Tax Strategic Behaviour and Financial Performance of Quoted Agro-Allied Firms in Nigeria

Although there is a large literature on the relationship between tax strategic behavior and financial performance, there is no consensus about the nature of this relationship. The aim of this research is to analyse the relationship between tax strategic behavior and financial performance of listed agro-allied firms in Nigeria. secondary data on different types of tax strategic behavior and profit after tax from 2013-2023 were collected from central bank of Nigeria statistical bulletin, National Bureau of statistics and  Federal Inland revenue Service. Descriptive statistics, ordinary least square regression analysis, augmented Dickey Fuller, Johansen Cointegration and error correction model were used in analyzing the data. The result  indicate that tax strategic behaviour significantly relate to financial performance; explain about 82.4% of financial performance, research & development significantly relate to profit after tax. Thin capitalization and capital intensity were each found to not significantly relate to profit after tax. The study conclude that the exist a strong negative and significant relationship between tax strategic behavior and financial performance and recommends that amongst others that companies should put in place appropriate tax strategic behavior that will decrease their tax liabilities and therefore improve their overall corporate financial performance

Indirect Tax and Economic Growth in Nigeria: Endogenous Growth Theory and Neo-Classical Growth Theory

Using a modeling approach that incorporate the growth theory and neo-classical theory, and its implied vector error correction model, the aim of this study is to empirically investigate the long run relationship between indirect tax and economic growth for Nigeria, a country which has experienced very large fluctuations in the government fiscal deficits. Time series data on different types of indirect tax and real gross domestic product from 1994-2020 were collected from the Central Bank of Nigeria Statistical bulletin, National Bureau of Statistics, Federal Inland revenue Service and Annual Central Bank of Nigeria reports. Descriptive statistics, ordinary least square regression analysis, unit root test, co-integration test and error correction model with the aid of e-view version 11 were used in analyzing the data. The results indicate that value added tax positive and significantly relate to gross domestic product. In the same vein, customs and excise duties positively relate to gross domestic product. The study therefore concludes that the exist a strong relationship between indirect tax and economic growth in Nigeria and recommends that the mono-product economy of Nigeria should be diversified along the line of taxation since there exist a positive relationship between taxation and economic growth in Nigeria. In addition, the drift from direct to indirect form of taxation as entrenched in the New National policy should be deemphasized as there exists a negative and insignificant relationship between indirect tax and economic growth in Nigeria

Molecular serotype and evolutionary lineage of Listeria monocytogenes isolated from different Nigerian food items

The molecular serotypes and the evolutionary lineage of Listeria monocytogenes isolated from various foods in Nigeria are yet to be documented. Consequently, popular uncooked food items known locally as Okazi Utazi, Onugbu, Ogbono, Garri and Egusi obtained from plants botanically known as Gnetum africanum, Gongronema latifolium, Vernonia amygdalina, Irvingia gabonensis, Manihot esculanta Crantz and Colocynthis Citrullus, respectively were analyzed. Molecular serotype of three chosen isolates was determined using multiplex polymerase chain reaction (PCR) serotyping before analysis based on prfA virulence gene cluster of L. monocytogenes was carried out to establish the evolutionary lineage. There was no L. monocytogenes detected in foods from I. gabonensis, M. esculanta Crantz and C. citrullus. However, the vegetables from G. africanum, G. latifolium and V. amygdalina showed the presence of the organism and chromogenic tests carried out on the three strains chosen from oxford formulation media indicated that they were not other non-pathogenic strains of Listeria. The V3 region of 16S rRNA gene of one strain showed that a close relative of the isolate is a strain implicated in an outbreak of listeriosis. Leafy vegetables could be a major vehicle for transmission of L. monocytogenes in Nigeria since this pathogenic bacterium occured in different vegetables analyzed.Key words: Listeria monocytogenes, serotype, lineage, pathogenic potential, Nigerian food

