The Failure of Lehman Brothers and Merril Lynch: A Lesson for the Nigerian Banking Industry

In recent times, the instability that experienced in the financial system and banking sub-sector in particular was as a result of institutional failures. Consequently, banking experts in Nigeria said that, the failure of the two banks was an enough signal to the Nigerian banking industry. Therefore, the study examined the collapse of Lehman Brothers and Merril Lynch also as a rethink lesson for the Nigerian Banks. However, the study revealed that the two banks were absolutely limiting to the size and age in determining the future of their banks instead of depending on the effectiveness and efficient management of risky assets. Also the conventional lending procedures were not instituted rather they depend on subprime mortgage arrangement that did not have collateral securities. The declining home prices had made refinancing more difficult as a result of inadequate innovations in securitization. We therefore, recommended that the regulatory bodies should not be over confident and depend on only the conventional tools of bank supervision. They should employ more non-conventional methods of obtaining insider information also the current crops of bankers are sophisticated in recent manipulation as could be seen from the consolidation exercise. CBN should have full autonomy to run the market efficiently. And the supervisory role of CBN should roll up their sleeves to do effective risk management. Finally, government should penalize policy reversal and also allow CBN to have the air of confidence in discharging its responsibilities. Keywords: Failure, Lehman Brothers, Merril Lynch, Lesson, Nigerian, Banking Industry

The portfolios of insurance investments and private sector growth in Nigeria (1990-2018): investigating the nexus

The study investigated the portfolios of insurance investments and private sector growth in Nigeria; for the period (1996-2018). Private sector output is taken as the dependent variable to measure the private sector performance; whereas, cash deposits, government securities and bill of exchange are employed as the independent variables to measure portfolios’ insurance investments in Nigeria. Hypotheses formulated were tested using Ordinary Least Squares (OLS) technique. The study revealed a significant relationship between cash deposit and Gross Domestic Product in Nigeria. Government securities has a significant relationship with Gross Domestic Product in Nigeria. Bill of exchange has a significant relationship with Gross Domestic Product in Nigeria. The coefficient of determination indicated that about 64% of the variations in private sector growth can be explained by changes in insurance industry variables in Nigeria. The study concluded that the portfolios insurance investments significantly contributed to the growth and development of the private sector economy. The study recommends that policy makers should pursue an all-inclusive growth promoting financial system. Awareness should be increased to raise the level of patronage. Relevant agencies like the Police and the Federal Road Safety Commission should prosecute unlicensed and uninsured vehicles. Insurance companies should adopt faster methods of processing claims to enhance their image and patronage.Keywords: Insurance, Investment Portfolio, Private Sector Growth, Nigeri

Coordinated active power reduction strategy for voltage rise mitigation in LV distribution network

