Corporate Governance as a Tool for Curbing Bank Distress in Nigeria Deposit Money Bank: Empirical Evidence

The study objective is aimed at finding the relationship between corporate governance bank distress in deposit money banks. The research design adopted in this paper is the case study method, in other to have an intensive insight of the subject matter. Primary data was used specifically the survey technique.The method that was used in the presentation of data in this study is the Statistical Package for Social Sciences(SPSS) which contains all the necessary and important statistical technique for data analysis. For testing the hypothesis, correlation analysis which measures the degree of relationship between variables was used to analyze the result generated from the questionnaire. The evidence shows that corporate governance has no significant improvement on the prevention of bank distress but has significantly improved the performance of the Nigerian banking sector. We therefore recommend that banks should demonstrate strong internal policies to identify and manage conflict of interest and zero tolerance posture against cases of unsound corporate governance practices

CREDIT POLICY AND ITS EFFECT ON LIQUIDITY: A STUDY OF SELECTED MANUFACTURING COMPANIES IN NIGERIA

This paper considered the effect of credit policy on the liquidity of manufacturing companies in Nigeria. Credit policy from this perspective was viewed from the angle of controlling or regulating credit sales. The study looked into the problems of non-monitoring and the non- review of the credit policy of organizations as a cause of the liquidity problems associated with credit sales. The study centered majorly on the effects of each of the individual components of credit policy which include the credit standards, the credit period, the cash discount and the collection period on an organization’s liquidity. It is also at finding out the type of effects that a company’s credit policy has on its liquidity. Four manufacturing companies were selected which include Unilever Nigeria plc, Cadbury Nigeria plc, Nestle Nigeria plc and Nigerian bottling company. The annual reports and accounts of the selected companies as well as questionnaire where relevant data was made use of were statistically analyzed. Analysis of variance (ANOVA) and regression analysis were used in testing the hypothesis. The findings revealed that when a company’s credit policy is favourable, liquidity is at a desirable level and lastly, the findings revealed that companies should ensure the monitoring and regular review of their credit policy and the allowance of cash discounts should be minimized as much as possible. We therefore recommended that organization should consider their mission, the nature of their businesses and their business environment before setting up a credit policy

Tax Policy and the Growth of SMEs: Implications for the Nigerian Economy

Small and Medium Enterprises play a very important role in development of the Nigerian economy. Making up about 97% of the entire economy, they serve as a source of employment generation, innovation, competition, economic dynamism which ultimately lead to poverty alleviation and national growth. Tax policy is one of the factors that constitute the SMEs’ economic environment. This research work tries to establish if any relationship exists between the growth of SMEs and the tax policy environment in which they operate in Nigeria. Questionnaires were distributed to SMEs in Zaria, North Central, Nigeria and non probability judgmental sampling method was employed. The hypothesis was tested using Spearman’s Rank Correlation. It was found out that from most SMEs surveyed, they were faced with the problem of high tax rates, multiple taxation, complex tax regulations and lack of proper enlightenment or education about tax related issues. Although there was a general perception that tax is an important source of fund for development of the economy and provision of social services, the study revealed a significant negative relationship between taxes and the business’ ability to sustain itself and to expand. In order to obtain a vibrant and flourishing SME sector, the tax policy needs to be appropriate such that it will neither be an encumbrance to the SMEs nor discourage voluntary compliance. A suggested solution is by increasing tax incentives through reducing tax rates and increasing tax authorities’ support services towards small and medium enterprise

Analytical Studies of the Iron and Manganese Complexes of 7-Nitroso -8- Hydroxyquinoline -5-Sulphonic Acid

The ligand 7-nitroso-8-hydroxyquinoline-5-sulphonic acid (H2L) possesses the coordination sites of 2 -nitroso-1- naphthol and of 8-hydroxyquinoline, where the hydroxyl group is functional at either site. The absorption maximum of the complex formed with iron and Mn is at 700nm, at which wavelength the mole extinction coefficient of Fe(H2L)3 is 27,540 dm3 mol-1 and Mn(H2L)3 is 44,500 dm3 mol-1 respectively. The stoichiometry of H2L reagent with the metal ions by the method of continuous variation gave the ratio of iron to ligand as 1:3 and manganese to Ligand as 1:3. Chemical analysis, and physicochemical evidence are compatible with formulating the Fe(II) and Mn (II) complexes as H[M(HL)3] where the 2-nitroso–1-naphthol site is involved in metal chelation.Keywords: Analytical Studies, Iron, Manganese, Complexes, 7-nitroso –8, Hydroxyquinoline -5- Sulphonic acid Journal of Science and Technology Vol. 28 (1) 2008 pp. 76-8