Phylogeny of Three Palmwine Yeasts Genera

Sequences from three palm wine yeast genera namely Saccharomyces cerevisiae, Pichia kudriavzevii, and Candida ethanolica were analyzed to establish their phylogenetic relationships, geographical origin, and food matrix source of their close relatives. Up to 600 sequences present in yeasts representing close relatives of palm wine yeasts were examined. Pyhlogenetic trees constructed showed polyphyletic relationships in C. ethanolica whereas close relatives of S. cerevisiae and P. kudriavzevii showed little divergence. Sequence data for both Elaeis sp. and Raphia sp. palm trees showed that highest number of palm wine yeasts relatives sequence submissions to the Genbank were from China and beverages were mainly the sources of close relatives of S. cerevisiae and P. kudriavzevii whereas C. ethanolica closest relatives were from various non-food sources. Overall relatives of palm wine yeasts were not specific to any particular food or fermentation mix. The guanine-cytosine (G+C) content in P. kudriavzevii (57–58%) and C. ethanolica (56–57%) was higher than that of S. cerevisiae (47.3–51%). This suggests that the P. kudriavzevii and C. ethanolica have a higher recombination rate than S. cerevisiae strains analyzed. The data may help to understand palm wine yeast conservation and the diverse food matrixes and geographical origins where their close relatives exist

Compound-20 (Analog of Curcumin) Prevents Acrolein-Induced Changes in Rats

Research has shown that acrolein, a known environmental pollutant, contributes to generation of free radicals leading to oxidative stress and physiological damage. Curcumin has been known to improve damages from oxidative stress due to its antioxidative and anti-inflammatory properties. It has been reported that to exert such an effect, a large dose of curcumin needs to be consumed on daily bases due to its high excretion through kidney. Here in collaboration with Dr. Chelliah from department of pharmaceutical, an analog form of curcumin (compound-20) was synthesized with promising more potent activity and absorption. The objective of this study was to investigate if compound-20 could prevent acrolein induced oxidative stress in rats. Acrolein is a reactive aldehyde, which is released as a byproduct of organic combustion such as in cigarette smoke, burning of wood, automobile exhaust, diesel fuel, paraffin wax, and heating cooking oil at high temperatures. (Tanel et al., 2014; Stevens et al., 2008). Acrolein has its uses which include production of pesticides, algaecide, and aquatic herbicide in irrigation canals (Arntz et al., 2013). High level of acrolein has been reported in different disease conditions such as spinal cord injury, multiple sclerosis, diabetes mellitus, neurological, nephrological and hepatological toxicity, Alzheimer’s, and cardiovascular disease (Akshata et al., 2015). Curcumin is a natural product, widely used in cooking preparations thorough out the world. As a polyphenol compound, curcumin (CUR) is isolated from the rhizome of Curcuma longa and chemically defined as diferuloylmethane. CUR has powerful antioxidant and anti-inflammatory activities (Kunnumakkara et al., 2017). However, when consumed as a spice in preparation of food, large amount of the compound will be excreted due to its poor absorption from small intestine as well high metabolism by liver (Dei Cas and Ghidoni, 2019). To overcome these limitations, different approaches including synthesizing novel solid or liquid forms have investigated Here at Texas Southern University, our collaborator, Dr. Chelliah and his group have been successful in synthesizing several solid analogs of curcumin with more potent and absorption property (Chelliah et al., 2019). In this study, we hypothesized that one of the curcumins analog, which is referred as compound-20 here on, is effective on prevention/reversal of toxic damage caused by acrolein by improving antioxidant system, removing free radicals and ultimately, reducing the inflammation. Effects of compound-20 in amelioration of changes caused by acrolein was examined in rat’s serum. Lipid peroxidation, total glutathione, superoxide dismutase, and glutathione-s-transferase activities were measured using ELISA kits from ABCAM including Lipid peroxidation assay kit (Colorimetric), GSH + GSSG/GSH assay kit (Colorimetric), Superoxide dismutase activity (colorimetric), and GST activity assay kit (colorimetric) respectively.Male Sprague Dawley rats weighing 250-350kg were purchased from Envigo (Indianapolis 190 United States) and were divided into three groups: Control group (same amount of vehicle), acrolein group (2mg/kg/day, i.p 7days), and Group 3 includes rats treated with compound-20 (10mg/kg/day, 3days, gavage) before acrolein treatment of (2mg/kg/day, 4days i.p). At the end of the treatment, rats were sacrificed, and tissues and blood were harvested for further analysis. Blood was collected in heparin containing syringes (cardiopuncture, 8-10 ml) in anesthetized rats. Collected blood was centrifuged at 1000 X g for 10 minutes and the supernatant was collected. We used the serum to carry out different assays following manufacturer protocols. The results were analyzed using Unpaired t-test and one-way ANOVA and the data with P values P≤0.05 were reported as significant change. Our result showed a decreased level of GST activity, Glutathione, and SOD activity, but increased lipid peroxidation, in the group treated with acrolein. Addition of compound-20 (C20) increased glutathione, GST, AND SOD activities, while lipid peroxidation was decreased. In conclusion, based on our results, we are reporting that changes in rats after exposure to acrolein are ameliorated after addition of C20. Furthermore, we are including that daily dose of C20 might be a preventive approach to reduce effects of compounds like acrolein in population that are living in areas with high level of acrolein in the environment