Integration of renewable energy systems by the utility, customers, and the third party into the electric power system, most especially in the MV and LV distribution networks grew over the last decade due to the liberalization of the electricity market, rising energy demand, and increasing environmental concern. The distributed rooftop PV system contributes to relieve the overall load, reduce losses, avoid conventional generation upgrade, and better matching of demand on the LV distribution network. Originally, the LV distribution network is designed for unidirectional current flow, that is from the substation to customers. However, a high penetration of rooftop solar PVs (with power levels typically ranging from 1 – 10 kW) may lead to the current flowing in the reverse direction and this could result in a sudden voltage rise. These negative impacts on the network have discouraged the distribution network operators (DNOs) to allow increased PV penetration in the LV distribution network because some customers load, and equipment are sensitive to voltage perturbation. Presently, the most applied voltage rise mitigation strategy for high rooftop solar PV penetration is the total disconnect from the LV distribution network when the voltage at the point of common coupling (PCC) goes above statutory voltage limits. However, the sudden disconnection of the PV system from the grid can cause network perturbation and affect the security of the network. This action may also cause voltage instability in the network and can reduce the lifetime of grid equipment such as voltage regulators, air conditioner etc. Due to this negative impact, different voltage rise mitigation strategies such as the active transformer with on load tap changers (OLTC), distributed battery energy storage system and reactive power support (D-STATCOM, etc.) have been used to curtail voltage rise in the distribution network. However, the implementation of D-STATCOM device on a radial LV distribution network results in high line current and losses. This may be detrimental to the distribution network. Therefore, in this thesis, a coordinated active power reduction (CAPR) strategy is proposed using a modified PWM PI current control strategy to ramp down the output power and voltage of a grid-tied voltage source inverter (VSI). In the proposed strategy, a reactive reference is generated based on the measured voltage level at the PCC using a threshold voltage algorithm to regulate the amplitude of the modulating signal to increase the off time of the high frequency signal which shut down the PV array momentary in an extremely short time and allow the VSI to absorb some reactive power through the freewheeling diode and reduce voltage. The proposed CAPR strategy was designed and simulated on a scaled down simple radial LV distribution network in MATLAB®/Simulink® software environment. The results show that the CAPR can ramp down the PV output power, reduce reverse power flow and reduce the sudden voltage rise at the point of common coupling (PCC) within ±5% of the standard voltage limit. The study also compares the performance of the proposed CAPR strategy to that of the distributed static compensator (D-STATCOM) and battery energy storage system (BESS) with respect to response time to curtail sudden voltage rise, losses and reverse power flow. The investigation shows that the D-STATCOM has the faster response time to curtail voltage rise. However, the voltage rise reduction is accompanied by high current, losses and reverse active power flow. The introduction of the BESS demonstrates better performance than the D- STATCOM device in terms of reverse power flow and losses. The CAPR strategy performs better than both D-STATCOM and BESS in terms of line losses and reverse power flow reduction

Determinants of Banking Institutions and Private Sector-Led Economy Growth in Nigeria (1989 - 2013): A Causality Approach

The study evaluates the relationship between determinants of banking institutions and private sector-led economy growth in Nigeria for the period (1989-2013). Secondary data was collected from the CBN statistical bulletin and national bureau of statistics. Hypotheses were formulated and tested using time series econometrics. The test for stationarity proves that the variables are integrated in the order 1(1).There is also a long-run equilibrium relationship between banking institutions and private sector-led economy growth and the result also confirms about 92% short-run adjustment speed from long-run disequilibrium. There is no causality between private sector-led economy growths and banking institutions, but growth rate of manufacturing sector and growth rate of industrial sector granger causes each other. The coefficient of determination indicates that about 84% of the variations in banking institutions are explained by changes in private sector-led economy growth variables in Nigeria. The study recommends that the financial institutions should maintain a high degree of integrity and honesty in their dealing and this will bring trust and good relationship between the operators and the beneficiaries. CBN should implement policies that will increase the flow of investable funds and improves the capacity of banks to extend credit to the economy. CBN should also promote healthy competition in the banking industry so as to improve the efficiency of banks in rendering financial services to the private sector.  An effective training programs should be mounted for the private sector growth this will educate and improve investors on existing business opportunities. Keywords: determinants, banking, institution, private sector, growth, causality approach

Lcriture Scientifique En Langues Africaines : Arguments En Faveur Des Traductions Scientifiques Dans Les Langues Africaines

En tant que ph nom ne social toute langue d pend de ses usagers pour voluer La valeur linguistique d un mot d pend dans une large mesure de la valeur que lui accordent ses usagers Ceci ne va pas sans rappeler la c l bre phrase de Ludwig Wittgenstein 1889- 1951 la signification d un mot est son usage dans le langage Les r alit s de l ge moderne se refl tent dans les objets technologiques qui nous entourent ceux-ci devenant leur tour les produits de d couvertes scientifiques La compr hension et la bonne ma trise du langage scientifique sont les conditions sine qua non pour survivre dans une poque domin e par la science Les exemples ne manquent pas imprimantes laser dispositifs sans fil appareils portatifs etc Tant de nouveaux termes qui doivent tre exprim s dans toutes les langues de l re modern

