RISK FINANCING TECHNIQUES AND SAFETY CULTURE OF ROAD CONSTRUCTION COMPANIES IN EKITI STATE, NIGERIA.

This study explores the effects of risk financing techniques on the safety culture among selected road construction companies in Ado-Ekiti, Nigeria. The study engaged a descriptive survey research design. The population of the study comprises all twenty-eight (28) indigenous road construction companies in Ekiti State out of which seven road construction companies were purposively chosen for the study. A total of 130 copies of a structured questionnaire were dispersed among the respondents to gather data for this study, out of which 118 which represent a 90.6% response rate was found useful for analysis. Descriptive and inferential statistics were used for data analysis. The regression results from the structural equation model revealed that Risk retention has a significant influence on the safety culture with estimates .143(P= .015< .05) while the risk transfer technique recorded an estimate -.002(P=.987>.05) indicating a negative insignificant relationship with the safety culture of road construction companies in Ekiti State, Nigeria. Finally, this study confirms that risk financing techniques hold a negative significant joint influence on the safety culture of road construction companies in the metropolis of Ado, Ekiti State based on reported estimates -.591and (P =***< .05). Therefore, the researcher recommends that road contractors should be meticulous about the appropriate risk financing techniques that will aid safety culture

Financial Literacy and Entrepreneurial Risk Attitude of Selected Small and Medium Sized Enterprises in Nigeria

The importance of financial literacy as a source of information for making financial decisions has been acknowledged, but little research has been done on how it affects SMEs' attitudes about taking risks. In order to examine the financial literacy and risk-taking behavior of small and medium-sized firms in Ekiti State, Nigeria, the research created an integrated model from a knowledge-based viewpoint. A survey research design was used for this study with a multi-stage sampling procedure. The study analyzed the primary data collected from the questionnaire. 154 managers and owners of SMEs in Ado-Ekiti, Ekiti State, made up the sample. According to the results of multiple regression, financial behavior, knowledge, and attitude all have a positive and substantial impact on how risk-averse small and medium-sized businesses in Ekiti State, Nigeria, are about taking risks. The study's findings revealed that a high level of financial management literacy has a critical and significant influence on enhancing the entrepreneur's risk-taking attitude, which leads to the growth of small businesses

RISK MANAGEMENT AND PROFITABILITY OF QUOTED BANKS IN NIGERIA

The role of risk management in the performance of banks cannot be over-emphasized. This study, therefore, examines the effect of risk management on bank profitability in Nigeria by employing correlation analysis, pooled ordinary least square estimate, and fixed and random effect estimations between 2007 and 2020. Secondary data on return on asset (dependent variable), Liquidity risk, Credit Risk, Operational Risk, Market Risk, Capital Risk and Bank size are sourced from annual audited accounts of six deposit money banks listed on NSE. The result reveals that return on asset is negatively impacted by liquidity risk, capital risk and bank size while it significantly and positively impacted marketing risk but insignificantly and positively related to operational risk and credit risk. The study concludes that there is a slight tendency for liquidity risk and capital risk to reduce the return on asset. In Nigeria, credit risk continues to be the biggest threat to commercial banks, making precise measurement and credit risk management absolutely essential. Therefore, it is recommended that managements of listed commercial banks should support sound operational and credit risk management. This is paramount in order to engender a positive risk culture in line with best global practices that would prevent financial crisis and improve commercial banks' performance in Nigeria, among other countries.JEL: G21, G32  Article visualizations

Impact of insurance risk management on fixed capital formation in Nigeria

PURPOSE: This study investigated the impact of insurance risk management on fixed capital formation in Nigeria. The study sampled all insurance companies operating in Nigeria.METHODOLOGY: Time series data covering the period 1996 - 2019 were obtained from the CBN Statistical Bulletin, Annual Report of National Insurance Commission, and the various Nigerian Stock Exchange Factbook issues. General business insurance and life insurance claims represent risk management (independent variable), while gross capital formation was the dependent variable. Data were analyzed using descriptive statistics, unit root, Auto-Regressive Distributed Lag (ARDL), ARDL Bound cointegration test and model diagnostic test by Stata 15 software.RESULTS AND FINDINGS: The study found that life insurance claims exert an insignificant positive impact on gross capital formation, with a reported estimate of (p=0.058 >0.05). On the other hand, general insurance business exerts a negligible negative impact on gross fixed capital formation, with an estimate of (p= 0.065>0.05) and the non-existent long-run connection between gross fixed capital formation and independent risk management.ORIGINALITY AND PRACTICAL IMPLICATIONS: Our study suggests that regulatory authorities should implement strategies to encourage Nigerians to patronize life insurance companies since this would lead to more excellent insurance investment and, in turn, growth in Nigeria's gross capital formation, among other things.peer-reviewe

Claims handling process attributes : perceptions of motor insurance policyholders in Lagos, Nigeria

PURPOSE: A claim is always requested at the maturity or occurrence of an event. The claim is a perception influencer and mirror image in the relationships between the insurers and their policyholders. This perception is thus crucial to the claims handling process. Therefore, this study aimed to assess the claims handling process explicitly attributed to the perceptions of motor insurance policyholders in Lagos, Nigeria.METHODOLOGY: The study adopted a cross-sectional survey research design. The study population was the total number of registered motorists recorded in 2019 by the Motor Vehicle Administration Agency, 704,828. Thus, quota and convenience sampling methods were adopted in the questionnaire distribution and collection processes. A structured questionnaire was employed for data gathering. A total of 399 copies of the questionnaire were distributed, of which 287 were found usable, representing a 72% response rate. The data procedural technique employed were simple frequency percentages and Friedman’s rank test statistical method.RESULTS/FINDINGS: This study confirms the importance of motor insurance policyholders attached to claims handling processes in Nigeria. This study recommended that claims handling procedures should be strategically designed to incorporate the various attributes explained to provide for a mutually beneficial ambience between policyholders and insurers. Furthermore, motor insurance providers should put in place attractive claims packages to boost the confidence level of the motoring communities. Given the implications of this study, research work is thus encouraged to look at behavioural factors that can influence the claims handling preferences of motor insurance policyholders in Nigeria.peer-reviewe

LIFE INSURANCE DEVELOPMENT AND ECONOMIC GROWTH: A CASE STUDY OF NIGERIA (2000-2022)

This research looked at the development of life insurance and economic growth using Nigeria as a case study from 2000 to 2022. Specifically, the authors examined the causal relationship between life insurance development and economic growth, analyzed the effect of life insurance penetration and life insurance density on real GDP growth rate. Data used for the study were collected from sources including the World Development Indicator database, Global Financial Development Indicator database, NIA digest database, and Central Bank of Nigeria statistical bulletin. Granger causality test and Autoregressive Distributed Lag (ARDL) co-integration were used in the investigation approach. The granger causality test result indicated that there is no causal connection between Nigeria's economic growth and the development of life insurance. According to ARDL estimate results, life insurance density and penetration had a negligible positive effect on the real GDP growth rate. Hence, this study established that life insurance development is yet to contribute to economic growth in Nigeria, due mainly to its low level and mode of operations. Therefore, this study recommended among others that life insurance institutions should also increase their scope of operations to be directly involved in business investments other than financial market investment to enhance their level of significance in the growth process of Nigeria