgressive hybridization. The implication of such speciation and hybridization were also highlighted