Rural Women Education in Rivers State: Challenges and Prospects

The rural milieu could be described, in economic and social terms, as a rustic and unsophisticated locale lacking in urban features. Literacy, leading to education, on the other hand, is a sophisticated activity that acts as the gateway to modern living and makes way for economic and social enhancement. Women, considered the weaker sex in many parts of the world, including Rivers State, are usually not exposed to such sophisticated activities as literacy and education, more especially those living in the rural areas. Yet, they are caught up in an era that requires the sophistication of modernity in order to survive economically, socially and otherwise. This article seeks to examine the challenges confronting the education of women in the rural areas of Rivers State, and to point out the prospects for educating the rural womenfolk in the state. It also proffers suggestions that can accomplish the goal of an educated female citizenry, keeping well in mind that, women, whether rural or urban, are the procreators and purveyors of any generation at any point in history

Determinants of Stock Market Performance and Manufacturing Sector Growth in Nigeria (1987-2013)

The paper attempts to evaluate the relationship between determinants of stock market performance and manufacturing sector growth in Nigeria using time series data (1987-2013).Secondary data was used and collected from the CBN statistical bulletin and national bureau of statistics. Hypotheses were formulated and tested using Ordinary Least Square (OLS) econometrics and the study reveals that there is a positive significant relationship between stock market performance and manufacturing sector in Nigeria. There is also a positive significant relationship between capacity utilization and market capitalization in Nigeria. There is a positive significant relationship between capacity utilization and new issues in Nigeria. The coefficient of determination indicates that about 88% of the variations in manufacturing sector growth can be explained by changes in stock market performance (variables). The study therefore recommends that market forces should be allowed to operate without any hindrance because interference in security pricing is inimical to the performance of the stock market and the manufacturing sector growth in Nigeria. The determination of stock prices should be deregulated for the purpose of achieving a sustained effort to stimulate productivity in the manufacturing sector of the economy. For any meaningful manufacturing sector growth, government should ensure that polices are consistent over time, as policy inconsistency in the past had led to closure of many manufacturing industries. Keywords: Determinants, Stock Market Performance, Manufacturing, Sector Growth, Nigeria.

Strategic Financial Planning: An Option for Predicting the Performance of Quoted Companies in Nigeria (A Study of 2009 Guinness PLC Annual Reports)

The study examines strategic financial planning as an option for predicting the performance of quoted companies in Nigeria using 2009 Guinness PlC annual reports. Secondary data was used and sourced from annual reports of Guinness Plc and Edward Altman’s discriminant financial model was formulated to test the financial soundness and stability of the company. The analysis shows that Guinness PLC will not fail because the result is above 2.675 as stipulated in the model. The study therefore, recommends that Guinness PLC should improve on the quality of products so as to increase the market value of shares. The company should emphasize on manpower training that will enable them to respond to the increasing customers’ demand. Investors should invest massively in the company’s shares in the stock market because Guinness PLC       is financially sound and stable. Keywords: Strategic Financial Planning, Predicting, Performance, Quoted    Companies, Nigeri

Empirical Analysis of Multinational Corporations and Economic Growth in Nigeria (1991-2014)

The paper attempts to evaluate the relationship between empirical analysis of multinational corporations and economic growth in Nigeria using data spanning (1991-2014). Secondary data was used and collected from the CBN statistical bulletin and national bureau of statistics. Hypotheses were formulated and tested using time series econometrics and the study reveals that the variables do not have unit roots. There is also long-run equilibrium relationship between economic growth and multinational corporations and the result confirms that about 73% short-run adjustment speed from long-run disequilibrium. The coefficient of determination indicates that about 52% of the variations in economic growth were explained by changes in multinational corporations’ variables. The study therefore recommends that multinational corporations should make life meaningful to the host country by providing infrastructural facilities. Government should ensure that multinational corporations plough back part of their profits to the development of the host communities in other to established good working relationship. Federal environmental protection agencies should also ensure effective monitoring of multinational corporations to avoid the violation of the lay down rules and regulations guiding their operations. Keywords: empirical analysis, multinational corporations, economic, growth, Nigeria