Review and comparison of conceptual frameworks on digital business transformation

This paper applies an academic approach in assessing various conceptual and theoretical frameworks considered relevant to the subject of digital business transformation and that contribute to increasing the general understanding of the subject. A review and comparison of several conceptual and theoretical frameworks that were identified to be relevant to the subject of digital business transformation was conducted with the aim of assessing their suitability and robustness in addressing the subject, which is gaining prominence as a pathway for achieving and maintaining competitiveness for businesses as digital technologies continue to shape and transform the business landscape. The background information required for the comparison of the frameworks was obtained after a comprehensive review of each of the frameworks, and based on the insights obtained following the review, their relevance and applicability to the subject of digital business transformation was determined. A qualitative approach was adopted in conducting desk research using reputable business and scientific data sources. The output of the literature search was narrowed down by applying elimination parameters that ensured only relevant articles and journals were included in the final comparison of literatures that contained relevant conceptual and theoretical frameworks. The research established that there is a lack of alignment between industry-based research and academic-based research on the subject of digital business transformation. The research findings and agenda of the study have important implications for organisational transformation as it relates to digital technologies and their transformative effects on industry segments and organisational structures through digitalisation.[IGA/FaME/2018/005

Acrolein-Induced Epigenetic Modification of DNA Methylation in Rat Kidney Disease Tissue

