E-Banking in Nigeria: Issues and Challenges

The aim of this study was to assess issues and challenges of e-banking in Nigeria. The specific objectives were to ascertain the effect of e-banking on workers, job security in Nigeria banking industry, examine the relationship between e- banking and quality of service delivery of commercial banks in Nigeria, evaluate the relationship between e-banking and security of financial transactions and to find out if e-banking influences customers satisfaction in the Nigerian banking industry. The survey and descriptive research design were adopted in the methodology of the study. The population consists of all the customers and staff of three selected banks branches in the Benin metropolis. A sample of three hundred respondents was selected using the convenience random sampling techniques. The study employs primary data using questionnaires as the research instrument. The data analysis was carried out using summary statistics and ordinary least square regression analysis. The study findings indicate that employees’ job security has a positive relationship with E-banking and significantly influence E-banking in Nigeria; customers’ satisfaction was ascertained to have a positive relationship with e-banking and also influence e-banking penetration in Nigeria; security of financial transactions was found to have a positive relationship with e-banking, it however had inverse significant impact on e-banking; services delivery has a positive relationship with e-banking. It is therefore recommended that for effective ebanking penetration, investors education and marketing of e-banking products should be the key strategy banks should use to attract more customers towards embracing e-banking and increasing security for e-banking products, reduction of charges on e-banking products and increasing more ATM outlets in Nigeria as part of measures towards enhancing quality services delivery and promotion of e-banking as this will further enhance the recent need for financial inclusion as part of the monetary policy of the Central Bank of Nigeria

Modeling Optimal Debt and Expenditure in Malawi: A Dynamic Optimization Approach

This study models optimal debt and spending in Malawi using Dynamic Optimization Approaches. The study found that the economy of Malawi is not free from debt crisis, despite the benefits of Multilateral Debt Relief Initiative (MDRI) that was extended to Heavily Indebted Poor Countries (HIPC) in 2005. The optimal trends show that the country has been and remains vulnerable to debt and fiscal crises despite the various palliative measures that were introduced by International Monetary Funds (IMF), especially the Extended Credit Facility (ECF) offered the country in 2008, during the global financial crises

Assessment of the Financial Information Disclosures of Pension Fund Administrators in Nigeria

The study investigates extent of compliance of Pension Fund Administrators in Nigeria with PENCOM financial information disclosures guidelines with a view to ensuring that there is transparency and accountability in the management of the contributory pension schemes. Data were collected from both primary and secondary sources. Primary data were sourced from four hundred (400) respondents that are retirees under the contributory pension scheme through administration of questionnaire while secondary data were gathered from the annual reports of eleven (11) Pension Fund Administrators that were purposively selected based on size of fund under management and number of contributions. Primary data were analysed using descriptive statistics while secondary data were analysed using disclosure index to measure the extent of compliance. The study found that 9 out of the 11 sampled Pension Fund Administrators did not achieve 100% compliance on disclosure of financial information in their annual reports in accordance with PENCOM guidelines. Also, the channels of communication of accounting information to members of contributory pension plans in Nigeria on the performance of the fund under management of the PFAs are not meeting members' information needs. Furthermore, result showed that contributors displayed lack of knowledge of contributory pension schemes investment activities and risks. It was recommended that PENCOM should ensure compliance with the PENCOM financial reporting guidelines by the Pension Fund Administrators to enhance prudency and transparency in the management of contributory pension fund in Nigeria. Although annual reports are used by several users, yet contributors to contributory pension schemes as principals of the PFAs in agency relationship should be given more considerations in the choice of channels of communicating financial information to meet their information need and expectations

Foreign portfolio investment and Nigerian bond market development

The study examined the contribution of foreign portfolio investment (FPI) towards financing Nigeria infrastructural deficits and determined the factors that attract FPI into the Nigerian bond market. It also examined the relationship between FPI and bond yield in Nigeria. Primary data were obtained through administration of questionnaires to directors of finance, chief finance officers and investment officers of 128 firms out of 271 firms in financial and manufacturing sectors of the Nigerian economy. Stratified sampling technique was used to select 100 stock broking firms that were controlling 90% of the secondary bond market trading activities while purposive sampling technique was used to select the existing 18 primary dealers and market makers and 10 non-financial institutions that had raised fund in the domestic bond market within the study period. Secondary data on bond index, bond market capitalization, real interest rate, real exchange rate, inflation rate, gross domestic product, external debt and external reserve were obtained from publications of Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC), Debt Management Office (DMO), Nigeria Stock Exchange (NSE) and National Bureau of Statistics (NBS). Data collected were analyzed using both descriptive statistics such as line graphs, bar charts and simple percentages; and inferential statistics which was mainly multiple regression analysis. The results showed that there was no FPI in the bond market until 2003 when the federal government through the Debt Management Office issued the first FGN Bond series. In addition, between 2003 and 2011, the contribution of the FPI to long term funds in the bond market was 10% of the total bond market capitalization which was considered very low. Interest rate (85%), Gross domestic product (90%), bond market capitalization (91%), inflation rate (89%) and external reserve (95%) were found to be major factors that attracted FPI into the Nigerian bond market as stated by the respondents. Finally, the results showed that there was a significant relationship between FPI and bond yield (r = 0.44, p< 0.05). The study concluded that factors attracting foreign investors into the bond market in Nigeria are critical and if well managed by policy makers could enhance the attraction of FPI needed for financing infrastructural projects through the Nigerian bond market

Proceedings of the 39th Annual Scientific Conference of The Association of Public Health Physicians of Nigeria

No Abstract

yesola , oses

The study focuses on the long run corporate tax avoidance of listed firms in Nigeria with a view to examine the ability of listed firms to pay low amount of cash taxes in naira of pre-tax earnings over a long run period of twelve years. A sample of 19 listed firms were selected based on purposive sampling technique from the list of NSE 30 listed firms on the Nigeria stock exchange. The long-run cash effective tax rate developed by Dyreng, Hanlon, and Maydew (2008) to measure long run tax avoidance was adopted. The study finds that there is variation across the firms in tax avoidance at long run with some firms achieving a lower amount of cash taxes in naira of pre-tax earnings compared to others. The study concludes that firms in the consumer sector pay more taxes than financial service sector though financial service sector firms declare more profit before tax than the consumer sector firms. The study recommends than financial service sector firms should contribute more to education tax in Nigeria

CASH FLOW AND FINANCIAL PERFORMANCE OF INSURANNCE COMPANIES: EMPRIRICAL EVIDENCE FROM NIGERIA

The study examines the relationship between cash flow and financial performance of insurance companies in Nigeria using time series data for the period 2009-2014. Twenty seven (27) listed insurance firms were selected as sample size. The study uses both descriptive and inferential statistics to determine the relationship among the variables. It also employs the series of diagnostic tests to ensure stability of the time series used as well as to ensure the model meets the assumption of OLS. The findings reveal that Cash flow was observed to determine insurance firms’ financial performance and is statistically significant. Cash flow from operating activities was observed to significantly increase financial performance of the insurance companies in the period examined. Cash flow from financing activities was found to increase the financial performance of the sampled insurance firms, but was not statistically significant. The size of the insurance company did not increase the financial performance of the insurance firms and was also not statistically significant. The paper recommends that managers in insurance firm should regularly change the extent of the cash outflows under each activity to avoid negative cash flow position as well as financial crisis. Adequate investment appraisal is really a concern that insurance firms need to take into consideration when customers are taking up insurance coverage. The costs have to be weighed against the benefits accruable therefore