A Review of the Causes and Effects of Disparities in Global Financial Performances of Cooperative Societies

Unlike small and medium scale enterprises, there is no doubt that cooperative societies have attracted little attention from both the public and private sectors. This is not the case in industrialized countries such as Denmark, USA, Great Britain, etc; where they have contributed immensely to the GDP of their respective economies. A review by various scholars of the various ways of financing cooperatives in Nigeria reveals that there is no adequate nation-wide financing agency. This study aims among others to review through historical data the operational and policy frameworks of the global and Nigerian cooperatives societies and other dependent cooperatives scattered all over the globe and their emerging trends in sourcing for funds. The methodology used is the content analysis. Historical (secondary data) such as journals, articles, textbooks, newspapers and Internet etc are employed. The paper identified the financing gap existing in cooperative movement in order for them to assume their proper position in the scheme of things in an emerging global economy. This paper recommends that amongst others that the Small and Medium Industries Equity Investment Scheme (An initiative of the Bankers Committee) should be extended to Nigerian Cooperative Societies

Tax Policy and the Growth of SMEs: Implications for the Nigerian Economy

Small and Medium Enterprises play a very important role in development of the Nigerian economy. Making up about 97% of the entire economy, they serve as a source of employment generation, innovation, competition, economic dynamism which ultimately lead to poverty alleviation and national growth. Tax policy is one of the factors that constitute the SMEs’ economic environment. This research work tries to establish if any relationship exists between the growth of SMEs and the tax policy environment in which they operate in Nigeria. Questionnaires were distributed to SMEs in Zaria, North Central, Nigeria and non probability judgmental sampling method was employed. The hypothesis was tested using Spearman's Rank Correlation. It was found out that from most SMEs surveyed, they were faced with the problem of high tax rates, multiple taxation, complex tax regulations and lack of proper enlightenment or education about tax related issues. Although there was a general perception that tax is an important source of fund for development of the economy and provision of social services, the study revealed a significant negative relationship between taxes and the business ability to sustain itself and to expand. In order to obtain a vibrant and flourishing SME sector, the tax policy needs to be appropriate such that it will neither be an encumbrance to the SMEs nor discourage voluntary compliance. A suggested solution is by increasing tax incentives through reducing tax rates and increasing tax authorities' support services towards small and medium enterprises

IFRS-BASED RESULTS AND THE READINESS OF NIGERIAN AUDIT COMMITTEE: THE PROFESSIONAL ACCOUNTING ACADEMIC STANDPOINT

This study investigated the level of readiness of the audit committee towards understanding and interpreting IFRS based result in Nigeria. This study adopted the survey research method to garner opinion of stakeholders especially the professional accounting academic. One hundred and twenty copies of questionnaires were administered making forty copies of questionnaire to each of the three university studied. The questionnaires were analyzed with the use of One-Sample t-test. The study found that the presently constituted audit committee in Nigeria is statistically significantly weak in understanding and interpreting IFRS based results. It is therefore recommended as a matter of urgency that the audit committee members be subjected to training that will specifically tailored towards the application of IFRS in their various sectors and industry they represent. This training should not however, be one off. It should be continuous and in timely manner as changes in IFRS is still ongoing

Perennial Rainwater Effects on Rural Women Inhabitants in Agriculture

The main sustenance in economic development before now in most countries of the world was on agriculture. With advent of modern technologies and a shift to service industry, agriculture which had been a major source of national income in Nigeria was jettisoned in the advent of oil discovery, which apparently seemed more lucrative. However, of late, the volatility of the oil industry and its uncertainty in pricing has led to the need for diversification of the nation’s economic base. As such, government policies are geared towards reviving her economy of which agriculture plays pivotal role in improving her Gross Domestic Product. Historically, antecedents surrounding Agricultural development in places like sub-Saharan Africa, particularly Nigeria were predominantly housed by rural inhabitants. Axiomatically, there are still a size-able number of people living in the rural area of which women are in the majority who are predominantly involved in agriculture. Recently, the unpredictability of weather due to climate change has precipitated the perennial rainwater effects on rural women. The study employed the use of questionnaires, interviews and observations to ascertain if any, perennial rainwater effects on women in agriculture and results showed that rural women have been affected by the orthodox constant change in weather especially undulating rainfalls. Keywords: Perennial rainwater, Women in agriculture, rural inhabitant