Acrolein, an alpha-beta unsaturated aldehyde, and a very reactive and toxic compound is released into the environment from different sources. As a pervasive environmental pollutant, acrolein poses a serious environmental health threat acknowledged by investigators, health, and environmental government agencies. Acrolein is released into the environment through the burning of organic compounds. The main sources of acrolein pertinent to human health and toxicity include cooked foods, combustion of fossil fuels, cigarette smoke, overheating of frying oil, endogenously produced via lipid peroxidation, metabolism of polyamine, and anticancer drug cyclophosphamide. Exposure of humans to acrolein is mainly through inhalation of contaminated air, ingestion of contaminated food, and water and dermal contact. Exposure and buildup of acrolein in the biological system have been linked to different disease conditions such as cancer, cardiovascular diseases, multiple sclerosis, spinal cord injury, and Alzheimer’s diseases. Several mechanisms have been proposed for the toxicity of acrolein including inflammation, protein abduction, oxidative stress, DNA abduction, and membrane disruption. Some studies have linked acrolein-induced toxicity to epigenetic modifications. Epigenetics is the modifications in gene expression that do not alter the DNA sequence of a gene. This alteration could occur naturally or by factors such as age, environmental exposure, individual lifestyle, and disease condition. DNA methylation is an epigenetic process that ensues via the addition of a methyl (CH3) group to DNA and frequently alter the role of the gene and transcription factor and as such influence gene manifestation. DNA methyltransferases ( DNMTs) are a group of enzymes that control the addition of methyl groups at different levels in cells. There are three major types of DNMTs; DNMT1 is the methylation enzyme responsible for the maintenance of established patterns of DNA methylation while DNMT3A and DNMT3B mediate the establishment of new or de novo DNA methylation patterns. On the other hand, Ten Eleven Translocation (TET) enzymes counter the activities of DNA methyltransferases via stepwise biochemical conversion of 5- methylcytosine to 5-carboxyl cytosine, which is then modified by thymine DNA glycosylase (TDG) making it a basic cytosine which allows the regeneration of unmethylated cytosine through base excision repair thereby abolishing DNA methylation. N- Acetylcysteine (NAC) is an antioxidant that is vital for the reduction of oxidative stress and the downstream negative effects that are associated with it. NAC has shown potency in the inhibition of acrolein-induced toxicity based on the recent studies done in our laboratory and other investigators. NAC beneficial effects are through improvement in the production of cellular glutathione, a natural antioxidant enzyme known to defend the body against the invasion of xenobiotics such as acrolein. Our earlier work using Vascular Smooth Muscle Cells (VSMCs) has indicated that acrolein induces cytotoxicity and modifies histones specifically histone H3, through epigenetic modification via methylation and acetylation and NAC blocks the toxicity and inhibits histone modification. Based on current information, we are hypothesizing that acrolein toxicity is through changes in DNA methylation and NAC prevents this toxicity by inhibiting DNA methylation. Specific aims of the study are: Demonstrate that acrolein induces toxicity in rats is through DNA methylation, Evaluate the activities of DNA methylation/demethylation enzymes, Evaluate the effect of N-acetylcysteine (NAC) on the prevention of DNA methylation and subsequent changes. To investigate our hypothesis, male Sprague-Dawley rats were treated with 2mg/kg/day of acrolein for seven days (i.p) in the presence or absence of 600mg/kg/day of NAC (i.p). The dose and duration of exposure were selected based on our previous studies. At the end of the study period, kidney tissue was collected, nuclear protein and DNA samples were extracted for biochemical analysis. Lipid peroxidation was measured using MDA (Malondialdehyde)- based colorimetric assay. 5-mC hydroxylase TET activity, DNMT activity, Thymine DNA glycosylase activity, DNA Demethylase activity, and DNA Damage Quantification (8-OHdG) were measured by ELISA-based colorimetric and fluorometric assay from Epigentek. Global DNA methylation and global DNA hydroxymethylation were measured by ELISA-based colorimetric assay from Abcam and protein expression by western blotting. Our results revealed that acrolein-treated rats showed about a 169% increase in lipid peroxide level when compared to control. The addition of NAC decreases lipid peroxidation level to about 52% compared to the acrolein group. There was about a 67% decrease in 5-mC TET Hydroxylase activity in the acrolein treated group compared to control, the addition of NAC increased 5-mC TET Hydroxylase activity by 28% compared to the acrolein group. Consistently, there was about a 14% decrease in demethylase activity in the acrolein group compared to the control group and the addition of NAC increased demethylase activity to about 20% compared to the acrolein group. Similarly, there was about a 22% decrease in TDG activity in the acrolein treated group compared to the control and the addition of NAC showed an approximately 15% increase in TDG activity compared to the acrolein group. On the contrary, there was about a 30% increase in DNMT activity in the acrolein group compared to the control. The addition of NAC indicated about 32% increase compared to the acrolein group. The reason behind the increase in DNMT activity after the addition of NAC is yet to be understood since NAC is known to repeal acrolein toxicity. There was up to 16% increase in the global 5-mC level in the acrolein treated group compared to the control and the addition of NAC increased it by 16% when compared to the control. The same trend was observed in global 5-HmC where there was a 22% decrease in 5-HmC activity in the acrolein group compared to the control. The addition of NAC increased the level of 5-HmC approximately to 130% compared to the acrolein group. The decrease in global 5-mC and 5-HmC agrees with many investigators’ reports (hypomethylation) as the prognosis of different cancer development. Finally, there was about an 18% decrease in the 8-OHdG level in the acrolein group compared to the control and NAC addition increased the 8-OHdG level by 167% compared to the acrolein group. Based on the present data, we are concluding that epigenetic changes observed in acrolein-treated rats are the results of increased generation of ROS, which contribute to increasing oxidation level, alteration of TET enzymes and their products, and increased DNA methylation and subsequent DNA damage

