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

Valuers' perception of the effect of client influence on valuation practice

The literature indicates that valuers yield to client influence to bias valuations. Studies also show that client influence has several effects on valuation practice. This study investigated valuers' perception of the effect of client influence on valuation practice with the objective of determining whether the perception differs for valuers of different characteristics. The investigation focused on secured lending valuations in Nigeria. The research design was cross-sectional survey. The sample comprised 270 valuation firms selected through the stratified random sampling design. Data collection utilised questionnaire structured on 5–point Likert format. Data analysis employed mean statistics and Kruskal-Wallis test. The results revealed that valuers perceive that client influence undermines integrity of the valuers; the valuation firm and the valuation profession; as well as questions valuers' expertise and, constrains the development of the valuation profession. This perception is the same irrespective of the characteristics of the valuer. It can be inferred that valuer characteristics are not important in explaining valuers' perception of the effect of client influence on valuation practice. The policy implication of the research is the necessity for the regulatory agencies to review valuation practice standards to institute measures to check the intervention of clients in valuations. The limitation of the research is that it investigated only valuers. It suggests that research be conducted on the subject from clients' perspective.Keywords: Client influence; valuation; bias valuation; valuer characteristics; valuation practic

Credit Risk Mitigation with Real Estate Collaterals in Nigeria’s Commercial Banks

The practice of posting collaterals to mitigate credit risk is commonplace in bank lending. Real estate is an important collateral instrument especially in developing countries. This study investigated credit risk mitigation with real estate collaterals by commercial banks in Nigeria to establish if real estate is a reliable collateral instrument, the role of real estate valuation and the key issues the banks consider in the process. Response was elicited from a sample of commercial banks in a cross-sectional survey with a structured questionnaire. Data analysis employed descriptive statistics. Findings indicate that real estate is a very reliable collateral instrument and that its valuation is a significant aspect of the risk mitigation process. The reliability of valuation opinion is the most important expectation of the banks from the valuers and the banks are satisfied with valuation advice provided by valuation firms. The banks consider the reputation of the borrower the most important factor to mitigate credit risk with real estate collateral and the quality of borrower’s title to the real estate the most important aspect of the collateral instrument for risk mitigation. Overall, the findings suggest negligence and inadequate due diligence on the part of the banks in the process of credit risk mitigation with real estate collaterals. There is need for adequate documentation of real estate titles and transactions for more efficient risk mitigation practice. Key words: Bank lending, Credit risk mitigation, Collateral, Nigeria; Real estate, Secured lendin

The Application of Real Estate as Loan Collateral in Nigeria’s Banking Sector

The recent reforms in Nigeria’s banking sector have underscored the need for due diligence in lending. The study investigates the application of real estate as loan security to establish the extent and process of its use by commercial banks in Nigeria. Questionnaire survey was used to elicit response from a sample of commercial banks selected randomly. The findings demonstrate that real estate is the most widely used collateral instrument and banks follow due process in its application as collateral. However, the use is hindered by documentation and foreclosure problems. The findings are consistent with literature that real estate plays a significant role in secured lending, especially in developing countries. Overall, the borrower’s title to the collateral, the nature and quality of the title as well as the value of the real estate are important considerations when banks apply real estate as loan collateral. Thus, real estate, and especially property values, land titles and records are significant factors in contemporary Nigeria’s bank lending and with the greater emphasis on the security of credit, real estate is likely to assume even more vital role. Key words: Bank lending, Banking sector, Collateral, Real estate, Secured credit transaction

Impact of opioid-free analgesia on pain severity and patient satisfaction after discharge from surgery: multispecialty, prospective cohort study in 25 countries

Background: Balancing opioid stewardship and the need for adequate analgesia following discharge after surgery is challenging. This study aimed to compare the outcomes for patients discharged with opioid versus opioid-free analgesia after common surgical procedures.Methods: This international, multicentre, prospective cohort study collected data from patients undergoing common acute and elective general surgical, urological, gynaecological, and orthopaedic procedures. The primary outcomes were patient-reported time in severe pain measured on a numerical analogue scale from 0 to 100% and patient-reported satisfaction with pain relief during the first week following discharge. Data were collected by in-hospital chart review and patient telephone interview 1 week after discharge.Results: The study recruited 4273 patients from 144 centres in 25 countries; 1311 patients (30.7%) were prescribed opioid analgesia at discharge. Patients reported being in severe pain for 10 (i.q.r. 1-30)% of the first week after discharge and rated satisfaction with analgesia as 90 (i.q.r. 80-100) of 100. After adjustment for confounders, opioid analgesia on discharge was independently associated with increased pain severity (risk ratio 1.52, 95% c.i. 1.31 to 1.76; P < 0.001) and re-presentation to healthcare providers owing to side-effects of medication (OR 2.38, 95% c.i. 1.36 to 4.17; P = 0.004), but not with satisfaction with analgesia (beta coefficient 0.92, 95% c.i. -1.52 to 3.36; P = 0.468) compared with opioid-free analgesia. Although opioid prescribing varied greatly between high-income and low- and middle-income countries, patient-reported outcomes did not.Conclusion: Opioid analgesia prescription on surgical discharge is associated with a higher risk of re-presentation owing to side-effects of medication and increased patient-reported pain, but not with changes in patient-reported satisfaction. Opioid-free discharge analgesia should be adopted routinely

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

Ethnicity as a cultural factor influencing complete vaccination among children aged 12-23 months in Nigeria

Achieving complete vaccination for children has been challenging in Nigeria. Yet, addressing Nigeria’s completeness of vaccination requires ethno-cultural diversity consideration rather than nationally population based. This study explored patterns and determinants of complete vaccination among children of Hausa/Fulani, Igbo and Yoruba, the predominant ethnicities in Nigeria. The study used a cross-sectional data involving 3980 children aged 12–23 months extracted from the 2018 Nigeria Demographic and Health Survey dataset. In this study, complete vaccination is defined as a child who received all recommended vaccinations. A generalized linear mixed model applied to clustered data was used for data analysis (α = 0.05). The prevalence of complete vaccinations was 56.3%, 40.8% and 18.2% among Igbo, Yoruba and Hausa/Fulani children, respectively. The likelihood of complete vaccination was higher among children who were of Igbo (aOR = 1.38; CI: 1.20–1.59) compared with Hausa/Fulani. Predictors of complete vaccination were maternal age-at-childbirth, education, prenatal-care attendant and place of delivery among Hausa/Fulani; place of residence and perceived access to self-medical help, among Igbo; while prenatal-care attendance, among Yoruba. The odds of complete vaccination were higher among Hausa/Fulani (aOR = 1.65; CI: 1.04–2.61), Igbo (aOR = 2.55; CI: 1.20–5.44) and Yoruba (aOR = 4.22; CI: 1.27–13.96) children from higher wealth-quintile households compared to those from poor households. There was evidence of variability in the likelihood of complete vaccination in all the ethnic groups. The Hausa/Fulani tribe had the lowest complete vaccination coverage for children aged 12–23 months. Context-specific program intervention to improve complete vaccination is needed to ensure that the SDG target for vaccination is met