Corporate Governance Structure and Institutional Investment: Evidence from a Developing Country

In recent times, the corporate governance structure debate has tended to expand the objective of business beyond the maximization of shareholders’ wealth to include discharge of duty to the society. This study examines the influence of corporate governance structure and institutional investment of 32 listed companies on the NSE, covering the period of 2006-2010. The postulated hypotheses were tested, using multiple linear regression (MLR) analysis. The empirical results showed no significant influence between corporate governance and institutional investors. Rather, institutional investors exert a significant and, positive influence on corporate governance structure. The studies advocate that given more attention to the large institutional investment, since there is a positive relationship between corporate governance structure and the whole number of institutional investors. And a negative influence between corporate governance structure and volume of institutional investors. To have better monitoring by large institutional investors, they should set up board of investee companies in order to have wider bird’s view image the capital market authority and NSE should set regulations that prevent a percentage holding of share in the companies to protect the control by few institutional investors. The study also recommends further investigations into the influence of corporate governance structure and institutional investors, using larger sample size, covering more years, and including particularly the banking sectors that has witnessed major reforms since 2005 and plays a critical role in the economic development of Nigeria

Accounting system and payroll fraud of local governments in Nigeria

In the last few decades, payroll fraud model has been drawing a great deal of attention amongst researchers, professional accounting bodies and practitioners, as it is becoming increasingly frequent, complex, more difficult to prevent and control it effectively. The aim of this study is to empirically help re-energize movement towards accounting system and payroll fraud model of local governments in Nigeria. Survey data were obtained from 774 respondents using researcher designed questionnaire validated by experts and shown to have reliability coefficient of 0.92%. Pearson product moment coefficient of correlation and regression statistical techniques were used in analyzing the data. The empirical result indicates that accounting system significantly relate to payroll fraud, explaining about 73.8% and 84.5% of the variation in ghost employee fraud. Traditional accounting system, investigative accounting and computerized accounting system were found to significantly relate to payroll fraud model, sustaining short run equilibrium relationship with ghost employee fraud model. We conclude that accounting system has the potency to make significant contribution to payroll fraud model and recommends that government should ensure that the government should ensure that forensic accounting department is instituted in the ministries to enhance effective management of fraudulent activities. Accountants employed in the ministries should have a broad knowledge of law while lawyers also should have a broad knowledge of accounting to be able to effectively carry out the task of a forensic accountant. Back duty investigation should be carried out regularly to stem the tide of false wage claims

Looking into the energy future of developing nations (a case for nuclear technology)

Includes bibliographical references.The energy poverty being witnessed in many developing countries and the fear of a deteriorating environment are some of the factors driving the nuclear renaissance. Over the years, global energy demand has continued to increase without matching supply, giving signs of impending energy crises. The argument for nuclear technology seems to sound more convincing in the face of these problems. After more than two decades following the accidents of Chernobyl and Three Mile Island, the fear of global warming allegedly coming from fossil fuel seems to be trumping the fear and apprehension associated with radiation. With the rise in trade and industry in many emerging economies, the proponents of nuclear technology have been advocating for its usage in some of these developing nations. This paper examines different alternative energy sources. It also explores the potentials of nuclear technology vis-a-vis the environmental health and safety issues. In conclusion, the paper contends that even though nuclear energy has great potential, and is capable of providing emission free energy, the financial cost, security, environmental health, and safety implications of its usage currently makes it an unrealistic means for most developing nations.B.S. (Bachelor of Science